Pangolin Diamonds (CVE:PAN), which is building a diamond exploration and development company in Botswana, reported four more diamonds have been recovered from the 100 percent-owned Magi target. Shares advanced in morning trades.
The results of diamond recovery analysis for ten samples from Tsabong North-Magi target, submitted to C. F. Mineral Research in Kelowna, Canada, returned four diamonds, the Toronto, Ontario-based company said in a statement today.
The geologic description of the interval containing diamonds is described as a tuff-sediment. Drill hole Magi008 targeted a discrete circular magnetic high within the Magi target. The total depth of the drill hole was 121.3 meters.
A further 17 samples of Magi drill core, submitted to Saskatchewan Research Council (SRC) Geoanalytical Laboratories, returned no diamonds, the company said.
A total of seven diamonds have now been recovered from the Magi target, according to the statement.
Pangolin said that further work is planned for the Magi to drill holes beyond the 100 meter vertical into two separate, discrete circular magnetic targets within the Magi. Additional geophysical work is also planned, it said.
The Tsabong North project, located in southwestern Botswana, is 735 square kilometers in size.
Also today, Pangolin said the results of diamond recovery analysis for 19 samples of the Mmadinare project-SWS21 drill core Intrusive drill core submitted to SRC reported no diamonds.
Ground work continues at the Mmadinare project where a number of additional targets are being evaluated. A large soil sampling program is also prepared and expected to begin in late October following work at the Malatswae project.
The Mmadinare project, located in northeast Botswana, is 658.5 square kilometers in size.
Shares were up 14 percent at 8 Canadian cents at 10:21 a.m. in Toronto.
Pangolin is the 100 percent owner of two more projects throughout Botswana: the Jwaneng South, and the Malatswae project.