24th Feb 2020 13:51
(Alliance News) - Botswana Diamonds PLC on Monday said drilling at Marsfontein project has encountered kimberlite, an igneous rock which sometimes contains diamonds.
Shares in Botswana Diamonds were up 38% at 1.07 pence each in London on Monday afternoon.
Kimberlite was intersected at shallow depth in two out of the three holes at Marsfontein project, the diamond explorer said, adding that the kimberlite is believed to be associated with the high grade Marsfontein M1 pipe.
On the neighbouring Thorny River project, the company also drilled two holes.
"Geological structures which are consistent with kimberlite emplacement were encountered in both holes. More detailed ground mapping and geophysics will better define targets for further drilling," Botswana Diamonds said. The company is also planning to undertake additional work on the Marsfontein project.
Marsfontein and Thorny River projects are both located in South Africa.
By Tapan Panchal; [email protected]
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