JOHANNESBURG (miningweekly.com) – Aim-listed Botswana Diamonds has reached an agreement with privately owned Eversharp Investments to operate and jointly own the 2.9 km2 PL 117/2011 diamond mining licence, in Botswana’s Orapa region.
Botswana Diamonds said on Wednesday that it could earn up to a 51% interest in the joint venture company Newco, which would own the licence, by spending up to $300 000 over three years.
Chairperson John Teeling said that Botswana Diamonds had, over the past two years, analysed all available geochemical and geophysical data on the Orapa region. It had identified a series of focused targets, one of which was on the Newco block that contained AK10, a diamondiferous kimberlite, which Botswana Diamonds’ predecessor, African Diamonds, discovered in 2004.
Although extensive drilling of AK10 by African Diamonds did not reveal a commercial deposit, a recent review of data suggested that the area was worth revisiting.
“We are now using new technology and new eyes to look at the licence. This is a very prospective area," Teeling noted.
Detailed work on the block would start in the coming weeks and would involve groundwork to identify the best location to drill the target, followed by drilling.
The Orapa region was known to be highly prospective for diamonds, containing several producing diamond mines and diamond development projects.
Last week, Botswana Diamonds entered into an agreement with Siseko Minerals to earn a 51% stake in the Brightstone block in the Gope region, where Gem Diamonds is developing the Ghagoo mine and Petra Diamonds made a discovery on block KX36.
Edited by: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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