Pangolin Diamonds Corp.
, Stock Forum
) said that it has discovered a new kimberlite, Martin 01, in the company's 100% owned Tsabong North project in Botswana.
Pangolin has identified more than 50 drill-ready aeromagnetic targets in the Tsabong North project area, located approximately 100 kilometres north of the town of Tsabong in south-western Botswana, several of which have surface areas exceeding 20 hectares.
According to the Pangolin Diamonds press release
, a single hole was drilled into the Martin 01 kimberlite, located approximately 12 kilometres north of the Magi kimberlite, reported earlier.
Geophysical modeling indicates that the Martin 01 kimberlite may be up to 31 hectares in size.
Crater facies volcanic sediments were intersected at 85 metres below surface. Sandy tuffs were intersected at a depth of 105 metres.
This kimberlite is distinguished from other kimberlites in the region in that it has a cover of Karoo sediments, including poorly developed thin coal seems.
This is the first recorded discovery of a kimberlite in Botswana below the Karoo Formation in the area.
Core samples are being submitted to independent laboratories to recover any indicator minerals, and any diamonds.
Pangolin is building a leading diamond exploration and development company in the heart of Botswana, the world's leading diamond producing country by value.
On Thursday morning, Pangolin was up 3.5% and was trading at $0.30 a share. The company had a market cap of $19.7 million, based on 65.6 million shares outstanding.
FULL DISCLOSURE: Pangolin Diamonds is a Stockhouse Publishing client, but this article is not paid content.