Krone - Endora at Venetia

Extensive exploration work was previously completed on the initial areas of the Krone-Endora at Venetia project by De Beers over a period of several years.  These included a large diameter drilling programme, a more comprehensive large diameter auger programme, and finally a Bulk Sampling programme.  The results of these programmes were used by De Beers to produce an internal mineral deposit estimate report for their internal use only.  As part of Diamcor's due diligence and the acquisition process, all previous information and relevant datasets from this past exploration were independently reviewed and re-modeled to allow for an independent geologist to evaluate and report their findings in a NI43-101 compliant technical report which was filed by the Company in July of 2009.

After reviewing all elements of the past exploration, the subsequent NI43-101 report noted it was apparent the Krone-Endora at Venetia project could develop into a medium-sized diamond producer.  In addition to this, it was also noted that the deposit was not only an "alluvial" deposit, but also a rare "eluvial" type of deposit indicating a "direct shift" of material from the higher grounds of Venetia. 

The deposit on Krone-Endora at Venetia, appears in two distinct layers, a lower grade upper gravel section which is thought to be "eluvial" in nature, and a much higher grade lower, or basal gravel section, which is thought to be "alluvial" and formed as a result of the direct shift from Venetia.  With a maximum combined depth from surface to bedrock of only 15 meters, the diamond bearing gravels can easily be recovered via a simple, low-cost, strip mining operation, and then processed using a proven low-cost pan plant system, followed by modern X-ray flow-sort technologies and secondary grease belt systems for final diamond recovery.

The current Independent 43-101 report for Krone-Endora at Venetia reported an initial inferred estimate of 54M tonnes of diamondiferous gravel, and an estimated 1.3M carats of diamonds for the areas of the project which have been currently reviewed.

 

De Beers Krone-Endora at Venetia Acquisition Statistics

Total Surface Areas of Krone-Endora at Venetia

5,888 hectares

Total Surface Area of Krone-Endora at Venetia reviewed in Current NI43-101

307 hectares

Acquisition Data

Definitive Agreement December 2008 - Acquisition Closed February 28th, 2011

Ownership

70% Diamcor Mining Inc.

30% Nozala Investments (Pty) Ltd.

Exploration Methods

Drilling, Bulk Sampling, Trial-Mining

Type of Deposit

Eluvial/Alluvial - Strip-Mining

Status

Acquisition Closed February 28th, 2011

 

 

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