Botswana Exploration Joint Venture

In Botswana, which is one of the most prospective countries in the world for new diamond discoveries, DiamondCorp has entered into an exploration joint venture with exploration company Geoperspectives (Pty) Limited. The project covers PL71 totaling 30km², containing five identified kimberlites.

DiamondCorp can earn a 77.5% interest in the project by completing a definitive feasibility study on at least one of the kimberlites by June 2014.

PL71 is located approximately 8 kilometres south-east of De Beers' Jwaneng Mine, the largest diamond mine in the world by revenue.

Within PL71, ground gravity and magnetic surveys over J-01, J-05 and J-12 were completed in 2009 and revealed 10 hectare, 4 hectare and a 45 hectare kimberlite targets for drilling. Two vertical drill holes have been established to test for the presence of kimberlite at depth in J-01. Both holes intersected calcretised kimberlite under just 20 metres of sand, weathered kimberlite at about 40 metres and fresh kimberlite from 70 metres to the end of the holes at 300 and 340 metres.

Initial diamond drilling will start on J05 and J-12 in the second half of 2010. Depending on the results, the kimberlites will then be prioritised for large diameter drilling and bulk testing in 2011.

Enlarge: Aerial view of exploration area PL71 in Botswana