Home » Posts tagged 'kav' (Page 2)
Tag Archives: kav
Alan Green covers Red Rock Resources #RRR & Kavango Resources #KAV on this week’s Stockbox Research Talks
Alan Green covers Red Rock Resources #RRR & Kavango Resources #KAV on this week’s Stockbox Research Talks
Kavango Resources #KAV – CEO Ben Turney talks to Alan Green, April 2023
Kavango Resources #KAV – CEO Ben Turney talks to Alan Green, April 2023. We discuss the latest developments at the Ditau Farms lode gold project, and Ben covers upcoming developments that investors can look forward to in the coming months.
#KAV Kavango Resources PLC – Ditau: 470m Strike Extension to Mineralised BIF
Kavango Resources (LSE:KAV) (“Kavango”), the Southern Africa focussed metals exploration company, is pleased to announce that it has confirmed an extension of at least 470m to the Mineralised Banded Iron Formation (the “Mineralised BIF”) intercepted at Target i10 with Hole DITDD004 in the Ditau Project, Botswana.
Kavango has now completed an initial review of drill core and logs from an exploration hole, drilled in 2021, 470m to the NW of DITDD004. This hole (Hole X077-H002, “X077”) was drilled by a company that held an overlapping diamond prospecting licence to Kavango’s Ditau metal prospecting licences.
X077 appears to have intercepted the same Mineralised BIF as DITDD004.
Having already confirmed the Mineralised BIF is >100m thick in Hole DITDD004 (announced >>> 06 March 2023), Kavango is increasingly encouraged that Target i10 could represent a large-scale, continuous system that is prospective for lode gold mineralisation.
Figure 1: Cross-section viewed west, showing Hole DITDD004 and Hole DITDD003, drilled by Kavango, and Hole X077, drilled by the Third Party. Zones of interpreted mineralised BIF are shown in red hatch at the end of Hole DITDD004 and Hole X077, indicating a broader mineralised BIF system extending for at least 470m between holes.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The initial results of our review of neighbouring exploration holes to DITDD004 are highly encouraging. We have been able to establish at least a 470m strike extent of the Banded Iron Formation directly from DITDD004 to Hole X077, bounded by the i10 magnetic anomaly. Both holes show evidence of the same mineralisation style. We’ve achieved this without any further drilling.
Given that both DITDD004 and X077 remain open at depth in the Mineralised BIF, the large-scale promise of this system is strongly underlined. In the context of Dr. Mumin’s view of the lode gold potential here, this is very positive.
We are now in the process of cutting core to send for assay testing and look forward to receiving the results.“
OVERVIEW
· A third party completed an independent diamond core drilling programme in 2021 targeting some of the same geophysical anomalies Kavango has identified at Ditau.
o The company held a diamond prospecting licence that overlapped Kavango’s Ditau metals exploration prospecting licences.
· Following Kavango’s recent identification of lode gold potential from Hole DITDD004, the Company approached the third party to request permission to review core from holes drilled in the vicinity of its i10 Target (“i10”) at Ditau.
o Kavango drilled Hole DITDD004 to intercept Target i10 in April 2022.
o That hole encountered a 100m thick mineralised “Zone of Interest” from a depth of 293m to 393m. This zone remains open at depth at the End of Hole.
o DITDD004 contained anomalous gold and copper values.
o Subsequent analysis by Dr. Hamid Mumin concluded that the “Zone of Interest” appears to represent a high-potential BIF-hosted lode gold system.
o Based on the proximity of Hole X077 to Target i10, Kavango was keen to see if the same BIF was intersected during drilling.
· Kavango has performed initial analysis on core from Hole X077.
o Hole X077 lies 470 NW of DITDD004 and was drilled to a depth of 189m.
o Hole X077 was abandoned after it was confirmed the target was not a kimberlite and therefore had no potential to host diamonds.
o Hole X077 remained open for mineralisation at the End of Hole.
· Based on its initial review of drill core, Kavango concludes that Hole X077 intercepted the same BIF as DITDD004, with clear visual evidence of a mineralising system (‘mineralisation’), in the form of pyrite, chalcopyrite, and carbonate alteration. This strongly supports that the Mineralised BIF is continuous for at least 470m. As with Hole DITDD004, Hole X077 remains open in mineralisation at depth.
