This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Delrand Updates Northern DRC Diamond Exploration Activity

Stock quotes in this article: DRN

  • 10 targets identified for further detailed follow-up work after 2011 follow-up stream sampling program in Northern DRC produced 48 diamonds, 12 ilmenites, 21 chromites and 7 garnets.

TORONTO, Aug. 30, 2012 /PRNewswire/ - Delrand Resources Limited ("Delrand" or the "Company") (TSX-DRN; JSE-DRN) provides an update on its diamond exploration activities in northern Democratic Republic of the Congo (the "DRC"), which activities are being carried out in partnership with Rio Tinto.

The northern DRC has a long history of good quality alluvial diamonds. To date no primary sources, or kimberlites, for these diamonds have been found. Delrand, with its partner Rio Tinto, have prospected large areas in the provinces of Equateur and Orientale and are now focussed on their Coexco and Bomili exploration projects in the latter province.

Delrand's first-phase exploration program over the Coexco ground in the northern DRC was completed in 2009. The 44 Coexco exploration permit areas were covered by an initial reconnaissance program when stream samples were collected at a density of roughly one sample for every 20 to 25km². Samples were screened to plus 0.4mm and minus 0.7mm. As previously reported, 12 of the 255 samples produced 15 diamonds and in addition, five ilmenites, 27 chromites (including nine from the diamond inclusion field) and one eclogitic garnet were also found in the samples. These positive results were restricted to 16 of the 44 Coexco permit areas.

A follow-up stream sampling program was conducted in 2011 over these 16 exploration permit areas. Samples were collected on an approximate density of one sample every 5km². As previously reported, this program produced 48 diamonds, 12 ilmenites, 21 chromites and 7 garnets. These results are highly anomalous for two reasons. Firstly, these positive samples are located in the same streams as the samples which produced positive results from the initial reconnaissance work and therefore confirm the existence of these anomalies. And secondly, the area of interest is covered by a thick laterite crust, up to at least 10 metres in thickness, masking the underlying geology, including kimberlites, but at the same time chemically etching and hence destroying the kimberlitic minerals otherwise trapped in these soils. The presence of kimberlitic minerals in stream or soils samples in these areas is therefore highly depressed.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,837.84 -205.06 -1.20%
S&P 500 1,952.33 -19.96 -1.01%
NASDAQ 4,432.56 -60.83 -1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs