The company said that the results are in for the seven large diameter drill holes which are consistent with the results obtained by De Beers in their 1993 LLD program.
“The seven drill holes processed to date are from pipes K2 and K3. These two pipes are the largest of the five pipes and they represent 70 percent of the diamond resource at Martin’s Drift,” the company said.
DiamonEx is one of 400 companies that have been given prospecting licences to explore for other minerals that include copper, nickel and platinum.
DiamonEx started a large-diameter drilling at Martins Drift in July and the company holds 100 per cent of the undeveloped Martin’s Drift prospecting licence.
Some estimates show that the diamond project, which is in the north-eastern part of the country, contains some 3 million carats of diamonds.
De Beers, in its 1993 large diameter drill holes (ldh), had indicated that the grades would be 13.1 million tonnes at a production resource grade of 22.82 carats/100 tonnes to a depth of 110 metres.
De Beers had also estimated that the K2 and K3 have diamonds grades of 21.3 carat per 100 tonnes (cpht).
De Beers findings and the company anticipates a good resource.
Dan O’Neill, the managing director of the company, which is listed on both the Botswana Stock Exchange (BSE) and the Australian Stock Exchanges (ASE), was upbeat about the progress so far.
“We are on track. Results to date are consistent with De Beers findings and we anticipate a good resource,” O’Neill said.
The company went into cash raising activity for its exploration activity when it listed on the BSE venture capital board in July this year after it was given local asset status.
DiamondEx is listed together with African Diamonds and Gallery Gold (GG) on the venture capital board of the Botswana Stock Exchange (BSE).
The company further added that it expected to process the remaining drill holes by the end of the year.
“Excavation of a 5,000 ton bulk sample from the five kimberlite pipes recently commenced and this sample will be processed through the dense media separation (dms) plant in the new year following the completion of the drilling samples,” the company said.
The results from 10 drill holes will be received by the end of the year.
