Botswana Diamonds raises £300k to fund ongoing exploration

Botswana Diamonds is raising £300,000 through the issue of 50 million new ordinary shares to fund ongoing exploration activities in Botswana and South Africa during the current year as well as provide working capital.
The company said it will be focused on commercialising the KX36 project, in Botswana following the recent acquisition of Sekaka Diamonds from Petra Diamonds.  
This will include finalising a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.
Botswana Diamonds has also planned drilling on the adjacent Sunland Minerals property.
The diamond explorer is also drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.
“We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” said company chairperson John Teeling.
“The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished