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Botswana Diamonds has entered into a cooperation agreement to fund exploration of its prospecting license assets in Botswana with Diamexstrat Botswana (DEBS), which has an alliance agreement with Burgundy Diamond Mines.
“Botswana is one of the world’s best addresses for diamond exploration. The combination of a fresh approach and advanced technology, supported by a recovering diamond market, presents us with significant opportunities,” said BOD Managing Director, James Campbell. BOD’s prospecting assets include the recently acquired Sekaka Diamonds as well as the prospecting licenses held by BOD’s subsidiary, Sunland Minerals.
Under the fresh deal, DESB and partners will get 51 percent of each license by discovering a diamondiferous kimberlite rising, to 70 percent by completing a bankable feasibility study. “Where our database is used to find targets on ground held by the partners, there is a free carry for BOD of 15 percent on the first US$1.5m spent on exploration. Where the data is used to identify targets on third party licenses or on fresh ground, we will jointly negotiate earn in agreements,” said Campbell who has been involved in mining and exploration of various minerals before.
Meanwhile, on new licenses, BOD will hold 75 percent falling to 30 percent on delivery of a bankable feasibility study by DESB.” Last year, BOD completed the acquisition of Sekaka which holds three prospecting licenses in the Central Kalahari Game Reserve in Botswana, PL169/2019, PL058/2007 and PL224/2007, which includes the KX36 kimberlite pipe.