Dual-listed Botswana Diamonds (BOD) has entered into a cooperation agreement with diamond exploration company Diamexstrat Botswana (DESB), which, in turn, has an alliance agreement with ASX-listed Burgundy Diamond Mines, to fund exploration at BOD’s licences in Botswana.
BOD’s prospecting assets comprise the recently acquired Sekaka Diamonds Exploration database and prospecting licences, as well as the prospecting licences held by BOD’s subsidiary Sunland Minerals.
In terms of the agreement, DESB and Burgundy can earn up to a 70% interest in BOD’s Botswana Sunland Minerals and Sekaka’s prospecting licences.
BOD can earn a 15% interest in prospecting licences held by DESB and its partners on the first $1.5-million spent on exploration by DESB where BOD’s database assists in the discovery of a primary kimberlite.
On third-party prospecting licences where targets are identified in BOD’s database, a joint earn-in will be negotiated.
“I am delighted to partner with Diamexstrat and in turn its partner Burgundy to progress our extensive and highly prospective exploration assets in Botswana which comprises Sekaka Diamonds and with our own drill-ready prospects in Sunland Minerals.
“I look forward to working with the Diamexstrat and Burgundy teams [which are] made up of complementary highly experienced and leading experts in the field of diamond exploration and project development,” says BOD MD James Campbell.