Pangolin Diamonds Discovered Kimberlite In Botswana

Posted by: : Paul EbelingPosted on: October 17, 2013 Pangolin Diamonds Discovered Kimberlite In Botswana

Australian miner Pangolin Diamonds (PINK:KGHZF) discovered one of the largest kimberlites in Botswana.

Pangolin Diamond Wednesday announced the discovery of a kimberlite modeled at 270 hectares, discovered from the company’s Tsabong North Project located approximately 100 km North of the town of Tsabong in southwestern Botswana.

The new finding stems from Pangolin’s discovery earlier this year of 2 kimberlites, Magi-01 and Magi-02, at its Tsabong North Project.

“Detailed logging of the core indicates that the Magi- Kimberlite is of syn-Karoo age. This makes it older than the Cretaceous diamondiferous kimberlites of the Tsabong kimberlite field further to the South, dated at 78-M yrs, but potentially similar in age to the Jwaneng kimberlites, dated at 245-M yrs,” said the company in a statement.

“Core samples from all the holes are being submitted to independent laboratories to recover any additional indicator minerals, and any diamonds.”

According to the company, the Magi-Kimberlite at Tsabong North Project, the drilling intersects the kimberlite across 1,200 meters at an average 35 meters below surface.

Commenting on the development, Leon Daniels, Chairman of the Board of Pangolin said: “The geophysical models available to Pangolin strongly suggest the potential for discovering additional very large kimberlites in the Tsabong North Project area.”

Some of the world’s largest kimberlites include, Se251 in Angola, measuring 220 hectares, MK1 in Botswana, measuring 180 hectares and Mwadui in Tanzania, measuring 146 hectares.

Pangolin Diamonds is intensively exploring for diamonds in Botswana, the world’s leading diamond producing country by value.

Early this month, Pangolin Diamonds commenced drilling at its GK6 project, 50 kilometers south of Debswana’s Jwaneng Mine in Botswana, the world’s richest diamond mine by value.

Diamond exploration continues in Botswana with numerous local and foreign companies carrying out various phases of exploration.

LTNs  Analysis for KGHZF:  Overall                 Short                    Intermediate    Long                          

                                                                 Bullish (0.26)  Neutral (0.24) Neutral (0.17)  Bullish (0.39)

 

 

 

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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