REG - Botswana Diamonds - High Grade Anomaly Discovered Near KX36 Project

Botswana DiamondsAnnouncement

23/01/2024 07:00

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RNS Number : 5117A  Botswana Diamonds PLC  23 January 2024

 

23(rd) January 2024

 

Botswana Diamonds PLC

("Botswana Diamonds" or the "Company")

 

High Grade Anomaly Discovered Close to KX36

Kimberlite Pipe in Botswana

 

Highlights

·   Gravity survey discovers high-grade anomaly similar in size to the
KX36 diamond discovery in the Kalahari.

·    The anomaly has a strong gravity signature which gives us confidence
that it will prove to be a kimberlite.

·    Three other anomalies are being modelled with results expected in
February.

·    The likelihood of a cluster of kimberlites is growing.

 

Chairman, John Teeling, commented: "This is the first strong indication of
additional kimberlites around the KX36 discovery. Kimberlites come in
clusters, but extensive exploration has to date not been successful. The
anomaly has a strong gravity signature which gives us confidence that when
drilled, it will prove to be a kimberlite. The anomaly sits on a structure
like all the other kimberlites in the Kalahari, which further increases
confidence. It is early days but very good news".

 

Botswana Diamonds plc ("BOD"), the London AIM and Botswana Stock Exchange
listed diamond company, is very pleased to announce that a gravity survey has
now been completed over four high-grade geophysical targets that had good
magnetic response in a previous survey undertaken by the Company. Preliminary
results from this gravity survey show that at least one of the four targets,
which is located six kilometres ("km") south of the existing KX36 diamond
discovery, has an excellent gravity response similar to that of known
kimberlites and similar in size to KX36. The survey on the KX36 size anomaly
is being repeated and correlated with previous results for confirmation. Next
steps will be a drilling plan.

 

The new kimberlites targets have great potential to upgrade the existing
resources in the area, including at the Ghaghoo Mine, which is currently under
care and maintenance and only 60 km away from the KX36 project.

 

The KX36 project is a 3.5 hectares ("Ha") kimberlite pipe in the Kalahari. The
pipe has resources of 17.9 million tonnes ("Mt") at 35 carats per hundred
tonnes ("cpht") (indicated) and 6.7Mt at 36 cpht (inferred) at $65 per carat
("/ct"). The modelled grade range is 57-76 cpht at an estimated diamond value
of up to $107/ct.

 

This release has been approved by James Campbell, Managing Director of
Botswana Diamonds plc, a qualified geologist (Pr.Sci.Nat), a Fellow of the
Geological Society of South Africa, a Fellow of the Southern African Institute
of Mining and Metallurgy, a Fellow of the Institute of Materials, Metals and
Mining (UK) and with over 38-years' experience in the diamond sector.

 

A copy of this announcement is available on the Company's website, at
www.botswanadiamonds.co.uk (http://www.botswanadiamonds.co.uk)

 

Enquiries:

 Botswana Diamonds PLC

John Teeling, Chairman

                                   +353 1 833 2833
 James Campbell, Managing Director

                                   +27 83 457 3724
 Jim Finn, Director

                                   +353 1 833 2833

 Nominated & Financial Adviser       +44 (0) 20 7409 3494

 Strand Hanson Limited

 Ritchie Balmer

 Rory Murphy

 David Asquith

 Broker                              +44 (0) 207 374 2212

 First Equity Limited

Jason Robertson

 Public Relations                    +44 (0) 207 138 3206

 BlytheRay                           +44 (0) 207 138 3553

Megan Ray

 Said Izagaren                       +44 (0) 207 138 3206

 Teneo

 Luke Hogg                           +353 (0) 1 661 4055

 Alan Tyrrell                        +353 (0) 1 661 4055

 Fia Long

 Alan Reynolds

 

 

www.botswanadiamonds.co.uk (http://www.botswanadiamonds.co.uk)

 

ENDS

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