Pangolin Diamonds Corp. (CVE:PAN) says it has wrapped up the percussion hammer drilling at its Malatswae kimberlite project in northeastern Botswana, with the results now being analyzed to help with the next phase of drilling.
The 10 holes were drilled at one of the four project areas for which Pangolin has exploration licenses in the country, and to a maximum depth of 130 metres. Samples were sent to an independent lab for the recovery of any possible indicator garnets and diamonds, according to Pangolin's statement released Tuesday.
The company said that its targets are significantly larger than Petra Diamonds' KX36 kimberlite, and have yielded similar concentrations of indicator garnets from soil samples.
Pangolin also said the garnet chemistry confirms that a new kimberlite source is in the area, rather than the Orapa kimberlite field.
But the concentration of kimberlite indicators within the project area "is an order of magnitude less than in the Orapa kimberlite field," Pangolin said in the release.
The aim of the initial drilling at Malatswae was to get a better understanding of the area's geology, and to test a number of geophysical targets.
The company added that the geology in the area has been complicated by the presence of a "ferricrete horizon", which is a hard, erosion-resistant layer of surface material cemented by iron oxide, between two and five metres thick. This appears to have had a negative effect on the survival of kimberlite indicators, particularly garnets, resulting in an diffuse distribution environment that is more difficult to interpret.
The completed drilling program was aimed at overcoming these challenges, Pangolin said.
"The history of the kimberlitic garnets in the Malatswae project is complex," said chairman Dr. Leon Daniels in the release. "Their chemistry strongly suggests that there is an undiscovered kimberlite source within the project area and we intend to make the discovery.
"The completed drill program will assist us towards that goal."
Separately, the company has not renewed two of its prospecting licenses at Malatswae -- PL 561 and 562 -- after no drill targets were identified in these areas following several years of exploration.
On Monday, Pangolin reached a new 52-week high 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.