Botswana Diamonds Expands Frischgewaagt Project With New Licence

LONDON (Alliance News) - Shares in Botswana Diamond PLC jumped on Monday after announcing the ...

Alliance News 17 July, 2017 | 11:51AM
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LONDON (Alliance News) - Shares in Botswana Diamond PLC jumped on Monday after announcing the company has been granted a licence over an additional 1,000 hectares adjacent to its Frischgewaagt project in South Africa.

Shares in Botswana Diamonds soared up 13% 1.95 pence on Monday.

Last week Botswana Diamonds said a group two kimberlite pipe had been identified over the Ontevreden licence in South Africa. With the additional space, the combined area of the two properties now covers over 2,700 hectares.

The company believes that the diamond-bearing dyke stretches over at least 10 kilometres. Obtaining the prospecting licence will mean the drill programme starting in the coming weeks will be extended into this area.

"Geology does not follow licence boundaries. One of the first things you do if you have promising exploration results is to secure adjacent ground. Initial results are encouraging, but we do not yet know where the richest mineralisation will be confirmed. Work so far strongly indicates that the system containing diamonds extends eastwards, adjacent to our Frischgewaagt property," said Chairman John Teeling.

By Angus Harrison; angusharrison@alliancenews.com.

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Botswana Diamonds PLC 1.44 GBX -8.57 -
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