Tsodilo Resources Limited is an international diamond and metals exploration company. They engage in the search for economic kimberlites and metal deposits at their Newdico (Pty) Limited and Gcwihaba Resources (Pty) Limited projects in northwest Botswana. The Company has offices in Toronto, Canada, and Gaborone and Maun, Botswana. They trade on the TSX Venture Exchange.
Tsodilo Resources Limited has a 95 percent stake in Newdico, which holds 9,400 square kilometers under 10 diamond Prospecting Licenses. Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 5 percent.
Exploration in the Newdico Ngamiland project area is at an advanced stage, with completion of kimberlite indicator mineral sampling on a regional scale and ground geophysical surveys focusing on two primary areas within the larger License area. The Nxau Nxau kimberlite field is the principal location, with 40 known and drilled kimberlites, while several further first-order magnetic anomalies await drill investigation.
The Guma district is the second location in the east of the license area where 10 first-order magnetic and indicator mineral anomalies await drill investigation. The Nxau Nxau and Guma areas have many second-order magnetic anomalies and the dolerite dyke swarm-area south of the Nxau Nxau field provides further potential kimberlite drill targets.
The southern and northern Gcwihaba project area, 6,856 square kilometers under diamond license and 13,400 square kilometers under base and precious metals licenses, is 100 percent held by the Company. Gcwihaba holds nine diamond prospecting licenses covering an area immediately adjoining and south of the Newdico licenses. Tsodilo manages the exploration of both the Newdico and Gcwihaba license areas.
On January 21, 2010, Tsodilo Resources Limited announced the closing of the private placement previously announced on January 18, 2010. In a non-brokered private placement, 465,245 units of the Company were issued at a price of CDN $1.00 per Unit for proceeds to the Company of CDN $465,245. Proceeds from this financing will be an addition to the Company’s working capital.