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Kavango Resources #KAV – KSZ Hukuntsi – A2 Target Depth & Drilling Expansion
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce successful completion of the first geological borehole in Target Area A (“Hole TA2DD001”) in the Hukuntsi (northern) section of the Company’s Kalahari Suture Zone (“KSZ”) Project. Hole TA2DD001 was drilled to a depth of 578m.
Following completion of Hole TA2DD001, the Company is pleased to announce it has signed an addendum to the current drill contract with Equity Drilling & Mindea Exploration and Drilling Services (Pty) (“Mindea”), which will now see the Company drill up to six geological holes in the current campaign in the KSZ (the “Campaign”).
Highlights
Ø Hole TA2DD001:
– Drilled to a total depth of 578m
– Drilling operations halted 10m below final contact with the Karoo gabbro
– Primary objective fullfilled, with core samples successfully extracted throughout the entire hole
– Visual inspection of cores confirms presence of sulphides
– Coal seams encountered, confirming presence of potential source of sulphur for formation of magmatic sulphides
– Core cutting expected to take 3-4 weeks to enable full sweep analysis of all core samples
– Downhole electromagnetic (“EM”) survey to commence immediately
Ø Full sweep analysis of core samples to include:
– Assay testing
– Fire assay testing for gold and Platinum Group Elements (“PGEs”)
– Whole rock geochemical analysis
– Petrology analysis
Ø Further expansion of the Campaign:
– Up to six boreholes now planned in the Campaign, targeting Target Areas A and C (the “A-C Corridor”) and Target Area B
– Immediate mobilisation of rig to site of Hole TA2DD002 in Target Area A
– On completion of Hole TA2DD002, rig to mobilise to Target Area B to drill the Company’s primary exploration target (“Target B1”, announced 2 July 2021)
Ø Final results to be announced on completion of the Campaign.
Ø Hole TA2DD002:
– Located 1km west of Hole TA2DD001
– Hole to test deeper Karoo gabbro “keel” (est. up to 800m), believed to be connected to the same gabbro encountered at Hole TA2DD001
– Additional objective is to test potential contact between Karoo and Proterozoic gabbros, which might represent a possible volcanic ‘feeder’ zone
– Hole to target the same >1km geophysical anomaly drilled at Hole TA2DD001 (announced 20 April 2021)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our strategic objective in the KSZ in 2021 is ‘proof of concept’. If we can achieve this, the prize on offer is considerable.
The successful completion of Hole TA2DD001 will hopefully prove to be a significant step forward in that direction.
This is the deepest hole Kavango has drilled and I would like to thank Equity Drilling and Mindea for the exceptional engineering effort they have accomplished on our behalf. The quality of core samples is superb and provides us with exactly the raw materials we need to perform detailed rock analysis to test the KSZ’s potential to host magmatic sulphide ore bodies.
Although we must remain measured, we are sufficiently encouraged by what we have seen so far geologically and operationally, to expand our current drill programme in the KSZ to up to six holes.
The drill rig is mobilising 1,000m from its current location to test a deeper ‘Norilsk-style keel’ formation, on the western edge of the A2 conductive anomaly. This next hole should really take us into the guts of the KSZ and will hopefully provide us with the most valuable geological data recovered yet in this region.
Following completion of drilling operations in Target Area A, we will then move the drill rig to Target B1. This is our current primary exploration target. The conductive anomaly is approximately 475m by 550m, with a verified conductance reading of 8,200Siemens.
Once we have completed drilling Target Area B our intention is to bring the rig back to Target Area C, to test the potential of the ‘A-C Corridor’.
We now move forward with confidence to the next hole.”
Operational Update
Drilling operations at Hole TA2DD001 commenced on 21 July 2021 and finished on 15 August 2021. Mindea, the drill rig operator, drilled to a total depth of 578m. The original target depth was 500m, but contact with the Karoo gabbro lasted until 568m.
The Company chose to drill a further 10m below this formation before halting operations to allow for preparation of an immediate downhole EM survey by Spectral Geophysics (“Spectral”). Spectral expects to complete the downhole EM survey over the coming days.
