Botswana Metals (ASX: BML) is a company with its sole focus on exploration for base and precious metals including nickel, copper, platinum group metals, gold and diamonds also in Botswana.
Botswana Metals delivers encouraging drill results in Botswana as share price jumps 242%
Shares in Botswana Metals (ASX: BML) have spiked a massive 242% after the company reported the results of its recent Reverse Circulation drilling program at its Airstrip Copper anomaly in Botswana, intersecting significant copper and silver mineralisation in hole ACRC0003.
During the afternoon trade, shares had jumped 9.2c, or 242.1%, to 13c.
The best results from the drilling are from ACRC0003 at a depth of 52m. It returned a 4m intersection of 16.99% Cu, including 1m at 25% Cu and 1m at 23% Cu depths of 54m and 55m respectively, and 1071 g/t Ag or approximately 33 ounces silver per ton.
These results are significant and additional drilling will now be conducted within February 2010.
The drilling will be required to better understand the geology of the discovery.
The results confirm the historical 1960s wagon hole drilling where two drill holes north and south over a 650m distance intercepted 2.44m at 3.9%Cu approximately 300m to the north of ACRC0003 and 1.8m at 4.3% Cu, approximately 350m to the South of ACRC0003.
The discovery is only 400m west of the Maibele North Nickel discovery where nickel, platinum and copper mineralisation has been intercepted in past drilling by Falconbridge, Cardia Technologies Limited, A-Cap Resources and BML.
BML is also awaiting the laboratory results from the RC drilling program conducted in December 2009 at two other targets named the “Crescent” and “Sampowane” anomalies.
Further drilling at Sampowane is currently underway to complete this program.
BML Chairman Pat Volpe said the results were highly encouraging.
"More drilling will give us a handle on what is happening at Airstrip copper," Mr Volpe said.
"Previous drilling in the 1960s and our own trenching results led us to the anomaly.
“The discovery is within walking distance of the Maibele North Nickel discovery which we are now reassessing in light of the Airstrip results.”
He said the company was pleased it persisted with the Magogaphate area in Botswana where BML had over 3,200km2 under its exploration licence portfolio.
"Airstrip Copper is one of many anomalies in the company’s exploration data base," he said.
“I have been involved with the Magogaphate Shear zone which is part of the Limpopo Mobile Zone adjacent to the Zimbabwean craton for over 12 years as it has always showed great exploration promise.
”I can see exploration activity accelerating in Botswana as more exploration success is achieved by companies such as BML.”
Airstrip Copper and Maibele North Nickel discovery is only 50km north to the Selebi Phikwe Nickel mine and Smelter and south approximately 100km from the Tati Nickel producing mine in Botswana.
