In the Kokong project, where AfriOre holds a 58% interest and Billiton the balance, De Beers Prospecting Botswana can earn a 60% interest by spending $2 million over six years and completing a prefeasibility study. A minimum expenditure of $236,000 is required by early April.
Previous work at Kokong identified several kimberlites, including KW2, which has an estimated surface area of 28-40 ha. De Beers will test KW2 with 3-5 holes. To the east lie a number of untested geophysical and indicator minerals anomalies, some of which may be drilled in the first phase of exploration.
De Beers can also earn a 60% interest in AfriOre’s Gope project by spending $3.4 million over six years. The property was previously joint-ventured to BHP Minerals Intenational, which withdrew from the project after failing to locate any kimberlite.
In addition, AfriOre has signed an option agreement granting a third party the right to buy its interest in the Kareevlei Wes property by paying $275,000 any time before Aug. 18.
Meanwhile, in northwestern Botswana,
The company recently intersected four kimberlites while drill-testing six aeromagnetic targets, bringing to 18 the number of kimberlites it has discovered on the property. However, none of the new kimberlites contains microdiamonds, and Ashton says the field now appears to be barren.
Elsewhere in the southern African country,
Contiki discovered five new kimberlite bodies and tested five known kimberlite pipes. Samples have been sent to Lakefield Research for microdiamond analysis, with initial results expected in March.
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