DiamondCorp has abandoned its exploration work at both J-01 and J-05 kimberlites, in Botswana after recovering poor grades.
The diamond miner said that it would return the rights to the tenement holder, Geoperspectives.
"Despite being located near to the richest diamond mine in the world and the encouraging mineral chemistry displayed by these kimberlites, mini bulk tests suggest they do not contain macrodiamond grades sufficient to support a large-scale commercial diamond mine,” DiamondCorp managing director Paul Loudon said in a statement.
He said that the company management would, however, continue having discussions with a number of parties about additional kimberlite projects in Botswana and other diamondiferous regions of Southern Africa.
Meanwhile, DiamondCorp said that the South African Diamond Exchange had revaluated 2,168 carats recovered from the bulk test at the Lace Mine last year and estimated a price of $172 per carat in the current market.
“This represents an 7.5 per cent increase from the $160 per carat valuation of the first 1,850 carats from the bulk test announced last October,” it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
