Valid until 30 September 2016, the license will enable Kopje to explore an area of 442km2 in the Kgalagadi District, southern Botswana, centred 20km north of the town of Tsabong.
The company can renew the license twice for further periods two years, for a total validity of seven years, if 50% of the area is relinquished at each renewal.
Paragon Diamonds executive chairman Martin Doyle said the new license will complement the company’s historical kimberlite discoveries.
"Securing this licence is a continuation of Paragon Diamonds’ strategy of applying modern-day sampling protocols to historical discoveries to correctly assess grade and diamond values, a strategy we continue to focus on in Lesotho at our flagship LemphaneKimberlite, at the KaplampLamproite Field in Zambia and now at Tsabong in Botswana,"Doyle added.
Work will begin following thorough review of historical results and existing data, which includes extensive geophysical and mineralogical results on open file with the Geological Survey of Botswana.
Paragon Diamonds managing directorStephen Grimmer said, "With the recent successful award of a Mining Lease on the LemphaneKimberlite to our 85% owned subsidiary Meso Diamonds, and the imminent development of that project into a mining operation, the award of this Prospecting Licence in the highly prospective Tsabong Area is very timely and further adds to Paragon Diamonds’ pipeline of projects at every stage of development."
