Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

November 29, 2010 12:46 ET

Afri-Can Marine: Encouraging Drill Results From Haib Copper Project, Namibia

MONTRÉAL, QUÉBEC--(Marketwire - Nov. 29, 2010) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA), reports assay results from the recently completed nine-hole drilling program totaling 5,000 metres carried out by Teck Namibia Limited ("Teck"), a wholly owned subsidiary of Teck Resources Limited, on the Haib copper project. The Haib project is located in the Karas region of southern Namibia, 8 km from the Orange River and the South African border and is a classic porphyry copper-molybdenum deposit hosted within quartz-feldspar porphyry.

The deposit was drilled in the 1970's but most of the historic holes were shallower than approximately 400 metres depth and many of these holes ended in well-mineralized rock. Five of the nine drill holes from the current program (holes 5 to 9) were designed to test the extent of porphyry mineralization at depth. The other four holes (holes 1 to 4) tested newly identified targets that had not previously been drill tested. One goal of the drilling program was to identify higher-grade zones that could increase the overall average grade of the deposit.

Drilling highlights:

  • 0.543% Cu over 64 metres in hole TCDH-06;
  • 0.370% Cu over 234 metres in hole TCDH-06;
  • 0.364% Cu over 84 metres in hole TCDH-07;
  • 0.370% Cu over 60.9 metres in hole TCDH-07;
  • Mineralization extends to 842.78 metres in Hole TCDH-06;
  • Mineralization extends to 822.86 metres in Hole TCDH-07.

Hole TCDH-06 was drilled at -50 degrees into the deposit and intersected 842.78 metres of disseminated porphyry-style Cu-Mo mineralization grading 0.285% copper, 0.012% molybdenum, including a 64 metre interval that intersected an intrusive breccia grading 0.543% copper and 0.031% molybdenum.

Hole TCDH-07 was drilled at -65 degrees into the deposit and intersected 822.86 metres of similar porphyry-style mineralization grading 0.25% copper, 0.007% molybdenum.

Hole TCDH-05 was drilled at -80 into the central portion of the deposit and intersected 806.52 metres of disseminated porphyry mineralization grading 0.167% copper, and 0.005% molybdenum.

Four additional holes were drilled to test new targets outboard of the historic deposit. All four of these holes intersected thick zones of pervasive sericitic alteration with disseminated pyrite and minor trace chalcopyrite. Grades in these holes ranged from 0.005% Cu to 0.15% Cu. A number of additional regional targets remain to be tested.

The results for all holes drilled are summarized in the table below:

Hole #   From
(m)
  To
(m)
  Width
(m)
  Copper
(%)
  Molybdenum
(%)
  Hole Angle
TCDH-01   0   434.17   434.17   0.010   0.0002   -90
TCDH-02   0   350.04   350.04   0.047   0.001   -90
TCDH-03   0   383.23   383.23   0.005   0.0001   -90
TCDH-04   0   357.91   357.91   0.009   0.0005   -90
TCDH-05   0   806.52   806.52   0.167   0.005   -80
TCDH-06   0   842.78   842.78   0.285   0.012   -50
Including   534.00   598.00   64.00   0.543   0.031    
Including   598.00   832.00   234.00   0.370   0.022    
TCDH-07   0   822.86   822.86   0.250   0.007   -65
Including   321.00   405.00   84.00   0.364   0.007    
Including   704.00   764.90   60.90   0.370   0.011    
TCDH-08   0   370.00   370.00   0.047   0.0006   -60
TCDH-09   0   602.10   602.10   0.158   0.0055   -55

Quality control:

The design of Teck's drilling program, quality assurance / quality control program and the interpretation of results is under the control of Teck's geological staff. The QA/QC program is consistent with NI 43-101 and industry best practices. Drill core is logged and cut onsite, with half-core samples prepared at Analytical Laboratory Services, Windhoek, Namibia. Prepared samples are shipped to Acme Analytical Laboratories, Vancouver, Canada for appropriate base metal assaying and gold fire assaying techniques. All analytical batches contain appropriate blind standards, duplicates and blanks inserted at regular intervals to independently assess analytical accuracy and precision.

Teck is currently planning further work programs that will be disclosed to Afri-Can and Deep South in due course.

Afri-Can has filed a National Instrument 43-101 compliant technical report in October 2004, entitled "The Haib Copper Porphyry Project, Namibia" which is available on Afri-Can's website at www.afri-can.com.

Teck Namibia Limited through an option and joint venture agreement with Afri-Can's partner Deep South Mining (Pty) Ltd, has the option to acquire a 70% indirect beneficial interest in Haib by incurring exploration expenditures totaling US$2 million and incurring optional non-cumulative cash payments to Deep South totalling US$700,000 over 4 years. (please see July 2nd, 2008 press release at www.afri-can.com). Once Teck has acquired its 70% undivided interest, Deep South will have the option to convert its 30% undivided interest into a 2% Net Smelter Royalty (NSR) or fund its 30% share in the development of the project. In the event that Deep South does not fund its share of the development program and that its share in the joint-venture is diluted to under 20%, the remaining interest will be transferred into a 12% Net Profit Interest (NPI). In the event that Teck decides to bring the Property into commercial production, Teck will pay a production bonus totaling US$1 million within 60 days of the completion date of the mine. The NSR or NPI and any production bonus will be divided equally between Deep South and Afri-Can.

Mr. Vivian Stuart-Williams is responsible for the technical part concerning the Haib Copper project of this press release and is the designated Qualified Person under the terms of National Instrument 43-101.

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in prospective territories.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Shares outstanding: 192,917,484

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.

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-2133
    514-372-0066 (FAX)
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-2133
    514-372-0066 (FAX)
    info@afri-can.com
    www.afri-can.com