Wednesday, June 8, 2011

Botswana Diamonds identifies potentially diamond bearing rock in Cameroon

Exploration at Botswana Diamonds’ (LON:BOD) diamond licence in Cameroon has identified possible diamond bearing rock.

The company reported that a small diamond was recovered from a sample taken from a stream in the same area where the conglomerate was identified. A follow-up drilling and trenching/pitting programme will now be undertaken to determine the extent of the rocks and whether they are diamondiferous.

“This is very exciting for Botswana Diamonds. Our next step is to prove that there are diamonds there,” said chairman of Botswana Diamonds John Teeling.

“To date the majority of the licence has not been explored and significant scope remains for discovering more areas where the paleo-conglomerate layer is preserved.”

Investors were cneouraged by the news as shares in Botswana rallied 7 percent to 5.75 pence in early deals.

The conglomerate horizon included in the sedimentary rock layers identified at the license is geologically similar to the paleo-conglomerate that C&K Mining has identified as being diamondiferous.

The exploration team is currently completing geological mapping to delineate the extent of this conglomerate horizon. In addition to that, the company has collected a number of rock specimens for further study and analysis.

In April, Botswana Diamonds began a 60-90 day exploration programme in a remote rainforest area of Cameroon – on its 8,000 square kilometre diamond licence south of the Mobilong diamond field.

The campaign aims to identify the presence and extent of the diamond bearing host rock that defines Mobilong and the work will include geological mapping and excavation.

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