Mindea successfully retrieved high quality core samples throughout Hole TA2DD001 in 3-meter runs. These samples are currently being cut, ready for shipment for laboratory analysis. The Company intends to test all gabbroic samples collected and plans to release full results on completion of the Campaign.
Kavango is confident that all of the gabbro samples collected from Hole TA2DD001 are Karoo-age. The presence of Karoo sediments above and below the gabbro samples appears to confirm the stratigraphic relationship, with clearly defined contacts at the chilled margins.
Laboratory testing will include standard assay testing for base metals, fire assay testing for gold and PGEs, whole rock geochemical analysis and petrology analysis of thin sections.
Mindea will now mobilise the drill rig to the site for Hole TA2DD002, 1,000m from its current location.
Hole TA2DD002 targets a deeper ‘Norilsk-style keel’ Karoo gabbro, as well as the western edge of the A2 conductor (targeted by Hole TA2DD001). Kavango expects to drill up to 800m at Hole TA2DD002, with the goal of testing the potential contact between the Karoo and Proterozoic gabbros. Kavango believes this could represent a possible Karoo-age feeder zone.
The Company will make a further announcement when drilling operations commence at Hole TA2DD002.
Following completion of Hole TA2DD002, Mindea will then move the rig to Target Area B and is expected to drill two holes here. Target Area B is roughly 16km from Target Area A.
The first of geological hole in Target Area B will target the conductive anomaly of the Target B1 (announced 02 July 2021). Target B1 is 475m by 550m, with a conductance of approximately 8,200Siemens. The decay constant is estimated to be in excess of 350ms. This is currently Kavango’s primary exploration target in the KSZ.
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 information in this press release that relates to “geological and/or geophysical results” for the LVR Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking 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 consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Norilsk Style: copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.
Norilsk Model: a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.
Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.
Kavango Resources #KAV – Grant of Share Options
The Remuneration Committee has recommended, and the Board has approved, the grant of 6,000,000 Share Options to recent additions by the Company to its senior team in Botswana. The Management Options will be subject to a vesting period of two years, with half the Options vesting after one year and the remainder vesting after two years, save in certain limited circumstances. The Management Options are exercisable at a price of 5.00 pence per Ordinary Share, are exercisable only once the Company’s share price has closed at not less than 7.5 pence on five trading days (not necessarily consecutive), and are otherwise on the same terms as those granted to other senior staff.
The Remuneration Committee has further recommended, and the Board has approved, the grant of 4,500,000 and 1,000,000 Share Options to Ben Turney and Hillary Gumbo, respectively. The Director Options will be subject to a vesting period of two years, with half the Options vesting after one year and the remainder vesting after two years, save in certain limited circumstances. The Director Options are exercisable at a price of 7.50 pence per Ordinary Share, are exercisable only once the Company’s share price has closed at not less than 15 pence on five trading days (not necessarily consecutive), and are otherwise on the same terms as those granted to other directors.
The Company has also agreed with Michael Moles, a non-executive director, to settle his directors’ fees (net of statutory deductions) in shares. With effect from 1 July 2021 Mr Moles has been entitled to receive director’s fees of £2,000 per month and the Company has now agreed with him that following the end of each calendar quarter, he will be issued with shares, credited as fully paid at an issue price equal to the average of the closing mid-price of the Company’s shares over that quarter, to an amount equal to the net fees due to him for that period. The first allotment will take place in October 2021, in respect of Mr Moles’ net fees for the three months commencing 1 July.
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
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – Notification of PDMR and PCA dealings
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, provides the following additional information in relation to the subscription for 1,090,911 New Ordinary Shares in the Company (“Director Subscription Shares”) and associated warrants announced on 6 July 2021.
Admission and Total Voting Rights
Application has been made for the Director Subscription Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Director Subscription Shares and the shares allotted pursuant to the Placing announced on 5 July 2021 will commence at 8.00am on or around Monday 02 August 2021.
Following Admission, the total issued share capital of the Company will consist of 402,931,686 Ordinary Shares. Therefore, the total number of voting rights in the Company is 402,931,686 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
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
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – KSZ Hukuntsi Proof of Concept drilling commences
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that drilling has commenced on Target A2 (“A2”) in the northern (Hukuntsi) section of the Kalahari Suture Zone (“KSZ”).
The goal of this geological borehole is to retrieve core samples from the bottom of the “Norilsk style keel” at A2. The Company’s hope is that assay and other analysis of said rock samples will result in “proof of concept” that the Karoo-age gabbros in the KSZ have the potential to host magmatic sulphide ore bodies.
The target depth at A2 is currently estimated to be 500m.
On completion of drilling operations at A2, Kavango’s drill partners (Equity Drilling Ltd and Mindea Exploration and Drilling Services (Pty) Ltd) will immediately mobilise the rig to Target C1 (“C1”), 11km away. The Company believes A2 and C1 are on the same geological corridor.
Following completion of drilling at C1, the rig will then mobilise to Target B1 (“B1”). Plans for this hole are currently being finalised and the Company will provide an update in due course.
Kavango estimates A2’s properties are:
– The target is 1km in length and is open along strike
– It extends between 250m to 700m below surface and is gently dipping
– A 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 (announced 8 September 2020)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Years of hard work and dedication have brought us to this point. We could now be on the cusp of achieving something truly great. It can be difficult to communicate in an RNS quite how much effort and creative energy goes into a project like the Kalahari Suture Zone.
The going hasn’t been easy, but everyone has stuck with it, often making great sacrifices along the way. I am immensely proud of our team. If anyone has ever deserved success in field exploration, it is the people who have given so much to Kavango.
With the drill bit now turning at A2, we should soon hopefully become the first company ever to retrieve core samples from the bottom of a Karoo-age gabbro in the region.
We have great confidence in Equity Drilling and Mindea to drill boreholes that will enable us to realise this ambition. The focussed planning that has gone into our drill campaign has been exceptional. Safety and security standards are international quality and the engineering design is robust.
Obviously this is a business where there can be no guarantees, but everything possible has been done to minimise our operational risks. The next few months promise to be incredibly exciting.”
Primary objective of the current KSZ drill campaign
Kavango’s primary objective is to become the first company ever to retrieve drill core from the bottom of the “keels” of the Karoo-age gabbros in the KSZ. The Company anticipates that drill-core from these holes will provide firm physical evidence of the KSZ’s potential to host ‘Norilsk-style’ metal sulphide deposits.
About Mindea
Mindea Exploration and Drilling Services (Pty) LTD was formed in September 2019 by Equity Drilling Limited and Maureen Mokgaotsane (Geologist), Sebanka Lobatlamang (Geologist) and Eddie Babuseng (Attorney at Law) to provide complete exploration solutions to its clients in Botswana.
Mindea is currently operated under the Botswana Citizen Economic Empowerment Policy and is owned 51% by local shareholders and 49% by Equity Drilling. Over the coming years it is expected that Botswana nationals will wholly own Mindea, with Equity Drilling continuing to provide strategic and technical support.
Mindea operates to strict international safety standards and deploys the latest equipment to its projects. Mindea is rigorous in its planning and site preparation.
Reflecting the quality of its operations, Mindea has recently been awarded a 3-year contract by Debswana to drill various national projects in Botswana. In addition to this, Mindea is a regular drill contractor for DeBeers.
About Equity Drilling
The owners of Equity Drilling are extremely experienced drill operators, with extensive experience of successfully working on technically challenging projects across Africa.
Equity Drilling established Africa’s first Drilling School in Botswana, the Africa Mining and Drilling Institute (“AMDI “)
AMDI is Botswana Qualifications Authority (BQA) certified, which offers internationally recognised certification to all students wishing to be taught exploration drilling. AMDI has an exclusive working relationship agreement in place with the Australian Drilling Industry Association (the “ADIA”) and offer the ADIA’s DICAT curriculum with a strong emphasis on safety in the workplace.
AMDI also offers funds the delivery of pre-industry courses to students from local communities, who have had no previous work experience. This course prepares students for the work place and making them eligible for placement into the industry on graduation. Mindea’s own labour resources have been drawn from these pre-industry course graduates
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)
————————————————————————————————————–
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 additional 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 information in this press release that relates to “geological and/or geophysical results” for the LVR Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking 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 consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Norilsk Style: Means copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.
Norilsk Model: Means a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.
Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.
Kavango Resources #KAV – Director Subscriptions
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Ben Turney and Mike Moles, directors of the Company, have participated in a subscription for 1,090,911 New Ordinary Shares in the Company on the same terms at the placing announced on Monday 5 July raising gross funds of £60,000.
This takes the total gross funds raised by the Company in the Placing and Director Subscriptions to £2,000,000.
The Director Subscription
Ben Turney has subscribed for 727,274 New Ordinary Shares in the Company (363,637 in his name and 363,637 through Dynamic Investor Relations, a private company that Mr Turney owns 70% of).
Mike Moles has subscribed for 363,637 shares.
In total Mr Turney and Mr Moles have subscribed for a combined 1,090,911 New Ordinary Shares (the “Director Subscription Shares”).
Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 8.5p for a term of 24 months from the date of issue, which is subject to an acceleration clause whereby should the Company’s shares close above 17p for more than 5 trading days, the Company may at any time write to the warrant holders providing 10 working days’ notice of accelerated exercise, with 10 workings day thereafter for payment.
Admission and Total Voting Rights
Application will be made for the Director Subscription Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00am on or around Monday 02 August 2021.
Following Admission, the total issued share capital of the Company will consist of 401,431,686 Ordinary Shares. Therefore, the total number of voting rights in the Company is 401,431,686 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
———————————————————————–
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
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – Expansion of drilling, KSZ ops update and Placing
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce an expansion to the Company’s current drill programme in the Kalahari Suture Zone (“KSZ”), an operational update on the KSZ and a £1.94 million Placing.
Highlights
Ø Expansion to drilling programme:
– A 550m borehole to be drilled through Target B1, following completion of operations at Targets A2 & C1 (announced 10 June 2021)
– Target B1 is 475m by 550m, with a conductance of approximately 8,200Siemens and decay constant estimated to be in excess of 350ms
– B1 is in a separate, distinct geological setting to the A-C corridor (announced 15 June 2021)
– Spectral Geophysics Ltd (“Spectral”) to perform immediate down hole electromagnetic (“EM”) surveys on each borehole on completion.
Ø Time Domain Electromagnetic (“TDEM”) survey update:
– Six Target Areas surveyed by Spectral
– Drill targets identified in Target Areas A2, C1 and B1
– No targets in Target Areas A1 and D
– Ongoing data analysis of Target Area B2
– Two further TDEM surveys planned in Target Area B, with one targeting Target B1.
Ø Strategic partnership discussions with Equity Drilling Ltd (“Equity Drilling”):
– Equity Drilling is owned and run by highly experienced African drill operators
– Kavango is in discussions with Equity Drilling concerning the formation of a strategic drilling partnership
– Kavango is considering a number of options, including (but not limited to) the possible acquisition of two drill rigs and support vehicles to act as a dedicated team across the Company’s portfolio of projects
– Any strategic partnership will be subject to due diligence and will likely be structured to involve payments in cash and shares
– Further announcement to be made in due course.
Ø Placing:
– 35,272,727 New Ordinary Shares (the “Placing Shares”) have been placed by First Equity Limited (“First Equity”), on behalf of the Company with institutional and other investors (the “Placing”)
– The Placing has been conducted at a price of 5.5p
– A one-for-one warrant has been issued to all placing participants, exercisable at 8.5p per share for a period of two years (the “Warrants”)
– The Warrants are subject to an acceleration clause, whereby if the Company’s shares close above 17p for 5 trading days, the Company may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment
– The Company has raised gross funds of £1.94million
– Certain of the Directors intend to subscribe for shares on the same terms as the Placing.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Exploration results this year, across all our projects, have consistently surpassed our expectations. This culminated in Friday’s two announcements concerning the identification of Target B1 in the KSZ and seven drill targets at Ditau.
We are especially encouraged by the results of the TDEM surveys in the KSZ. While the conductance of targets A2, C1 and B1 appears to suggest they fall within the range of massive sulphides, we take a high degree of comfort from the “negative” results of A1 and D1. The fact that the TDEM surveys have selectively identified EM conductors gives us confidence we are using the right remote sensing technology to define specific drill targets.
