Following completion of hole DITDD003, Kavango Resources plc (LSE:KAV) has expanded the exploration programme at its Ditau project in south west Botswana. Kavango is exploring for rare earth elements (“REEs”) and base metal mineralisation at Ditau. Hole DITDD003 was drilled into the i10 Target.
The expanded exploration programme will include an additional 16.1km of new Audio-Magnetotelluric (“AMT”) surveys over the drill target areas. DITDD003 is the first of 6 planned exploration holes to be drilled at Ditau in the current diamond core drill campaign. Based on results so far, the Company has confidence in the utility of its new AMT inversion modelling, introduced this year, and believes the expanded programme will enable it to optimise the location of drill collar positions via the elucidation of the bedrock geology.
In addition, Kavango announces commencement of drilling of Hole DITDD004.
Further, the Company confirms that the drill contractor, Mindea Exploration & Drilling Services (Pty), has agreed to accept payment for a large proportion (approximately 50%) of the Ditau drilling costs in Kavango stock, at an issue price of 4.53p per share.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We designed the current drill programme at Ditau to be flexible, and are using results as they come in. We are doing this in combination with geophysical data, to adjust the programme dynamically. Kavango’s use of AMT technology and state of the art inversions for carbonatite exploration is innovative and we hope it will maximise our opportunity for success .
It’s still early days in the programme, but the data we’ve already gathered are intriguing and continue to build up our understanding of this new and exciting area.”
Operational Summary
– Commencement of DITDD004, the second hole to target the i10 Target
– Target i10 is a discrete circular anomaly, 2.2km in diameter
– Shallow depth, with Kalahari sediment and sand cover modelled by AMT at 120m thickness, with the target zone directly underneath
– Kavango modelled Target i10 using inversions of Aeromagnetic data (“AEM”) combined with its interpretation of limited existing AMT data
– Kalahari sediments in the first hole, DITDD003, were intercepted at 105m, in line with the AMT modelling
– The i10 target has been independently verified to conform to an idealised model for carbonatite intrusives, based on its aeromagnetic signatures.
– Carbonatites are the world’s primary source of REEs and other critical commodities, which are crucial to high tech industries
– 16.1km expansion of AMT survey coverage over drill target areas includes:
– 1km over Target i10
– 5.5km over Target i8
– 9.6km over Target i1
– High frequency data to model near-surface carbonatite target areas & attempt to resolve origin of breccia zones and sills/dykes intersected in DITDD003
– Low frequency data to model possible deep carbonatite intrusions and structures
– Equity component of Ditau drill contract
– Kavango confirms that Mindea Exploration & Drilling Services (Pty) has agreed to accept payment for a large proportion (approximately 50%) of drilling costs, at an issue price of 4.53p per share
– Kavango has paid the cash component of its share of the drill contract upfront
The expanded exploration programme at Ditau will involve an additional 16.1km of of AMT survey coverage over drill target areas. AMT surveys can help geophysicists and geologists to map subsurface lithologies, structures, alteration and intrusive phases, to identify potential areas for mineralisation and to refine drill targeting.
Kavango has identified 12 targets from geophysics at Ditau (targets i1 through i12), which the Company believes could be carbonatites and/or intrusive complexes that may host carbonatite pipes. Carbonatite complexes are the world’s primary source of REEs and other strategic/industrial commodities. REEs are strategically vital commodities in high-tech industries. 9 of the 12 targets are particularly well defined.
Kavango is currently testing 3 of the Ditau targets (i10, i1 and i8) with diamond core drilling.
The POW/KAV Joint Venture at Ditau
Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea is conducting the drilling.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson