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Southstone Minerals Signs Agreement to Acquire Farm Panfontein 58 HO Diamond Property, South Africa
VANCOUVER, British Columbia, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to announce
About this update from Southstone Minerals Limited
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) is pleased to announce it has entered in an Acquisition Agreement to acquire the 1607.7 hectare Prospecting Right (“PR”) covering the Farm Panfontein 58 HO alluvial diamond property (the “Property”) situated approximately 8 kilometers (“km”) east of the town of Schweizer Reneke in the Northwest Province of the Republic of South Africa (“RSA”). The Property has a historical alluvial diamond resource estimate, as discussed below, and lies at the approximate northern end of the well-known ‘London Run’ which has been a highly productive alluvial diamond producer. Diamonds were discovered in 1912 in the area and since then the area produced more than 5 million carats by, primarily, small-scale operators. The area around the Property is renowned for high quality gem diamonds (85%), as well as colored diamonds (pink, blue and orange). It is expected that the Property could produce diamonds from both “Rooikoppie Gravels” and “Regolith Gravels”. The Company is currently preparing to commence a bulk sampling program with the support of a well-established mining contractor. Further details of the bulk sampling program will be announced when plans are finalized, and the commencement of work on the Property is currently scheduled for September. The PR allows for the processing, recovery and sale of diamonds. Both water and surface land access has been reviewed and are available and the PR has a fully funded a ZAR 267,146 environmental bond which is included in the acquisition. Farm Panfontein 58 HO Historical Resource Estimate During 2007 and 2008 Namakwa Diamonds Limited (“Namakwa”) conducted an extensive exploration program over the Property that resulted in the calculation of an alluvial diamond resource estimate that was first issued in August 2009 and then updated on 28 February 2010 by Venmyn Rand (Pty) Ltd (“Venmyn”). Historical Summary Table: Date Mineral Resource Category Volumecubic meters(m3) Recovered Grade(carat/100 m3) Recovered Grade - carats per hundred tonnes (“cpht”) Total Carats August 2009 Inferred 16,400,000 2.40 1.20 393,600 28 February 2010 Inferred 8,160,000 1.01* 0.48* 126,300* *The resource carats decreased from August 2009 to February 2010 due to the inclusion of dilu...