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#KAV Kavango Resources PLC – KCB – Acquisition of six new PLs completes
Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to confirm completion of its acquisition of a 90% working interest in six Prospecting Licences (“PLs”) located in Botswana’s Kalahari Copper Belt (“KCB”) (the “Acquisition”)
The Acquisition provides the Company with an extensive single contiguous project area in the KCB covering 7,629km2. Kavango is now one of the KCB’s largest individual mineral rights holders.
Kavango believes its expanded project area is underlain by similar stratigraphy to that along strike of Sandfire Resources’ (ASX:SFR) A4 deposit and Motheo Mine. Analysis of existing exploration data by the Company suggests this could incorporate a regional system that contains domal structures with folded and sheared trap sites. These are key exploration targets in the search for large-scale copper/silver mineralisation.
Kavango plans to commence follow-up work in the KCB later this month, and an update on this programme will follow.
Figure 1: Kavango’s expanded, contiguous KCB land package
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“These new licences grant us complete control of a contiguous, prospective system in an underexplored section of the KCB, a proven copper/silver region that hosts numerous mines and deposits.
I’d like to thank ENRG Elements for its support during our due diligence process. The mapping, soil geochemistry and drilling data it has provided has been highly valuable.
Kavango has strengthened its geological understanding of its new licences by mapping their lithological sequences and stratigraphy. Meanwhile, the presence of galena and sphalerite – two important pathfinder minerals for copper mineralisation – is also encouraging.
We will now continue to advance our understanding of the new licences’ mineral potential by investigating the potential sub-basin we have identified and interpreting their structure with satellite imagery.
Both of these workflows will help us to develop priority drill targets over the coming months.“
Further details
Kavango’s six new PLs cover ground adjacent to its existing Karakubis Block next to the Namibian border. This is currently the priority focus area for the Company’s KCB copper/silver exploration programme. The new PLs are also adjacent to the Company’s South Ghanzi licence block.
In preparation for the completion of the Acquisition, Kavango carried out a detailed review of ENRG’s previous exploration work, including mapping, soil geochemistry and drilling together with historical exploration work.
As a result of this review, Kavango believes the lower D’Kar Formation it mapped across PL049/2020 & PL052/2020 (two of its Karakubis PLs) extends into PL203/2016, PL127/2017 & PL205/2016 (three of its six new PLs).
During the review, Kavango received drill samples and logs from 5,566m of historical drilling completed by Icon and Ashmead.
Kavango’s geologists have begun to interpret the lithological sequences on its new PLs by completing geological work on these drill logs in combination with systematic magnetic susceptibility measurements. The sequences comprise siltstones, carbonates and sandstones.
The Company’s geologists have also begun to compile a stratigraphy for the new PLs that they believe to match existing field mapping and conform to sequences in the lower D’Kar Formation present across other parts of the KCB.
During its review, Kavango identified visible galena and sphalerite hosted in quartz-carbonate veins in the drill core and chips taken from this area. These are two important pathfinder minerals for copper mineralisation.
Additionally, systematic pXRF analysis along the cores and drill chips has confirmed the presence of elevated copper, lead and zinc at correlatable intervals.
Finally, Kavango’s geologists and geophysicists believe they may have identified a gravity low likely related to a deeper sub-basin during a review of ENRG’s previously acquired Airborne Electromagnetic (“AEM”), Gravity and Magnetic data over the Kara Antiform. The margins of this sub-basin could provide priority targets for trap site development and deposit formation. They can be further prioritised when cross-referenced with ENRG’s historic magnetic, AEM, and soil geochemical datasets.
Background to the agreement
Kavango entered an agreement to acquire a 90% interest in the six new PLs earlier this year (announced >>> 25 September 2023) with Global Exploration Technologies (Pty) Limited (“GET”), a wholly-owned subsidiary of ENRG Elements (ASX:ENRG) (“ENRG”).
Under the terms of the agreement, Kavango has now paid a total of AUD$1.5 million in cash to acquire 90% of the issued shares of Icon Trading (Pty) Ltd (“Icon”) and Ashmead Holdings (Pty) Ltd (“Ashmead”), two of GET’s subsidiary companies. Kavango will pay GET two further instalments of AUD$500,000 within 90 days and 180 days of the acquisition’s completion.