· Kavango will now complete more thorough analysis of core from Hole X077 and one other exploration hole drilled by the third party in the vicinity.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
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’
Kavango Resources #KAV – Ditau: Large-scale Lode Gold Exploration Potential
A review of the mineral exploration potential of the Ditau Project, Botswana, has been carried out for Kavango by Dr. Hamid Mumin, Professor and Former Chair of the Department of Geology at Brandon University, Manitoba, Canada (the “Review”). The Review has identified a possible high potential Banded Iron Formation hosted Lode Gold model at the Ditau Project.
REPORT HIGHLIGHTS
· Kavango previously recognised a 100m thick “Zone of Interest” from 293m to 393m, in diamond drillhole DITDD004 at Ditau. This included anomalous gold values (announced >>> 14 October 2022).
· Dr. Mumin assessed drill logs, core photography, and assays from DITDD004.
· Dr. Mumin has identified the likely presence of a large alteration system within a very thick Banded Iron Formation (“BIF”) that he considers exhibits excellent gold potential.
Figure 1 – Example of highly altered & structurally deformed Banded Iron Formation at 306m depth in Hole DITDD004, indicative of a possible Lode Gold System
· Dr. Mumin concludes “this is a new and very exciting opportunity for Kavango”.
o He explains “The reason iron formations are so important in the formation of world-class lode gold deposits is that the presence of abundant iron forms a type of chemical trap for gold.”
· The BIF intersected by DITDD004 is very thick (>100m) and open at depth.
o The intersecting structure, which is the source of fracturing, brecciation, sulphidisation, gold, silver, copper, and arsenic, appears also to be large.
o These factors combined could, in Dr. Mumin’s opinion, have led to a significant gold mineralising event.
· Dr. Mumin adds that “due to the overall robustness of the current discovery, the chances of finding economic grades in the Ditau discovery area is considered very good.”
Brett Grist and Jeremy S. Brett, Executive Directors of Kavango, stated,
“Dr. Mumin’s report represents a significant potential breakthrough for Kavango on the Ditau project. We didn’t find carbonatites as we had intended, but we are certainly delighted with the potential for a large Banded Iron Formation hosted Lode Gold system. Such systems can be capable of hosting a multimillion-ounce gold deposit.
Encouragingly, the BIF we encountered in Hole DITDD004 ran from 293m to end of hole at 393m. This is a very wide intersection that is open at depth. This suggests potential for a possible large-scale Lode Gold system.
We look forward to verifying this ore deposit model with Dr. Mumin on the Ditau project, via the prudently recommended detailed drill core re-logging, petrology and geochemistry.”
KEY FINDINGS OF DR. MUMIN’s REPORT
Dr. Mumin has identified the probable presence of a large alteration system within a very thick Banded Iron Formation (“BIF”), that he considers exhibits excellent gold potential. He has indicated that his interpretation is contingent on his direct examination of the drill core, so far having only been able to review drill core photos, logging and available assays. He recommends that the BIF hosted Lode Gold deposit model needs to be investigated very seriously, subject to his review of physical drill cores.
Figure 2 – Strong response from magnetic pencil used over the 100m thick BIF encountered in DITDD004.
In summary, the main conclusions of Dr Mumin’s report are:
· Examination of the drill logs, core photography, and assays from diamond drillhole DITDD004 at Ditau leads to interpretation that this hole has intersected a BIF hosted Lode Gold System. Dr. Mumin suggests that this presents a new and very exciting opportunity for Kavango.
· The BIF is very thick (>100m) and open at depth. The hole was stopped in brecciated BIF. The intersecting structure, which is the source of fracturing, brecciation, sulphidisation, gold, silver, copper, and arsenic, appears to also be large. Both the BIF and structures extend beyond the length of the current drill hole, as the hole was stopped in disrupted BIF. These factors combined could, in Dr Mumin’s opinion, have led to a significant gold mineralising event.
Figure 3 – DITDD004 stopped in disrupted BIF, which remain open at EOH beyond 390m. This opens the possibility for a significant gold mineralising event.
· He states that “due to the overall robustness of the current discovery, the chances of finding economic grades in the Ditau discovery area are considered excellent.”
· He comments that “the overall thickness of the BIF, the extent of structural disruption, which continues beyond the BIF, and degree of alteration plus sulphidation are all very significant. Taken into consideration along with the highly anomalous gold, silver, copper and arsenic values, these rocks are as close as is possible to definitively indicating that this is part of a Banded Iron formation (BIF) hosted Lode Gold system.”
Figure 4 – Further example of alteration and structural deformation observed throughout the 100m “Zone of Interest” from 293m to 393m EOH.
· The anomalous mineralisation seen at Ditau he suggests could be analogous with the Tiriganiaq, Normeg and Wesmeg deposits in Canada, thus giving an indication of scale potential.
· Dr. Mumin comments that this is excellent news for Kavango and opens up the potential at Ditau for Kavango to other ore deposit types in the district that were not previously considered.
NEXT STEPS
· Drill core samples and thin sections from work previously carried out at Ditau have been couriered to Dr. Mumin, in order for him to verify his proposed exploration model.
· In addition to this, and under the direction of Dr. Mumin, around 200 additional assays are being undertaken, focussed on the gold- and silver-bearing intervals, using non-destructive neutron activation analysis (“INAA”).
· Also, up to 24 samples are being sent from Botswana to Canada for additional petrology work, to complement those already completed by Petrolab in 2022.
· Kavango’s COO, Brett Grist, has significant gold exploration experience gained in Australia, Mali, Ghana, and DRC, and is supervising additional drill core sampling and logging in light of the new model.
· Kavango has applied for additional licence areas adjacent to the Ditau property, to secure ground that could also be relevant to this new ore deposit model.
Background on Hamid Mumin Ph.D., P.Eng., P.Geo., FGC:
Dr. Mumin graduated from Geo-Engineering, specialising in mineral exploration, and then completed an M.A.Sc. in Economic Geology, both at the University of Toronto. He earned his Doctorate degree and Post-Doctoral Fellowship at the University of Western Ontario, examining gold deposits along the Ashanti Gold Belt, Ghana, and conducting studies on the origin and distribution of gold in lode deposits at Carlin, Ashanti and in laboratory synthesis.
He worked as a mine, exploration and research geologist for Noranda and was the Chief Geologist and Site Manager during the exploration and feasibility stages of the Bogosu Gold mine, Ashanti Gold Belt, Ghana.
Dr. Mumin joined Brandon University in 1995 and teaches Mineral Deposits, Exploration and Mining Geology, Mineralogy, Geochemistry, Tectonics and Field Geology. He consults to industry and has managed exploration projects in the Northwest Territories, Ontario, Manitoba, British Columbia and in Peru. His principal interests remain exploration and sustainable development, and the geology, mineralogy and origin of mineral deposits. He is a Professional Engineer, Past President for Geoscientists Canada and a member of several Canadian and International Professional Societies. He is extensively published on Gold and IOCG ore deposits.
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.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
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 Hamid Mumin Ph.D., P.Eng., P.Geo.. Dr Mumin 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 under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Kavango Resources #KAV – Result of General Meeting
The Board of Kavango Resources plc is pleased to announce that all resolutions proposed at the Company’s General Meeting held on 28 February 2023 were duly passed on a show of hands.
The number of eligible votes represented at the meeting, via shareholders, proxy votes received and/or corporate representatives were as follows:
|
|
Votes For |
Votes Against |
Votes Withheld |
Percentage of votes in favour |
|
Resolution 1 |
184,261,401 |
1,149,055 |
1,081,674 |
98.8% |
|
Resolution 2 |
181,748,522 |
1,180,728 |
3,562,880 |
97.5% |
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:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Vox Market Podcast – CEO Alan Green talks about Warpaint London, Harland & Wolff & Kavango Resources
Alan Green, CEO of Brand Communications covers news from the following companies:
#W7L Warpaint London
#HARL Harland & Wolff
#KAV Kavango Resources
Kavango Resources #KAV – KCB PL082 Drilling Report
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) has completed drilling on Kalahari Copper Belt (“KCB”) licence PL082/2018 (“PL082”).
KEY FINDINGS
– Kavango drilled a total of 1,885.59m across seven holes using a combination of Reverse Circulation (“RC”) and diamond drilling
– KCBRD007 was drilled as a replacement to KCBRD006, at no additional cost to the Company, following significant deviation in the original hole
– Drilling was targeted by Controlled-Source Audio Magnetotelluric (“CSAMT”) survey data and soil sampling data. The program confirmed two out of three technical objectives and has made significant progress on the third.
1) Anticlines and synclines were correctly identified by CSAMT on PL082. This agrees with the interpretation of PL082 by expert KCB consultant Dave Catterall of Tulia Blueclay Limited. Mr Catterall has been consulting to Kavango since October 2022.
2) Zones of structural disturbance, brecciation and alteration were clearly interpreted via CSAMT and then confirmed in drill core, in particular in KCBRD005. Kavango’s geologists observed evidence of fluid flow, with consequent alteration.
3) The final test was to intersect the interpreted Ngwako Pan / D’Kar contact. A massive sandstone unit was intersected from 540.10m to end of hole in KCBRD007. Although the contact was not intercepted, the massive sandstone unit matches the resistive signature on the CSAMT inversion. Kavango has concluded that in PL082 the D’Kar/Ngwako Pan contact lies at a greater depth than interpreted from CSAMT data, and that the CSAMT is successfully identifying stratigraphic boundaries.
– Kavango has sent samples from holes KCBRD005 and KCBRD007 to an internationally accredited laboratory to verify metal values
NEXT STEPS
– Mr. Catterall’s interpretation of wider sedimentary geology in the KCB indicates that the D’Kar/Ngwako Pan contact lies closer to the surface on Kavango’s four prospecting licences to the west of PL082 near the Namibian border
o This has been supported by Kavango’s initial examination of its CSAMT and Airborne Electromagnetic (“AEM”) survey data
o Further work is required to test this interpretation
– Kavango has now reclassified these licences as the top strategic priority for its KCB exploration programme
Brett Grist, Chief Operating Officer of Kavango Resources, commented:
‘Kavango’s KCB exploration has been testing targets by applying both conventional methods and innovative geophysics to push boundaries and identify exploration opportunities.
The northern geochemical anomaly on PL082 was a significant target, over which CSAMT had identified a significant, steep zone of structural disturbance and alteration. This was successfully intersected in hole KCBRD005 with evidence of fluid flow and alteration, although metal values were not present at elevated levels at the depths tested.
We had then aimed to intersect the D’Kar/Ngwako Pan contact and possible mineralisation. Drilling on PL082 has indicated that we are higher in the D’Kar sequence than we had originally interpreted.
This means we can make a clear decision to pause work on this licence for now and move to other targets that now appear more prospective, and which we have been working on in parallel to this drill campaign.
A recent geological review by Kavango, led by experienced local geologist Dave Catterall, has concluded that our four prospecting licences near the Namibian border offer evidence of shallower stratigraphy. Adjacent property holder ENRG Elements’ (ASX:EEL) licences are understood to host signs of mineralisation and of domal structures.
This area will now become the top priority for Kavango’s KCB exploration program. We will publish preliminary results of the review imminently.’
PL082 drilling details
Drillhole KCBRD005 successfully identified brecciation and alteration in the target zone predicted by Kavango’s CSAMT and geochemistry data. This was the first hole Kavango has drilled in the KCB to be targeted principally using CSAMT, and encountered an intense zone of brecciation and shearing intermittently from 379m to the end of hole at 497.55m.
Kavango’s geologists observed evidence of fluid flow, with consequent alteration. Indicative peak pXRF values appear to be at a normal level for the area, typically in the 100-200ppm range for lead and copper. The pXRF data will be further verified through laboratory analyses.
Kavango’s final phase of drilling (announced >>> 13 January 2023) consisted of two holes, KCBRD006 and KCBRD007.
These were designed to target D’Kar/Ngwako Pan formation contact interpreted by the Company from the inversion results of its Line 6A CSAMT survey on PL082/2018 (announced >>> 16 December 2022).
This interpretation was calibrated from the inversion results of Kavango’s Line 4A CSAMT survey, which crossed the Kronos target zone on Sandfire Resources’ (ASX:SFR) neighbouring licence to the SE. Kavango’s interpretation suggested that the horizon hosting the Kronos target zone over the Company’s licence boundary and across PL082/2018 is a syncline.
With KCBRD006 and KCBRD007, Kavango was testing for favourable host geology in the form of the D’Kar/Ngwako Pan formation contact interpreted from resistivity highs in its CSAMT. KCBRD007 was redrilled adjacent to KCBRD006, with the redrilled section at the drill contractor’s cost, due to deviation issues with KCBRD006. This additional drilling extended the total length of Kavango’s PL082 drilling campaign by around two weeks.
Core from KCBRD007 showed some veining, parasitic folding and shearing and minor background (pXRF) levels of lead, zinc, and copper, with occasional grains of galena (lead sulphide) observed in core.
Kavango’s geologists have concluded that the lithologies intersected in KCBRD007 likely represent the middle D’Kar formation. The Company’s exploration team now considers the Ngwako Pan formation contact is located several hundred metres deeper.
On this basis, Kavango has discontinued the hole so that its resources may be focussed on exploring other areas of its KCB licence package.
The Company will now submit samples of drill core from altered sections encountered in holes KCBRD005 and KCBRD007 to an independent laboratory for further verification of metal values.
Figure 1: Kavango licence PL082/018; CSAMT and drillhole positions
Figure 2: Kavango licence PL082/018; pXRF soil geochemistry and drillhole positions
|
HoleID |
Azimuth |
Dip |
Total depth (m) |
RC (m) |
DD (m) |
Comment |
|
KCBRC001 |
340 |
-60 |
153.00 |
153.00 |
Drilled to 153m, weak alteration and pyritic zones seen, remains open for possible future extension |
|
|
KCBRC002 |
340 |
-60 |
9.00 |
9.00 |
Halted due to hole collapse. Re-drilled as KCBRC003 |
|
|
KCBRC003 |
340 |
-60 |
255.00 |
255.00 |
Completed to planned depth as RC, however risk of collapse so DD not continued |
|
|
KCBRC004 |
160 |
-80 |
133.00 |
133.00 |
Ended due to high volumes of water |
|
|
KCBRD005 |
340 |
-60 |
497.55 |
89.80 |
407.75 |
Redrill of KCBRC003. Successfully intersected target brecciated zone and alteration/veining |
|
KCBRD006 |
340 |
-80 |
237.15 |
103.60 |
133.55 |
Excessive deviation; redrilled as KCBRD007 at contractor expense |
|
KCBRD007
|
340 |
-80 |
600.89 |
90.80 |
510.09 |
Completed as planned, ended at 600m
|
|
Program Total |
1,885.59 |
834.20 |
1051.39 |
Figure 3: table of holes drilled
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint 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’.
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 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.
NOTES TO EDITORS
KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT
Kavango’s exploration licences in the KCB include:
Kanye Resources
100% working interest in 10 prospecting licences, which cover 4,256km 2 .
The LVR Project / Shongwe Resources
A 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture, Shongwe Resources, with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 809km2
THE KCB PROJECT GEOLOGICAL SETTING
Kavango’s KCB Project areas include lengthy redox boundaries, close to surface, that represent excellent exploration targets.
The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.
Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges and shear zones. Fold hinges pointing upwards are known as anticlines, while the downward pointing hinges are called synclines.
Several large copper/silver ore deposits have been discovered on the KCB in association with anticlines in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and many are amenable to open pit mining operations.
Accumulations of metals can be traced along the strike of geochemical reduction-oxidation (“redox”) boundaries (sometimes for many kilometres) because they often contain iron and have a higher magnetic signature than the surrounding rock. These have recently been successfully mapped by Kavango’s exploration teams.
GLOSSARY
AEM: Airborne Electromagnetic Survey. This uses an energised loop to induce currents in underlying lithological units, which resultant magnetic field can then be measured.
CSAMT : Abbreviated from Controlled Source Audio frequency Magneto Telluric. An AMT survey is an electromagnetic survey technique that uses naturally occurring passive energy sources, and which can electrically map geologic structures to depths of 500 metres or more.
Inversion: Geophysical inversion refers to mathematical and statistical techniques for recovering information on subsurface physical properties, from observed geophysical data
KCB: Kalahari Copper Belt. An area of southern Africa, running ENE-WSW from Botswana into Namibia, within which multiple economic copper-silver sedimentary rock hosted deposits have been discovered.
RC: Reverse Circulation drilling. This is a cost-effective method of drilling that uses compressed air to drive a downhole hammer, which breaks rock into chips that are forced up an internal tube in the drill rod, minimising risk of contamination by wall-rock.
Redox boundary: Reduction and oxidation boundary, at which the chemical oxidative state of chemical species changes, typically resulting in precipitation of metal salts.
Kavango Resources #KAV – Notice of GM
Kavango announces that the notice of a General Meeting (“GM”) has today been posted to all shareholders.
The GM is to be held at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS at 2:30 p.m. on 28 February 2023.
Copies of the notice of the General Meeting and the form of proxy will be made available on the Company’s website ( www.kavangoresources.com ) and the National Storage Mechanism.
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.
Kavango Resources #KAV – Options award and update
Grant of New Share Options
Repricing of Existing Share Options
PDMR Disclosures
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, announces the Board has approved the grant of 28,820,000 share options to directors and PDMRs of the Company (the “Director Options“) and 7,500,000 share options to certain key team members and consultants to the Company (the “Employee and Consultant Options”).
These new grants of Director Options also include grants to David Smith and Brett Grist totalling 8,500,000 options which were originally announced on 10 January 2023. Given the passage of time since the original announcement, the terms upon which these grants are now to be made have been updated and the vesting terms adjusted.
In addition, in order to ensure the retention and long-term incentivisation goals of the Company’s Share Option awards, the Company has repriced existing options (the “Amended Options“) and revised and extended the vesting terms of those options. The new exercise price reflects what the Remuneration Committee consider to be an appropriate share price target given the stage of development of the Company.
More information on the terms of the option grants and amendments is provided below.
Director Options
The Director Options are exercisable at a price of 3 pence per Ordinary Share for a period of seven years. The options are subject to a vesting period of six months from the date of grant, subject to continuous employment or commercial engagement with the Company . The Director Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market share price closes at 6 pence or above on five separate trading days. In addition, the options will fully vest in the event that Kavango’s reported closing mid-market share price closes at 7.5 pence or above on five separate trading days and/or the Company is subject to a change of control.
In the case of the 10,000,000 new options awarded to Ben Turney within the above total, the Company’s customary ‘leavers provisions’ for departing option holders would not apply to half of the option award, and for the remaining half the provisions would apply in modified form for a period of twelve months, then would no longer apply.
Employee and Consultant Options
The Employee and Consultant Options are exercisable at a price of 3 pence per Ordinary Share for a period of seven years. The options are subject to phased vesting over eighteen months from the date of grant, with half the options vesting after twelve months and the remainder vesting after eighteen months, subject to continuous employment or commercial engagement with the Company . The Employee and Consultant Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market share price closes at 6 pence or above on five separate trading days. In addition, the options will fully vest in the event that Kavango’s reported closing mid-market share price closes at 7.5 pence or above on five separate trading days and/or the Company is subject to a change of control.
The Employee and Consultant Options include an award to a member of senior management who is deemed to be a PDMR of Kavango, Fred Nhiwatiwa.
Amended Options
The Amended Options include amendments to grants previously made to Employees, Consultants, Directors and other PDMRs, which all originally carried an exercise price of 5 pence. The Amended Options are now to be exercisable at a price of 3 pence per Ordinary Share with no change to the lapse dates agreed at the time of grant. The vesting criteria have been amended such that the Amended Options are subject to phased vesting over eighteen months from the date of amendment, with half the options vesting after twelve months, subject to the reported mid-market share price closing at 6 pence or above on five separate trading days during the period. The remaining half will vest after eighteen months, with both periods being subject to continuous employment or commercial engagement with the Company . The Amended Options will fully vest in the event that Kavango’s reported mid-market share price closes at 7.5 pence or above on five separate trading days and/or the Company is subject to a change of control.
David Smith, Chairman of Kavango Resources, commented:
“Since Ben became CEO, he has instilled a culture of performance-based rewards throughout Kavango. This creative approach has enabled us to recruit highly talented people throughout all areas of the Company.
Despite extremely challenging market conditions and a particularly competitive employment environment, we have built a strong team to pursue our goal of making multiple metal discoveries across our portfolio. Over the last year our team has achieved considerable success in the field, which created the right conditions to enable us to raise over £3 million in our recent strategic financing.
In addition to incentivising our team to deliver substantial shareholder value, we’ve also taken the opportunity with today’s option awards to make the attached conditions more appropriate for a company at Kavango’s stage of development . I believe this will be in the long-term interests of Kavango and will be a major contributory factor in our future success.”
The information below is set out in accordance with the requirements of the UK Market Abuse Regulation.
Grant of Options
| 1 | Details of PDMR/person closely associated with them (“PCA”) | |||||
| a) | Name | a) David Smith
b) Brett Grist c) Jeremy S Brett d) Hillary Gumbo e) Ben Turney f) Peter Wynter Bee g) Fred Nhiwatiwa |
||||
| 2 | Reason for the notification | |||||
| a)
|
Position/status
|
a) PDMR/Director
b) PDMR/Director c) PDMR/Director d) PDMR/Director e) PDMR/Director f) PDMR/Director g) PDMR |
||||
| b) | Initial notification /Amendment | Initial Notification | ||||
| 3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Kavango Resources PLC | ||||
| b) | LEI | 2138007PZJFATXWUTS29 | ||||
| 4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a)
|
Description of the financial instrument, type of instrument | Ordinary shares | ||||
| Identification code | ISIN: GB00BF0VMV24 | |||||
| b) | Nature of the transaction | Grant of new share options | ||||
| c)
|
Price(s) and volume(s) | |||||
| Price(s) GBPX | Volume(s) | |||||
| a) 3p
b) 3p c) 3p d) 3p e) 3p f) 3p g) 3p
|
a) 2,000,000
b) 6,500,000 c) 3,500,000 d) 2,820,000 e) 10,000,000 f) 2,000,000 g) 2,000,000 |
|||||
| d)
|
Aggregated information
-Aggregated Volume -Price |
N/A |
||||
| e) | Date of the transaction | 03 February 2023 | ||||
| f) | Place of the transaction | Off-market | ||||
Amendment of Options
| 1 | Details of PDMR/person closely associated with them (“PCA”) | |||||
| a) | Name | a) Tiyapo Ngwisanyi
b) Fred Nhiwatiwa c) Jeremy S. Brett |
||||
| 2 | Reason for the notification | |||||
| a)
|
Position/status
|
a) PDMR
b) PDMR c) PDMR/Director
|
||||
| b) | Initial notification /Amendment | Initial Notification | ||||
| 3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Kavango Resources PLC | ||||
| b) | LEI | 2138007PZJFATXWUTS29 | ||||
| 4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a)
|
Description of the financial instrument, type of instrument | Ordinary shares | ||||
| Identification code | ISIN: GB00BF0VMV24 | |||||
| b) | Nature of the transaction | Amendment of share options | ||||
| c)
|
Price(s) and volume(s) | |||||
| Price(s) GBPX | Volume(s) | |||||
| a) 3p
b) 3p c) 3p |
3,000,000
1,000,000 3,000,000 |
|||||
| d)
|
Aggregated information
-Aggregated Volume -Price |
N/A |
||||
| e) | Date of the transaction | 03 February 2023 | ||||
| f) | Place of the transaction | Off-market | ||||
For further information, please contact:
Kavango Resources Plc
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212
#KAV Kavango Resources Plc – KCB – Drilling to restart at PL082
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that drilling is about to restart on the Company’s Kalahari Copper Belt (“KCB”) project area following a scheduled summer break.
HIGHLIGHTS
– Hole KCBRD006
o Kavango will recommence drilling on the sixth and final hole in the current drilling programme on prospecting licence (“PL”) PL082/2018 this weekend
o Upon completion, the Company expects to have drilled around 1,640m in the programme, exceeding its original guidance
– KCBRD006 is targeting a major stratigraphic structure identified by its Controlled-Source Audio MagnetoTelluric (“CSAMT”) surveying
o Kavango has interpreted the CSAMT data as indicating the presence of a D’Kar/Ngwako Pan horizon contact. This is the primary control for economic copper/silver mineralisation in the KCB
§ The Company’s analysis identifies this as a continuation of the horizon hosting Sandfire Resources’ (ASX:SFR) neighbouring Kronos copper target zone
o Physical confirmation of the contact’s presence will validate the Company’s use of CSAMT as a KCB exploration tool
Ben Turney, Chief Executive Officer of Kavango Resources, commented: “Through our innovative use of CSAMT, Kavango has identified major structures for the first time on our KCB licences. Our ongoing drill programme has subsequently confirmed these to be associated with deformation, fluid flow, and alteration. This could be a game changer in exploration for a new generation of drill targets on the KCB. Given the large size of our KCB licence package, Kavango is currently working to optimise and prioritise these. Our COO Brett Grist is presently in Botswana with our senior consultants, the results of which work are expected to refine our 2023 KCB exploration strategy.”
KCBRD006 details
Kavango began drilling KCBRD006 in December 2022 and following a scheduled break in its ongoing PL082/2018 drilling campaign is about to continue the hole to completion. The Company expects to have drilled approximately 1,640m over six holes once the hole completes, exceeding the 1,250m it originally planned (announced >>> 11 October 2022). To date, 1,211.97m have been drilled.
Kavango is using KCBRD006 to target a D’Kar/Ngwako Pan horizon contact interpreted from the inversion results of its Line 4A CSAMT survey on PL082/2018 (announced >>> 16 December 2022) , and from a survey on Line 6A.
Line 4A was extended beyond the licence boundary to the southeast and onto ground held by Sandfire Resources (ASX:SFR). This ground hosts the Kronos copper target zone (“Kronos”), which is known to lie at a D’Kar/Ngwako Pan horizon.
Kavango’s interpretation of the inversion shows that the horizon hosting Kronos extends over the licence boundary and across PL082/2018 as a syncline. With KCBRD006, the Company is testing for favourable host geology associated with resistivity highs related to this interpreted Ngwako Pan horizon.
KCBRD006 is being drilled on the northwest edge of PL082/2018, which the Company has interpreted as a limb of the syncline where it rises towards the surface. Targeting the horizon on its shallowest interpreted zone enables Kavango to physically confirm its presence in the quickest and most cost-effective way possible.
Kavango commenced KCBRD006 using the Reverse Circulation (“RC”) technique with a multi-purpose rig. This approach permits a cost-effective start to drilling the hole. Drilling is being completed using the Diamond Core technique to provide a higher quality of data for analysis.
KCBRD006 is being drilled approximately 250m to the south-southwest of the last hole in Kavango’s PL082/2018 drill programme, KCBRD005. This was the first hole to be targeted principally using CSAMT and encountered an intense zone of brecciation and shearing intermittently from 379m to the end of hole at 497.55m. Kavango drilled to the end of the brecciated zone to act as a control for future use and interpretation of CSAMT.
Figure 1: Highly sheared core from bottom of hole KCBRD005; this coincides with the deformed zone seen on the CSAMT
This brecciation coincides with a steeply south-southeast dipping structure interpreted from the CSAMT inversions as a ‘strain breccia zone’, partially validating the CSAMT method in this part of the KCB.
Alteration fluids can pass through brecciated zones and deposit metal ions. When this takes place in the vicinity of the favourable Ngwako/D’Kar Pan contact, these ions can accumulate and form deposits due to reductive conditions.
Kavango will publish full drill results at the end of the campaign, once all data has been processed.
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 (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’.
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 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.