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.