The names of the six new PLs, along with their holding company, status, and expiry date, are found below.
|
PL Number |
Company |
Status |
Expiry Date |
|
PL127/2017 |
Ashmead Holdings (Pty) Ltd |
2nd Renewal |
30/06/2024 |
|
PL128/2017 |
Ashmead Holdings (Pty) Ltd |
2nd Renewal |
30/06/2024 |
|
PL129/2017 |
Ashmead Holdings (Pty) Ltd |
2nd Renewal |
30/06/2024 |
|
PL203/2016 |
Icon Trading (Pty) Ltd |
3rd Renewal |
30/09/2025 |
|
PL204/2016 |
Icon Trading (Pty) Ltd |
3rd Renewal |
30/09/2025 |
|
PL205/2016[1] |
Icon Trading (Pty) Ltd |
3rd Renewal |
30/09/2025 |
Figure 2: Details of the GET PLs
Planned work
Kavango is currently procuring satellite imagery to advance its structural interpretation and mapping of alterations across the new PLs. The Company will share more details of its upcoming work plans in due course.
The Company is also in the final stages of awarding a contract for the flying of an AEM survey over its KCB PLs. The goal will be to map possible sub-basin and domal structures.
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 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 – Agreement to acquire six new PLs
Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that it has entered an agreement with Global Exploration Technologies (Pty) Limited (“GET”), a wholly owned subsidiary of ENRG Elements (ASX:ENRG) (“ENRG”) to acquire a 90% working interest in six Prospecting Licences (“PLs”) located in Botswana’s Kalahari Copper Belt (“KCB”) (the “Acquisition”).
The PLs cover ground adjacent to Kavango’s existing Karakubis Block next to the Namibian border, currently the priority focus in its KCB copper/silver exploration programme. The PLs are also adjacent to the Company’s South Ghanzi block in the KCB, giving Kavango a single, contiguous project area to explore.
Kavango is particularly keen to test the combined potential of PL049/2020, PL052/2020 (in the Karakubis Block) and PL203/2016 (within the area to be acquiredand satisfaction of certain other conditions). The Company believes these three PLs cover a single regional system that incorporates notable domal structures, which are key exploration targets in the search for large-scale copper/silver mineralisation.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The new licences join up our Karakubis and South Ghanzi blocks, providing us with a contiguous, highly prospective system to explore along strike from major discoveries such as Sandfire Resources’ (ASX:SFR) T3 deposit and Khoemacau Copper Mining’s Zone 5 deposit.
We now have uninterrupted control of the single system in this portion of the Kalahari Copper Belt (KCB). We believe today’s acquisition significantly increases our chances of making a discovery here. We will push ahead in the KCB, by reviewing exploration data for the new licence areas and the results of our recently completed IP surveys at the Karakubis project area. Our goal is to identify high-confidence drill targets to pursue in Q1 next year.
With completion of the Purebond financing imminent, we are in an extremely strong position to execute our ambitious plans.”
Figure 1: Map of Kavango’s KCB landholding
Next steps in the KCB
Recent work by Kavango has included 30km of Induced Polarisation (“IP”) survey lines over targeted areas within its Karakubis group of licences.
Kavango is, in conjunction with David Catterall, an expert on the KCB, completing a review of all available data for both Kavango’s previous and these six new licences. Kavango has also recently appointed a new Exploration Manager for Botswana, Mr Leon de Waal, who will be leading the KCB work. Kavango’s goals over the coming months are:
1. To “level up” its exploration data coverage across its entire KCB holdings and,
2. To identify potential sulphide bodies that will be ranked as targets for future drilling (announced >>> 25 July 2023).
The current “levelling-up” programme has been designed to field test a new geological interpretation. Kavango believes it has successfully identified the lower D’Kar/Ngwako Pan Formations, the contact of which is known to host the majority of copper-silver mineralisation elsewhere within the Kalahari Copperbelt, over PL036/2020, PL049/2020 & PL052/2020. The field mapping on PL036/2020 has effectively extended the area underlain by the lower D’Kar Formation and for which 5,054 samples have been collected.
Kavango believes the lower D’Kar Formation it has mapped across PL049/2020 & PL052/2020 (in the Karakubis Block) extends into PL203/2016 (which Kavango has now acquired), where pathfinder minerals galena and sphalerite have been observed in historic drill chips.
Preliminary modelling of Kavango’s recent IP survey data across an AEM target on PL049/2020 has already highlighted prospective domal structural trap sites (announced >>> 25 July 2023) for future drill targeting.
Acquisition terms
Kavango has agreed to acquire a 90% working interest in the six PLs by acquiring 90% of the issued shares of Icon Trading (Pty) Ltd (“Icon”) and Ashmead Holdings (Pty) Ltd (“Ashmead”), two subsidiary companies of GET.
Kavango shall have exclusive right to appoint directors to the board of both Icon and Ashmead.
To complete the Acquisition, Kavango will pay GET a total of AUD$2.5 million in cash in the three following instalments:
– AUD$1.5 million on the completion of the Acquisition
– AUD$500,000 90 days after the completion of the Acquisition
– AUD$500,000 180 days after the completion of the Acquisition
The names of the PLs, along with their existing owner, status, and expiry date, can be found in Figure 2 below.
|
PL Number |
Company |
Status |
Expiry Date |
|
PL127/2017 |
Ashmead Holdings (Pty) Ltd |
2nd Renewal |
30/06/2024 |
|
PL128/2017 |
Ashmead Holdings (Pty) Ltd |
2nd Renewal |
30/06/2024 |
|
PL129/2017 |
Ashmead Holdings (Pty) Ltd |
2nd Renewal |
30/06/2024 |
|
PL203/2016 |
Icon Trading (Pty) Ltd |
3rd Renewal |
30/09/2025 |
|
PL204/2016 |
Icon Trading (Pty) Ltd |
3rd Renewal |
30/09/2025 |
|
PL205/2016[1] |
Icon Trading (Pty) Ltd |
3rd Renewal |
30/09/2025 |
Figure 2: Details of the GET PLs
The agreement will complete on the receipt of necessary permissions in Botswana on or after 30 OCtober 2023 and satisfaction of certain other conditions.
Under the terms of the transaction, Kavango will assume the benefit of the outstanding intercompany loans for historic exploration onto its balance sheet. Icon and Ashmead will retain ownership of all historic exploration data gathered by them.
Financing update
Kavango continues to finalise the circular and prospectus for the forthcoming Stage 2 financing with Purebond (announced >>> 09 May 2023 for £4.6million at 1p per share). The Company expects to publish the Circular in the coming days and call the general meeting to seek approval from independent shareholders of a waiver in accordance with Rule 9 of the Takeover Code (Whitewash) in relation to this transaction.
In the event there is a delay in completing the Stage 2 financing, Purebond has indicated to Kavango’s board its readiness to lend the Company sufficient funds to complete the Acquisition.
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)
+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 – Karakubis Project Update
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce an exploration update concerning its Karakubis Copper Project (“Karakubis”) in the Kalahari Copper Belt (“KCB”), near the Namibian border.
Formerly referred to as the Mamuno Project, Karakubis is adjacent to large landholdings held by Sandfire Resources (ASX:SFR) to the north and Rio Tinto (LSE:RIO) to the west. Karakubis is immediately along strike of the Ghanzi West project where ENRG Elements (ASX:EEL) has identified similar geological signatures to Sandfire’s (ASX:SFR) Motheo Copper Mine.
HIGHLIGHTS
Kavango engages local KCB consultant David Catterall of Tulia Blueclay Limited (TBL)
– Site visit to Karakubis completed in January by Dave Catterall, a local consultant with extensive experience of KCB exploration.
– Dave has been working closely with Kavango’s senior team since October 2022 and has significantly enhanced the Company’s understanding of KCB exploration
– Focus of TBL’s work has been to improve Kavango’s drill target selection and to mentor the Company’s team on the ground
– TBL has provided Kavango with a detailed internal report (the “Report”) on the prospectivity of its KCB prospecting licences (“PLs”)
– One of the Report’s key recommendations is that Kavango immediately focus its exploration efforts on the Karakubis Copper Project
Upgrade of Karakubis Prospecting Licences
– TBL’s report has upgraded Kavango’s prioritisation of the Karakubis PLs
– TBLl has reviewed Kavango’s use of Controlled Source Audio Magnetotelluric (“CSAMT”) technology in the KCB
– Kavango’s CSAMT data taken over Karakubis appears to corroborate TBL’s pre-existing interpretation of the area’s geology
– CSAMT data and TBL’s geological interpretation suggest D’Kar/Ngwako Pan horizon contact is present at moderate depths at Karakubis
– This appears to be comparable to the setting for Sandfire’s A4 and T3 Deposits, where alteration/mineralisation lies at shallow depths above the D’Kar/Ngwako Pan Formation contact
– Karakubis Airborne Electromagnetic (“AEM”) data provides further encouraging exploration leads
– Kavango flew a limited AEM survey over Karakubis in September 2022
– AEM is the most common surveying technique used in KCB exploration
– AEM inversions indicate abundant parasitic folding of the D’Kar and Ngwako Pan sediments, with possible anticlinal hinge zones that could provide potential structural traps for mineralisation
– Analysis of regional satellite gravity data suggests a possible “basin margin” running from Karakubis into ENRG Elements’ neighbouring licences
– This large-scale structure could have provided conduits for metal-bearing hydrothermal fluids to pass through
Next Steps
– Final interpretation and integration of existing Karakubis geophysical and geochemical data underway
– Results expected in late February to support drill targeting
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Dave Catterall’s influence over our Kalahari Copper Belt exploration programme has been instant and meaningful.
Successful exploration in the Belt is challenging. Kavango has a large land package and Dave’s successful introduction has encouraged us to refocus our efforts on our prospective Karakubis project area.
It is particularly promising that CSAMT and AEM data we have gathered independently appears to align with Dave’s regional geological interpretation. Historically, Kavango has dedicated more energy to other of its prospecting licences. While we will continue to advance work on these (PLs 082 and 036 in particular), Karakubis is now our main centre of attention.
We now recognise that the Karakubis licences represent our greatest opportunity for the near-term detection of a metal bearing alteration system.”
Report Summary
In October 2022, Kavango engaged David Catterall to review the Company’s KCB strategy and provide any recommendations for improvement. Mr Catterall is one of the leading experts on the KCB’s geology and its exploration.
In his review, Mr. Catterall amalgamated open source and public exploration and water borehole data for the KCB, along with regional AEM and electromagnetic survey data. During his time working in the KCB, Mr Catterall has developed alternative interpretation of the region’s underlying geology compared to historic mapping. Specifically, he has mapped sandstones and siltstones consistent with D’Kar Formation lithologies, which typically overly the Ngwako Pan Formation.
The zones where the two formations meet are recognised as a primary regional control of copper/silver mineralisation in the KCB and are Kavango’s primary exploration focus.
Figure 1 – Logged historic exploration and water boreholes in the KCB
Mr. Catterall subsequently used his extensive knowledge to create a new stratigraphic interpretation of the distribution of the D’Kar Formation across the KCB.
Among the key findings was the previously unrecognised presence of nearer surface D’Kar under Kavango’s Karakubis licences near the Namibia border. Kavango has previously completed mapping, aeromagnetic surveying, and soil sampling on these licences and identified a large copper drill target (announced >>> 31 August 2022).
Kavango has now reclassified Karakubis as its top priority in the KCB.
Karakubis Project Upgrade
Kavango’s preliminary interpretation of its Controlled Source Audio Magnetotelluric (“CSAMT”) survey data from the Karakubis project area suggests the potential for the presence of the D’Kar/Ngwako Pan Formation contact at moderate depths. This potential was first highlighted by Mr Catterall during a historical data review last year.
The D’Kar/Ngwako Pan stratigraphic contact is the primary control on economic copper/silver mineralisation in the KCB. The Company believes that by confirming this contact at the projected depth at Karakubis would strengthen these PLs’ prospectivity.
Inversion sections from Airborne Electromagnetic (“AEM”) surveys completed over Karakubis also indicate the abundant presence of tightly folded rocks. These could provide the might structural setting for potential mineralisation.
In his Report, Mr Catterall concluded that this could have helped to bring the D’Kar/Ngwako Pan horizon contact closer to surface. It could have also created suitable structural traps for mineralisation.
Similar structures are also understood from public domain information to be abundant on ENRG Elements’ Ghanzi West Project immediately to the east of Karakubis.
ENRG Elements recently identified three domal features at Ghanzi West similar to those discovered along strike by Sandfire Resources at its Motheo Copper Mine. It also identified the potential for near-surface D’Kar/Ngwako Pan horizon contact-associated mineralisation, which is interpreted by Kavango’s team and Mr Catterall to extend into the Karakubis PLs.
In parallel to Mr Catterall’s work, Jeremy S. Brett who is a director of the Company and consults to the Company through Jeremy S. Brett International Consulting Ltd. has recently completed a review of satellite gravity data over Karakubis. Mr Brett’s interpretation of the data suggests a possible “basin margin” runs through the project into ENRG Elements’ neighbouring licences. Basin margins are located on the edges of sedimentary basins such as the KCB and could have provided favourable conduits for hydrothermal fluids to pass through that contained metallic elements.
Next steps
Kavango is finalising interpretation of its AEM and CSAMT survey data for Karakubis, with results expected in late February. The Company is completing an in-depth analysis combining the two geophysical data sets with recent reconnaissance geological field mapping (announced >>> 31 August 2022). This will be integrated with existing Karakubis geochemical data.
Kavango will use the data sets to improve its understanding of Karakubis’ underlying geological structure and metal potential. The most favourable areas exhibiting similar geological controls to economic copper/silver deposits elsewhere on the KCB will be selected for targeting. Further updates will be provided in due course.
About David Catterall
David Catterall is a geologist with 36 years of experience in mineral exploration throughout Africa and Europe in a wide range of commodities, specialising in structurally controlled precious and base metals deposits.
Over the last 15 years, Mr. Catterall has focused extensively on exploring Africa’s copper belts, including the central KCB. He is currently the Competent Person for Cobre Limited (ASX:CBE) and ENERG Elements (ASX:EEL), which are both active companies in the KCB.
Among other roles, Mr Catterall has also worked as a Consultant to Cupric Africa for its EISEB and Khoemacau project areas in the KCB and has also been a Contract Geologist and Consultant, for Cobre advising on work on KCB tenements owned by its subsidiary Kalahari Metals, covering 8,100km2.
Mr Catterall’s experience ranges from field mapping of complex structural terrains, through drill planning and execution to exploration management for large public mining companies and junior explorers.
He is well experienced in remote area exploration operations, mentoring junior technical staff, and developing a safe workplace.
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
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.
#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.
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 – Licence Renewals and 1 New KSZ Licence Issued
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) announces the renewal of 5 Prospecting Licences (“PLs”) in the Kalahari Suture Zone (“KSZ”) and one PL at the Ditau Project. In addition, the Company has also been awarded one new PL in the KSZ.
Kavango’s total mineral rights in Botswana now cover 14,316km2.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The renewal of six of our prospecting licences and the issue of one additional licence by the Department of Mines enables Kavango to plan a substantial work program across its portfolio, as well as advance discussions with potential partners.
Securing the six Kalahari Suture Zone licences is particularly important, as it confirm Kavango’s strategic hold over this large-scale nickel/copper exploration project.
With its strategically significant mineral rights package, Kavango is well placed to become a major player in the Botswanan metals’ exploration space. We look forward to advancing our projects and making significant discoveries over the coming years.”
Details of licences issued
Kavango Minerals (Pty) Ltd
|
Project |
Licence No. |
New expiry date |
New area (sq.km) |
Comment |
|
KSZ |
509/2014 |
30/9/24 |
413 |
Renewal |
|
KSZ |
510/2014 |
30/9/24 |
499 |
Renewal |
|
KSZ |
155/2016 |
30/9/24 |
491 |
Renewal |
|
KSZ |
156/2016 |
30/9/24 |
491 |
Renewal |
|
KSZ |
157/2016 |
30/9/24 |
391 |
Renewal |
|
KSZ |
062/2022 |
30/9/25 |
73 |
New licence |
Kanye Resources (Pty) Ltd
|
Project |
Licence No. |
New expiry date |
New area (sq.km) |
Comment |
|
Ditau |
010/2019 |
30/9/24 |
459 |
Renewal* |
*In compliance with the Botswana Minerals Act, PL 010/2019 includes 50% relinquishment due on first renewal
The resulting total areas that Kavango’s subsidiaries have rights to are as below:
|
Project |
Total area (sq.km) |
Comment |
|
KSZ |
8,323.1 |
100% owned by Kavango |
|
KCB (1,2) |
5,065.5 |
See footnote |
|
Ditau (2) |
927.4 |
See footnote |
|
TOTAL |
14,316 |
1) Includes 2 x licences that are the subject of 90% earn in with LVR Geoexplorers (Pty) Ltd.
