Partners Indicator Minerals (IME-V, IMEEF-O) and Helio Resource (HRC-V) are gearing up for a 1,000-metre, reverse-circulation drilling campaign on the Lokgwabe project in central Botswana.
The holes will test 10 magnetic anomalies, several of which are coincident with heavy minerals samples bearing kimberlite indicator minerals with diamond-inclusion chemistry. The anomalies measure between 100 metres and 380 metres in diameter.
Other planned work includes ground geophysical over several other magnetic targets identified during 22,500 line-km of airborne geophysical surveying earlier this year. The current drill program may be modified in order to test any significant finds.
The 3,035-sq.-km Lokgwabe project is home to five separate areas containing kimberlite indicator minerals with diamond-inclusion chemistry. In all, more than 20 targets have been identified via detailed aeromagnetic surveying over the entire permit area.
Indicator can earn a 51% stake in Lokgwabe from Helio by spending $3 million by July 2008. It can boost its stake to 80% by carrying Helio through a feasibility study of the project. Helio is acquiring the project from a privately owned Botswanan company Jatinga.
The project is bounded on three sides by exploration permits recently picked up by Rio Tinto (RTP-N, RIO-L).
Botswana is the world’s largest diamond producer by number and carat value.
Meanwhile in neighbouring Namibia, Boulder Mining (BMC-V) has dropped its option on the 190-sq.-km Tevrede copper-gold project, but not before sinking some $1.8 million into 6,188 metres worth of drilling, and geophysical and geochemical surveying. Boulder would have had to invest another $1.2 million by June 3 to earn-in.
Boulder’s exploration efforts focussed on iron oxide-copper-gold (IOGC) targets, but managed to turn up the plus-2-km Azurite Hill gold trend, where drilling cut up to 9.8 grams gold per tonne over 2 metres. Geophysical surveying suggests extensions to the system. Several IOCG targets, including Quartzite Ridge and West End Pits remain undrilled.
Historic channel sampling along the 15-km Quartzite Ridge area yielded up to 121 grams gold over 3 metres. Visible gold occurs at the West End Pits occurrence at the north of the Quartzite Ridge. Grab sampling of veins exposed in prospecting pits yielded between 1.5 grams and 43 grams, with an average of 14.6 grams.
Helio is looking for a new exploration partner for the project.
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