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Kavango Resources Plc (KAV) – KSZ Hukuntsi – TDEM conductor C1 identified

By Multichannel Admin in Kavango Resources (KAV) on 15th June 2021.

KSZ Hukuntsi – TDEM conductor C1 identified

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the identification of an electro-magnetic (EM) anomaly in Target Area C in the Hukuntsi (northern) section of the Company’s Kalahari Suture Zone (“KSZ”) Project.

Designated Target C1 (“C1”), the conductive anomaly is located 11km from Target A2 (“A2”), which was first announced on 20 April 2020.

C1 and A2 appear to lie within the same geological corridor. The Company now plans to drill a minimum of one hole in A2 and a minimum of one hole in C1. Drilling is to commence at the end of June.

Both A2 and C1 lie in ‘Norilsk-style’ gabbro keels. The primary objective of both holes is to recover drill core from the bottom of the keels for further analysis to test the system’s potential to host major metal sulphide deposits.

Highlights

Target C1
- 11km NE of Target A2
- Kavango believes A2 and C1 lie in the same geological corridor of Karoo-age gabbro, which is open in both directions
- The conductor is 1,200m by 1,600m and sits at the bottom of a keel as defined by the Company’s 3D Geological Model
- 530m depth from surface to centre of the conductor
- The decay constant is ~360msec
- Conductance of 2,500 Siemens
Drill plan:
- Drill operator is Mindea Exploration and Drilling Services (Pty) (“Mindea”)
- Mindea to set up camp between Targets A2 & C1
- Drilling at A2 to commence in June
- Drilling to commence at C1 in July
- Kavango to pay <half the total drill cost to Mindea in cash (c.£70,000), with remaining fees payable in shares
- Potential to increase scope of drilling, once rig is on site and pending further data analysis
- Extensive assaying and downhole geophysics planned on all boreholes

Michael Foster, Chief Executive Officer of Kavango Resources, commented:

“The ‘Norilsk Model’ for metal sulphide systems suggests deposits originally formed in clusters. In this context, it is encouraging that C1 is located relatively close to A2. We believe both targets lie potentially within the same geological corridor of Karoo gabbro.

If drilling validates our interpretation of the data, this could prove to be a significant development in our attempts to unlock the Kalahari Suture Zone.

The fact that C1 shares a number of highly similar characteristics with A2 is very encouraging. Like A2, C1 is in an ideal geological setting (at the bottom of a “keel”), is nearly 2km² in size, has a conductance of 2,500 Siemens and a decay constant of ~360msec.

We look forward to retrieving core from both targets in the coming months.”

Background

Over the last three years, Kavango has conducted extensive geophysical surveys over Karoo-age gabbros at Hukuntsi using airborne and ground-based based technology. In 2019 Kavango completed a successful orientation drill programme, data from which helped augment the Company’s extensive 3D Magnetic Model of the region’s subsurface geology (announced 8 September 2020).

On 30 November 2020 Kavango released results from its analysis of the 3D Magnetic Model, which revealed close similarities between the gabbroic rock formations in the KSZ and those at the Norilsk mining centre, in northern Russia.

In December that year, the Company initiated the first ground-based Time Domain Electromagnetic (TDEM) survey of the KSZ. This was the first time this powerful remote sensing technology had been used on the KSZ. Kavango subsequently secured a strategic partnership with the TDEM operator, Spectral Geophysics Ltd, to accelerate and broaden the TDEM programme.

On 20 April 2021 and 5 May 2021, Kavango released details of the results from the second TDEM survey, which defined Target A2.

On 10 June 2021, Kavango announced plans to drill two holes in the KSZ. The drill contractor is Mindea Exploration and Drilling Services (Pty), who has agreed to receive >half its fees in equity from Kavango.

Links to the relevant announcements are provided below:

About Target A2

Kavango estimates Target A2’s properties are:

– 1km length, which is open along strike

– Extends between 250m to 700m below surface and is gently dipping

– Decay constant of approximately 340msec and conductance of approximately 3000 Siemens, readings which Kavango management considers are consistent with nickel sulphide deposits elsewhere in the world

– Located in the right geological setting, at the bottom of a “keel” in the gabbroic intrusion, according to the Company’s Magnetic 3D-Model (8 September 2020)

About Target C1

Kavango estimates Target C1’s properties are:

– 1,200m by 1,600m in size

– 530m depth to centre of the conductor

– Decay constant of approximately 360msec and conductance of approximately 2,500 Siemens

– Located in the right geological setting, at the bottom of a “keel” in the gabbroic intrusion, 11km away from A2 (potentially in the same geological corridor of Karoo-gabbro)

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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 additional information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

Tags: Botswana, Kalahari Suture Zone, karoo, kav, Kavango Resources, KSZ, metal sulphide deposits, Michael Foster

Kavango Resources Plc (KAV) – KSZ Hukuntsi – TDEM conductor C1 identified

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