2) Kavango currently owns a 50% working interest in 10 prospecting licences held in a Joint Venture vehicle (Kanye Resources) with Power Metal Resources (LSE:POW), and has agreed to acquire 100%. Terms of the acquisition are provided in the announcement dated 8 July 2022.
(‘KSZ’: Kalahari Suture Zone; ‘KCB’: Kalahari Copper Belt)
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
#KAV Kavango Resources – KCB – target definition on Mamuno Licences
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) has identified a large drill target, prospective for copper, on its Kalahari Copper Belt (KCB) Mamuno licences PL049/2020 & 052/2020.
Highlights
– The Mamuno Project Area extends to the Botswana-Namibia border, beyond which Rio Tinto and Sandfire Resources hold licences directly adjacent to the west and north
– Completion of large-scale, high-resolution soil sampling program (Mamuno 1,319 samples, 9,677 program total)
– Identification of large drill target (the “Target”):
– 5km long x 3.5km wide area of anomalous values (+30ppm Cu)
– Peak value of 73ppm Cu (pXRF values)
– Geochemical anomalies conform with the mapped underlying geology
– Follow up geophysics planned to sharpen target definition, ahead of drilling
Kavango has provided a map showing the Target on the Company’s website, via the link below:
https://www.kavangoresources.com/media-library/news-release-media/rns31august2022
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“This work represents the culmination of a 2022 program of 9,677 soil samples, which has already identified multiple targets elsewhere on our PLs 082/2018 and 036/2020 (26 August 2022 and 3 August 2022).
The presence at Mamuno of anomalous values to 73ppm copper, over a large area, means that this is a robust anomaly. The western KCB area has historically been unexplored due to depth of sand cover, but is now seeing an intensification of exploration activity. Kavango has managed to carry out geological mapping in the area despite the cover, and considers that the anomaly aligns with an underlying Ngwako Pan/D’kar Formation contact, which is a key control on copper/silver mineralisation in the KCB.
Kavango now plans follow-up geophysical work to sharpen the definition of this large anomaly, followed by drilling.”
Target Detail
A large geochemical feature has been identified, of up to 73ppm copper which given the soil cover is of a high tenor.
Main Zone (Cu: >30ppm, Max 73ppm)
– Dimensions 5km x 3.5km
– Follows the geological trend of the Ngwako Pan-D’kar Formation geological contact mapped nearby by Kavango
– Also associated with NW-SE trending lineaments, which cross cutting structures are known to be linked to high grade copper mineralisation elsewhere on the KCB
– Area features Kalahari sand cover, which is known to attenuate soil geochemistry values. Even with this, Kavango has identified a high-tenor anomaly relative to anomalies identified elsewhere on the KCB by other companies
– Area has been field checked by Kavango geologists
– The Target also has widespread elevated zinc values (>18ppm, Max 37ppm).
Planned follow-up for Mamuno Licences PL049/2020 & 052/2020
Next steps, ahead of a drill program on the Target to include:
– Limited infill soil sampling (reducing 800m to 200m line spacing) in selected areas to refine specific drill target locations
– Static seismic surveys (Tromino) using Kavango-owned equipment, to evaluate overburden thickness
– Reinterpretation of regional aeromagnetic data to provide additional resolution on geological contacts around anomaly
– Airborne or ground Magnetic/Electromagnetic (“AEM”) and Controlled Source Audiomagnetotelluric (“CSAMT”) surveys
– A drill program is planned to follow.
