7th Oct 2015 07:27
LONDON (Alliance News) - Botswana Diamonds PLC shares plummeted on Wednesday after it said the latest drilling in the Orapa region in its name-sake country intersected an older type of rock that is not consistent with other kimberlite intersected in the region.
Botswana shares were down 29% to 0.625 pence per share on Wednesday morning.
The miner, which holds a 50% stake in the project alongside Alrosa, conducted a three-hole drilling programme to target a previously identified anomaly, which was thought to contain significant kimberlite indicator minerals.
Two of the three holes intersected the anomaly, however the company said the rock intersected is not Orapa kimberlite, but some form of older ultramafic rock.
"The rock discovered is not Orapa kimberlite but appears to be another older ultramafic rock," said Chairman John Teeling.
Somne preliminary kimberlite indicator minerals have been found in the core, however this needs to be analysed further to understand what is inside the rock.
"The core is now being processed to identify what it contains. Exploration on this block continues to identify the source of the two small diamonds we discovered in earlier work," said Teeling.
By Joshua Warner; [email protected]; @JoshAlliance
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