First Quantum to launch a drilling programme in Botswana.In May 2010 management disclosed that following a drilling program during 2008 and 2009 ,41 holes encountered significant sulphide mineralisation(pyrrhotite,chalcopyrite,bornite,garnerite and pyrite) in the cores bearing strong similarities to the nickel/cobalt/copper deposits of the Kalumbila in Zambia. First Quantum's Sentinel Project should be looked at for comparative purposes.
In April this year ,First Quantum confirmed its interest in the prospect of exploiting an extension of the Zambian copper belt into the N/W of Botswana by taking a 7.5% stake in Tsodilo (2.3mshares at $1.10 per share ) with warrants attached at $1.21 expiring in April 2015.and if exercised would increase its interest to 13.9% on the present structure.
While the FM team will execute a multi-million$ drilling and evaluation program on the copper/nickel/cobalt resource, Tsodilo will continue with its evaluation of a 45km trough of Iron Ore with a target of establishing a 43-101 compliant resources estimate during the first qr in 2014.
While success in both projects would be another "sting in the bow" for First Quantum ,the resultant benefits for the shareholders of Tsodilo would be enormous..