While we must remain measured in our response to these upbeat developments, we must also make sure we are prepared for one or more positive drill results.
Although Kavango is already well financed, our budget was built around a specific work programme. We had planned for a certain amount of drilling in 2021, as we pursued our objective of “proof of concept” in the KSZ. However, it became clear to the board in recent weeks that our projects require much more extensive campaigns.
As a result we have advanced our discussions with Equity Drilling about instigating much larger drill programmes, to respond to the rapid progress we are making in the field.
In anticipation of increasing our drill activity, we completed this weekend’s financing at a minimal discount and an excellent price. This reflects the strength of our position.
With our general overheads already budgeted for, Kavango will now deploy the new funds into pursuing our ambition of making one or more major mineral discoveries.”
Target B1
Designated Target B1 (“B1”), the conductive anomaly is 475m by 550m with a conductance of approximately 8,200Siemens. The decay constant is estimated to be in excess of 350ms.
Target Area B is roughly 12km from Target C1 (announced on 15 June 2021). Kavango believes Target Area B is in a separate, distinct geological setting to the A-C corridor.
The Company is in discussion with Equity Drilling & Mindea Exploration and Drilling Services (Pty) to extend the current drill contract to include drilling a 550m borehole into B1, to retrieve core from the bottom of the “Norilsk-style keel” of the intrusive body.
Spectral will undertake down-hole EM surveying on each of the drilled holes as soon as the drilling has been completed. The surveying will identify and measure conductors within a 300m radius of the probe as it is lowered down the hole.
TDEM Survey updated
Spectral has now completed eight TDEM surveys in the KSZ. This included:
– 3 TDEM surveys in Target Area A, including one follow up survey on Target A2
– 2 TDEM surveys in Target Area B, including one follow up survey on Target B1
– 2 TDEM surveys in Target Area C, including one follow up survey on Target C1
– 1 TDEM survey in Target Area D.
This resulted in the identification of 3 drill targets, designated A2, B1 and C1 (the “Drill Targets”). Kavango plans to drill these targets over the course of this summer.
No conductors were found by the TDEM surveys over areas A1 and D1.
Analysis of data gathered from area B2 is ongoing and the Company expects to release an announcement on this in the near future.
Spectral has deployed its team back to Target Area B to complete two follow up TDEM surveys.
Kavango and Spectral will begin discussions in the coming weeks about conducting more TDEM surveys elsewhere in the KSZ. This next phase of TDEM surveying is expected to commence later this year, once the Company has received results from analysis of drill cores obtained from the Drill Targets.
Discussions with Equity Drilling
Equity Drilling Limited is a company registered in Guernsey. The owners and operators of Equity Drilling are highly experienced drill operators in Africa.
Equity Drilling founded Mindea Exploration and Drilling Services (Pty) Ltd (“Mindea”), which is operated under the Botswana Citizen Economic Empowerment Policy. Mindea is the drill contractor, which Kavango has engaged to drill the Drill Targets.
Equity Drilling also established Africa’s first, internationally accredited Drilling School in Botswana, the Africa Mining and Drilling Institute (“AMDI”).
Having established a strong working relationship, Kavango and Equity Drilling are now in discussions concerning the establishment of a strategic partnership company (the “Strategic Partnership”) whose primary focus will be to complete extensive drilling operations across the Company’s portfolio of projects.
Details and terms of the Strategic Partnership are still under discussion, but Kavango will complete a period of due diligence prior to making any commitment. One proposal the Company is considering is the acquisition of two drill rigs, with support vehicles, to create a focussed drill team to complete extensive drilling across the Company’s portfolio of projects. Discussions are ongoing about this and if an agreement is reached Kavango expects to pay a combination of cash and shares.
It is anticipated that Equity Drilling will act as the exclusive operator of the Strategic Partnership, in whatever shape it eventually takes, should final terms be agreed.
Placing
The 35,272,727 New Ordinary Shares have been conditionally placed by First Equity Limited, on behalf of the Company with institutional and other investors, including high net worth and retail investors, to raise £1.94 million.
Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 8.5p for a term of 24 months from the date of issue, which is subject to an acceleration clause whereby should the Company’s shares close above 17p for more than 5 trading days, the Company may at any time write to the warrant holders providing 10 working days’ notice of accelerated exercise, with 10 workings day thereafter for payment.
The Company is discussing with certain directors the possibility of their participating in a subscription, on the same terms as described above. If agreement is reached a further announcement will be made.
Broker Warrants
The Company has issued with 3,527,273 broker warrants (“Broker Warrants”), with the same terms as set out above for the Warrants issued as part of the Placing.
Admission and Total Voting Rights
Application will be made for the Placing Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00am on or around Monday 02 August 2021.
Following Admission, the total issued share capital of the Company will consist of 400,340,775 Ordinary Shares. Therefore, the total number of voting rights in the Company is 400,340,775 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
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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
+46 7697 406 06
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 information in this press release that relates to “geological and/or geophysical results” for the LVR Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking 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 consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Norilsk Style: copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.
Norilsk Model: a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.
Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.
Kavango Resources #KAV – KSZ Hukuntsi TDEM conductor B1 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 B in the Hukuntsi (northern) section of the Company’s Kalahari Suture Zone (“KSZ”) Project.
Designated Target B1 (“B1”), the conductive anomaly is 475m by 550m with a conductance of approximately 8,200Siemens. The decay constant is estimated to be in excess of 350ms.
Target Area B is roughly 12km from Target C1 (announced on 15 June 2021). Kavango believes Target Area B is in a separate, distinct geological setting to the A-C corridor.
The Company is in discussion with Equity Drilling & Mindea Exploration and Drilling Services (Pty) to extend the current drill contract to include drilling a 550m borehole into B1, to retrieve core from the bottom of the “Norilsk-style keel” that underneath it.
The Company has also engaged its strategic partner Spectral Geophysics to conduct two more Time Domain Electromagnetic (“TDEM”) surveys in Target Area B.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“B1 appears to be the best conductor we have identified so far. The 8,200Siemens reading is particularly encouraging. With a rig already mobilising in Hukuntsi, we plan to drill this target as soon as the two boreholes are complete in the A-C corridor.”
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
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Norilsk Style: copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.
Norilsk Model: a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.
Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.
Kavango Resources #KAV – Ditau Project update – drill targets identified
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce an update on the Company’s Ditau Project (“Ditau”), searching for Rare Earth Elements (“REEs”).
Ditau is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Highlights
Ø Geophysical and geochemical surveys completed on 12 targets areas
Ø 7 specific drill targets identified
– Each target includes a possible carbonatite intrusive body lying within range of reverse circulation (“RC”) drilling
– All targets within 300m depth
– 3 of the 7 targets classified as “high priority”
Ø Target I1 is a large, intense magnetic dipole
– Spans 17km by 8km
– Shallow depth to source of less than 100m
– Kavango believes I1 sits just under the Kalahari sands
– Lies at an intersection of two major regional fault zones
– Anomalous niobium values identified. Niobium is used in various superconducting materials and industrial alloys
Ø Target I4
– Spans 7.5km by 5km
– Shallow depth to source of less than 100m
Ø Target I10
– Spans 2.5km by 2.8km
– High AMT resistivity, coincidental with a gravity high
Ø Data processing and interpretation in progress for final drill readiness
Ø Environmental Management Plan in place
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“While our primary focus has been on developing our interests in the KSZ and KCB, we have been much encouraged by the number of drillable intrusive targets identified at Ditau. Most of these appear to be post Karoo in age and lying at a shallow depth beneath Kalahari sand cover.
It is particularly encouraging to have identified seven drill-ready targets, with three of those being classified as high priority. Carbonatite hosted deposits of Rare Earth Elements (REEs) hold significant strategic and commercial value. Kavango’s targets are relatively shallow, which should make it straightforward to determine this project’s potential
We look forward to revisiting Ditau later this year, once we’ve completed our other high-impact drill campaigns.”
Exploration at Ditau
Kavango has identified 12 ring structures within the two prospecting licences making up the Ditau Project.
