VANCOUVER, Oct. 18, 2019 /CNW/ - Diamond Fields Resources Inc. (TSX-V: DFR) ("DFR" or the "Company") provides an update on activities at its Beravina Zircon Project, Madagascar ("Beravina" or "the Project") following the conclusion of the cooperation agreement ("the Agreement") with TMH Acquisition Co ("TMH") on 16 May 2019.
Pursuant to the Agreement, TMH was granted an option to acquire the Project for an upfront payment of US$250,000 and a commitment to fund the next stage of exploration and development work on Beravina (the "2019 Work Program"). The 2019 Work Program, which has been prepared by TMH, includes a planned drill program comprising 14 drill holes. Some of the drilling will be confirmatory in nature, while other holes are designed to test extensions to the known mineralisation. TMH will also be undertaking further market testing, metallurgical and process design work.
Following approval of the proposed drilling program by the Madagascan Ministry of Mines and Strategic Resources, the Office National pour l'Environnement ("ONE") required an Environmental Impact Assessment ("EIA") covering the drilling programme. DFR supported TMH through the related processing and has submitted the required EIA to ONE for approval. As part of the process, ONE has organised public consultations with the communities around the impacted areas, and is currently in the final stages of the EIA permitting process. Once approved, this EIA can form the basis of a more detailed work that will underpin the development of the Beravina Project.
The Company will provide further updates on progress at Beravina upon approval of the EIA and the commencement of drilling.
Notes to Editors:
DFR is a TSX Venture Exchange listed exploration and mine development company with assets in Madagascar and Namibia. In Madagascar, DFR is developing the Beravina Project in cooperation with Denham Mining Fund LP. Beravina is an advanced high-grade hard rock zircon exploration prospect located in the west of the country, approximately 220km east of the port of Maintirano and near a state road. DFR acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, International Mining and Dredging Holdings (Pty) Limited is undertaking an initial six month (non-continuous) offshore diamond mining program on DFR's ML 111 licence area. The ML 111 concession has a ten-year mining licence, effective until 4 December 2025, and lies within Luderitz Bay between Diaz Point in the south and Marshall Rocks in the north and at depths of 15 to 70 metres.
Website: www.diamondfields.com
The Company's public documents may be accessed at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company's periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as otherwise required by law.
SOURCE Diamond Fields Resources Inc.
