Pan-African Diamonds Permit
Pan-African Diamonds was awarded the Soromaya Kerouané permit in April 2017. This permit has an area of 95.5 sq km and is located in eastern Guinea near the town of Soromaya. The Company has entered into its 1st exploration phase valid for 3 years and a work commitment of $2.2 million over this period.
The Soromaya Kerouané permit area was extensively explored by the previous permit holder with the assistance of OZGEO / ROSGEO, which completed a feasibility report in 1998 identifying substantial resources and reserves. Most recently, a non-CRISCO compliant GKZ-standard C2 alluvial reserve of 1.1928 million carats valued in 1998 at $310 per carat has been recalculated, relying on historical data and exploration work on the license, assumptions which lead to an approximate alluvial in-situ value of $370m. As past exploration work is outdated and not standardized to either 43-101 or JORC, Deloitte issued an Exploration Target prepared in compliance with the SAMREC Code (2016) over the tenement, with an expected range of 386,000 – 1,615,000 carats assumed to be valued at $150-300 per carat.