Vast Resource is expected to carry out an initial assessment of the Heritage Concession, in the Marange Diamond Fields area.
Shares in Botswana Diamonds (LON:BOD) climbed almost 16% on Thursday after it revealed that Vast Resource (LON:VAST), with which it has signed a memorandum of understanding to develop diamond resources in Zimbabwe, had been awarded exclusive access to a diamond concession in the African nation’s Marange Fields area.
Vast Resource is expected to carry out an initial assessment of the asset with a view to concluding a joint venture agreement, the principal terms of which have been agreed, for exploration, mining and marketing.
The 15 square kilometre Heritage Concession is close to an area of Vast’s historic Marange Diamond Fields claim and is believed to be an extension of the same geological system.
Botswana Diamonds surged almost 16% to 1.2 p by 9:45 am after the news, while Vast Resources shares closed up 5.7%.
In 2008, Vast acquired a database relating to diamonds in Zimbabwe and had, until 2010, carried out its own exploration in the field using information from the database.