BML last traded at $0.009, which is a 20% premium to the offer. The offer was recently extended to Friday, 10th July 2015.
There is also extensive news flow pending from an 8000 metre drilling program, where first assays intersected broad zones of nickel sulphides.
The company plans to raise just under $1.3 million before costs.
In a statement from Pat Volpe, chairman, he said that if at least $1 million is raised it intends to begin exploration activity within the Maibele North Extension area.
This area is wholly-owned by BML, and not part of the BCL joint venture.
Three prospects lie along strike from Maibele North and contain similar geophysical, geochemical and geological characteristics as those that mark the significant mineralisation present at Maibele North.
BCL - the right partner
BCL is an international mining company owned by the Botswana Government, and is hungry for ore after mining 175 million tonnes to a 1 kilometre depth over the past 50 years.
Its mining and smelting operation supports a town of over 50,000 people, and employs 5000 people from the local area.
The BML Joint Venture (Botswana Metals and BCL Limited) is a priority exploration play for BCL, and the Maibele North project is located just 55 kilometres from BCL's smelter.
An agreement to purchase or process ore from Maibele North has the potential to provide cashflows for Botswana Metals.
Proposed work program
The proposed work program is designed to identify drill targets indicative of nickel sulphide mineralisation for initial reverse circulation testing.
Initial work at all three prospects will include:
- Compilation of all existing geological and geophysical data and interpretation of the results.
- Ground work to verify and interpret the above work including; Geological mapping; Soil sampling; and trenching.
- Establishment of grids and access tracks. Ground magnetic and electromagnetic surveying.
Reverse circulation drill holes targeting the best priority targets from each prospect.
Down hole EM surveys (where warranted).
The exploration program is estimated to cost around $500,000 and will take six months to complete.
Botswana Metals currently has an 8000 metre drilling program underway at Maibele North, which will provide news flow in the near-term.
First assays intersected nickel sulphides.
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