Botswana Diamonds’ share price jumped 15% Friday after the company gave a positive report of the potential quality of a kimberlite pipe at its exploration project in South Africa.
The rock at Ontevreden, South Africa, displays characteristics typically present in high-grade kimberlite pipes, Botswana Diamonds said, citing an analysis that researchers at the University of Johannesburg carried out. It plans to drill the kimberlite — a rock that sometimes contains diamonds — later this year.
“The exciting new kimberlite discovery at Ontevreden continues to entice,” said John Teeling, chairman of Botswana Diamonds. “Samples from the surface contain significant quantities of G10 and G9 garnets — high-quality diamond-indicator minerals frequently found at high-grade kimberlite pipes.”