Kavango Sampling Methodology
– Excavation to 30-40cm below the surface
– Sample is collected from bottom of hole and sieved to approximately 200g of -180um fraction
– Sample is analysed using the company’s in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window
– Reference materials (of known values) are inserted after every 25 samples and at the end and beginning of each batch
– Resultant data is then used to generate user factors for normalising the analytical results prior to interpretation
– Selected samples are also sent to an independent laboratory in South Africa for multi-element analyses by conventional means
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Resources #KAV – Ditau Project update – drill targets identified
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce an update on the Company’s Ditau Project (“Ditau”), searching for Rare Earth Elements (“REEs”).
Ditau is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Highlights
Ø Geophysical and geochemical surveys completed on 12 targets areas
Ø 7 specific drill targets identified
– Each target includes a possible carbonatite intrusive body lying within range of reverse circulation (“RC”) drilling
– All targets within 300m depth
– 3 of the 7 targets classified as “high priority”
Ø Target I1 is a large, intense magnetic dipole
– Spans 17km by 8km
– Shallow depth to source of less than 100m
– Kavango believes I1 sits just under the Kalahari sands
– Lies at an intersection of two major regional fault zones
– Anomalous niobium values identified. Niobium is used in various superconducting materials and industrial alloys
Ø Target I4
– Spans 7.5km by 5km
– Shallow depth to source of less than 100m
Ø Target I10
– Spans 2.5km by 2.8km
– High AMT resistivity, coincidental with a gravity high
Ø Data processing and interpretation in progress for final drill readiness
Ø Environmental Management Plan in place
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“While our primary focus has been on developing our interests in the KSZ and KCB, we have been much encouraged by the number of drillable intrusive targets identified at Ditau. Most of these appear to be post Karoo in age and lying at a shallow depth beneath Kalahari sand cover.
It is particularly encouraging to have identified seven drill-ready targets, with three of those being classified as high priority. Carbonatite hosted deposits of Rare Earth Elements (REEs) hold significant strategic and commercial value. Kavango’s targets are relatively shallow, which should make it straightforward to determine this project’s potential
We look forward to revisiting Ditau later this year, once we’ve completed our other high-impact drill campaigns.”
Exploration at Ditau
Kavango has identified 12 ring structures within the two prospecting licences making up the Ditau Project.
Falconbridge Explorations Ltd identified a similar large ring structure (KW2), located 23km to the north of Ditau, in the 1970s. On drilling KW2, anomalous values of niobium were detected in carbonatite rock (REEs were not assayed for at the time). Niobium is used in various superconducting materials and industrial alloys.
KW2 is thought to be part of a “cluster” of post-Karoo, carbonatites in the Kang area, of which Ditau is a part.
There is increasing evidence that at least some of the ring structures at Ditau contain carbonatite. An integrated exploration programme of surveys is being undertaken over the 12 ring structures (targets).
Each target is undergoing the following assessments/surveys:
SOIL GEOCHEMISTRY: 3 lines of soil geochemical sampling with specific attention to values of Niobium and REEs
CSAMT & AMT SURVEYING: To “map” the lithological contacts to determine conductivity and resistivity. The CSAMT survey was carried out using Geometrics’ Stratagem EH4 unit, which measures ground electromagnetic signals and calculates ground resistivity down to depths of 1km.
Most targets were surveyed using the low-frequency version of the Stratagem without a transmitter (AMT), which sees down to 1.6km. Readings were taken at 50m station intervals along a profile.
GROUND MAGNETIC SURVEYING: The Earth is like a giant magnet due to ferromagnesian minerals in its core. Locally, various rocks have different magnetic properties due to variable magnetic mineral content. Carbonatites usually produce magnetic “high” anomalies compared to their host rocks.
The G856AX proton precession magnetometer was used in the ground magnetic surveys. One G-856AX was used as a “base station” magnetometer taking readings at 30-second intervals and the other as a hand-carried instrument with a simple, push button operation. Readings were taken at 12.5m intervals along profiles.
GRAVITY SURVEYING: Carbonatites usually have higher density than their host rocks.
Gravimeters are generally used to measure relative gravity, of which there is a wide variety. The most modern gravimeters are Autograv, which include significant improvements compared to the old spring based systems.
An Autograv CG-3 gravimeter was used in the survey on Target I10. Readings were taken every 50m with a local base station visited 3 times a day. The Autograv obtains a reading by continuously averaging a series of one-second samples.