Falconbridge Explorations Ltd identified a similar large ring structure (KW2), located 23km to the north of Ditau, in the 1970s. On drilling KW2, anomalous values of niobium were detected in carbonatite rock (REEs were not assayed for at the time). Niobium is used in various superconducting materials and industrial alloys.
KW2 is thought to be part of a “cluster” of post-Karoo, carbonatites in the Kang area, of which Ditau is a part.
There is increasing evidence that at least some of the ring structures at Ditau contain carbonatite. An integrated exploration programme of surveys is being undertaken over the 12 ring structures (targets).
Each target is undergoing the following assessments/surveys:
SOIL GEOCHEMISTRY: 3 lines of soil geochemical sampling with specific attention to values of Niobium and REEs
CSAMT & AMT SURVEYING: To “map” the lithological contacts to determine conductivity and resistivity. The CSAMT survey was carried out using Geometrics’ Stratagem EH4 unit, which measures ground electromagnetic signals and calculates ground resistivity down to depths of 1km.
Most targets were surveyed using the low-frequency version of the Stratagem without a transmitter (AMT), which sees down to 1.6km. Readings were taken at 50m station intervals along a profile.
GROUND MAGNETIC SURVEYING: The Earth is like a giant magnet due to ferromagnesian minerals in its core. Locally, various rocks have different magnetic properties due to variable magnetic mineral content. Carbonatites usually produce magnetic “high” anomalies compared to their host rocks.
The G856AX proton precession magnetometer was used in the ground magnetic surveys. One G-856AX was used as a “base station” magnetometer taking readings at 30-second intervals and the other as a hand-carried instrument with a simple, push button operation. Readings were taken at 12.5m intervals along profiles.
GRAVITY SURVEYING: Carbonatites usually have higher density than their host rocks.
Gravimeters are generally used to measure relative gravity, of which there is a wide variety. The most modern gravimeters are Autograv, which include significant improvements compared to the old spring based systems.
An Autograv CG-3 gravimeter was used in the survey on Target I10. Readings were taken every 50m with a local base station visited 3 times a day. The Autograv obtains a reading by continuously averaging a series of one-second samples.
DATA INTERPRETATION: The Company’s approach to this involves “layering” survey data sets on geological and structural maps, to produce drill targets.
Results
Ø Interpretation of the results from the first 7 ring structure drill targets has identified 3 priority targets which demonstrate good potential to host to carbonatite (I1, I4 and I10).
– I1 is a large, intense magnetic dipole that spans 17km by 8km and has a shallow depth to source of less than 100m. I1 lies at an intersection of two major regional fault zones.
– I4 spans 7.5km by 5km and has a shallow depth to source of less than 100m.
– I10 spans 2.5km by 2.8km and exhibits high AMT resistivity, coincidental with a gravity high.
Ø These targets appear to sub-outcrop just below the Kalahari sand cover (c.70m), within easy reach of RC drilling within 300m of service.
Ø Anomalous niobium values have been detected on one of these targets (Target I1).
Plans for further Work
Ø Further surveys will be completed on the remaining 3 ring structure targets.
Ø It is proposed to drill the 3 top priority targets before the end of the year. The Environmental Management Plan is in place.
Ø Samples from the drilling will be assayed for whole rock geochemistry and REEs.
The POW/KAV Joint Venture
The Ditau 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.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 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
THE DITAU PROJECT
The Ditau Project comprises two prospecting licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 “ring structures”.
The “ring structures” have the potential to host carbonatite rocks.
Carbonatites are the principal source of rare earth elements (REEs) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and even Copper.
Alan Green talks to Ben Turney, CEO at Kavango Resources #KAV
Alan Green talks to Kavango Resources #KAV CEO Ben Turney. Firstly, congratulations Ben! Secondly, should investors be concerned seeing Michael Foster step down at such a pivotal time for the company? Thirdly, is Ben up to the job?
Watch this CEO interview to find out what Ben has to say about his newly appointed position with #KAV.
Kavango Resources (KAV) Directorate changes
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce a restructuring of the Board of Directors.
Michael Foster has been CEO since the Company listed on the London Stock Exchange in July 2018. He has now decided to step down as CEO after 40 years in the mineral exploration industry. However, the Company will continue to benefit from his valuable experience as he remains on the Board as a Non-executive Director.
