Paragon Diamonds (LON:PRG) has identified additional highly prospective diamond exploration areas in Lesotho and has applied for three new prospecting licences in the southern African kingdom.
The company told investors that recent positive sampling results at the diamondiferous Motete Dyke and extensive field work have identified additional highly prospective diamond exploration areas in the Lemphane-Roberts kimberlite field in Northern Lesotho.
It applied last week for three new prospecting licences covering a total area of 74 square kilometres over ground deemed highly prospective for diamondiferous kimberlites.
In addition, recent fieldwork has identified a further kimberlite dyke at a single outcrop near to the original Motete dyke discovery within the original licence area. Further mapping and sampling will be undertaken to explore the relationship between this newly-discovered dyke and the known diamondiferous system.
Paragon said work has started on a road to Motete dyke which will allow vehicle access needed to take a 1,000 tonne bulk sample from the property. The contractor has indicated that the road will be finished in three to four weeks at which point sampling can commence.
Samples will be transported to the nearby Lemphane project site, processed through the company's bulk sampling plant and results reported as soon as available.
Managing director Stephen Grimmer said: "We are confident that, given our track record in Lesotho to date, our applications will be considered most seriously, and will ultimately be successful. Very little diamond exploration work has been carried out in Lesotho since the 1970s - we see a tremendous opportunity to apply modern diamond exploration techniques to the area and are confident that this will generate additional positive results.
“Furthermore, we look forward to developing an initial diamond resource to international standards at Motete in the coming months," he added.