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Kavango Resources #KAV – Kalahari Copper Belt target definition PL036/2020
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) provides an update on drill targeting at its Kalahari Copper Belt (KCB) licence PL036/2020.
Highlights
– Initial high-resolution, close-spaced soil geochemical programme complete at PL036/2020 (the “Targeting Programme”)
– 5,145 soil samples collected
– Large-scale programme undertaken, giving high-resolution over target areas
– Particular focus over mapped Ngwako Pan-D’kar formational contact
– 4 significant geochemical features consisting of +15ppm Cu anomalies (peak 110ppm) delineated (the “Targets”)
– The 4 Targets appear to fit previously mapped geology, including the potential “fold nose” over Acacia
– 3 of the Targets conform to previously identified Acacia, Morula (western portion) and Happy target areas
– 1 new target area identified (“Kudu”) to the north east of Acacia
– Kavango has provided a series of maps showing the Targets:
https://www.kavangoresources.com/media-library/news-release-media/rns03august2022
– Follow up work to include:
– Infill soil sampling
– Upgraded interpretation of existing Airborne Magnetics and Airborne EM
– CSAMT geophysics
– RC drill programme
– The Targeting Programme remains ongoing on licences PL082/2018 and on the Mamuno licence package.
– Expected completion before end of August
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Through an intensive soil sampling program across our KCB licences, we have sought to achieve enhanced target resolution ahead of drilling. Not only have we achieved this, but through the close spacing of samples we have also identified a previously unidentified and prospective structure, which is now being followed up.
The combined soil sampling and geological mapping, which has recently successfully identified multiple instances of the key Ngwako Pan-D’kar formational contact in our licences, is helping us sharpen our drill targets. The next steps will be to upgrade our geophysical interpretation of data we acquired in 2021 and complete some infill soil sampling where necessary. Our goal is to ensure that when we drill the KCB, we will have the optimal chance of success.”
Kalahari Copper Belt Overview
As announced on 8 July 2022, Kavango Resources identified the presence of an important lithological control of copper/silver mineralisation in the KCB, across several of its prospecting licences. The feature that Kavango has located, the Ngwako Pan-D’Kar formational contact point, is closely associated with multiple copper-silver deposits and discoveries elsewhere in the KCB.
This formational contact represents a chemical Reduction-Oxidation (Redox) boundary between the underlying oxidised Ngwako Pan Formation and the overlying reduced D’kar formation. Economic grades of mineralisation can be found along or in close proximity to this contact due to intense shearing, folding, and tensional failure between the rock layers.
Most known deposits in the KCB share some common characteristics
– Commonly localised in reduced horizons in the lower D’kar Formation and above the oxidised Ngwako Formation,
– Mineralisation remobilised into the limbs of anticlinal dome and basin structures
– Mineralisation locally remobilised along cross cutting structures into higher levels of the D’kar through veins and shear zones to form high grade copper deposits
KCB Exploration Strategy
Based on the Company’s understanding of the mineralisation models in the KCB, Kavango embarked on a 3-tier exploration programme:
1. Understanding the geology using:
– Aeromagnetics
– Geological mapping
– Satellite imagery interpretation
– Lithogeochemistry
– Petrology
– Soil geochemistry
– Drilling
2. Identification of significant structures using:
– Aeromagnetics
– Satellite imagery interpretation
– Geological mapping
3. Detection of mineralisation using:
– Soil geochemistry
– Airborne electromagnetics
– Drilling
The Targeting Programme is currently in progress on PLs 036/2020, PL082/2018 and Mamuno Licences (PLs 049/2020 and PL052/2020).
