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Southstone Signs Agreement to Acquire Farm Panfontein 58 HO Diamond Property, South Africa Southstone Minerals Limited August 17, 2020, 9:39 AM PDT10 mins read 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 Volume cubic 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 dilution which decreased the grades. A qualified person has not done sufficient work to classify the historical estimate as current mineral resource and the Company is not treating the historical estimate as a current mineral resource. The Inferred Resource was calculated based on the following information: (a) Exploration pits in which gravel was found in 359 holes of the 424 holes completed (85%). The gravel has an average thickness of 0.56 meters (m) and was spread over an area 1`332m by 10`000m. (b) Bulk sampling consisting of three trenches, each 80m long and 10m wide, in which the gravel was treated and 2240 tonnes (t) produced 23.46 carats, including a single stone of 10.42 carats. (c) Mining with a total of 7,749 t was extracted with an average grade of 0.40 cpht. Disclosure of Historical Resource Estimate (referring to Chapter 5 section 2.4 a g of NI 43-101 Standards of Disclosure for Mineral Projects) Story continues RELATED STORIES Men's Health This Pure Gold, Diamond-Encrusted Face Mask Costs $1.5 Million 1h ago Bloomberg A Fifth Billionaire Emerges From Malaysias Glove-Making Industry. But the Boom May Fade 16h ago MMJReporter Ad This Could Be Like Buying GW Pharma In 2013 USA TODAY How will the stock market react if Democrats win the White House and Senate? Here's what history suggests. 1d ago Bloomberg Fed Close to Making Its New Inflation Strategy Official 8h ago The Motley Fool Canada Ad All In Stock Buy Alert Bloomberg U.S. Stocks Are Keeping Chinas Amateur Investors Awake at Night 2d ago USA TODAY Ex-McDonald's CEO Steve Easterbrook fights lawsuit over alleged sexual relationships with employees, nude videos 19h ago Empire Financial Research Ad The Man Who Bought Amazon at $48 Says Buy TaaS Now