Pangolin signs for 3 diamond projects

A total of thirty two of

+0.425 mm -4.0 mm diamonds recovered

Pangolin Diamonds has reached an agreement with Umgeni Holdings International Limited under which Umgeni has agreed to acquire a royalty interest in Pangolin’s Precious Stones Prospecting Licences located within the Central District of Botswana, as well as an area defined as the Adjacent Area of Interest for $600K. 

Under the terms of the agreement, Umgeni has agreed to pay Pangolin an additional $600K, for a total of $1,200K in funding to date, to acquire the following royalty interests in Pangolin’s Malatswae, Moenyenana and Motloutse diamond projects.

Dr. Jennings stated, “the primary reasons for my additional royalty purchase is because I believe Dr. Daniels knows more about Botswana’s kimberlite geology than anyone else in the world, and I strongly believe Pangolin is on the right track to discover a new and significant kimberlite field southeast of the Orapa Kimberlite Field at their Malatswae Diamond Project in Botswana.”

Exploration activities in Botswana have continued with systematic soil sampling, ground magnetic surveys conducted over selected aeromagnetic anomalies and percussion as well as core drilling. A total of thirty two (32) +0.425 mm -4.0 mm diamonds have been recovered from soil samples to date and twenty seven (27) within the Malatswae Diamond Project, the largest being 0.19 carats.

Aeromagnetic anomaly soil sampling will continue followed by ground magnetic surveys over targets where anomalous kimberlite indicator minerals are recovered. Drilling to date has discovered a kimberlite dyke where there is a 100 tonne bulk sample underway to determine its potential economics, and no kimberlite pipes have been discovered as yet.