Botswana Diamonds plc (LSE:BOD) announced that it found two more diamonds at its Libongo palaeoplacer project in Cameroon. One is 0.25 carats and is close to gem quality; the other is a 1.3 carat industrial-quality diamond.
As quoted in the press release:
The current exploration programme involves collecting a 100 tonne sample from each of three areas previously found to have palaeoplacer rock, in order to ascertain if the rock is diamondiferous. The ultimate objective is to assess whether a deposit similar to the adjacent Mobilong deposit being mined by CNK of Korea exists.
John Teeling, chairman of Botswana Diamonds, commented:
This is further evidence that our Libongo licence ground contains diamond bearing rock similar to that being mined close by, and that this project has the potential to deliver value to our shareholders. The next steps are to undertake a bulk sample to identify grade per tonne and value per carat and to run a scoping study on the feasibility of the project.