Pangolin Diamonds Discovers Second Kimberlite in Botswana, Adds Leading Diamond Geologist Manfred Marx to Exploration Team
-- New kimberlite found at Tsabong North Project has +20 hectare aeromagnetic anomaly
-- Manfred Marx led field team that discovered De Beers' Orapa Diamond Mine, with $1B of annual sales
--Volcanic micaceous sandy tuff present with inclusions of pyrope garnets, chromites, autoliths, and mantle xenolith fragments
TORONTO, ONTARIO -- (Marketwired) -- 06/18/13 -- Pangolin Diamonds Corp. (TSX VENTURE: PAN) (the "Company" or "Pangolin") announced it has discovered a second kimberlite at its 100% owned Tsabong North Project in Botswana.
The Company is also pleased to welcome Manfred R. Marx as a consultant to Pangolin's on-site exploration team. Mr. Marx is a prominent geologist who led the field team that discovered the Orapa Diamond Mine, the second largest open pit diamond mine in the world.
Dr. Leon Daniels, B.Sc., Ph.D., Chairman of the Board of Pangolin, stated: "With his vast experience and proven track record in diamond exploration, Manfred Marx adds enormous value to the Pangolin team."
New Kimberlite Discovery
Pangolin's newly discovered Magi-02 kimberlite at Tsabong North, along with the previously announced Magi-01, are two of seven new kimberlites found in Botswana in the last five years.
Mr. Marx, following a site visit and visual inspection of core samples of both kimberlites, infers that they may contain micaceous sandy tuffs similar to those observed in the lamproite volcanic structure at the Argyle Diamond Mine. He stated: "I am extremely encouraged with Pangolin's exploration results to date and look forward to building on that success."
The Argyle Diamond Mine (www.argylediamonds.com.au), which exploits a lamproite volcanic structure, is one of the world's largest diamond producers and is the largest producer of natural coloured diamonds. It currently has a grade of 4 carats per tonne.
Based on these positive results, two additional core drill holes intersecting at least 100 meters of kimberlite will be drilled on the Magi-01 and Magi-02 kimberlites for kimberlite indicator mineral and microdiamond recovery. The Company will continue to drill other previously identified kimberlite targets in the immediate area of the Tsabong North project prior to returning to the already identified kimberlites.
About Manfred R. Marx
Manfred Marx, B.Sc., Diploma Environmental Sc., has over 47 years of diamond exploration experience. He graduated from Cape Town University in 1965 and began his career working for De Beers in Botswana under Dr. Gavin Lamont.
Mr. Marx led the field team that discovered the Orapa Diamond Mine (www.debeersgroup.com/Operations/Mining/Mining-Operations/Debswana/Orapa) in April, 1967. Orapa's 110 hectare kimberlite pipe is now the second largest open pit diamond mine in the world, generating approximately US$1 billion in annual revenues. More recently, Mr. Marx has acted as a consulting geologist for other diamond exploration companies in Australia, Angola, Botswana and Namibia.
About the Tsabong North Project
The Tsabong North Project, located approximately 100 km north of the town of Tsabong in south-western Botswana, is 1,545 km(2) in size. It is comprised of anomalous concentrations of kimberlite indicators and has large geo-botanical features. Pangolin has already identified more than 50 drill-ready aeromagnetic targets in the Project area, several of which have surface areas exceeding 20 hectares. Exploration activities in the area are guided in part by the recommendations of a National Instrument 43-101 Technical Report prepared for the Project.
The Tsabong North Project is situated on the margin of the Archaean Kaapvaal Craton in a similar tectonic environment to the Orapa kimberlite field. The mantle-derived garnets from the Tsabong North Project are very similar in chemical composition to the garnets from the kimberlite of the Letlhakane Mine in the Orapa area.
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 11 Prospecting Licences covering 5,307 km(2), including 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 well-funded to continue its exploration programs for the next year.
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, and Manfred R Marx, B.Sc., Diploma Environmental Sciences . Both are Qualified Persons under National Instrument 43-101 rules.
For more information on Pangolin Diamonds Corp, please refer to: www.pangolindiamondscorp.com.
Neither the 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 release.
Contacts:
Pangolin Diamonds Corp.
Scott Young
Investor Relations
+1.416.488.1370
scott@pangolindiamondscorp.com
Pangolin Diamonds Corp.
Graham C. Warren
Chief Financial Officer
+1.416.594.0473
+1.416.594.1630 (FAX)
gwarren@pangolindiamondscorp.com
www.pangolindiamondscorp.com