Pangolin Diamonds Corp. (CVE:PAN) says it has discovered a new kimberlite -- Martin 01 -- at its Tsabong North project in Botswana, just one day after announcing the finding of one of the largest kimberlites in the world at the site.
The new Martin 01 kimberlite is located about 12 km north of the Magi kimberlite, announced yesterday, which modeled at some 270 hectares.
Shares of Pangolin advanced more than six per cent in early deals, hitting 31 cents, just 9 cents shy of its 52-week high.
According to a company statement released Thursday, a single hole was drilled into the magnetic target, and geophysical modeling indicates that Martin 01 could be up to 31 hectares in size.
Pangolin said that "crater facies volcanic sediments" were intersected at 85 metres below surface, while "sandy tuffs" were found at a depth of 105 metres.
It added that this kimberlite is different from others in the region in that it has a cover of Karoo sediments, including poorly developed thin coal seams. "This is the first recorded discovery of a kimberlite in Botswana below the Karoo Formation in the area," the diamond explorer said.
Core samples are being submitted to labs to recover any indicator minerals and any diamonds.
"The discovery of an additional kimberlite within the project area is highly encouraging," said chairman Dr. Leon Daniels in the release. "The fact that it is covered by Karoo age rocks indicates the significance of not stopping the search for more kimberlites."
The news Thursday follows Pangolin's statement on Wednesday about the Magi kimberlite, which stems from its findings earlier this year of two kimberlites -- Magi-01 and Magi-02 -- at the Tsabong North project.
The company said that these Magi kimberlites are in fact part of a single intrusive complex, with a total surface area estimated at 270 hectares.
This compares with the Se251 kimberlite in Angola that measures 220 hectares -- another of the world's largest kimberlites -- and the MK1 in Botswana that measures some 180 hectares.
The company, which has four exploration properties in the world’s leading country for diamond production by value, is focused on Tsabong North, which is about 100 km north of the town of Tsabong in southwestern Botswana. The diamond explorer has found more than 50 drill-ready targets in the area, several of which have surface areas greater than 20 hectares.