Botswana Diamonds begins exploration work at Sunland Minerals JV

14 February 2018 (Last Updated February 14th, 2018 12:18)

Botswana Diamonds has started an exploration programme on the Sunland Minerals joint venture (JV) in the Southern Africa country. 

Botswana Diamonds has started an exploration programme on the Sunland Minerals joint venture (JV) in the Southern Africa country.

Sunland Minerals is held as a JV with Russian diamond mining company Alrosa.

The work seeks to follow-up on 15 previously identified priority geophysical targets in PL232-235 and PL001-004 in Central Kalahari Game Reserve (CKGR).

Botswana Diamonds will use ground magnetics to supplement the airborne gravity and airborne magnetic data obtained in earlier work.

Along with the magnetic surveys, the company will also carry out a soil sample programme.

Previously identified geophysical targets are planned to be turned into drill sites through the programme.

“Identified geophysical targets are planned to be turned into drill sites.”

In a separate move, the company has raised approximately $500,000 through the placing of 50 million new ordinary shares with new and existing investors.

The shares represent around 9.8% of the company’s issued share capital.

Proceeds from the placement are expected to be used to fund ongoing diamond exploration in South Africa and Botswana.

In addition, the funds will be directed towards additional working capital requirements.

Formed in 2013, the JV seeks to leverage Alrosa’s technological expertise to identify high potential targets from BOD’s extensive database.

Based on mineralogical data, Area PL 206 is prospective for the discovery of kimberlites.

In April last year, the JV secured six new prospecting licences in Botswana that are valid for a period of three years until 2020.