Botswana Diamonds PLC Initial assessment of the T1A Marange concession (2638E)
October 17 2018 - 2:00AM
UK Regulatory
TIDMBOD TIDMVAST
RNS Number : 2638E
Botswana Diamonds PLC
17 October 2018
17(th) October 2018
Botswana Diamonds PLC
("Botswana Diamonds" or the "Company")
Initial assessment of the T1A concession in the Marange Diamond
Fields of Zimbabwe
Botswana Diamonds plc ("BOD") is pleased to announce that it and
Vast Resources plc ("Vast") have received a preliminary geological
assessment of the Heritage Concession ("Block T1A") within the
Marange Diamond Fields of Zimbabwe. Vast has a due diligence access
agreement and pre-agreed joint venture terms on the Heritage
Concession and as announced on 4(th) October 2018, BOD has entered
an agreement with Vast under which BOD will be engaged on due
diligence, exploration, mining and marketing on the Heritage
Concession.
Highlights
-- Potential for modern alluvial placers
-- Possibility for older conglomerates
-- Next steps are to carry out geological Mapping of the
concession and hopefully advance to a trial mining programme
John Teeling, Chairman, commented, "We have completed a desktop
assessment of the Heritage (T1A) Concession in the Marange Diamond
Fields. This assessment, has outlined significant potential on the
concession and proposes the next steps which include mapping and
trial mining if indicated."
Further detail
The Heritage Concession, also named Block T1A is 6,913 hectares
in surface area. The property contains several targets for modern
alluvial diamond placer deposits. The grades of the known modern
alluvial placers which drain the Marange Diamond Fields range in
grade from 50-500 carats per hundred tons ("cpht"), most typically
100-200 cpht. There is also potential for remnants of the basal
Umkondo (conglomerate) unit in the concession, which runs at grades
from 100-3,000 cpht elsewhere in the Marange Diamond Fields.
Outside the eastern edge of the property is the closest known
diamond mine within the Marange Diamond Fields. Situated within
Block E2, the deposit was discovered and operated from late 2010
until 2016. Records indicate an average stone size of c.5 cts/stn
and an average diamond value of c.US$80/ct from this block. It is
generally estimated that over 60 million carats have been recovered
from the entire Marange Diamond Fields to date.
The next steps will be to investigate the potential of the
modern alluvial diamond deposits and of the older conglomerates on
the property. Assuming positive results, the field work will be
closely followed by drilling, pitting and bulk sampling which will
form part of a pre-feasibility study and this may entail further
funding beyond the initial US$1 million committed to the programme
by Vast.
This release has been approved by James Campbell, Managing
Director of Botswana Diamonds plc, a qualified geologist
(Pr.Sci.Nat), 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 33-years' experience in the diamond
sector.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
ENDS
Enquiries:
Botswana Diamonds PLC
John Teeling, Chairman +353 1 833 2833
James Campbell, Managing Director +27 83 457 3724
Jim Finn, Director
Northland Capital Partners Limited
David Hignell / Dugald Carlean
(Corporate Finance) +44 (0) 203 861 6625
Isabella Pierre (Broking)
SVS Securities Plc +44 (0) 203 700 0100
Tom Curran
Ben Tadd
Blytheweigh +44 (0) 207 138 3204
Simon Woods +44 (0) 7466 439 633
Julia Tilley +44 (0) 7815 068 387
Teneo PSG
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk
Follow us on Twitter @BotswanaDiamond
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END
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