VANCOUVER, BC, Sept. 29 2020 /CNW/ - Diamond Fields
Resources Inc. (TSXV: DFR) ("DFR" or, including its
subsidiaries, the "Company") announces that it has agreed an eight
month extension (the "Extension") to its cooperation agreement with
TMH Acquisition Co ("TMH"), as announced on May 16 2019 and amended on 26 June 2020 (the "Agreement").
The Extension has been agreed due to ongoing travel and
operational restrictions resulting from the COVID-19 pandemic and
the anticipated impact of the rainy season in Madagascar preventing the Company from
advancing the Beravina project in Madagascar ("Beravina" or the "Project")
within the expected timeframe.
The Agreement required DFR to undertake further exploration work
("Phase 1") with the aim of locating potential new mineral deposits
or extensions to the existing deposit. If successful, the Company
has the option to engage in a drilling campaign on the Project
("Phase 2") to delineate such deposits.
The deadline for DFR to complete Phase 1 and commence Phase 2
has now been extended from 30 September
2020 to 31 May 2021. If work
on Phase 2 does not commence by 31 May
2021 (unless extended by DFR in certain circumstances), the
Agreement will terminate. The deadline for completion of Phase 2
has been extended from 30 November
2020 to 31 July 2021.
The time available for TMH to exercise its option to acquire the
Project as set out in the Agreement has been extended from
31 December 2020 to 31 August 2021, which may be further extended by
three months on condition of an advance payment of US$250,000 by TMH to DFR.
All other provisions of the Agreement remain unchanged.
Ends
About Beravina
The Beravina Project is a hard rock zircon deposit with a NI
43-101 Inferred Mineral Resource estimate of 1.5 million tons at
22.7% zircon (ZrSiO4) equivalent to 15.3% ZrO2, See the NI 43-101
Technical Report, with an effective date of 14 December 2018 and filed on the Company's SEDAR
profile on 29 January 2019, written
by MSA Group (Pty) Ltd. (Michael S. Cronwright, Pr.Sci.Nat., FGSSA,
John Derbyshire, Pr.Eng., FSAIMM,
Jeremy Witley, Pr.SCI.Nat., FGSSA
and Andre van der Merwe,
Pr.Sci.Nat., MAusIMM, FGSSA), each of whom is a "qualified person"
for purposes of NI 43-101, and independent of the Company as
defined in NI 43-101. The Project, which covers 625 hectares, is
located in Western Madagascar. Results so far show that,
utilizing industry standard beneficiation technologies, zircon can
be concentrated to levels of between 50% ZrO2 and 58% ZrO2 with
varying levels of thorium ingrained.
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, 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, the Company owns several
offshore diamond mining licences including the ML 111 concession
which has a ten-year mining licence, effective until 4 December 2025. In 2018 and early 2019 mining
undertaken by a contractor on the Company's ML111 licence area
produced two parcels of rough diamonds totalling 47,318.41
carats.
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.
