TORONTO, CANADA - Tsodilo Resources Limited (TSX-V: TSD) ("Tsodilo" or the "Company") is pleased to announce that ground magnetic and gravity surveys on kimberlite BK16 have been completed. This initial grant to Bosoto (Pty) Ltd ("Bosoto") of prospecting license PL 369/2014 became effective on October 1, 2014 and is valid for 3 years.
SURVEY HIGHLIGHTS
- 51 line kilometers ('km') of high intensity magnetics was completed and 441 survey stations for the detailed gravity survey were read
- Geophysical surveys indicate a size for the BK16 kimberlite pipe of between 4.8 and 5 hectare ("ha") in size ( Figure 1), an increase from the 3.5 ha historical reported size
- Gravity survey suggests a possible south-easterly extension of 2.5 ha
- Modelling of ground geophysical data has highlighted the internal structure of the kimberlite
- Bosoto is now planning a diamond core drill program to provide a robust geological model of the kimberlite
Previous exploration over the kimberlite has indicated that BK16 is 3.5 ha in size. This was based on wide spaced survey grids. Bosoto's more detailed program was conducted in order to more accurately obtain the estimated size of the pipe. The ground geophysical surveys included a high intensity ground magnetic survey and a closely spaced gravity survey covering a 1 km² grid central over the pipe.
The Company's magnetometers used for this stage of the project were a Proton Precision G856 Geometric instrument for the base station and a Cesium Vapor G858 Geometrics ('Walk magnetometer') for collection of the data. The magnetic data was surveyed on lines 20 meters apart and readings were collected every 5 seconds.
In addition to the magnetic survey a detailed ground gravity survey was conducted over the same 1 km² block. For this a Sintrex CG-3 Autograv gravity meter was used taking readings every 50 meters on lines 50 meters apart. A Leica differential GPS was used to measure the elevation of the gravity station.
All data was processed and modelled using in-house Geosoft and Potent software respectively.
The magnetic and gravity data had excellent overlap showing that the size of the kimberlite is between 4.8 and 5 ha in size with a high level of confidence. These data also highlighted important different geophysical zones within the kimberlite, most likely associated with different kimberlite facies, which with drilling will assist in developing a robust geological model.
Based on the gravity data there is a possible extension of the pipe towards the southeast which is 2.5 ha in size. The magnetic results over this extension are not conclusive and this area will have to be tested by drilling.
BK16 is part of the Orapa Kimberlite Field ("OKF") in Botswana. The OKF lies on the northern edge of the Central Kalahari Karoo Basin along which the Karoo succession dips very gently to the SSW and off-laps against the Precambrian rocks which occur at shallow depth within the Makgadikgadi Depression.
The OKF includes at least 83 kimberlite bodies, varying in size from insignificant dykes to the 110 ha AK1 kimberlite which is Debswana's Orapa Mine. All kimberlite intrusions are of post-Karoo age. Of the 83 known kimberlite bodies, nine, AK1 (Orapa, Debswana); AK6 (Karowe, Lucara Diamond Corporation); BK1, BK9, BK12 and BK15 (Damtshaa, Debswana); DK1 and DK2 (Letlhakane, Debswana); BK11 (Firestone Diamonds), are currently or have been mined.
Evaluation Plans
The magnetic and gravity data will be further analyzed adding the details of the historical holes to construct a 1st pass model. Bosoto then plans to enter in a core drilling program over the next 6 months, using its own diamond drill rigs, before utilizing LDD ('large diameter drill') holes for evaluation purposes.
"We are very determined to move the evaluation along at an accelerated pace. In 2013, the OKF area produced
12,926,500 carats and we are keen to be a part of the area's production" commented Dr. Mike de Wit, Tsodilo's President and COO.
About Tsodilo Resources Limited: Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Newdico (Pty) Limited ("Newdico") and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Company has a 98% stake in Newdico (851 km2 under Precious Stone - diamond licenses). The Gcwihaba project area: 494 km2 under Precious Stone - diamond licenses; 11,158 km2 Metal (base, precious, platinum group, and rare earth) licenses; and, 6,925 km2 under Radioactive Minerals licenses is 100% held by the Company. The Company has a 75% stake in Bosoto (Pty) Ltd. Tsodilo manages the exploration of the Newdico, Gcwihaba and Bosoto license areas. 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. Dr. de Wit has reviewed the information contained herein and approved the contents of this Press Release.
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 contains 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 relating to the development of the Company's projects) 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, 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, 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.
The TSX Venture Exchange has not reviewed and does not accept 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
JBruchs@TsodiloResources.com
Dr. Mike de Wit
President and Chief Operating Officer
MdeWit@TsodiloResources.com
Head Office
Telephone +1 416 572 2033
Facsimile + 1 416 987 4369
Website
http://www.TsodiloResources.com
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