Kalahari Copper Belt geochemical survey
|
|
Line spacing |
Sample Station spacing |
TotalPlannedSamples |
Status |
|
PL036/2020 |
Combined 400m and 800m |
50 |
5201 |
Largely complete |
|
PL049/2020 and PL052/2020 |
800m |
50 |
1319 |
In progress |
|
PL082/2018 |
800m |
50 |
3179 |
In progress |
|
|
Total |
9699 |
Sampling Methodology
– Excavation to 30-40cm below the surface
– Sample is collected from bottom of hole and sieved to approximately 200g of -180um fraction
– Sample is analysed using the company’s in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window
– Reference materials (of known values) are inserted after every 25 samples and at the end and beginning of each batch
– Resultant data is then used to generate user factors for normalising the analytical results prior to interpretation
– Selected samples are also sent to an independent laboratory in South Africa for multi-element analyses by conventional means
PL036/2020 soil geochemistry results
|
PL |
Planned |
completed |
outstanding |
|
PL036/2020 |
5201 |
5145
|
56 |
Remaining samples will be collected as and when access to land is available.
Four key copper-in-soil geochemical features have been delineated:
1. Acacia
A wide anomaly around the central part of the fold nose of the ‘Acacia fold’. Possible source of this anomaly could be radial axial fold fractures, tapping into the Ngwako Pan/D’kar contact along the axis of a shallowly SW plunging anticline. Maximum value is 56ppm Cu, with 5 values above 20ppm Cu. Coincident Zn anomalism (+20ppm Zn) identified
2. Morula (western portion)
A wide anomaly just south of the Acacia fold nose. Measuring 3km x 3km with a general NE-SW trend parallel to the regional stratigraphy. Maximum value is 38ppm Cu. A previous orientation survey associated this anomaly with a calcrete platform coincident with a drainage feature
3. Happy
A low-tenor teardrop shaped anomaly to the south. 9km long and 1km at its widest. Best defined by the +15ppm Cu values. Maximum value is 25ppm Cu. Located in the centre of a possible anticline where the Ngwako Pan Formation is not exposed at surface. This anomaly has supporting anomalous Zn values (+20ppm Zn)
4. Kudu
A previously unrecognised NE-SW trending zone of anomalous Cu values. 18km long (non-continuous) NE-SW trend, defined by 8 values in excess of 30ppm Cu; maximum value is 110ppm Cu. Trend is distinct and ‘tight’, defined by a maximum of 3 values above 20ppm at its widest. This trend is sub-parallel to stratigraphy
The narrow focus suggests this could be a steeply dipping feature, and/or a sharp structural feature such as a fault. It is also immediately adjacent to what Kavango’s geologists have mapped as a structural repetition of the key Ngwako Pan-D’kar contact
Kavango has provided a series of maps showing the Targets:
https://www.kavangoresources.com/media-library/news-release-media/rns03august2022
Planned follow-up for PL036/2020
– Infill soil sampling
– Ground truthing of the anomalous areas
– Updated interpretation of existing Airborne Magnetic and Airborne EM data
– Plans to carry out a Controlled Source Audio Magnetotelluric (CSAMT) survey and inversions aimed at elucidating subsurface structure
– Collation and correlation of all the data sets
– Generation of drill targets
– RC drill programme
Ahead of drilling, further soil geochemical results are expected to be released by Kavango from work on its licences PL082/2018 (considered to be a possible analogue for the ‘Banana Zone’ deposit, which sits to the immediate south of Ghanzi Ridge and is owned by Khoemacau Copper Mining Pty Ltd), and on the Mamuno licences, adjacent to the border with Namibia, and close to the central axis of the KCB. The combined results will then be used for target ranking.
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
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Kavango Resources #KAV – KCB: South Ghanzi – 18km long open target at Morula
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce further encouraging soil sampling results from PL 036/2020 (“South Ghanzi Project”) in the Kalahari Copper Belt (“KCB”).
150km of soil sampling lines have now been completed over the Acacia and Morula targets on the South Ghanzi Project. Morula is now estimated to be at least 18km long (up from 12km previously announced) and between 800m and 2.4km in width. The anomaly remains open along strike in both directions.
In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of Morula. This target (designated name “Happy”) appears to be at least 5km long and 700m wide.
Promising, in-soil copper readings have been recorded on all three targets (Acacia, Morula and Happy).
The South Ghanzi Project is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Highlights
Ø Extension of infill soil sampling
– Additional infill soil sampling lines extended from 5.5km to 11km
– Longer lines led to the identification of the Happy Target.
