Tsodilo Resources Limited, the TSX-listed diamond and metals exploration said it has completed a share repurchase and royalty fee agreement with its Bosoto (Pty) Ltd minority shareholders.

The minority shareholders’ 25% equity interest has been purchased for a 2% gross proceeds royalty derived from the sale of diamonds mined from Bosoto’s BK16 kimberlite project. The result of this transaction is that Tsodilo now has a 100% interest in Bosoto and its BK16 exploration project.

The diamondiferous BK16 kimberlite pipe is located within the Orapa Kimberlite Field (OKF) in Botswana and contains rare and valuable Type IIa diamonds.

In 2015, 11 million carats of diamonds were mined in the OKF and produced such notable diamonds as the 1,109 carat ‘Lesedi La Rona’ and the 813 carat ‘Constellation’ from Lucara Diamond Corporation’s Karowe (AK6) mine.

Phase 1 of the BK16 evaluation program is ongoing and is currently making preparations for a large diameter drill program (LDD), including the refurbishment of the company’s 10 tons/hour dense medium separation (DMS) plant previously used in the evaluation of the AK6 kimberlite (now the Karowe diamond mine) owned by Lucara Diamond Corporation and the development of an environmental management plan focused on the LDD work and DMS operation.

The LDD programme is planned to recover 2,000 to 3,500 tonnes of kimberlite LDD for initial grade and quality analysis.

“It is an exciting time with respect to the evaluation of BK16 and I encourage the reader to visit the company’s website www.TsodiloResources.com to learn more about BK16 and keep abreast of its progress”, said James Bruchs, Chairman & CEO.