REG - Botswana Diamonds - Prospecting Permit Obtained on Five Kimberlites

Botswana DiamondsAnnouncement

17/10/2024 07:00

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RNS Number : 4858I  Botswana Diamonds PLC  17 October 2024

 

17 October 2024

 

Botswana Diamonds PLC

("Botswana Diamonds" or the "Company")

 

Prospecting Permit Obtained on Five Marsfontein Kimberlites

 

Botswana Diamonds plc, (AIM: BOD) the London AIM and Botswana Stock Exchange
listed diamond company, is pleased to announce that it has obtained a
prospecting permit in the Marsfontein region of South Africa covering five
kimberlites known to contain diamonds.

 

This prospecting right covers 900.67 hectares and surrounds the iconic
Marsfontein diamond mine, which had a payback period of under four days. The
licence includes kimberlite bodies: M2, M3, M7, M8 and M9 and is adjacent to
the Company's Thorny River properties in the Limpopo Province of South Africa.
The primary target for the company is M3, which, according to historical
records, has a strike length of 100m and a true width of 10m with more in some
areas. Bulk sampling by an earlier explorer have given grades of between 13.9
and 137 carats per hundred tonnes ("cpht") and the diamonds are reported to
have good colour, quality and size distribution. M3 sits on higher ground and
is not in a water course. There has already been extensive benching which will
allow easy mining access to the body without significant expensive drilling
and blasting.

 

Chairman, John Teeling, commented: "Obtaining this permit is very good news -
five kimberlites around the mined out and hugely successful Marsfontein mine.
We are particularly interested in the M3 kimberlite which has never been
mined. Our work indicates it is very prospective and we believe it enhances
our adjacent Thorny River properties - easy to mine with good potential grades
and quality. The diamond industry overall is currently in a depressed state
with a cyclical downturn in demand and a structural change down to the growth
of lab grown diamonds. We believe demand will recover for mined diamonds and
lab grown diamonds will take a certain percentage of the cheaper end of the
jewellery market. M3 is almost ready to mine and we will confirm what is there
and be ready to mine when prices recover".

 

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 3204

 BlytheRay

Megan Ray
 Said Izagaren

 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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