– Total of 150km of soil sampling lines now complete over Acacia, Morula and Happy
– 2,105 soil samples taken
– 1,199 samples returned copper in soil readings >30ppm
– 1,050 samples returned zinc in soil readings >29ppm (zinc is a “pathfinder” element for sedimentary hosted Copper-Silver deposits)
Ø 11 additional sample lines over Morula have confirmed:
– The target is at least 18km in length
– Width varies from 800m to 2.4km
– Open along strike in both directions
– 63 highly anomalous copper readings >45ppm, with 5 results >62ppm
– Zinc in soils correlates closely with copper readings, including 95 highly anomalous zinc readings of >71ppm Zinc including 9 results >91ppm
– The clearly defined mineralised system appears to follow a large regional fault/shear zone
Ø New copper/zinc in soils anomaly identified as the Happy Target:
– 5km long and 700m wide
– Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm, and 28 samples assaying between 71ppm to 86ppm zinc.
Ø Next steps
– Induced Polarization (IP) and Audio-frequency Magnetotellurics (AMT) surveys planned to define drill targets
– Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Morula is big. The maps we will publish on our website of the soil sampling result paint a compelling visual picture, but we remain grounded at this stage.
As exciting as the development of Morula is, we will only ever be able to prove if there is an economic resource there by drilling. We expect the Environmental Management Plan to be awarded in the very near future. At that point we can finalise plans for mobilising a rig to the South Ghanzi Project.
I would like to thank our team in the Kalahari Copper Belt for their dedication, their creativity and their ambition. The decision to double the length of the soil sampling lines appears to have paid off, with the identification of the Happy Target.
With the additional funds we recently raised, Kavango can now plan confidently for much more extensive exploration in the field, including accelerated drilling as soon as we are able.”
Background to Targets Morula and Acacia
Ø The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020
– Situated within a fold “nose”, which is plunging southwest
– Lies just above the D’Kar – Ngwako Pan contact zone.
– Made up of at least 4 individual pods, which emit strong EM readings.
– Soil geochemistry directly over the anomaly demonstrates highly elevated levels of copper (>42ppm) and zinc (>75ppm).
– Considered to be the highest priority drill target until the Morula Target was identified.
– Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB
Ø The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike on a south-westerly trend along the central backbone of PL 036.
– Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined AEM linear conductor.
– Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.
– This was followed by four 4km long infill soil sample lines (1km apart with 100m sample intervals) to close the gap
– All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 18km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.
Ø The Happy Target is estimated to be between 700m and 2.4km wide with 5km of strike sub-parallel to Morula.
– Discovered by extending soil sampling lines south of the Morula Target
– Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm, and 28 samples assaying between 71ppm to 86ppm zinc.
The POW/KAV Joint Venture
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement has been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Power Metal Resources #POW – Latest KCB Soil Sampling Extends Morula Target Geochemical Anomaly to Over 18km
Power Metal Resources PLC (LON:POW) a AIM listed metals exploration and development company is pleased to announce results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence (“PL”) 036/2020 at the South Ghanzi Project (“South Ghanzi” or the “Project”) located in the Kalahari Copper Belt (“KCB”), Botswana.
South Ghanzi is held under a 50/50 Joint Venture (“JV”) with Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator of the Project.
A total of 150km of soil sampling lines have now been completed over South Ghanzi’s Acacia and Morula targets. The Morula Target geochemical anomaly is now over 18km long (up from 12km previously announced on 21 June 2021) and varies between 800m and 2.4km in width. The geochemical anomaly remains open along strike in both directions towards the northeast and southwest.
In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of the Morula Target. This target (designated name “Happy”) is approximately 5km long and approximately 700m wide.
A map displaying South Ghanzi copper geochemical results is available to view on the Company’s website through the following link:
https://www.powermetalresources.com/south-ghanzi-copper-map/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The current 18km length of the Morula Target is dramatic, particularly as the target remains open in both directions. Alongside this the discovery of a further geochemical anomaly named “Happy”, is another surprising and positive development at South Ghanzi.
What is also encouraging is that we are seeing strong coincidence between the copper-zinc geochemical anomalism with previously defined airborne electromagnetic (“AEM”) conductors.
