Pangolin Diamonds (CVE:PAN) reached a new 52-week high on Monday after two kimberlite discoveries at its Tsabong North project in Botswana last week, one of which was among the world's largest at 270 hectares.
Shares of Pangolin rose to as high as 53 cents this morning - a new 52-week record, and were currently trading at 47.5 cents - up more than 13%. So far this year, its stock has climbed by more than five times.
Last Thursday, Pangolin discovered a new kimberlite -- Martin 01 -- at its Tsabong North project. The Martin 01 kimberlite is located about 12 km north of the giant Magi kimberlite announced a day earlier.
The Magi kimberlite stems from its findings earlier this year of two kimberlites -- Magi-01 and Magi-02 -- at the project. The company said that these Magi kimberlites are in fact part of a single intrusive complex, with a total surface area estimated at 270 hectares.
This compares with the Se251 kimberlite in Angola that measures 220 hectares -- another of the world's largest kimberlites -- and the MK1 in Botswana that measures some 180 hectares.
The Martin 01 kimberlite, where a single hole was drilled into the magnetic target, could be up to 31 hectares in size, according to geophysical modeling.
The company, which has four exploration properties in the world’s leading country for diamond production by value, is focused on Tsabong North, which is about 100 km north of the town of Tsabong in southwestern Botswana. The diamond explorer has found more than 50 drill-ready targets in the area, several of which have surface areas greater than 20 hectares.