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Southstone Minerals Ltd V.SML

Alternate Symbol(s):  FDGMF

Southstone Minerals Limited is a Canadian junior mining company. The Company is engaged in the acquisition, exploration, evaluation, development and mining of mineral properties. The Company holds a 43% interest in the Oena Diamond Mine (Oena), which is located in the Northern Cape Province, Republic of South Africa that consists of one New Order Mining Lease. Oena is a producing alluvial diamond property. Oena is approximately 8,800 hectares in size and covers a 4.8 kilometers (kms) wide strip along a 15 kms length of the lower Orange River. The property has two separate and distinctly different aged diamondiferous bearing paleochannel gravels: Proto-terraces and Meso-terraces. Its subsidiaries include TGV Resources (Pty) Ltd, African Star Minerals (Pty) Limited and GAH Mining (Pty) Ltd.


TSXV:SML - Post by User

Comment by hempsteron Aug 17, 2020 2:34pm
162 Views
Post# 31419063

RE:RE:Big news

RE:RE:Big newsThe property looks quite great too. Previous bulk sampling shows an estimated 0.48 to 1.2 carats/100 tonnes, while Bluedust produces currently 0.5 carats/100 tonnes at Oena.

If they chose to buy the property, I think the final agreement with the contractor operating the mine will have similar conditions as the agreements they have with the contractors operating the Oena mine, so their split will be less than 75%.

But even then they'll likely earn more money with this project than with Oena, since they own eventually just 43% of Oena/ASM but may own 100% of this property.

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