Proceeds from the placing will fund ongoing diamond exploration in South Africa and Botswana, and will also provide the company with additional working capital, the company said.
Botswana Diamonds Mining News
Diamonds recovered during sampling at the project were not sufficient to produce a modelled diamond valuation, said the company.
Sampling work at Ontevreden, part of the Vutomi joint venture, seems to prove the presence of high-grade kimberlite pipes.
Vutomi licences were extended into additional area of mineralization adjacent to the firm’s Frischgewaagt project in South Africa.
The company identified a group 2 kimberlite pipe in an area known by its high-grade diamonds.