Pangolin Diamonds Finds Two Additional Diamonds in Soil Samples at MSC; Acquires Two New Prospecting Licences; Renews Six of Its Existing Prospecting Licences
TSX VENTURE: PAN
TORONTO, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Pangolin Diamonds Corp. (TSX-V: PAN) (“the Company” or “Pangolin”) is pleased to update shareholders on recent activities at its wholly owned projects in the Republic of Botswana.
- Detailed soil sampling program in the MSC Project recovers 17th and 18th diamond
- Renewal of six Prospecting Licences and addition of two new Prospecting Licences
- High-density ground magnetic survey identifies additional pipe-like anomalies
MSC Project Update
Further to the update reported on the Company’s MSC Advanced Stage Exploration Project on August 20, 2019, Pangolin has recovered two additional diamonds from soils within a single sample block.
The diamonds coincide with ground magnetic anomalies and appear to be on trend with what is currently interpreted as a broad dyke hosting multiple pipe-like blow zones (labelled “PK” in Figure 1). Thus far, Pangolin has found four diamonds close to and overlying prominent ground magnetic anomalies, and soil sampling continues over similar additional and previously unsampled targets within the MSC area as the Company works towards a drill program to begin in Q4 of 2019.
Update on Prospecting Licences
The Company renewed six of its existing Prospecting Licences “PLs” held by our wholly owned subsidiary Geocontracts Botswana (Pty) Ltd. from October 1, 2019. PL 004/2016 to PL 007/2016 are located in the Motloutse Project, and PL 008/2016 and PL 009/2016 in the Malatswae Project. Pangolin will test several indicator mineral and aeromagnetic anomalies identified on the licences to decide future drill targets.
In addition, the Company’s wholly owned subsidiary Pangolin Diamonds (Pty) Limited has been issued two new prospecting licences for Precious Stones for a period of 3 years starting October 1, 2019.
Pangolin applied for PL 33/2014 (998.4 km2), located in the Kweneng District of Botswana, to follow up on unexplained chromites historically reported by De Beers Prospecting. The chromites have chemical compositions consistent with a deep, reduced mantle source, and a significant number show compositions similar to chromite grains included in diamonds.
PL 34/2019 (478.4 km2) is located within the Malatswae Project, where the Company identified a number of aeromagnetic targets for ground follow-up with magnetic surveys and soil sample programs.
Quality Control and Quality Assurances
Quality assurance procedures, security, transport, storage, and processing protocols conform to chain of custody requirements.
The technical disclosure in this news release has been reviewed and approved by Leon Daniels, PhD, and a Qualified Person as defined by National Instrument 43-101.
Pangolin Diamonds focuses on exploring and developing commercial diamond mines in the Republic of Botswana. Management and our advisors are veterans of diamond discoveries and project finance. Pangolin is managed from Toronto, Canada, and Francistown, Botswana, and trades on the Toronto Venture Exchange under the symbol ”PAN”. For more information please view the recent presentations on our website at www.pangolindiamonds.com.
Dr. Leon Daniels, President and CEO
Graham C. Warren, Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.