Tsodilo Resources (TSD.V) has announced a long update on its exploration programs in Botswana, where the company is actively exploring for copper and iron ore.
At the Xaudum Iron Ore project in Northwestern Botswana, Tsodilo has drilled an additional 26 holes totaling almost 4,600 meters of which 20 holes have hit the targeted iron ore mineralization (which isn’t surprising given the wide spacing of this drill program to delineate the limits of the mineralization). Three types of mineralization were encountered and all of the returned assays were within the expected grades. The Magnetite BIF grade was approximately 37%Fe whilst the Magnetite Schist and Garnet Schist had an average grade of respectively 18.51% and 23.38%. All three types of mineralization should be able to be upgraded to an end-product grading 68%Fe, as announced in December of last year.
Tsodilo continues to drill the Xaudum iron ore project and most, if not all, of the reported holes will be included in a maiden resource estimate which is expected later this quarter.
Moving over to Tsodilo’s Copper Joint Venture with First Quantum Minerals (FM.TO, LON:FQM), the company has announced First Quantum has already drilled approximately 13,000 meters (of which 9,400 meters were drilled as part of the ‘Stratigraphic Section Line program’ and an additional 3,700 meters were part of the Kalahari Geochemistry drill program) which definitely shows they are very serious about this copper target, considering they have now spent several millions of dollars on exploration. First Quantum is currently drilling some deep diamond drill holes to create a geological model at a greater depth. This program is approximately 77% completed and the first batches have been sent off to the lab for assaying.
Tsodilo is progressing on both fronts and we’re looking forward to see the maiden resource estimate on the Xaudum iron ore project later this quarter, which will be a very important milestone for Tsodilo.
Disclosure: The author holds a long position in Tsodilo Resources. Tsodilo is a sponsor of the website. Please see our disclaimer for current positions.