12th Jan 2022 10:10
(Alliance News) - Botswana Diamond PLC reported on Wednesday positive developments from preliminary assessments on its Thorny River diamond prospect.
The Ireland-headquartered diamond explorer has found much higher volumes than expected of kimberlite in its South Africa prospect.
Botswana Diamond now projects a kimberlite volume of 2 million tonnes. It has also identified four further potential targets, which could increase kimberlite volumes further.
The stock was 8.1% higher at 1.00 pence each Wednesday morning trading in London.
The company has currently made no assessment of potential diamond grade within the kimberlite, and is studying the different mining options available to it.
Chair John Teeling commented: "The estimated kimberlite volume in the River area is considerably better than expected. Botswana Diamonds will now determine the mining potential. Let me put this in context. The 2 million tonnes is almost twice the size of the nearby Marsfontein deposit. We have identified other small potential blows which could further increase the kimberlite volume. This enhances the potential in developing a 'hub and spoke' mining project".
By Elizabeth Winter; [email protected]
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