Work continues on the Project and a key focus will be ground geophysics which will help us define drill targets which we plan to drill test subject to approval of the Environmental Management Plan.
Kavango’s in-country operations team have done a fantastic job executing on the various exploration plans and South Ghanzi has quickly become a key focus for Power Metal Resources.
Whilst the drill programme is the critical step to determine the tenor of mineralisation below the surface at South Ghanzi, the strength of exploration data that has been acquired thus far demonstrates that the Project holds major discovery potential for sedimentary hosted copper-silver mineralisation.”
PROGRAMME HIGHLIGHTS:
· Extension of infill soil sampling
– Additional infill soil sampling lines extended from 5.5km to 11km.
– Longer lines led to the identification of the Happy Target.
– Total of 150km of soil sampling lines now complete over the Acacia, Morula and Happy targets.
– A total of 2,105 soil samples have now been taken over all targets.
– 1,199 samples returned Cu-in-soil readings >30ppm Copper (“Cu”).
– 1,050 samples returned Zinc (“Zn”) in-soil readings >29ppm Zn (zinc is deemed to be a “pathfinder” element for sedimentary hosted Copper-Silver deposits).
· Eleven additional sample lines over the Morula Target have confirmed:
– The geochemical anomaly is greater than 18km in length.
– Varies between 800m to 2.4km in width along its extent.
– Open along strike in both directions towards northeast and southwest.
– 63 highly anomalous copper readings of >45ppm Cu, with 5 results >62ppm Cu.
– Zn-in-soil results correlate closely with copper readings including 95 highly anomalous zinc readings of >71ppm Zn, including 9 results >91ppm Zn.
– The clearly defined geochemical base metal anomaly appears to follow a large northeast-southwest regional fault/shear zone.
· New copper/zinc in soils anomaly identified as the Happy Target:
– Approximately 5km long and 700m wide.
– Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm Cu, and 28 samples assaying between 71ppm to 86ppm Zn.
· Next steps
– Geophysics: Induced Polarization (IP) and Audio-frequency Magnetotellurics (AMT) surveys planned to define drill targets.
– Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project.
BACKGROUND TO THE MORULA, ACACIA and HAPPY TARGETS
· The Acacia Target is defined by a 4km x 4km conductor on the northern boundary of PL 036/2020
– Located within a fold “nose”, which is plunging southwest .
– Lies just above the D’Kar – Ngwako Pan formation geological contact zone.
– Made up of at least 4 individual pods, which emit strong electro-magnetic (EM) geophysics readings.
– Soil geochemistry directly over the AEM anomaly demonstrates elevated levels of copper (>42ppm) and zinc (>75ppm).
– Along with the newly defined Morula Target, Acacia is one of the highest priority drill targets at South Ghanzi.
· The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike length on a south-westerly trend along the PL 036/2020 licence boundary.
– Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined slightly offset AEM geophysics linear conductor.
– Geological mapping, AEM conductivity results as well as the latest soil sampling data suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were initially 7km apart.
– Follow up soil sampling included four 4km long infill soil sample lines (1km apart with 100m sample intervals).
– All soil sample lines returned readings with significant copper and zinc anomalisms confirming the continuity of the geochemical anomaly over a strike length of 18km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow at an estimated depth of roughly 200m.
· The Happy Target is estimated to be between 700m and 2.4km wide and 5km along strike which is sub-parallel to the Morula Target.
– Discovered by extending soil sampling lines south of the Morula Target.
– All soil sample lines returned readings with significant concentrations of copper and zinc anomalism.
THE POWER METAL/KAVANGO JOINT VENTURE
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc, an England and Wales public company.
Exploration costs are equally shared. Kavango is the operator of the Project.
Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd which is wholly owned by Kanye Resources plc.
There are plans to list Kanye Resources plc on a recognised stock exchange.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Kavango Resources #KAV – KCB: South Ghanzi – Morula target update
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce results from further soil sampling and geological mapping on the Morula Target in PL 036/2020 (South Ghanzi Project) in the Kalahari Copper Belt (“KCB”).
