Botswana Diamonds has obtained a prospecting permit in the Marsfontein region of South Africa covering five kimberlites known to contain diamonds.
It said the prospecting right covers 900.67 hectares and surrounds the iconic Marsfontein diamond mine, which had a payback period of under four days.
The licence includes kimberlite bodies M2, M3, M7, M8 and M9 and is adjacent to the company's Thorny River properties in the Limpopo Province of South Africa.
Botswana Diamonds said its primary target is M3, which, according to historical records, has a strike length of 100 m and a true width of 10 m, with more in some areas. Bulk sampling by an earlier explorer has given grades of between 13.9 and 137 carats per hundred tonnes (cpht), and the diamonds are reported to have good colour, quality, and size distribution.
"Obtaining this permit is very good news—five kimberlites around the mined-out and hugely successful Marsfontein mine,” said company chairperson John Teeling.
“We are particularly interested in the M3 kimberlite, which has never been mined. Our work indicates it is very prospective and we believe it enhances our adjacent Thorny River properties—easy to mine with good potential grades and quality.”
He said the diamond industry overall is currently depressed with a cyclical downturn in demand and a structural change down to the growth of lab-grown diamonds.
“We believe demand will recover for mined diamonds, and lab-grown diamonds will take a certain percentage of the cheaper end of the jewellery market,” said Teeling.
“M3 is almost ready to mine and we will confirm what is there and be ready to mine when prices recover".
Mathew Nyaungwa, Editor in Chief, Rough&Polished
