Pangolin Diamonds Exploration Update at Its Malatswae Project,
Botswana
Malatswae South
- Malatswae South drilling identifies upper terrace fluvial
gravels at alluvial target believed to be downstream from the Orapa
Kimberlite Field
- Upper terrace fluvial gravels intersected at a maximum depth
of 15 metres and up to 4 metres, containing rounded siliceous
pebbles and volcanic pebbles
- Mini-bulk samples will be recovered from identified plunge
pools and potholes
Malatswae North
- Malatswae North drilling intersects basalt that further
defines priority kimberlite targets in the area for 2014
drilling
- The presence of mantle derived garnets are indicative of
undiscovered kimberlites within the project area
- Malatswae North exploration results increasingly similar in
character to Petra Diamond's kimberlite project that resulted in
the discovery of the diamondiferous KX36 kimberlite
- Company's exploration program is funded into mid-2014
TORONTO, ONTARIO--(Marketwired - Dec 17, 2013) - Pangolin
Diamonds Corp. (TSX-VENTURE:PAN) (the "Company" or "Pangolin")
announces the discovery of upper terrace fluvial gravels, believed
to originate from the Orapa Kimberlite Field, at its Malatswae
South Alluvial Diamonds Project. Fluvial terraces are the remnants
of earlier floodplains that existed at a time when either a stream
or river was flowing at a higher elevation before its channel
downcut to create a new floodplain at a lower elevation.
Six equally spaced exploration holes using a 165mm tricone bit
were drilled to obtain a profile across an alluvial target
identified from detailed gravity surveys within the Malatswae South
Project area. Fluvial gravels were intersected in all six holes,
with the Kalahari Formation cover varying between 9 and 11 metres.
The thickness of the basal gravels varied from 1 m to 4m. The
gravels consisted of a mixture of rounded siliceous pebbles,
volcanic pebbles and locally derived sandstone. The pebbles varied
in diameter from 1 to 4 cm. In all six holes the bedrock was
sandstone.
The bedrock underlying these fluvial gravels has been
intersected at significantly shallower levels than previous
historical drilling programs in the area. The discovered gravels
are interpreted to represent an upper, older terrace.
The next phase for this area is a Ground Penetrating Radar
("GPR") survey planned for early 2014. It will take place along the
drill profile obtained for ground proofing, prior to expanding the
survey over the greater alluvial target area. The GPR results will
be used to target specific sites believed to be associated with
potholes and plunge pools. Mini-bulk samples will be recovered from
identified plunge pools and potholes.
The Malatswae South Alluvial Diamond Project
Pangolin believes that the paleo channels buried under the
Kalahari Formation which it has targeted are the channels which
drained the Orapa kimberlite field during the Late Cretaceous
through to approximately 2 million years ago.
The history of diamonds in Botswana dates back to the late 1950s
when an exploration program by Selection Trust found the first
alluvial diamonds at Foley Siding. A subsequent exploration program
by De Beers led to the discovery of the 93 million year old Orapa
kimberlite pipe in April 1967. The Orapa AK1 kimberlite was brought
into production in 1971. The grade of the upper zones of the
kimberlite was approximately 2 carats per cubic metre. At a surface
area of 116 hectares the diamond content of the kimberlite was
approximately 2 million carats per vertical metre.
Geological modeling indicates that at least 25 metres of the
Orapa kimberlite had eroded, and it is considered likely that 100
metres of kimberlite could be eroded. In addition to the
contribution that the erosion of the Orapa kimberlite could have
made to any alluvial distribution of diamonds, there are at least
another 76 known smaller kimberlites within the Orapa kimberlite
field, including the Letlhakane diamond mine, the AK6 kimberlite
(www.lucaradiamond.com - Lucara Diamond Corp.), and BK11 and BK 16
(www.firestonediamonds.com - Firestone Diamonds plc). The Orapa
Mine is capable of producing approximately 12 million carats per
annum.
The geology of the main alluvial gravels in South Africa is well
known as a series of channel and terrace gravels dating from the
Late Cretaceous age (65 million years) to present. In Botswana the
main drainage divide, known as the Kalahari Schwelle, is suggested
to have developed between 25 million years and 2 million years ago.
Prior to this crustal upwarp, the drainage from the Orapa area was
in a southeast direction towards the Limpopo drainage.
The zone selected for exploration for the alluvial channels is
characterized by the presence of large dolerite dykes transecting
the area in an ESE-WNW strike direction. The difference in rock
competency between the dolerite dykes and the host country rock is
likely to give rise to preferential weathering of the country rock
and the subsequent development of plunge pools and potholes. In
addition, shallow angle thrust fault zones are potential diamond
deposition sites. It is expected that the country rock in this area
will be sandstones and basalts. Plunge pools and potholes are
ideally suited for the concentration of diamonds in an alluvial
environment.
