So far, so good for Firestone Diamonds (AIM: FDI) and its latest exploration program.
Firestone recently acquired the rights to explore the Tsabong Kimberlite field in southern Botswana, and since initiating exploration in November 2006, have identified seven kimberlites brining the total number of known kimberlites to 74.
The four kimberlite discoveries announced today ranged in size from 8 hectares to 28 hectares. Drill chip samples from the exploratory drilling program are now on route to laboratories in Canada and South Africa for mineral chemistry, petrographic and micro diamond analysis.
A separate 6000 meter drilling program expected to start in Q1 2007 which will test 17 kimberlites that are known to be diamondiferous. Firestone intends to drill up to 500 meters in depth to test the various phases of the kimberlites and recover enough drill cores to carry out a more detailed analysis of the economic potential of the kimberlites.
CEO Philip Kenny added: “The discovery of seven large kimberlites in our first two months of exploration at Tsabong is a very significant achievement. We are still an early stage of our exploration programme, and with many more targets remaining, we believe that there is good potential for the discovery of new, large-tonnage diamondiferous kimberlites. With 74 kimberlites in our licence area and the prospects of more discoveries being made, we believe that Tsabong has the potential to produce a major economic discovery.”