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#KAV Kavango Resources PLC – KCB – Airborne geophysical survey commences
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce the commencement of an airborne geophysical survey on its Kalahari Copper Belt (“KCB”) project in Botswana.
The Company has signed a contract with South Africa-based New Resolution Geophysics (“NRG”) for Time Domain Electromagnetic (“TDEM”), Magnetic, and Gravity surveys combined on one helicopter platform (“the NRG Survey”).
The NRG Survey will consist of 2,374-line kms at a line spacing of 500m x 5,000m across Kavango’s Block 1A and Block 1B Prospecting Licences (“PLs”)
The work expands on airborne geophysical surveying already completed by ENRG Elements (ASX:ENRG) (“ENRG”) on PL203/2016 and PL127/2017, two adjacent PLs recently acquired by Kavango (announced >>> 16 November 2023).
Figure 1: NRG’s planned survey lines across Kavango’s Block 1A and Block 1B licences and airborne survey data covering the PLs acquired from ENRG
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Kavango is targeting the discovery of large-scale copper/silver targets in the Kalahari Copper Belt (KCB) in Botswana.
We recently acquired additional exploration licences from ENRG Elements to complete a large contiguous land package from the town of Ghanzi to the Namibian border. Our interpretation of ENRG’s existing survey data for Prospecting Licences 203/2016 and 127/2017 supports our working theory that this area is prospective for copper/silver. We believe this potential could extend to Kavango’s other licence holdings, which have designated as Blocks 1A and 1B.
As part of our “levelling up” strategy in the KCB, we are compiling a consistent data set for all the ground we control. NRG’s airborne geophysical survey will provide us with some of the final exploration data we need ahead of defining drill targets for next year’s drill campaign.
Our recent work has confirmed physical indicators of a copper mineralising system within our ground, combined with encouraging geophysical anomalies.
Our goal in reprocessing ENRG’s existing data and combining it with the data from the airborne surveys we will fly over Blocks 1A and 1B will be to increase our understanding of the region’s mineralised potential. We will also investigate the interpreted sub-basin that could be a significant control for copper/silver deposits.“
Further details
The NRG Survey will be conducted over five PLs that make up Kavango’s Block 1A (PL046/2020, PL049/2020, PL052/2020, PL053/2020) and Block 1B (PL205/2016) licence areas. The licences are located southwest of the town of Ghanzi and adjacent to PL203/2016 and PL127/2017, two of the KCB PLs Kavango recently acquired from ENRG.
NRG is expected to commence its airborne geophysics survey on 4 December 2023. The survey is expected to take two weeks to complete, with the final data processing and delivery of products anticipated for Q1 2024.
Program objectives
Kavango is currently re-processing data from airborne geophysical surveys already completed by ENRG on PL203/2016 and PL127/2017.
The Company will combine this re-processed data with data from the new NRG surveys to test its working theory that the copper/silver prospective geological and geophysical features, which it interpreted from ENRG’s existing airborne geophysics survey data, extend onto Kavango’s Block 1A and Block 1B licences. Kavango’s geologists and geophysicists believe this could be indicative of a regional copper mineralizing system.
Kavango’s geologists wish to examine whether the stratigraphy and lithology they have begun to map on the former ENRG PLs extend on to these Blocks. They believe that ENRG’s existing data conforms to sequences in the lower D’Kar Formation seen across other parts of the KCB.
The models in Figures 2 and 3 below depict the type of fold geometry and structural trap-sites Kavango believes to underlie areas of Block 1A and 1B.
Figure 2 is a modified version of the fold geometry, showing a “preserved” as opposed to “un-roofed” dome, as well as associated mineralisation present in the fold closure at Khoemacau’s North East Fold (“NEF”) deposit on the nearby Banana Zone. Figure 3 is a schematic cross-section showing both the shear-hosted mineralisation and dilational vein-hosted mineralisation present in Sandfire Resources’ (ASX:SFR) A4 deposit.
Kavango believes there may be scope for either or both models to be present and is optimistic the NRG survey will identify these for further ground geophysics and future drill targeting.
Figure 2 – Regional to deposit scale geologic controls on copper silver mineralisation in the KCB – Wes Hall et al, SEG, Special Publication, no 21, pp207-236
Figure 3 – Schematic cross-section showing high-grade intersection in drill hole MO-A4-003D, interpreted geology, and the mineralisation styles across Sandfire’s A4 deposit
The magnetic component of the NRG Survey will map the structure and lithology of Block 1A and Block 1B. It is anticipated that the EM component of the NRG Survey will highlight prospective subtle conductors within the D’Kar Formation and help identify structural trap sites linked to folds, faults, and shears within Block 1A and Block 1B.
The gravity component of the NRG Survey will seek to identify whether the sub-basin identified in ENRG’s data extends into Kavango’s Block 1A. Kavango believes the margins of this sub-basin could provide priority targets for trap site development and deposit formation.
Kavango will interpret these airborne geophysical data with the goal of identifying target areas for ground geophysical follow-up, which will then lead to drill target identification.
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
#KAV Kavango Resources PLC – KSZ: B Conductor Drill Contract Signed
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce a drilling campaign on its Kalahari Suture Zone North (“KSZ North”) project.
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) to drill the cluster of three “B Conductors” it has identified in the project area. Kavango’s technical team prioritised the B Conductors for drill testing after remodelling their conductance to be in the range of possible nickel, copper, platinum group element (“PGE”)-bearing massive sulphides (announced >>> 02 March 2023).
OVERVIEW
– Drill rig mobilisation
· Mindea will deploy a diamond drill rig capable of drilling beyond target depth.
· Kavango selected Mindea, after it successfully drilled two holes into the B Conductors last year as part of the Company’s Proof of Concept campaign (announced >>> 18 August 2022).
– Drill programme details
· Mindea will drill up to 4 holes, targeting the B Conductors at a depth of 600-700m.
· The primary target will be the B1 Conductor, which was recently remodelled with a conductance of 28,700 Siemens using Downhole Electromagnetic (“DHEM”) survey data.
§ This is well into the range accepted by nickel-copper specialised geophysicists for pyrrhotite-bearing massive sulphides.
§ Pyrrhotite is very highly conductive iron sulphide mineral often associated with the nickel-bearing mineral pentlandite in nickel/copper/PGE massive sulphide bodies.
· Secondary targets comprise the B3 and B4 conductors. These have been modelled at 4,100 and 2,760 Siemens respectively, also in the range of possible massive sulphides.
– Preparations underway
· Kavango has mobilised its exploration camp for the drilling campaign.
· The Company is also preparing an access road to the proposed drilling site and preparing the water borehole for the drilling of the B1 Conductor.
· Drilling expected to commence within 3 weeks.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We are delighted to return to drilling the Kalahari Suture Zone. Following last year’s ‘near miss’ of the B1 Conductor, we’ve made thorough preparations for our return to this target.
Mindea successfully drilled two holes in the area last year for us, overcoming difficult ground conditions. We learned a lot together from that campaign and are confident Mindea’s team will give us the greatest chance of making a successful intersection of the 28,700 Siemens B1 Conductor.
This high level of conductance is among the stronger geophysical indicators in nickel/copper exploration, and we look forward to proving the causative source with physical drill core.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
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’.
#KAV Kavango Resources plc – KCB – CSAMT breakthrough
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce an important breakthrough in its use of Controlled-Source Audio Magnetotelluric (“CSAMT”) surveys as an exploration tool in the Kalahari Copper Belt (“KCB”).
Over the last 12 months Kavango has refined and calibrated its use of CSAMT, across its project portfolio. The Company has now completed a programme of CSAMT surveys on KCB prospecting licence PL082/2018 (announced >>> 12 October 2022).
Line 4A is the longest line of CSAMT on PL082/2018 and extended beyond the licence boundary to the southeast, onto ground that hosts the Kronos occurrence (the “Line 4A Survey”) with the permission of holder Sandfire Resources (ASX:SFR). As Kronos is known to lie at the D’Kar/Ngwako contact zone, Kavango’s objective was to use this occurrence as a calibration point of known geology. The goal is to confirm the D’Kar/Ngwako Pan contact signature in the CSAMT data and then extrapolate this onto PL082/2018. This formational contact is recognised as the primary regional control of copper/silver mineralisation across the KCB.
Initial results of inversions of the CSAMT data from the Line 4A Survey appear to provide high quality vertical resistivity sections that identify sedimentary strata with good resolution, down to 4000m depth. This far exceeds expectations. Previously, at the Company’s Kalahari Suture Zone and Ditau projects, Kavango had achieved detailed resolution of sedimentary strata down to roughly 1000m depth. As such, the Company believes it has achieved a significant breakthrough in its proprietary application of CSAMT technology in the KCB.
If drilling demonstrates that Kavango can accurately map the D’Kar/Ngwako Pan contact from surface, using CSAMT, the Company believes this should substantially enhance its exploration programme in the KCB.
Further updates will be made, as Kavango interprets and analyses inversions of data taken from the lines 3, 4A, 6A and 8 surveys. The Company intends to use these results to calibrate its future use of CSAMT and enhance the ongoing drill programme on licence PL082/2018, which is targeting copper/silver mineralisation.
Jeremy S. Brett, Senior Geophysicist at Kavango Resources, commented:
“CSAMT applied to the Kalahari Copper Belt is showing impressive promise as a geophysical tool to detect the primary bedding and secondary brittle controls that are well known to control mineralization in the belt.
This method provides the detection of structure in vertical section and meshes well with the regional folding and faulting that can be interpreted very well from aeromagnetic surveys.
The combination appears to be very powerful for exploration targeting, and Kavango hopes to prove this via diamond drilling.“
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
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’.
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
#KAV Kavango Resources – Agreed Acquisition of 50pc of Kanye Resources
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) announces it has agreed terms with Power Metal Resources plc (AIM:POW) (“Power”) to acquire Power’s 50% of the Kanye Resources Joint Venture (“Kanye JV”) (the “Acquisition”).
The Kanye JV owns 100% working interests in:
– 10 prospecting licenses in the Kalahari Copper Belt (“KCB”), which cover 4,257km2
– 2 prospecting licences in the Ditau Camp Project that cover an area of 1,386km2
Kavango is the operator of the Kanye JV.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Today’s deal is a very important step forward for Kavango. After a period of considerable support from Power Metal Resources, we are now in a position to regain complete ownership of our crucial prospecting licences in the Kalahari Copper Belt (KCB) and at Ditau. On completion of the transaction, Kavango will become one of the largest landholders for copper exploration in Botswana.
The Strategic Joint Venture has served both Kavango and Power well. It has demonstrated the success of Power’s incubation model in the exploration space, while has provided Kavango with innovative and effective financing to develop its projects more quickly. This has enabled us to drill our recent campaign at Ditau and also to bring our interests in the KCB to the point of drill readiness.
From a commercial perspective, the deal with Power significantly strengthens Kavango. We are adding a supportive strategic investor to our shareholder register, at this crucial point in the wider market cycle.
With the operational progress we have made over the last two years, the talented people we have recruited to our team, and the financing measures we have put in place, we have significantly raised Kavango’s chances of exploration success. We now have near-complete control of 16,000km2 of highly prospective ground in Botswana and an exciting future ahead of us.”
Headline Terms of the proposed Agreement (Subject to and conditional upon the publication of a new prospectus by Kavango):
– The issue to Power Metal of 60 million new ordinary shares of Kavango at a deemed issue price of 3p per ordinary share, subject to a 12-month lock-in agreement
– The issue to Power of 60 million warrants, divided into two separate tranches:
– 30 million warrants with the right to subscribe for new ordinary shares in Kavango at an exercise price of 4.25p for a period of 30 months
– 30 million warrants with the right to subscribe for new ordinary shares in Kavango at an exercise price of 5.5p for a period of 30 months
– The issue to Power of 15 million variable price warrants (“VP Warrants”) with a six-month life to expiry, with a minimum exercise price of 3p and an actual exercise price at a 15% discount to the volume-weighted average share price on the date of exercise
– Power Metal will receive a 1% Net Smelter Return (“NSR”) (“Royalty”) across all Kanye licence areas
In the event that Kavango sells all or part of Kanye for in excess of £7.5 million, Power Metal will be paid a proportion of the gross excess received by Kavango above £7.5 million.
Detailed Transaction Terms:
The Kanye JV owns 100% working interests in:
– 10 prospecting licenses in the Kalahari Copper Belt (“KCB”), which cover 4,257km2. The PL numbers are PL108/2020, PL109/2020, PL110/2020. PL111/2020, PL046/2020, PL49/2020, PL052/2020, PL053/2020, PL036/2020 and PL037/2020.
– 2 prospecting licences (PL169/2012 & PL010/2019) in the Ditau Camp Project that cover an area of 1,386km2.
Kavango is the operator of the Kanye JV.
Subject to and conditional upon the publication of a new prospectus by Kavango including provision for this Acquisition (the “Prospectus”) Kavango will acquire Power Metal’s 50% interest in the Kanye JV.
Consideration:
Shares:
The issue to Power Metal of 60 million new ordinary shares of Kavango, credited as fully paid at a deemed issue price of 3p per ordinary share (Share Value £1,800,000 at 3p) (“Consideration Shares”). The Consideration Shares will be subject to a lock-in agreement whereby they may not be sold within 12 months without Kavango’s written approval.
Warrants:
The issue to Power Metal of 60 million warrants, divided into two separate tranches (Tranche 1 and Tranche 2)(“Consideration Warrants”). The two tranches of warrants include the following terms:
– Tranche 1 comprises 30m warrants with the right to subscribe for new ordinary shares in Kavango at an exercise price of 4.25p for a period of 30 months from execution of the agreement
– Tranche 2 comprises 30m warrants with the right to subscribe for new ordinary shares in Kavango at an exercise price of 5.5p for a period of 30 months from execution of the agreement
The issue to Power Metal of 15 million variable price warrants (“VP Warrants”) with a six month life to expiry from execution of the agreement, with a minimum exercise price of 3p and an actual exercise price at a 15% discount to the volume-weighted average share price on the date of exercise. Should all VP Warrants be exercised within 6 months from execution of the agreement, Power Metal will receive 15 million replacement warrants, on the same exercise terms and with a 12-month life to expiry from issue date (“Super VP Warrants”).
Royalty:
Power Metal will receive a 1% Net Smelter Return (“NSR”) (“Royalty”) across all Kanye licence areas save in respect of any such licences which, at its sole discretion, Kanye Botswana allows to lapse. Costs for the preparation of a suitable separate Royalty Agreement shall be shared by the parties. In the event that Kavango is able to secure, within 2 years of execution of the agreement, a greater than 2% NSR or other royalty on any of the Kanye properties the total royalty above 2% would be split equally Power Metal/Kavango (e.g. a 3% NSR would see KAV/POW each receive a total 1.5% royalty), with Kavango retaining the balance.
Sale Premium:
In the event that Kavango sells all or part of Kanye for in excess of £7.5 million, Power Metal will be paid a proportion of the gross excess received by Kavango above £7.5 million (the “Sell-On Premium”). (e.g. if Kanye is sold for £50 million in month 15, POW would receive £4.25million). The Sell-On Premium is 20% for 6 months from execution of the Agreement, 15% for 7-12 months from execution of the agreement, 10% for 13-18 months from execution of the agreement and 5% for 19-24 months from execution of the Agreement, after which the Sell-On Premium will lapse.
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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#KAV Kavango Resources – Kanye Resources Operational Update
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) provides an operational update on its Kanye Resources (“Kanye”) Joint Venture with Power Metal Resources (AIM:POW).
Highlights
– Ditau
– Drill programme complete
– 4 holes successfully drilled on Targets i1, i8 and i10, totalling 1,623.60m of diamond core drilling
– Three of twelve targets tested in the search for carbonatites and mineralised intrusives
– High and low frequency Controlled Source Audio Magnetotelluric completed over Targets i1, i8 and i10, with the aim of providing lateral definition of the geology intersected in each hole
– All holes geologically logged and three of the four holes sampled, the fourth is being cut. Magnetic Susceptibility, Conductivity and Specific Gravity measurements have been completed on all core
– Samples from Hole DITDD004 currently being analysed at an internationally accredited laboratory
– Samples from two of the remaining three holes now in transit, with the fourth being cut
– Final drill report being prepared, with recommendations for next steps of exploration
– Kalahari Copper Belt (“KCB”)
– 3,478 soil samples collected of current 8,000 soil sample campaign
– Kavango has identified and located the Ngwako Pan-D’kar formational contact across several of the company KCB licences
– The Ngwako Pan-D’kar contact is a crucial lithological control for copper/silver mineralisation in the KCB
– Kavango’s geologists have completed an extensive mapping exercise over the majority of the Kanye KCB prospecting licences (“PLs”)
– Kavango has deployed a seismic-based Tromino unit to map overburden and subsoil layers, using resonance frequencies
– The Tromino assists subsurface mapping to help design appropriate soil geochemistry sampling techniques across various areas with different transported overburden thickness, and to enable “domaining” of geochemical data to assist interpretation of the same
– Preliminary discussions with RC drill contractors for a planned programme in H2 2022
– This will target structural features in the vicinity of and above Ngwako Pan-D’kar formation contacts.
– Maps of its progress in the Kalahari Copper Belt
– https://www.kavangoresources.com/media-library/news-release-media/rns8july2022
Ben Turney, Chief Executive Officer of Kavango Resources, commented on Ditau:
“We have come a long way with Ditau in a very short period of time. These are complex targets, in an area where there was almost no prior geological data. Kavango’s application of systematic modern exploration methodologies is starting to unlock the complex geological history of this area.
We are particularly encouraged by what we’ve seen from the CSAMT technology we are using. Armed now with drill core to enhance our interpretation of the survey results, we believe this will prove to be an extremely powerful exploration tool as we pursue a more comprehensive programme across the 12 targets at Ditau.
Our new approach will enable us to map with confidence the underlying stratigraphy at Ditau. This is particularly important when exploring for buried mineralised intrusives. The more accurately we can model the Ditau targets in future, the greater the confidence we will have in drill targeting.
I would like to thank our team and our drillers, Mindea, for successfully completing the current drill programme quickly and safely. This was a challenging task, as the site is remote. Issues such as a limited water supply and drilling through deep sand cover were successfully overcome. Core recovery was again at 99%.
Once again, Kavango is proving it is up the task of effective, modern exploration in difficult terrain.
All holes have been logged and sampled, a wide range of geological units were seen, including sediments, intrusive bodies, and in hole DITDD004, zones tens of metres thick with locally abundant shearing, veining and alteration, including significant sulphide mineralisation. This is an area in which there was almost no prior geological information due to the depth of sand cover, and as a result this drilling has proved instrumental in better understanding the geology of the area.
This has included placing the individual targets within a regional stratigraphic setting as well as their relative positions in the same. The relevance of this is to understand the geological framework, from variations within the original sedimentary environment, to later deformation and structural histories, to assist the evaluation of the economic potential, and aid further exploration efforts.
Using the results of our AMT surveys we are now able to translate the intersected geology across the subsurface. We await the results of chemical assays and petrological work in order to evaluate any economic potential and plan future work for the area.
We are now preparing plans for the next stage in exploration of this challenging and exciting project.”
And on the Kalahari Copper Belt:
“In the Kalahari Copper Belt we have built a head of steam in our exploration programme in the first half of 2022. With the changes we made to Kavango in the second half of last year and the new team members we recruited, we are now seeing the results coming in from the field.
The momentum is highly encouraging and we are quickly moving towards defining drill targets for a campaign later this year.
The exploration model in the KCB is well-established, but I am pleased to report Kavango is also innovating in the area. Our use of the Tromino was a simple idea, but so far appears to be effective, in helping us quickly estimate the depth of sand cover in our prospecting licenses this has guided our decision-making both in terms of where to take soil samples and how to interpret them.
We are particularly happy to have identified and located several key Ngwako Pan-D’kar formational contacts across our several of our license areas. This is an important step towards validating our original exploration hypothesis that the western half of the KCB in Botswana was both prospective for copper/silver mineralisation and overlooked because the sand cover obscured much of the regional geology.
I would like to thank our teams in the field for their hard work and we look forward to the results of further soil sampling, which will hopefully lead to clearly defined drill targets a little later in 2022.”
Ditau drilling overview
Kavango has successfully completed the current diamond drilling programme at the Ditau Camp Project (“Ditau”), in southwestern Botswana. The programme targeted three geophysical structures/targets, prospective for possible carbonatites and/or intrusive complexes that may host carbonatites. A total of four holes were drilled, for 1,623.60 m.
Samples from Hole DITDD004 are presently being analysed at an internationally accredited laboratory in South Africa. Samples from two holes are in transit to the same laboratory while core from the fourth hole is being cut.
Additional Controlled Source Audio Magneto Telluric (“CSAMT”) geophysical surveys and modelling have been carried out to further aid interpretation of the geological units intersected.
Kavango is now preparing the next steps for exploration of the twelve targets at Ditau, building on the geological knowledge gained from this programme.
– Four diamond drillholes successfully completed, funded on a part cash, part equity basis with the drillers, Mindea Drilling and Exploration Services
– Drillhole DITDD003 completed; final depth 300.14m.
– Drillhole DITDD004 completed; final depth 393.29 m
– Drillhole DITDD005 completed; final depth 343.90 m
– Drillhole DITDD006 completed; final depth 586.27 m
– Three (of twelve) targets have been tested so far. These are complex, buried features, over which Kavango are starting to gain a detailed geological knowledge, through the combination of drilling and cutting-edge geophysical techniques.
– High and low frequency CSAMT surveys have been completed over each of the targets, with the aim of providing lateral definition of the geology intersected in each hole.
– Drillholes DITDD003 and DITDD004 both targeted Target i10. DITDD005 targeted Target i1, and DITDD006 targeted Target i8.
– DITDD003 and DITDD004 were drilled in close proximity (600 m) yet showed very different geology, with DITDD004 showing evidence of brecciation, veining, alteration and significant sulphide mineralisation.
– DITDD005 has helped enhance the Company’s understanding of the stratigraphy of Target i1 (the largest anomaly at Ditau). Data from this hole will guide follow up CSAMT work.
– DITDD006 was drilled to a deeper depth than the other three holes to test a possible intrusive body, as identified by the recently completed CSAMT survey over Target I8.
– All holes have been geologically logged and sampled, with regular Magnetic Susceptibility and Conductivity readings, and Specific Gravity/Density measurements taken of all the drilled core.
– Assays are now pending, together with petrology samples. Results from these will define any potential of the intersected geology for carbonatite and/or base/precious metal mineralisation.
Final drill report currently being prepared, with recommendations for next steps of exploration.
Ditau completed holes
A table summarising the holes completed at Ditau under the 2022 programme is provided below. Analytical results will be provided once assays are complete.
|
Target |
Drillhole |
Planned |
Planned |
Planned azimuth |
Planned inclination |
Final depth |
|
i10 |
DITDD003 |
640350 |
7231118 |
000 |
-80 |
300.14 m |
|
i10 |
DITDD004 |
640350 |
7230498 |
000 |
-80 |
393.29 m |
|
i1 |
DITDD005 |
650000 |
7246516 |
000 |
-80 |
343.90 m |
|
i8 |
DITDD006 |
654098 |
7233400 |
180 |
-80 |
586.27 m |
Ditau targets and intersected geology
Kavango has identified, using combined and integrated Airborne Magnetics, Ground Magnetics and CSAMT surveys, 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.
There are two target types at Ditau:
1) Discrete kilometre-scale carbonatite pipe targets, and
2) Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives and/or mafic associated mineralisation styles prospective for base metals
In the current drill programme, Kavango evaluated three of these targets; i10, i1, and i8. In parallel with the drilling, additional AMT work was implemented to further aid interpretation, given the high-quality sub-surface imagery achieved early in the programme, and increasing confidence in interpretation of data using this technique.
Ditau Target i10
Two drillholes, DITDD003 and DITDD004 were drilled into this target, a discrete circular anomaly of 2.2 km diameter. The two holes are 600m apart and yet show very different geology, which highlights the high level of geological variability of the area, which Kavango’s geologists consider could result from structural disturbance or major changes in sedimentary depositional environment. The intersected lithologies are described briefly below.
DITDD003
This hole passed through 83.90 m of Kalahari sands, before intersecting units including a breccia of 20.44 m from 83.90 m, and a dolomitic carbonate rock from 154.89 m. In addition, a 7.16 m intrusive, considered to be a dolerite, was intersected from 247.73 m.
DITDD004
This hole passed through 105.91 m of Kalahari sediments before intersecting dolomitic carbonates, a mafic intrusive (from 109.50 m to 227.14 m), and mudstone units interbedded with cm sandstone beds. Shearing, brecciation, veining, and haematitic alteration were observed to varying degrees within the mudstones over tens of metres thickness. Locally the hematite alteration is extremely intense with several phases of sulphide generation, in mm/cm scale veins and, most prominently, as a later phase that appears to overprint all earlier alteration. Variations in the geology between these holes are considered to be due to variations in the original sedimentary environment, or later structural deformation within a permit scale southwest-northeast structural corridor that underlies the Ditau project.
Ditau Target i1
One hole, DITDD005, was drilled into the i1 target, to investigate this possible large 7 km x 18.5 km magmatic intrusive complex, within which are circular structures indicative of potential carbonatite intrusives.
This hole passed through 31.00 m of sands before passing into units consisting of matrix and clast-supported conglomerate. The conglomerate shows metre-scale bedding with variable clast percentage and composition within these beds indicative of a high energy environment with material derived from variable sources. The clasts correspond to some of the units drilled in the other Ditau project holes, and include mudstones, some with a high magnetic content, silicified dolomites and minor mafics. The matrix is generally a medium-coarse, siliceous sand. Minor pyrite veining was seen. This unit is interpreted to be stratigraphically part of the Segwagwa Group, part of the Transvaal Supergroup.
Ditau Target i8
One hole, DITDD006, was drilled into the i8 target, to evaluate whether this could represent an intrusive dome structure as indicated by the lates AMT interpretations, that is approximately 4 km in diameter. This hole was planned to 400 m depth, and was extended to 586 m in order to ensure that the geophysical target as outlined on a newly implemented high-frequency AMT survey was thoroughly investigated.
This hole passed through 125.34 m of Kalahari sediments, before entering a series of mudstones and siltstones to 229.73 m, with an intruded dolerite from 161.77 m to 227.95 m. The remainder of the hole comprises tillite, siltstones and mudstones, interpreted to be of the Dwyka stratigraphic unit. No significant veining or alteration were seen.
Kalahari Copper Belt Overview
Kavango Resources has identified an important lithological/structural control of copper/silver mineralisation in the KCB, across several of its prospecting licenses held within the Kanye Resources Joint Venture. The Ngwako Pan-D’Kar formational contact zone is closely associated with multiple copper-silver deposits and discoveries elsewhere in the KCB.
This formational contact represents areas where the two rock formations meet, with the shallower D’Kar lithologies overlying the deeper Ngwako Pan sediments. Economic grades of mineralisation can be found along and close to these zones where concentrated through later shearing, folding, and tensional failure between the rock layers.
Kavango is pleased to announce that it has successfully mapped the Ngwako Pan-D’kar contact across a number of its own licences.
The discovery of the key control on mineralisation came as part of an extensive programme of geological mapping and soil sampling launched by the Company earlier this year. The goal of this ongoing work is to identify and rank a complete range of drill targets after previous efforts identified multiple Airborne Electromagnetic and geochemical targets over Kanye’s KCB licences.
Kavango will now work to advance discussions with RC drill contractors for its planned Kalahari Copper Belt drill programme later in 2022. This will target structural features in the vicinity of and above the Ngwako Pan-D’kar formational contacts.
Alongside this, the Company has continued extensive soil sampling and is midway through an 8,000 sample campaign, aimed at widening coverage in existing licences, as well as starting new work on licences such as the Mamuno package, located adjacent to the Botswana-Namibia border.
In addition, the Company is using a Tromino tool to estimate overburden thickness. This is being used to support interpretation of the geochemical data, in what is complex terrain.
Kalahari Copper Belt geology and geological mapping
All available historical maps and information, including relogging of local water boreholes, have been compiled and used to define priority areas based on known/inferred geology. The relogging also included Magnetic Susceptibility readings and, in selected holes, the use of a pXRF unit. Geological compilation has been augmented with extensive company geological mapping over areas defined as priority taking account of favourable stratigraphic horizons and known mineralised systems in the KCB. This has successfully identified the presence of the Ngwako Pan-D’kar formational contact on multiple licences.
Following the geological mapping, traverses across areas of known outcrop and collection of rock samples for lithogeochemical “fingerprinting” have been carried out. The results of this exercise are expected to assist in determining stratigraphy in areas of poor exposure and during drilling, in particular when dealing with drill chips.
The benefit of this detailed mapping is that inliers of Ngwako Pan Formation have been mapped within D’kar units – some of these are not shown on any existing maps and are to be confirmed through drilling. As the contact between the two formations is the primary target for KCB copper/silver mineralisation, the results of this mapping are considered very encouraging.
The combination of all these geological datasets has been used to select priority areas for the soil sampling programmes, along with other field programmes.
Kalahari Copper Belt geochemical survey
Following on from the geology compilation and interpretation work, a programme comprising approximately 8,000 samples of detailed soil geochemical sampling is underway, to augment previous work. This uses 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. Quality Control measures include use of reference materials, which are used to generate user factors for normalising the analytical results prior to interpretation. This work is presently being undertaken on the four Mamuno licences, as well as PL036/2020, and PL082/2018.
Selected samples will also be sent to an independent, internationally accredited laboratory in South Africa for multi-element analyses by conventional methods.
|
PL |
Planned samples |
No. samples 20/6/22 |
Line |
Sample |
|
PL082/2018 (LVR) |
Up to 3,200 |
800m |
50m |
|
|
PL036/2020 (Kanye JV) |
4,000-5,000 |
3,478 |
400 & 2000m |
50m |
|
Mamuno (Kanye JV) |
Up to 1,500 |
800m |
50m |
Table 1: 2022 geochemical sampling programme status, June 2022
PL036/2020 (Kanye JV)
A total of 3,478 samples have so far been collected. At current production rates of +-150 samples/day, it is anticipated that the current phase of sampling on PL36/2020 will be completed by mid-July.
Mamuno Block: PL46, 49, 52, 53/2020 (Kanye JV)
Soil sampling is underway on these four licences. This block, located in the west, has seen little previous work. It lies on-strike with the main KCB trend.
Sampling is planned to cover the outcropping Ngwako Pan-D’kar Formation contact zone that has been mapped in detail by the company. A total of 1,319 samples at 50 m sample stations on 800 m spaced lines are planned, with some extensions across mapped Ngwako Pan Formation units to check for any structural repetition.
Kalahari Copper Belt Tromino surveys
In order to aid interpretation of geochemical data, a Tromino unit has been purchased. This seismic based unit is typically used in civil engineering applications for the characterisation of subsoils, using seismic waves. This maps subsoil resonance frequencies and has been identified by Kavango as ideal for reviewing overburden thickness such as the Kalahari Sands.
The Tromino is a small device that is being deployed along selected soil sample traverses. Given the proven attenuation of sand cover on geochemical values from both pXRF and conventional geochemical analyses, knowledge of the structure and thickness of the regolith profiles will be critical in both the design of the geochemical sampling programme as well as the domaining of the geochemical data during interpretation.
Three orientation surveys have been completed in PL036/2020. These were located across existing water boreholes with available geology logs, to enable a direct correlation of the Tromino data against known geology. Each location had varying depths of cover ranging from 6-40 m. Survey lines were 1 km long with the borehole at the centre. Sample points were 100 m apart.
The level of resolution achieved with this has exceeded Kavango’s expectations, and will now be used to aid in the interpretation of geomorphology for domaining of geochemical data, ensuring that a full understanding can be achieved of any geochemical anomalies identified.
Kalahari Copper Belt ongoing work programme (June to August 2022)
Work will continue to complete the activities currently in progress, integrating these with existing data sets and generating drill targets.
All KCB Licences
– Relogging of remaining, relevant historical drill holes – these are predominantly chips from water boreholes -this is planned to support the next stage of geophysical interpretations.
PL036/2020
– Completion of soil sampling over selected target zones defined from the preliminary geophysical interpretations.
– Continued geochemical analyses, including comparison of the data generated from the pXRF against conventional laboratory analyses.
– Completion of interpretation of previous detailed ground magnetic survey.
– Completion of Lithogeochemical “fingerprinting” of lithologies within the main formations.
Mamuno Licences
– Completion of soil sampling.
– Follow-up of identified targets from this, geophysics, and geological mapping.
In parallel with the above, discussions are underway with RC drill contractors for a planned drill programme later in 2022, aimed at targeting structural features in the vicinity of and above the Ngwako Pan-D’kar Formation contacts.
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
#POW Power Metal Resources – Ditau Project – Exploration Programme Expansion
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Ditau Camp Project (“Ditau” or the “Project”) located in southwest Botswana which is prospective for carbonatite hosted rare-earth element (“REE”) and base-metal mineralisation. Ditau is held within a 50/50 Joint Venture (“Kanye Resources”) with London-listed Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator.
Following completion of drillhole DITDD003, which was drilled into the i10 target, Power Metal in conjunction with Kavango have decided to expand the ongoing exploration programme. Initial observations in respect of DITDD03 were announced on 29 April 2022 and can be viewed at the follow link:
The expanded exploration programme will include 16.1 line-km of Audio-Magnetotelluric (“AMT”) geophysics surveys over various target areas.
DITDD003 is the first of six planned exploration drillholes to be completed at the Ditau Project as part of the ongoing drilling campaign. Based on results achieved thus far, Kanye Resources has confidence in the utility of its new AMT inversion modelling introduced this year and believes the expanded geophysical surveys will enable it to further optimise the location of planned drill collar locations.
Kanye Resources also announces the commencement of drilling of drillhole DITDD004 which is also targeting the i10 Target geophysical anomaly.
Paul Johnson, Chief Executive Officer of Power Metal Resources, commented:
“It’s great to see the exploration programme at Ditau moving forward at pace with the second drill hole now underway. The Ditau Project represents a significant exploration opportunity, with a district-scale land holding believed to be prospective for rare-earth element mineralisation. This exploration comes at a critical time when this commodity group is in great demand, particularly from stable mining jurisdictions.
The work undertaken thus far, and the building knowledge we are collating, is highly valuable and I look forward to providing further updates to the market as additional developments occur.”
Operational Summary
– Commencement of DITDD004, the second hole to target the i10 Target
– The i10 Target is a discrete circular geophysical anomaly which is roughly 2.2km in diameter.
– Kanye modelled the i10 Target using inversions of Aeromagnetic (“AEM”) combined with its interpretation of limited existing AMT data.
– Kalahari sediment thickness was determined to be 105m based on the first hole drilled (DITDD003) which is consistent with the estimated thickness based on the AMT modelling completed.
– An additional 16.1 line-km of AMT geophysical surveying is now planned with coverage over multiple drill target areas including:
– 1 line-km over the i10 Target;
– 5.5 line-km over the i8 Target; and
– 9.6 line-km over the i1 Target.
The plan is to collect high-frequency AMT profiles over near-surface potential carbonatite targets with the ultimate goal of better resolving the location of breccia zones and intrusive sills/dykes intersected in drillhole DITDD003. AMT surveys can aid geophysicists and geologists in mapping subsurface geological structures and layers; further identifying potential areas for mineralisation which allows for the refinement of drill targeting.
To date 12 targets from geophysics have been identified at the Ditau Project (i1 through i12) which Kanye believes could be carbonatites and/or intrusive complexes that may host carbonatites pipes. Carbonatites account for the primary source of mined rare-earth elements; and REEs are vital component materials in many high-tech industries.
As part of the ongoing exploration programme, Kanye is planning to drill test three geophysical targets (i10, i1 and i8).
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 |
#KAV Kavango Resources – Ditau exploration programme expansion
Following completion of hole DITDD003, Kavango Resources plc (LSE:KAV) has expanded the exploration programme at its Ditau project in south west Botswana. Kavango is exploring for rare earth elements (“REEs”) and base metal mineralisation at Ditau. Hole DITDD003 was drilled into the i10 Target.
The expanded exploration programme will include an additional 16.1km of new Audio-Magnetotelluric (“AMT”) surveys over the drill target areas. DITDD003 is the first of 6 planned exploration holes to be drilled at Ditau in the current diamond core drill campaign. Based on results so far, the Company has confidence in the utility of its new AMT inversion modelling, introduced this year, and believes the expanded programme will enable it to optimise the location of drill collar positions via the elucidation of the bedrock geology.
In addition, Kavango announces commencement of drilling of Hole DITDD004.
Further, the Company confirms that the drill contractor, Mindea Exploration & Drilling Services (Pty), has agreed to accept payment for a large proportion (approximately 50%) of the Ditau drilling costs in Kavango stock, at an issue price of 4.53p per share.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We designed the current drill programme at Ditau to be flexible, and are using results as they come in. We are doing this in combination with geophysical data, to adjust the programme dynamically. Kavango’s use of AMT technology and state of the art inversions for carbonatite exploration is innovative and we hope it will maximise our opportunity for success .
It’s still early days in the programme, but the data we’ve already gathered are intriguing and continue to build up our understanding of this new and exciting area.”
Operational Summary
– Commencement of DITDD004, the second hole to target the i10 Target
– Target i10 is a discrete circular anomaly, 2.2km in diameter
– Shallow depth, with Kalahari sediment and sand cover modelled by AMT at 120m thickness, with the target zone directly underneath
– Kavango modelled Target i10 using inversions of Aeromagnetic data (“AEM”) combined with its interpretation of limited existing AMT data
– Kalahari sediments in the first hole, DITDD003, were intercepted at 105m, in line with the AMT modelling
– The i10 target has been independently verified to conform to an idealised model for carbonatite intrusives, based on its aeromagnetic signatures.
– Carbonatites are the world’s primary source of REEs and other critical commodities, which are crucial to high tech industries
– 16.1km expansion of AMT survey coverage over drill target areas includes:
– 1km over Target i10
– 5.5km over Target i8
– 9.6km over Target i1
– High frequency data to model near-surface carbonatite target areas & attempt to resolve origin of breccia zones and sills/dykes intersected in DITDD003
– Low frequency data to model possible deep carbonatite intrusions and structures
– Equity component of Ditau drill contract
– Kavango confirms that Mindea Exploration & Drilling Services (Pty) has agreed to accept payment for a large proportion (approximately 50%) of drilling costs, at an issue price of 4.53p per share
– Kavango has paid the cash component of its share of the drill contract upfront
The expanded exploration programme at Ditau will involve an additional 16.1km of of AMT survey coverage over drill target areas. AMT surveys can help geophysicists and geologists to map subsurface lithologies, structures, alteration and intrusive phases, to identify potential areas for mineralisation and to refine drill targeting.
Kavango has identified 12 targets from geophysics at Ditau (targets i1 through i12), which the Company believes could be carbonatites and/or intrusive complexes that may host carbonatite pipes. Carbonatite complexes are the world’s primary source of REEs and other strategic/industrial commodities. REEs are strategically vital commodities in high-tech industries. 9 of the 12 targets are particularly well defined.
Kavango is currently testing 3 of the Ditau targets (i10, i1 and i8) with diamond core drilling.
The POW/KAV Joint Venture at Ditau
Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea is conducting the drilling.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
#POW Power Metal Resources – USGS Releases 2022 List of Critical Minerals
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio highlights the United States Geological Survey’s (“USGS”) 2022 List of Critical Minerals which was published on February 22, 2022. The full announcement can be found at the following link:
U.S. Geological Survey Releases 2022 List of Critical Minerals | U.S. Geological Survey (usgs.gov)
The Critical Minerals list is published every three years and is determined using modern scientific methods to evaluate mineral criticality. The new list that was recently published contains 50 non-fuel mineral or mineral material that that are considered essential to the economic or national security of the United States of America (“USA”) and which has a supply chain vulnerable to disruption. Additionally, critical minerals are characterized as serving an essential function in the manufacturing various critical products, the absence of which would have significant consequences for the economy or national security of the USA.
The notable changes from the 2018 list include the additional of nickel and zinc, as well as the removal of helium, potash, rhenium and strontium. Tungsten, lithium, cobalt, rare earth elements and platinum group metals all retained their inclusion in the 2022 Critical Minerals list.
Power Metal’s Exposure
– Tungsten (W) was once again included on the USGS’s Critical Minerals list. The main uses can be viewed at the following link: Tungsten Statistics and Information | U.S. Geological Survey (usgs.gov). Power Metal, through its portfolio company Golden Metal Resources (“Golden Metal”) maintains significant exposure to the critical mineral through its 100% holding of the Pilot Mountain Project located in Nevada, USA. Pilot Mountain hosts a robust Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% WO3 with significant silver, copper and zinc credits. Golden Metal is undertaking a planned listing on the London capital markets in 2022.
– Power Metal also maintains significant global exploration exposure to several other metals on the Critical Minerals list including:
o Lithium: Through its Authier North Property located in Quebec, Canada, as well as its Haneti Project located in Tanzania.
o Rare Earth Elements (REEs): Through its Ditau Property located in Botswana, as well as its Selta Project located in the Northern Territory, Australia, held through its portfolio company, First Development Resources Limited.
o Platinum Group Metals (PGMs): Through its Molopo Farms project located in Botswana.
o Nickel: Through its Tati and Molopo Farms projects located in Botswana, as well as its Haneti Project located in Tanzania.
For further information and to view the new corporate presentation please visit the newly launched website at: https://www.goldenmetalresources.com
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 |
#KAV Kavango Resources – Great Red Spot – strong gravity anomaly identified
Kavango Resources plc (LSE:KAV) the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce completion of a ground gravity survey (the “Gravity Survey”) over the Great Red Spot (“GRS”), in Target Area B of the Company’s Kalahari Suture Zone (“KSZ”) project.
The GRS is a previously identified large-scale ~11km diameter magnetic anomaly that has been subject to limited historic exploration.
The Gravity Survey has identified a strong gravity anomaly, which is coincident with the roughly 2250 nanoTesla positive magnetic anomaly of the GRS.
The gravity anomaly has an amplitude of approximately 30 milliGal and is roughly 7km in diameter at its widest along the North-South geophysical lines.
Gravity anomalies are due to density contrasts in rock units relative to the background geology. In mineral exploration a strong gravity anomaly can indicate the presence of an intrusion, alteration and mineralisation.
Highlights
· Visual inspection of drill core from KSZDD001 and reinterpretation of existing magnetic data encouraged Kavango to perform the Gravity Survey
· Gravity Survey was carried out over Target Area B in December, covering boreholes KSZDD001 (drilled to 1,000m) and KSZDD002 (currently at 390m)
· Scintrex CG-5 Autograv gravimeter and Leica GPS1200 RTK differential GPS were used to perform Gravity Survey
· Total of seven 13km lines of gravity data were acquired, including:
– Five North-South lines at 800m spacing
– 2 East-West tie lines at 2,000m spacing
– Stations spaced at roughly 200m along each line (460 stations)
· Strong ~30 miliGal Bouguer anomaly detected
· Kavango is now preparing an Audio-Magnetotelluric (“AMT”) survey over the GRS to futher refine its understanding of this target
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“While it is too early to start drawing definitive conclusions, we are keen to pursue the possibility that the Great Red Spot could host stacked mineralised systems.
Although this is a relatively new geological theory for Kavango, it is interesting that it builds on our existing work. The younger, shallower Karoo gabbros over the Great Red Spot remain our primary focus, but we are increasingly aware of the potential for the deeper, much older Proterozoic gabbros to host an entirely separate system.
Reinterpretation of our existing magnetic model helped send us down this path and it is encouraging that the gravity survey results are coincident with the magnetics.
Quite what that system will prove to be remains to be seen, but we are led by the data in this. The more independent evidence we can gather that supports a new deposit, the more compelling the case will become.
This is why we are now prioritising the AMT survey as a next step. Our hope is the AMT survey will provide a third data set, which complements the results from magnetic and gravity surveys.”
Keeping an open mind in minerals exploration is crucial. We did not set out last year to find a new potential mineralizing system in the deeper Proterozoic rocks
Background
The Great Red Spot (GRS”) is a previously identified large-scale ~11km diameter magnetic anomaly that has been subject to limited historic exploration.
Thanks to significant advances in geophysical technology and analytical software over the last two decades, Kavango believes it has been able to create a more accurate geophysical model of the Great Red Spot (the “New GRS Model”). The New GRS Model combines historic data with data gathered by the Company in its exploration of the KSZ (announced 22 September 2021).
Following completion of Hole KSZDD001, which was drilled 1,000m into the GRS, preliminary visual inspection of the drill core revealed the presence of sulphides and abundant magnetite throughout the 49m intersection of the Proterozoic gabbro encountered at the bottom of the hole (announced 16 November). Kavango is currently testing the origin of the sulphide and magnetite, through detailed petrographic work and various assay techniques at internationally accredited laboratories in South Africa.
Following further internal analysis, Kavango began to investigate the possibility that the GRS might host two distinct, separate mineralised systems (announced 22 November 2021). These are:
· A younger Karoo-age system prospective for Nickel/Copper/Platinum Group Elements, which Kavango is currently testing through drilling the B1 Conductor
· An older Proterozoic-age system, which Kavango is in the process of developing a mineralisation model for
Kavango believes the coincidental source of the magnetic and gravity anomalies in the GRS may lie within the Proterozoic gabbros.
The purpose of the AMT survey will be to provide a third standalone data set, to deepen Kavango’s understanding of the geophysical anomaly in the heart of the Great Red Spot. Lines are currently being cut for the survey and results are expected in the coming months.
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