Analogies to this type of depositional environment can be found
in South Africa and Angola. The Octha Diamond Mine in the lower
Orange River has been mined for alluvial diamonds for more than 40
years. The deposit consists of a large plunge pool developed at the
contact of two rock types with different rock competencies.
Potholes and plunge pools on the lower Vaal River of South Africa
have historically produced high grades of alluvial diamonds. In the
Lichtenburg area of South Africa, rich alluvial gravels were mined
from potholes and palaeo alluvial channels. In Angola the Dunge
Channel on the Cuango River has incised deep channels and potholes
into the Bhembe Sandstones. The lower parts of the potholes reached
grades where diamonds were clearly visible in the alluvial
sediments.
The Malatswae North Kimberlite Project
The Company has received results for the orientation drilling
project it undertook in the Malatswae North kimberlite project. The
holes drilled intersected basalt. This result has assisted in
narrowing the search criteria for kimberlites in the area for
drilling in 2014. The presence of mantle derived garnets within the
project area that are unrelated to known kimberlites are indicative
of undiscovered kimberlites within the project area.
The Malatswae North Kimberlite Project area is geologically
similar to the area in which Petra Diamonds Ltd. discovered the
diamondiferous KX36 kimberlite. This kimberlite was discovered
after a significant number of exploration targets were eliminated.
Pangolin has reviewed the processes used by Petra Diamonds in
detail, and believes that by following a similar technical route
the Company may be successful in the discovery of kimberlites.
Dr Leon Daniels, PhD, Chairman of the Board of Pangolin, stated:
"The shallow depth of the discovered fluvial gravels in the
Malatswae South Alluvial Project area is encouraging for the
recovery of mini-bulk samples in the future. The drilling results
from the Malatswae North area are viewed as positive information
that will help bring us a step closer towards the discovery of
kimberlites in this complex area."
About the Malatswae Project
The Malatswae Project is located approximately 70 km southeast
of the Orapa Mine. It comprises two areas, north and south. The
Malatswae North project is focused on the discovery of kimberlites.
Anomalous concentrations of kimberlite indicator minerals with
mineral chemistry distinct from any known kimberlites in the area
have historically been recovered from the area by Diamond Ventures
and African Diamonds. The Company believes undiscovered kimberlites
are located within the project area.
The Malatswae South project area, with the prolifically
diamondiferous Orapa kimberlite field in its headwaters, has
alluvial diamonds as a focus. The Orapa kimberlite field has no
known discovered paleo-alluvial diamond deposits associated with
it. Pangolin believes there are alluvial deposits buried under the
Kalahari Formation which blankets the entire area. The company is
concentrating on an area where it believes the geological
conditions are appropriate for the formation of alluvial
depositions of diamonds that eroded from the Orapa kimberlite
field.
The Company cautions that information regarding the Orapa
kimberlites, the Octha Mine, or the Lichtenburg or Cuango alluvials
are not necessarily indicative of the alluvials discovered by the
Company, and information regarding the Petra KX36 kimberlite is not
necessarily indicative of the kimberlite targets being explored by
the Company. The Company further cautions that there is no
guarantee that the kimberlite and/or kimberlite targets and/or
alluvial diamond targets being drilled by the Company will return
diamond results of any economic significance.
About Pangolin Diamonds Corp.
Pangolin Diamonds Corp. is building a leading diamond
exploration and development company in the heart of Botswana, the
world's leading diamond producing country by value. The Company is
the 100% owner of four separate projects throughout Botswana
inclusive of the Tsabong North, Jwaneng South, Malatswae and
Mmadinare Projects. Pangolin's management and team leaders have
over 135 years of combined diamond exploration experience in
southern Africa. This makes the Company the most experienced
diamond explorer in Botswana other than De Beers Exploration and
Debswana. The Company is equipped for exploration, with two diamond
drill rigs and a fully portable one-tonne per hour Dense Media
Separation Plant used to prepare samples and make diamond
concentrates. Pangolin is funded to continue its exploration
programs into mid-2014.
The technical disclosure in this news release has been
reviewed and approved by Dr.Leon Daniels, Ph.D., Member of AIG,
Chairman of the Board of Pangolin Diamonds, a Qualified Persons
under National Instrument 43-101 rules.
For more information on Pangolin Diamonds Corp, please refer to
www.pangolindiamondscorp.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Pangolin Diamonds Corp.Scott YoungInvestor
Relations+1.416.488.1370scott@pangolindiamondscorp.comPangolin
Diamonds Corp.Graham C. WarrenChief Financial
Officer+1.416.594.0473+1.416.594.1630gwarren@pangolindiamondscorp.comwww.pangolindiamondscorp.com
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