Botswana Diamonds has applied for 12 new exploration licenses relating to sites in the north-east of Botswana after technology used by its joint venture uncovered new exploration targets.
Botswana Diamonds Executive Chairman John Teeling told the company's annual general meeting in London that the firm is finalizing the legal details of a formal joint venture with the undisclosed partner, which is a major international diamond producer.
"In the past year Botswana Diamonds has made significant progress, both in the development of our prospective asset portfolio and in terms of taking big steps to becoming a stronger company," Teeling says in a statement.
"Our cooperation with a major international diamond producer reached an exciting stage when the producer's applied analysis resulted in the identification of new exploration targets in the north east of Botswana. The successful deployment of this technology has the potential to write a new chapter in diamond exploration in Africa. 12 exploration licences have been applied for following this analysis and once licences are obtained detailed ground prospecting will commence.
He added that exploratory drilling will begin on Botswana Diamonds' wholly owned PL170 license area in Botswana next month, and the firm aims to expand its exploration ground by applying for the land next to the PL170 license area.
"Looking at other avenues of production, Botswana Diamonds continues in discussion with CNK of Korea, concerning possible cooperation on the diamondiferous paleoplacer deposit in eastern Cameroon," Teeling adds.