Southstone Minerals Ltd FDGMF

Big news

[Pacmann]

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

[onetimer]

so that is only $190,000 canadian and they get to mine the diamonds for 6 months, keep 75% of revenue and dont even have to purchase it, they can opt out in less than 6 months. Sweet deal

[hempster]

The 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

[MakeMoney2000]

So it's a big news for all shareholder's. 8 160 000 cubic meters is 21 216 000 tons of gravel. They can produce quickly at a large scale. And I like to read they have 85% hight quality diamond on the london run area with PINK, BLUE and ORANGE Diamond. Just think about it if they find a big PINK diamond...! I hope they find this kind of diamond. Glta

[hempster]

Yes. Can't wait to see the result of their bulk sampling. Love to see that they are planning to start working on the property already in September. This will be an exciting autumn for the company.

[MakeMoney2000]

It's amazing only around 63 000.00 CAD for the first option and the company have all acces to the property. Same thing for option number 2 and number 3 if they acqire the property. Around 190 000.00 CAD aquiring 100% of the property. Imagine if they find a big PINK diamond with only 20 000 000 shares. Glta

[Pacmann]

It does look like there's potential here. Now all they need to do is start up the Liberia project soon. Hopefully they can start mining for gold real soon with gold price at all time high. I believe gold to surpass 2000 real soon. C'mon sml let's get going...

[hempster]

Last Wednesday afternoon I sent them a mail and asked for a more in-depth update on their plans for next year, plans for Oena and Liberia and new projects to diversity their revenue streams in general. Don't know if today's release can be seen as a reaction to my mail, but I had already done the same in March and afterwards we got the announcement of the Kwena disposition. In the past when

[Budlight1971]

The news is good, but no one is interested, because if we look at yesterday's volume, it is still at 0

[hempster]

This will change very quickly once we get the results of their sampling and know whether they will set up proper operations or not. See this rather as an opportunity to buy the stock for cents on the dollar and not as a sign for general desinterest or failure. Regardless whether you hold the stock for already several years or just since a few weeks, we all here still count as early investors. 

[Budlight1971]

I have been present for several years, before the consolidation of the shares, so my average cost is very high, I bought additional 50K to lower it. I am simply disappointed with the lack of interest in this title, still today 7850 in volume. Even if I am convinced that the best is to come, the lack of volume makes me hesitate

[hempster]

Quite a few people are eventually in a similar position as we. Bought early and now hesitate to invest more until they are 100% that things have turned around. But at the current market cap this stock should be a fairly easy bet.

[JSMichau]

The fact that SML's profile is not up to date in all brokers and website show that they are coal producer is really not helping with the visibility.  I have 3 different broker for my trading accounts, all of them show SML with thermal coal mine.  Funny thing, in my NBDB account, they show a price target for SML of 1.20$... that'd be nice.

[Pacmann]

I feel your frustration Michaud. I been holding on to this for quite a while as well but I think we need to be patient bit longer.. You have to understand the thinking that is now a relatively new company with different vision no more coal producer but rather diamond and hopefully precious metals as well... that takes time to rebuild. But I really believe this company should be at 10 times at what