Metalex Venture, which has optioned the Viljoenshof diamond project near Kimberley in South Africa, has incurred cumulative losses of $103 million as of July 31, 2021, compared to $102 million, a year earlier.
It said its operating activities during the three months ended July 31, 2021, produced a negative cash flow of $388,253
The key performance driver for the company is the acquisition and development of prospective mineral properties.
By acquiring and exploring projects of superior technical merit, the company increases its chance of finding and developing an economic deposit.
The company entered into an option agreement to invest in Property 126 Pty Ltd to acquire up to 70% over the Viljoenshof diamond project through funding conversion of the exploration permit to a mining license, exploration, feasibility studies and mine development.
The property hosts several known kimberlite bodies.
Samples collected from these contain diamond indicator minerals of exceptional quality, suggesting a high diamond grade said Metalex.
The company also has diamond projects in Canada.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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