Situated close to the now-exhausted Marsfontein diamond mine, Thorny River has been the focus of extensive geological exploration. The company has carried out geophysical surveys, drilling, and bulk sampling, with results indicating that the deposit shares similar geological characteristics and diamond grades with the nearby Klipspringer mine.
Botswana Diamonds previously tested mining viability at the Marsfontein gravels and dumps project, earning a 15% revenue royalty. However, declining diamond prices and regulatory delays led the company to place the project on care and maintenance in October 2023.
Now equipped with a mining permit, Botswana Diamonds plans to initiate contract mining at Thorny River, provided market conditions are favourable. If diamond prices improve, the company may also resume operations at Marsfontein while increasing production at Thorny River.
Following the announcement, Botswana Diamonds saw an initial rise in share value during early London trading.
