AIM-listed Botswana Diamonds has entered into an joint-venture agreement with Siseko Minerals Pty Ltd over a 13-license block in the Gope area of Botswana, covering an area of 6,518 square kilometers. Under the terms of the agreement, Botswana Diamonds becomes operator of the Brightstone block and will earn into it by spending up to $940,000 over three years to earn 51 percent. The budget for the first year is $140,000.
The highly prospective Gope region is where Gem Diamonds is developing its Ghagoo mine and where Petra Diamonds has made a discovery on block KX36.
Botswana Diamonds says it has analyzed all available geochemical, geophysical and drilling log data on the Brightstone licenses and has identified a series of targets. Detailed work on the targets will commence within weeks, which involves ground work to identify the best location to drill the target followed by drilling.
"It is a good time to be in diamonds. In particular it is a very good time to be in the Botswana diamond industry," says John Teeling, Chairman of Botswana Diamonds. "The emerging success of the new Karowe Mine, first discovered by the Botswana Diamond founders, is increasing interest in the country. Karowe is producing big, beautiful, valuable diamonds. The KX36 discovery in the Gope area and the development of the Ghagoo mine is further focusing attention on the Gope region within Botswana."