Botswana finds 11 diamonds at Thorny River project

Botswana Diamonds (LON:BOD) said on Monday it had recovered 11 diamonds and “abundant” kimberlitic indicators from drill samples at its Thorny River project in South Africa’s Limpopo province.

The diamond explorer said that following a “detailed” ground geophysical program carried out in October, six reverse circulation holes were drilled into the newly-discovered River Kimberlite pipe.

“The recovery of so many kimberlitic indicators and in particular diamonds, which are very rare to recover in small sample narrow reverse circulation drill holes is highly encouraging and bodes well for the potential commerciality of this exciting discovery,” the company said after analyzing the drill samples.

Botswana Diamonds noted the gems recovered were all of “good colour and clarity,” and were of commercial quality of a type in high demand.

The company said the diamonds were not weighed, as the sample size was small, adding that they were not representative of a possible population.

Shares in the company jumped on the news and were trading 11.2% higher in London at 0.95p by 11:00 am local time. The miner’s market capitalization is sitting at £7.4 million.

The next step would be to undertake a detailed core drilling program, which is planned for the dry season, Botswana Diamond said.

The Thorny River project is located in the northern Limpopo province and the volume of its main deposit has been modelled at between 1.2 and 2 million tonnes (to 100m). It has a diamond grade ranging between 46 and 74 cpht and diamond values in the range of $120 and $220 per carat.