Thursday, May 23, 2024

Botswana Diamonds discovers second anomaly in Kalahari 

BSE quoted, Botswana Diamonds plc has announced a significant discovery in the Kalahari Desert, Botswana finding a second anomaly close to a previously identified one. This new anomaly spans approximately 6 hectares, complementing the initial 12-hectare anomaly announced in January 2024. 

In January, the London Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) dual-listed diamond company revealed promising results from a survey across four high-grade geophysical targets, all of which exhibited a favorable magnetic response.

The initial outcomes from the gravity survey indicate that at least one of the four targets, positioned six kilometers south of the company’s existing KX36 diamond discovery, displays an exceptional gravity response akin to known kimberlites and comparable in size to KX36.

As per the company’s January statement, these newly identified kimberlite targets hold significant potential for augmenting existing resources in the region, including at the Ghaghoo Mine, currently under care and maintenance and a mere 60 km away from the KX36 project.

The KX36 project, a 3.5-hectare kimberlite pipe in Botswana’s Kalahari region, is situated on an extensive tract of land believed to harbor substantial mineral wealth. The pipe indicates resources of 17.9 million tonnes (Mt) at 35 carats per hundred tonnes (cpht) and inferred 6.7Mt at 36 cpht at $65 per carat (ct). The modeled grade range is 57-76 cpht at an estimated diamond value of up to $107/ct.

In its latest statement released this week, the company says it is moving swiftly to plan drilling for these anomalies, with an Environmental Impact Assessment underway as a prerequisite. Five drill holes are anticipated to be deployed to further investigate these promising anomalies.

The discoveries are centered around the KX36 project, which houses a 3.5-hectare kimberlite pipe with substantial diamond resources. With indicated resources of 17.9 million tonnes at 35 cpht and inferred resources of 6.7 million tonnes at 36 cpht, the economic potential is significant.

These new kimberlite targets offer the potential to enhance the existing resource base in the region, including the nearby Ghaghoo Mine, which is currently under care and maintenance.

John Teeling, Chairman of Botswana Diamonds, expressed optimism about the discoveries and emphasized the need for further exploration through drilling to unlock their full potential. With drilling plans underway, Botswana Diamonds is poised to capitalize on these opportunities and advance its exploration efforts in the Kalahari Desert.


Read this week's paper