Botswana Diamonds renews prospecting licences in central Kalahari
Africa-focussed explorer Botswana Diamonds has renewed two prospecting licences held by a wholly-owned subsidiary for an additional two years.
Botswana Diamonds said on Thursday that subsidiary Sunland Minerals had extended the PL232 and PL235 licences, which cover just over 500 square kilometres, until 30 September 2021.
The licences were "strategically located" in the central Kalahari Desert west of its Ghaghoo diamond mine, with the group having already identified prospective drill-ready targets following aeromagnetic surveys, ground magnetic surveys and soil sampling.
Botswana Diamonds added that analyses of concentrations of Kimberlitic Indicator Minerals on the licences indicated proximity to kimberlite pipes, which regional geology suggested may be "attractive in size and grade".
The AIM-listed group said it was already in extended discussions with "a major international diamond producer" to form a joint-venture to carry out the next phase of work on the strategic licences.
As of 0855 BST, Botswana Diamonds shares were down 5.25% at 0.47p.