DATA INTERPRETATION: The Company’s approach to this involves “layering” survey data sets on geological and structural maps, to produce drill targets.
Results
Ø Interpretation of the results from the first 7 ring structure drill targets has identified 3 priority targets which demonstrate good potential to host to carbonatite (I1, I4 and I10).
– I1 is a large, intense magnetic dipole that spans 17km by 8km and has a shallow depth to source of less than 100m. I1 lies at an intersection of two major regional fault zones.
– I4 spans 7.5km by 5km and has a shallow depth to source of less than 100m.
– I10 spans 2.5km by 2.8km and exhibits high AMT resistivity, coincidental with a gravity high.
Ø These targets appear to sub-outcrop just below the Kalahari sand cover (c.70m), within easy reach of RC drilling within 300m of service.
Ø Anomalous niobium values have been detected on one of these targets (Target I1).
Plans for further Work
Ø Further surveys will be completed on the remaining 3 ring structure targets.
Ø It is proposed to drill the 3 top priority targets before the end of the year. The Environmental Management Plan is in place.
Ø Samples from the drilling will be assayed for whole rock geochemistry and REEs.
The POW/KAV Joint Venture
The Ditau PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement has been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles is a beneficial shareholder of Kavango Resources plc.
NOTES TO EDITORS
THE DITAU PROJECT
The Ditau Project comprises two prospecting licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 “ring structures”.
The “ring structures” have the potential to host carbonatite rocks.
Carbonatites are the principal source of rare earth elements (REEs) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and even Copper.
Kavango Resources #KAV – London South East Natural Resources Webinar
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, will be presenting at the London South East May Natural Resources Webinar on 25 May 2021 at 17:45 BST.
Ben Turney, Executive Director of Kavango, will deliver a presentation titled “Why Kavango Resources should feature in your portfolio”. This will be followed by a virtual question and answer session.
To view the presentation and participate in the Q&A please visit the following link:
https://us02web.zoom.us/webinar/register/4616057084894/WN_4mo_Tp8iTNyczo4hxQ_QcQ
Kavango Overview
Kavango is currently pursuing major exploration projects in the Kalahari Suture Zone (“KSZ”) and the Kalahari Copper Belt (“KCB”) in Botswana.
In the KSZ, Kavango’s key focus in 2021 is “proof of concept”. The Company has deployed sophisticated remote sensing technologies and advanced data modeling techniques to identify high priority drill targets, for a campaign later this year. The primary objective of future drilling will be to penetrate to the bottom of one or more of the “keels” in the gabbroic formations in the four ‘Norilsk Style’ target areas, described in the announcement on 30 November 2020.
If it achieves this goal, Kavango will become the first company ever to extract drill core from the bottom of the Karoo-age gabbros in the KSZ. Analysis of such drill core is expected to provide valuable data to help establish the system’s potential to host magmatic sulphide ore bodies.
Meanwhile, in the KCB, Kavango is targeting large-scale copper/silver deposits, using tried and tested exploration methods.
The Company is currently working in two separate Joint Ventures (“JV”), one with Power Metal Resources (“Power Metal”) and one with LVR GeoExplorers Pty Ltd (“LVR”). The JV with Power Metal also includes the Ditau Rare Earth Elements Project.
Kavango has recently flown extensive Airborne Electromagnetic (“AEM”) surveys over the JV prospecting licences in the KCB. The Company is analyzing the results to augment future field exploration.
At the South Ghanzi Project (held within the Power Metal JV), Kavango announced on 14 May 2021 the identification of 7 conductors, which include three large, high-priority targets.
Results from the LVR AEM surveys are expected shortly.
At Ditau (also held within the Power Metal JV), Kavango continues to conduct surveys on the 10 “ring structures”, which might represent potential carbonatites. Carbonatites are the principal source of REEs including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. The Company expects to release an update on this in the coming weeks.
To view the presentation and participate in the Q&A please visit the following link:
https://us02web.zoom.us/webinar/register/4616057084894/WN_4mo_Tp8iTNyczo4hxQ_QcQ
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The information in this press release that relates to “geological and/or geophysical results” for the LVR Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.