Ben Turney, who was appointed as an executive director at the start of this year (see announcement of 8 January 2021), will become CEO. Ben has been very active since joining the Board. Ben has successfully instigated a number of important initiatives within the Company to improve operations, communications, financial management and commercial development. Ben was instrumental in securing the strategic partnership with Spectral Geophysics and the terms of the deal with Mindea Exploration and Drilling Services/Equity Drilling Limited. His assumption of the role of CEO is a natural progression, both for him and for the Company.
Subject to the approval of shareholders at this week’s AGM, Hillary Gumbo, Managing Director of the Company’s subsidiary in Botswana and responsible for exploration activities in the country, will also join the Board. Hillary, who was one of the founders of Kavango Minerals (Pty) Limited, the Company’s operating subsidiary in Botswana, has been an important member of the Company’s executive team for some years, and the Directors feel that the Board would be strengthened by his appointment as an additional director. Hillary, who is 58, is an experienced geophysicist with a degree in Geology and an MSc in Geophysics. His executive responsibilities for Kavango in Botswana will not be affected by his appointment to the Board.
The Board also wishes to thank Chuck Forrest, who recently stood down from his position as the group’s CFO after a life-time of service to the mining industry. The Board is grateful to him for the work he has done for Kavango since listing in 2018 and wishes him well in his retirement. We are pleased that we have been able to retain his services as a consultant when required. The financial function of the group is now being managed by ONE Advisory, an external provider of accounting services.
David Smith, Non-executive Chairman, commented:
“I am excited by these changes to the Board, which take effect as Kavango continues its rapid development. We are fortunate that the senior figures, who wish to reduce the time they spend on their business activities generally, are still keen to stay involved with the Company in different ways, and we are also fortunate that in Ben Turney we have a new CEO who has considerable energy and drive, and who shares the Board’s determination to deliver value to shareholders out of our various Botswana projects.
I should personally like to thank both Mike Foster and Chuck Forrest for the contribution they have made to Kavango. I look forward to them continuing their association with the company. “
Outgoing CEO Michael Foster commented:
“I am extremely proud of all that we have achieved at Kavango and would like to thank my colleagues for their support and dedication, which has been a source of constant inspiration. We have been through some challenging times together, but your commitment to making major mineral discoveries has been unwavering.
During my time as CEO we have pursued a number of innovative exploration models and successfully deployed sophisticated technology in challenging environments. Kavango is a dynamic company to be involved in and I am looking forward to continuing working with Ben and the team into the future.”
Incoming CEO Ben Turney commented:
“I would like to thank Michael and Mike Moles for the faith they have shown in me. I started working with Kavango as a consultant in April 2020, as part of that month’s turnaround financing. Over the last 14 months, we have achieved a great deal together.
The culture at Kavango is a credit to all involved. Openness, honesty and creative thinking are the hallmarks of our team. It is a privilege to lead such a group and I will do everything I possibly can to live up to that responsibility
In March, I wrote to the board and senior management to communicate my vision for Kavango. I set the following objectives:
I. Build an elite, dynamic company that is recognised as a world leader in modern minerals exploration
II. Develop an ambitious, results-driven culture led by passionate hardworking people, who are hungry for success and are committed to their personal and professional development
III. Create an open environment in which ideas can be freely discussed and challenges efficiently addressed
IV. Adopt effective working practices that optimise performance across all parts of our business
V. Refine exploration techniques that become best practice in the industry, through deployment of the latest technologies and the support of experts in the field
VI. Deliver on our operational plans in an aggressive, yet safe, manner
VII. Honour our shareholders, their investments and their faith in us, by creating substantial market value for all involved
Since then, everyone in the company has stepped up to these tasks.
We still have plenty of work to do, but the opportunities for Kavango are considerable. We have three potentially major projects, in the Kalahari Suture Zone, at South Ghanzi and in the LVR Joint Venture, each of which we believe has a chance of delivering a major metals discovery. We are well funded and have advanced exploration programmes, delivering a constant stream of new data.
Everything is now in place for an exciting period of growth.”
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
David Smith
dsmith@kavangoresources.com
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson