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UKIM Podcast – CEO Alan Green discusses 14 shares to watch in 2023
Alan Green joins the Podcast for a run down of his shares to watch in 2023.
We start with a look at Bidstack and the disappointing start to the year before we jump into Alan’s 14 stocks to watch in 2023.
Companies included:
- Shell (LON:SHEL)
- AstraZeneca (LON:AZN)
- Power Metal Resources (LON:POW)
- Tekcapital (LON:TEK)
- Cadence Minerals (LON:KDNC)
- ECR Minerals (LON:ECR)
- Blencowe Resources (LON:BRES)
- First Class Metals (LON:FCM)
- GreenX Metal (LON:GRX)
- Kavango (LON:KAV)
- More Acquisitions (LON:TMOR)
- China Nonferrous Gold (LON:CNG)
- Harland & Wolff (LON:HARL)
- Technology Minerals (LON:TM1)
We wish our listeners a prosperous new year.
Kavango Resources #KAV – KCB – CSAMT Kronos calibration & drill expansion
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce the Company has interpreted inversion results from the Controlled-Source Audio Magnetotelluric (“CSAMT”) Line 4A survey (“Line 4A”), which extended over Sandfire Resources’ (ASX:SFR) Kronos copper target zone (“Kronos”).
Kavango successfully identified the D’Kar/Ngwako Pan contact at Kronos from surface using CSAMT.
By using a known copper occurrence in the vicinity of PL082/2018, Kavango has developed an important control in its calibration of its CSAMT technology in the KCB. Subsequent interpretation of the Line 4A CSAMT data has encouraged the Company’s technical team to expand the current drill programme beyond the1,250m originally planned.
Further updates on progress and upgraded targeting will be made in the New Year.
Highlights
· Line 4A CSAMT results overview
§ Kronos occurrence identified clearly as sedimentary beds that dip shallowly to the northwest across the PL082/2018 licence border
§ Key D’Kar/Ngwako Pan formational contact pinpointed <200m from surface at Kronos
§ The key D’Kar/Ngwako Pan contact can be traced onto Kavango’s licence, where is follows a syncline and dips back towards surface near the northwest edge of the licence.
§ Kavango is confident similar results can be replicated across the KCB
§ Results reviewed by an independent third party with regional KCB geology experience
§ Results shared with Sandfire Resources and positively received
· Drilling programme update
§ Drill programme to be extended, final meterage to be confirmed
§ Drill programme to continue to Christmas break and recommence in New Year
§ Cores and rock chip samples currently being logged and interpreted to assess potential vectors indicating the proximity of a potential mineralising system
§ Kavango to use newly acquired CSAMT and Airborne Electromagnetic (“AEM”) data to refine next phase of drill targets
Jeremy S. Brett, Senior Geophysical Consultant to Kavango Resources, commented:
” The Line 4A CSAMT results represent a technical breakthrough for Kavango. The successful imaging of the D’Kar/Ngwako Pan contact at the Kronos occurrence should allow us to develop CSAMT as a powerful exploration tool in our exploration for copper/silver mineralisation in the Kalahari Copper Belt.
CSAMT appears to identify the contact between the low resistivity D’Kar formation rocks and the substantially more resistive Ngwako Pan formation. When combined with AEM, which is routinely deployed in the KCB, there appears to be tremendous potential that these are very complementary electromagnetic systems. We now believe that AEM conductors within the D’Kar can be distinguished from the highly desired conductors at the Ngwako Pan contact. Our goal is to test this theory with drilling.
If proved to be successful, Kavango’s CSAMT method could save a lot of drilling metres and allow for the evaluation of the fold structures within the KCB in section, thereby determining the depth to the critical Ngwako Pan contact
Based on the technical success of the combined CSAMT and AEM results so far on PL082 and our ongoing interpretation of what we have already seen in drilling, Kavango has decided to extend the current drill programme into the New Year to continue to refine the application of this new method. This new tool will continue to develop. ”
Line 4A CSAMT detailed results
Line 4A was extended beyond the boundary of PL082/2018 to the southeast and onto Sandfire ground that hosts the Kronos occurrence, with the permission of Sandfire Resources (ASX:SFR). As Kronos is known from historical drilling to lie at the D’Kar/Ngwako contact zone, Kavango’s objective was to use the target zone as a known geology calibration point for the CSAMT to confirm the D’Kar / Ngwako Pan contact signature on PL082/2018.
Data from Line 4A highlighted a very distinct, shallowly to moderately dipping geological folded zone within PL082/2018 known as a “syncline”, defined as folded sediments dipping southeast and northwest towards a central axis. Steeply dipping brittle faults cross this syncline structure.
Kavango has now received inversions for CSAMT data acquired over a total of 4 lines on PL082/2018, each showing this same syncline fold structure.
Kronos is defined clearly on Line 4A as sedimentary beds that dip shallowly to the northeast across the Kavango licence boundary, continue across PL082 as deep as 650m, then dip back up towards the surface on the Northwest limb of the identified syncline.
Kavango interpreted the inversion as a signature for the presence of the crucial D’Kar/Ngwako Pan formational contact from the Kronos target zone to the northwest edge of PL082/2018. This formational contact is the primary control for economic copper/silver deposits across the KCB. Kavango is currently considering a new drill hole to target this specific horizon, as it could represent a significant strain breccia zone that may have acted as a conduit for fluid alteration.
Figure 1: Line 4 CSAMT inversion, viewed northeast, showing interpreted continuation of shallowly northwest dipping sedimentary beds, hosting Sandfire’s Kronos occurrence, that propagate onto Kavango’s PL082 licence in the KCB. There is clear resolution of a syncline with significant cross faults that could act as fluid conduits. The sediments dip back towards surface on the northwest ends of the syncline, on Kavango’s licence.
The inversions from Line 4A have greatly exceeded Kavango’s expectations. They provide verification of CSAMT surveys as an exploration tool in the KCB, showing that critical D’Kar -Ngwako Pan contact should be resolvable on the Company’s licences.
Another key observation from Line 4A was of prominent brittle structures crossing the folded sediments of the synform on PL082, originating from several kilometres in depth and propagating to the near surface. These have been interpreted as probable conduits for hydrothermal fluids and alternation that could potentially lead to mineralisation at the Ngwako Pan contact.
Next steps
The northwest edge of the syncline on PL082/2018, as elucidated by Line 4A, has been initially tested with Hole KCBRD005, which was originally sited on the basis of surface geochemical soil anomalies.
The CSAMT results from Line 4A suggest that the Company is targeting a priority structure, in line with the Company’s existing drill strategy for PL082/2018 (announced >>> 20 October 2022). A probable folded and brecciated zone was encountered in Hole KCBRD005, at the c.350m depth indicated by the interpretation of the Line 6A CSAMT inversion. Kavango has therefore engaged a KCB experienced local geological contractor to re-log and analyse cores and rock chip samples taken from the first phase of drilling.
Kavango’s aim with the relogging is to confirm the presence of physical and geochemical exploration vectors that could indicate the proximity of a potential mineralising system to the recent drilling. The Company believes this work will assist it in deciding its next drill target location.
The Company’s KCB drill programme will pause shortly for the Christmas holiday and continue in the New Year on a new exploration hole.
Should core relogging confirm the Company’s current understanding of what it has encountered in Hole KCBRD005, it is likely the next exploration hole will be targeted on the basis of (i) proving that the inverted CSAMT data is effective in identifying the D’Kar/Ngwako Pan contact on the northwest limb of the syncline, (ii) verifying interpreted fault structures, and (iii) determining if these targets are altered and mineralized.
Kavango’s technical team will continue to work on processing and interpreting previously and newly acquired CSAMT and AEM data across its portfolio of KCB prospecting licences to assist with improved target resolution.
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
+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 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 4,256km2.
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 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.
Kavango Resources #KAV – Holding(s) in Company
TR-1: S tandard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Kavango Resources PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Power Metal Resources PLC |
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City and country of registered office (if applicable) |
London, England |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi : |
25.11.2022 |
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6. Date on which issuer notified (DD/MM/YYYY): |
29.11.2022 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
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Resulting situation on the date on which threshold was crossed or reached |
9.85% |
9.85% |
705,569,314 |
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Position of previous notification (if applicable) |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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GB00BF0VMV24 |
69,500,000 |
9.85% |
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SUBTOTAL 8. A |
69,500,000 |
9.85% |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
London, England |
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Date of completion |
29.11.2022 |
#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 Plc – Publication of Prospectus
Further to the announcement of 24 October 2022 in which Kavango announced it had conditionally raised £3,000,000 before expenses by the issue of 166,666,660 new ordinary shares of £0.001 each in the capital of the Company (the “New Ordinary Shares”) at a price per share of 1.8 pence, the Company is pleased to announce that the Financial Conduct Authority has approved its prospectus dated 18 November 2022 (the “Prospectus”) issued in connection with:
– the placing of 158,555,555 New Ordinary Shares (the “Placing Shares”);
– the subscription of 8,111,105 New Ordinary Shares (the “Subscription Shares”);
– the issue of 60,000,000 New Ordinary Shares to Power Metal Resources PLC (further to the announcement of 8 July 2022) (the “Kanye Consideration Shares”);
– the issue of 2,000,000 New Ordinary Shares to LVR GeoExplorers (Pty) Ltd (further to the announcement of 16 September 2022) (the “LVR Shares”);
– the issue of 13,478,951 New Ordinary Shares to Mindea Exploration and Drilling Services (Pty) (further to the announcement of 10 June 2021) (the “Fee Shares”); and
– admission of the enlarged share capital and up to 395,918,682 New Ordinary Shares.
The Prospectus has been published in electronic form and will shortly be available on the Company’s website at:
https://www.kavangoresources.com/investor-relations/admission-document
A copy of the Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Warrants
In connection with the publication of the prospectus and as announced by the Company previously, the following warrants have been issued, subject to Admission:
· 166,666,660 warrants to the placees and the subscribers of the placing and subscription announced on 24 October 2022, as applicable, and 27,777,777 warrants to Arigo Capital Limited, as announced on 25 October 2022. The warrants are exercisable at 3p per share for a term of 24 months from the date of issue. These warrants are conditional upon the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.
· The issue to Power Metal Resources PLC of the following:
o 30,000,000 warrants at an exercise price of 4.25p per share for a period of 30 months from 8 July 2022;
o 30,000,000 warrants at an exercise price of 5.5p per share for a period of 30 months from 8 July 2022; and
o 15,000,000 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 per share. Should all VP Warrants be exercised by 8 January 2023, Power Metal Resources PLC will receive 15,000,000 replacement warrants, on the same exercise terms and with a 12-month life to expiry from the issue date.
· 2,000,000 warrants to LVR GeoExplorers (Pty) Ltd, exercisable for two years from the date of issue and with an exercise price of 8.5p per share.
· 8,333,334 warrants to Tamesis Partners LLP, exercisable for two years from the date of issue and with an exercise price of 3p per share.
Admission and Total Voting Rights
Application will be made for the Placing Shares, the Subscription Shares, the Kanye Consideration Shares, the LVR Shares and the Fee Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Placing Shares, the Subscription Shares, the Kanye Consideration Shares, the LVR Shares and the Fee Shares will commence at 8.00 am on 25 November 2022.
Following Admission, the total issued share capital of the Company will consist of 705,569,314 Ordinary Shares*. Therefore, the total number of voting rights in the Company is 705,569,314 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
*This figure is inclusive of the 27,777,777 shares which are being admitted on 30 November 2022, as announced on 25 October 2022.
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
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
New UK Investor Magazine Podcast – covering Rishi Sunak, Barclays #BARC, Reckitt Benckiser #RKT, Blencowe Resources #BRES and Kavango Resources #KAV
The UK Investor Magazine is joined by Alan Green for a broad discussion around key market themes and a number of UK equities.
We start with a look at Rishi Sunak’s early moves as Prime Minister. He has moved to unify his party and made early progress in increasing confidence in UK assets. We look at what the future holds for him.
Barclays have enjoyed the benefits of higher interest rates and increased bond trading in the third quarter. However, the economic outlook is a cause for concerns and market sentiments echoed those of HSBC yesterday.
Reckitt Benckiser shares fell as Q3 sales rose but volumes fell. We explore what the coming months could mean for the consumer company.
We finish with the success of secondary placings in junior explorers Kavango Resources and Blencowe Resources.
Barclays, Reckitt Benckiser, and Rishi Sunak with Alan Green
Kavango Resources #KAV – Block listing Interim Review
Block Listing Six Monthly Return
Kavango Resources Plc announces the following Block Listing six-monthly return:
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Name of applicant: |
Kavango Resources Plc |
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Name of scheme: |
Warrants & Share options |
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Period of return: |
From: |
19/04/22 |
To: |
18/10/22 |
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Balance of unallotted securities under scheme(s) from previous return: |
141,081,651 |
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Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): |
n/a |
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Less: Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G): |
0 |
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Equals: Balance under scheme(s) not yet issued/allotted at end of period: |
141,081,651 |
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Name of contact: |
ONE Advisory Limited, Company Secretary |
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Telephone number of contact: |
+44 (0) 20 7583 8304 |
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.
#KAV Kavango Resources Plc- Strategic Financing to raise £3million
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has conditionally raised £3,000,000 before expenses by the issue of 166,666,660 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1.8 pence.
Fundraising
The 158,555,555 New Ordinary Shares have been conditionally placed by First Equity Limited (“First Equity”), on behalf of the Company with institutional and other investors, including high net worth and retail investors (the “Placing”).
The Placing includes one strategic cornerstone investor, who subscribed for over half of the Placing amount.
In addition to the Placing, the Company has also conditionally completed a direct subscription (the “Subscription”) for the issue of 8,111,105 New Ordinary Shares.
Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.
Further details of the Placing and Subscription, including the expected date of admission of the New Ordinary Shares (“Admission”), will be set out in a prospectus (“Prospectus”) to be published in electronic form and available on the Company’s website.
Ben Turney, Chief Executive Officer of Kavango, commented:
“I am delighted to announce the successful completion of this £3million fund raising for Kavango, a transformational financing for the Company.
Supported by many existing shareholders and new investors, we are now empowered to drive forward a dramatic exploration programme across our portfolio. Our current key focus is on our Kalahari Copper Belt interests, where the drilling programme is underway.
We are now fully funded for our ambitious plans through 2023 and are in an excellent position to achieve our goal of becoming the leading minerals exploration company in Botswana.”
Use of funds
The Placing and Subscription are to raise funds to meet exploration costs across the Company’s portfolio of projects in Botswana, and general working capital as set out below.
Funds raised from the Placing and Subscription will primarily be used to carry out proposed exploration work, provide working capital to the Group and to meet its regulatory and administrative commitments.
Details of the Placing and Subscription
The New Ordinary Shares will represent approximately 27.7per cent. of the Enlarged Share Capital. The New Ordinary Shares will rank pari passu in all respects with Existing Ordinary Shares including all rights to dividends and other distributions declared, made or paid following Admission and will be issued as fully paid. Application will be made for the New Ordinary Shares to be admitted to the Standard Segment of the Official List and to the London Stock Exchange. The Placing and Subscription are conditional, inter alia, on the approval of a Prospectus in relation to the Placing and Subscription Shares no later than 12 December 2022, or such later date as the Company and First Equity may agree.
In connection with the Placing, the Company shall issue
Subject to the approval of shareholders, one warrant will also be issued for each New Ordinary Share subscribed for at an exercise price of 3p for a period of thirty months from issue (“Financing Warrants”). Shareholder approval will be sought to the issue of the Financing Warrants in due course.
Total Voting Rights
Following the issue of the Placing and Subscription Shares, the Company will have 602,312,586 Ordinary Shares in issue.
Prospectus
The Company is in process of seeking approval from the Financial Conduct Authority for its prospectus to be issued in connection with the Placing and Subscription.
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.
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
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – KCB – Promising CSAMT Results PL082
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce encouraging initial results from the Controlled-Source Audio Magnetotelluric (“CSAMT”) surveys conducted over PL082/2018 in the Kalahari Copper Belt (“KCB”).
Kavango is the first company on the KCB to deploy CSAMT in this way. If validated by the Company’s current drill programme on PL082/2018, Kavango’s field application, inversion and interpretation techniques could prove to be a highly powerful exploration tool in this region.
HIGHLIGHTS
– Results of inversions of the CSAMT data on lines 8 and 6a encompass:
– High quality data down to 4km depth, far exceeding expectations
– High contrast resistivity sections that clearly delineate major folding and faulting
– Current interpretation highlights a very sharp steeply dipping geological structure/deformation zone within Kavango’s PL082/2018 licence area, against which steeply folded lithologies sit:
– This is interpreted as a faulted and brecciated margin
– CSAMT inversions suggest that this structure extends to 4km depth
– Such deep seated structures are thought to serve as pathways for fluid flow and mineral s mobilisation, a key component of mineralising systems in the KCB
– On both CSAMT sections processed to date, this significant deformation zone is interpreted to be coincident with the Northern Zone Soil copper anomaly and a significant airborne electromagnetic (“AEM”) conductor
– KCBRC001, the current hole being drilled on PL082/2018, is designed to test a different CSAMT signature that is interpreted as a main stratigraphic contact, and directly targets the highest soil copper values (118.8ppm copper; pXRF values) recorded on the licence to date
– Additional CSAMT work is planned to improve interpretation of the geology and structure of PL082/2018 by collecting closer spaced data using an even closer station spacing than the current 50m, thereby further increasing resolution.
– Current planned drillholes will be used to calibrate the CSAMT inversions and interpretation with the geology and structures.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“One of Kavango’s competitive edges is our commitment to trialling modern remote sensing technology across our portfolio. The outcome is often unpredictable, but the upside can be significant.
From what we’ve seen of the results so far from our CSAMT surveys over PL082, this technology has potential to become transformational for exploration in the Kalahari Copper Belt.
Mapping the crucial Ngwako Pan/D’kar Formation contact and structural fluid conduits is key to discovering copper/silver deposits. With the drill rig in the field, we now have a perfect opportunity to test our geophysics against physical geology.”
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 – KCB Drilling commences
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that drilling has begun at Hole KCBRC001 within the Company’s Kalahari Copper Belt (“KCB”) project area.
Hole KCBRC001 is the first hole to test the Central Zone of PL082/2018, a well-defined copper anomaly that is 27km in strike and contains multiple targets prospective for copper/silver mineralisation.
HIGHLIGHTS
– Hole KCBRC001
– Target depth up to 250m
– Drilling commenced on Monday 10 October
– First of up to 6 exploration holes planned in current phase
– Target chosen based on highly favourable geochemical data (strong copper anomalies)
– Central Zone target
– KCBRC001 is targeting a 100m wide anomaly that has been identified by 3 adjacent points of value >30ppm copper (“Cu”) (pXRF values), spaced at 50m intervals
– Quartz veining observed at surface, as both quartz float and thin veins in in-situ D’kar formation rock
– Veining can be an indicator of potentially mineralising fluid flow, and might be associated with mineralisation at depth
– Sand cover is relatively thin (less than 5m)
– This increases Kavango’s confidence in the Cu soil geochemical readings taken
– Next steps
– Kavango is using live data from an ongoing Controlled-Source Audio MagnetoTelluric (“CSAMT”) survey to enhance future drill targeting
– Potentially mineralised samples will be analysed at an internationally accredited laboratory
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Each hole that we drill in the Kalahari Copper Belt could lead to a significant discovery. Our team has done fantastic work over the last 18 months to bring us to this point and our future exploration is a simple numbers game. The more we drill, the greater the chance we have of success.
Reverse circulation drilling is highly cost-effective and will enable us to cover a great deal of ground in a relatively short period of time. With so many high-priority drill targets across our portfolio, we are excited about what the coming months will bring.”
KCBRC001 details
KCBRC001 is targeting a discrete copper geochemical anomaly aligned with mapped underlying geology at PL082/2018 (announced >>> 29th September 2022) called the Central Zone.
The details of the Central Zone are as follows:
– Adjacent to an interpreted anticline feature. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. Kavango interprets the elevated copper values as representing a possible leakage zone from an underlying redox contact
– Quartz veining has been observed as both quartz float and as thin veins in in-situ D’Kar formation rock.
– Infill soil sampling confirmed elevated copper readings along the Central Zone’s strike length, further strengthening its prospectivity
The drilling of hole KCBRC001 is expected to complete well before the end of October.
First phase drill programme details
KCBRC001 is the first hole in a reconnaissance drill programme targeting multiple prospective targets on PL082/2018. Based on Kavango’s analysis, this prospecting licence represents a possible analogue for Khoemacau’s Banana Zone deposit, which has been reported to have an estimated total mineral resource of 55.7Mt @ 1.1% Cu & 16.4g/t Ag.
Kavango expects to drill up to 5 further holes to test other parts of the Central Zone target and the Northern Zone target.
The details of the Northern Zone target are as follows:
– Robust anomaly extending over 8km of geological strike length occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an AEM conductor in this area extending over approximately 8km and 400m at its widest. This conductor coincides with copper readings identified in geochemical soil samples over the Northern Zone
– In contrast to other areas of the Company’s KCB projects, cover is generally thin over PL082/2018. This means that drilling conditions should be favourable for Reverse Circulation (“RC”) drilling. RC drilling is rapid and has minimal water requirements, making it a suitable and cost-effective method of reconnaissance drilling in the KCB.
Drilling is expected to complete by early November. Upon completion of each hole, samples will be sent to an internationally accredited laboratory for testing.
In parallel with drilling, Kavango is completing an CSAMT survey of up to 17 line-km within PL082/2018. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation. Future drill target locations will be finalised, based on drill data and CSAMT interpretation.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango 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’.
NOTES TO EDITORS
KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT
Kavango’s exploration licences in the KCB include:
Kanye Resources
Agreement to acquire 100% working interest (Kavango currently owns 50% working interest) in 10 prospecting licences held in a Joint Venture vehicle (Kanye Resources) with Power Metal Resources (LSE:POW), which cover 4,256km2. Terms of the acquisition, which is subject to the issue of a prospectus by Kavango, are provided in the announcement dated 8 July 2022.
The LVR Project
Earning in a 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture 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 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.