Botswana Diamonds discovers second anomaly in Kalahari

11th Apr 2024 16:23

(Sharecast News) - Botswana Diamonds announced the discovery of a second anomaly on Thursday, close to another anomaly announced on 23 January.

The AIM-traded firm said the newly-identified anomaly spanned about six hectares, adjacent to an existing anomaly covering 12 hectares.

It said it had initiated planning for drilling on the anomalies located in the Kalahari region of Botswana, with an environmental impact assessment (EIA) underway as a prerequisite for drilling.

The company envisaged a total of five drill holes being executed across the two anomalies.

It said the KX36 project, in the Kalahari, comprises a 3.5-hectare kimberlite pipe boasting substantial resources.

The pipe indicated resources of 17.9 million tonnes at 35 carats per hundred tonnes, and inferred resources of 6.7 million tonnes at 36 carats per hundred tonnes, valued at $65 per carat.

It said the modelled grade range stood at 57 to 76 carats per hundred tonnes, with an estimated diamond value of up to $107 per carat.

The newly-discovered kimberlite targets held significant potential to enhance existing resources in the region, including those at the Ghaghoo Mine, which was presently under care and maintenance 60 kilometres away from the KX36 project.

"The discovery of a second anomaly, which we believe is about six hectares in size, adjacent to that previously announced, is further good news," said chairman John Teeling.

"Additional work indicates that the first anomaly could be 12 hectares in size - both anomalies are close to our 100% owned KX36 diamond discovery, which is 3.5 hectares in size and contains an indicated and inferred estimate of 8.70 million carats.

"The anomalies need to be drilled."

At 1529 BST, Botswana Diamonds shares were down 6.5% at 0.38p.

Reporting by Josh White for Sharecast.com.