Following the announcement on 14 May 2021, Kavango has completed and analysed samples from 16km of infill soil-sampling at Morula, which confirms that the conductor/anomaly extends along strike for at least 12km.
The South Ghanzi Project is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Morula is now our highest priority exploration target at South Ghanzi.
Highlights
Ø Previously, seven kilometre-scale conductors were defined by Airborne Electromagnetic (“AEM”) surveys at South Ghanzi
– Morula & Acacia identified as the highest priority targets in the short-term
– Drilling planned as soon as the South Ghanzi Environmental Management Plan (“EMP”) is approved
Ø Infill soil sampling of Morula
– Four sample lines, each 4km long, 1km apart, sampled every 100m (using the high sensitivity deflation zone sampling method developed by Kavango).
– Anomalous levels of copper (35ppm to 68ppm) and zinc (59pmm to 111ppm) correlate closely with results from original seven soil-sampling lines
– Clearly defined mineralised zone of 12km, on a south-westerly trend, parallel to two steep anticlinal structures
– Open along strike in both directions
Ø Assessment of optimal drill locations now underway at Morula and Acacia
– Targets appear to be close to surface.
– Minimal Kalahari sand cover
– Estimated intercept depths of 120m to 200m
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“Following identification of the Acacia and Morula conductor/soil anomalies we’ve focussed our exploration efforts on the Morula Target over recent weeks.
These initial results are highly encouraging. They emphasise the potential and scale of this 12km long mineralised zone. Morula is rapidly developing into one of the most exciting drill targets in our entire portfolio.
We plan to start drilling here as soon as we can, after we have received approval of our EMP.”
Background to Targets Morula and Acacia
Ø The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020
– Situated within a fold “nose”, which is plunging southwest
– Lies just above the D’Kar – Ngwako Pan contact zone.
– Made up of at least four individual pods, which emit strong EM readings.
– Soil geochemistry directly over the anomaly demonstrates highly elevated levels of copper (>42ppm) and zinc (>75ppm).
– Considered to be the highest priority drill target until the Morula Target was identified.
– Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB
Ø The Morula Target is estimated to be about 2km wide with at least 12km of strike on a south-westerly trend along the central backbone of PL 036.
– Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined AEM linear conductor.
– Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.
– Now, four new 4km long infill soil sample lines (1km apart with 100m sample intervals) have been completed to close the gap.
– All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 12km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.
The POW/KAV Joint Venture
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement has been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles is a beneficial shareholder of Kavango Resources plc.
NOTES TO EDITORS
KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT
Kavango’s exploration licenses in the KCB include:
The South Ghanzi Project
Ø 50 % working interests in prospecting licenses PL036/2020 and PL037/2020, to be held in a Joint Venture with Power Metal Resources (LSE:POW) (announced 21 September), which cover 1,294km 2 .
The LVR Project
Ø Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 1,091km 2 .
THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING
The South Ghanzi Project and LVR Project areas include lengthy redox boundaries, close to surface, that represent excellent exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges. Fold hinges pointing upwards are known as anticlines, while the downward pointing hinges are called anticlines.
Several large copper/silver ore deposits have been discovered on the KCB in association with anticlines in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and many are amenable to open pit mining operations.
Accumulations of metals can be traced along the strike of geochemical reduction-oxidation (“redox”) boundaries (sometimes for many kilometres), since they often contain iron and have a higher magnetic signature than the surrounding rock.
SOUTH GHANZI EXPLORATION STRATEGY
The South Ghanzi PLs lie within the Central Structural Corridor of the Kalahari Copper Belt immediately south of the town of Ghanzi.
Sedimentary horizons hosting copper/silver mineralisation in the KCB are known to be conductive. AEM surveys are a recognised and tested exploration method for identifying high priority drill targets.
Kavango’s strategy in the KCB is to identify conductive targets and then to complete follow up investigation, using other proven exploration methods including geological mapping and testing of soil geochemistry through extensive sampling. The correlation of positive zinc and copper soil geochemistry readings to positive AEM results is a highly encouraging exploration vector.
Given Kavango’s understanding of the regional lithology and stratigraphy of the KCB, the Company is optimistic about the progress it has made in South Ghanzi over recent months.
Specifically, the identification of a number of smaller anticlines associated with conductors suggests there are seven large, promising drill targets at South Ghanzi.
Power Metal Resources #POW – KCB Kanye Resources Exploration Update – Morula target soil sampling confirms conductor/anomaly extends along strike for at least 12km
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence (“PL”) 036/2020 at the South Ghanzi Project (“South Ghanzi” or the “Project”) in the Kalahari Copper Belt (“KCB”), Botswana.
The South Ghanzi Project is held in a 50/50 Joint Venture (“JV”) with Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator of the Project.
· Following the announcement on 14 May 2021, Kavango has completed and analysed samples from 16km of infill soil-sampling at Morula, which confirms the conductor/anomaly identified by airborne electromagnetic geophysics conducted previously and extends along strike for at least 12km.
· Morula is now the highest priority exploration target at South Ghanzi.
· Exploration test drilling planned later this summer on award of Environmental Management Plan. Further details on the drill programme to be provided in due course.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“Today’s news includes significant and positive Project developments.
At Morula we have confirmed a soil geochemistry anomaly of at least 12km strike length, presenting a considerable scale target, which also remains open at both ends.
Power Metal and Kavango are seeking large scale copper-silver discoveries and without question the progress to date is even better than expected.
Once again, I am reminded of the substantial opportunity the Kalahari Copper Belt offers for major base metal discoveries. In 2016, whilst CEO of Metal Tiger plc, we followed a similar exploration methodology which led to the discovery of the T3 Deposit, a discovery which was to be transformational for that company and its shareholders.
The exploration datasets from South Ghanzi have delineated very strong drill targets and I am very much looking forward to the commencement of a programme of drill testing at the Project.”
HIGHLIGHTS:
· Previously, seven, kilometre-scale conductors defined by airborne electromagnetic (“AEM”) geophysics surveys at South Ghanzi:
– Morula & Acacia identified as the highest priority targets in the short-term.
– Drilling planned as soon as the South Ghanzi Environmental Management Plan (“EMP”) is awarded.
· Infill soil geochemical sampling of Morula:
– 4 sample lines, each 4km long, 1km apart, sampled every 100m.
– Concentrated levels of copper (35ppm to 68ppm) and zinc (59pmm to 111ppm) in soil correlate closely with results from original seven soil-sampling lines.
– Soil geochemistry clearly defined a 12km long anomalous zone, on a south-westerly trend, parallel to the perceived geological strike and to two steep anticlinal structures.
– Soil geochemical anomaly remains open along strike in both directions.
· Assessment of optimal drill locations now underway at Morula and Acacia with further information to follow in due course with regard to the proposed drill programme:
– Targets appear to be close to surface.
– Minimal Kalahari sand cover expected.
– Estimated mineralised intercept depths of 120m to 200m.
BACKGROUND TO THE MORULA AND ACACIA TARGETS
· The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020:
– Lies within an interpreted fold “nose”, which is plunging southwest
– Lies just above the expected D’Kar – Ngwako Pan contact zone.
– Soil geochemistry directly over the anomaly at Acacia Target demonstrates significantly anomalous levels of copper (>42ppm) and zinc (>75ppm).
– Acacia was considered to be the highest priority drill target until the Morula Target was identified.
– Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB
· The Morula Target is estimated to be about 2km wide with at least 12km of strike on a south-westerly trend along the central backbone of PL 036/2020:
– Discovered by extending soil sampling lines south of the Acacia Target but also supported by a weaker AEM linear conductor.
– Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.
– Now, four new 4km long infill soil sample lines (1km apart with 100m sample intervals) have been completed to close the gap.
– All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 12km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.
THE POWER METAL/KAVANGO JOINT VENTURE
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc, an England and Wales public company.
Exploration costs are equally shared. Kavango is the operator of the Project.
Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd which is wholly owned by Kanye Resources plc.
There are plans to IPO Kanye Resources plc on a recognised stock exchange.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.