Tsodilo Resources Limited Commences 3,000 Meter Diamond Core Drill Program on BK16
Toronto, Ontario (FSCwire) - Tsodilo Resources Ltd. ("Tsodilo" or the "Company") (TSX-Venture Exchange: (TSD)) is pleased to announce that it has commenced a drilling program utilizing its diamond core drill rigs on its wholly owned BK16 kimberlite project. The purpose of this drilling program is to drill pilot holes on the sites which have been earmarked for the Large Diameter Drill ("LDD") drilling program.
The BK16 kimberlite project is located within the Orapa Kimberlite Field ("OKF") in Botswana. The diamond mines in Botswana have produced an average of 27 million carats annually in the last 10 years and Botswana is the world’s largest producer of diamonds by value. In 2016, the OKF area produced 8.85 million carats. Of the 83 known kimberlite bodies, nine have been or are currently being mined. These are AK1 (Orapa, Debswana), AK6 (Karowe, Lucara Diamond Corp.), BK1, BK9, BK12 and BK15 (Damtshaa, Debswana), DK1 and DK2 (Letlhakane, Debswana) and BK11 (Firestone Diamonds). The Karowe mine has produced such notable diamonds as the 1,109 carat `Lesedi La Rona` and the 813 carat `Constellation`.
The diamondiferous BK16 kimberlite pipe is approximately 6 hectares in size at surface, and is known to contain rare and valuable Type IIa diamonds (see press release dated May 31, 2016). The following phases of kimberlite were identified during the 2015 drilling program: Red volcaniclastic kimberlite VK1, Black VK2, Grey VK3 and VKxxx also referred to as the basalt breccia, and coherent kimberlite CK1. A geological model based on the 3,050 meters of core recover in 2015 was completed in 2016. Kimberlite phases VK2 and VK3 are volumetrically the most important and will be the focus of the LDD program. The placement of the initial 14 LDD holes was designed to provide grade estimates for the main kimberlite phases as well as initial grade distribution across the kimberlite. Z Star Mineral Resource Consultants (Cape Town, South Africa) was retained to optimize these objectives. The hole diameter of the LDD holes will be 24-inch and the planned 14 holes will provide some 2,000 tons of kimberlite.
In order to correlate the diamond recoveries directly to the geological model and to ensure that the intersection of the LDD holes are maximized it is necessary to probe all LDD sites with the above mentioned pilot core holes. The cumulative depth of the core holes for this program is 3,000 meters and it is anticipated that the pilot holes will take 6 to 7 weeks to complete.
About Tsodilo Resources Limited: Tsodilo Resources Ltd. is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto (Pty) Limited ("Bosoto") and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in Botswana and its Idada 361 (Pty) Limited ("Idada") project in Barberton, South Africa. The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project in the Orapa Kimberlite Field in Botswana. The Company has a 100% stake in its Gcwihaba project area consisting of twenty-one (21) metal (base, precious, platinum group, and rare earth) prospecting licenses located in the North-West district of Botswana. Additionally, Tsodilo has a 70% stake in Idada Trading 361 (Pty) Limited which holds the gold and silver exploration license in the Barberton area of South Africa. Tsodilo manages the exploration of the Gcwihaba, Bosoto and Idada projects. Overall supervision of the Company's exploration program is the responsibility of Dr. Mike de Wit, President and COO of the Company and a "qualified person" as such term is defined in National Instrument 43-101.
The Company has offices in Toronto, Canada and Gaborone and Maun, Botswana. Please visit the Company's website, www.TsodiloResources.com, for additional information and background on our projects.
This press release may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements pertaining to the use of proceeds, the impact of strategic partnerships and statements that describe the Company’s future plans, objectives or goals) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, changes in general economic conditions, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, exploration and development risks, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's -control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs
Chairman and Chief Executive Officer
Dr. Mike de Wit
President and Chief Operating Officer
Telephone +1 416 572 2033
Facsimile + 1 416 987 4369
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Source: Tsodilo Resources Ltd. (TSX Venture:TSD)
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