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Kavango Resources #KAV – KSZ TDEM Update and Warrant Exercise
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 its Kalahari Suture Zone (“KSZ”) project, receipt of £59,500 in warrant exercises and completion of the strategic partnership with Spectral Geophysics (“Spectral”) (announced 20 April 2021).
KSZ Update
Further to the announcement on 20 April 2021, Spectral has completed a third Time Domain Electromagnetic (“TDEM”) survey in Target Area A (“Survey A3”). This survey was designed to corroborate the existence of the large-scale conductive anomaly previously identified. Spectral also deployed an upgraded configuration of its equipment, which has proved to be successful.
TDEM surveys can be used to identify super electromagnetic (“EM”) conductors at depth, within highly complex geological environments such as the KSZ. Spectral Geophysics is a highly experienced and effective operator of TDEM technology currently being employed on the project.
Data from Survey A3 has now been successfully processed and interpreted. The data further confirms the existence of the previously identified conductive anomaly and that it has a conductance of ~3000 Siemens. Kavango now estimates the anomaly’s properties are:
- 1km length, which is open along strike
- Extends between 250m to 700m below surface and is gently dipping
- Decay constant of approximately 340msec and conductance of approximately 3000 Siemens, readings which Kavango management considers are consistent with nickel sulphide deposits elsewhere in the world
- Located in the right geological setting, at the bottom of a “keel” in the gabbroic intrusion, according to the Company’s Magnetic 3D-Model (8 September 2020)
As the results come in from Kavango’s extensive TDEM surveying programme and are processed and interpreted, the Company expects to start planning a drilling programme. The exact timing and extent of such a programme remains to be determined, but it is currently considered likely that it will include drilling inclined holes of up to 450m through the conductive target at A2 that will aim to intercept the conductor at roughly 400m.
Kavango has prepared an explanatory video, which presents the geophysical model of the conductive target at A2, for shareholders to view on the Company’s website. The video is accessible via the link below:
https://cdn.kavangoresources.com/VNS-KAV_TDEM_conductor_Pt2_V03.mp4
On completion of Survey A3, Spectral immediately deployed its team and equipment to Target Area B1, which Kavango’s field exploration team had prepared in advance. This survey is now nearing completion and Kavango expects to receive data later this week, for processing, interpretation and review.
Spectral will then move straight onto Target Area B2, which the Company has begun preparing the site for.
Kavango anticipates the remaining TDEM surveys in this current phase of exploration will continue at this accelerated pace.
Completion of Spectral Geophysics Strategic Partnership
Following the success of the first TDEM surveys in the KSZ, Spectral and Kavango entered into a strategic partnership in April 2021, to leverage each other’s expertise to identify high-priority drill targets.
As part of this deal, Kavango agreed to issue Spectral with 3,000,000 ordinary shares of £0.001 at an issue price of 3p pence per share (the “Partnership Shares”). The Partnership Shares are subject to a 12-month lock-in and will be held in custody by the Company’s broker, First Equity. The Company allotted the Partnership Shares on 30 April 2021, subject only to their admission to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”).
Exercise of Warrants
Kavango announces it has received notices to exercise warrants over 5,950,000 new ordinary shares of £0.001 each in the Company (the “Warrant Shares”).
The Warrant Shares are being issued pursuant to the exercise of warrants granted and announced on 15 April 2020. Subscription monies of £ 59,500 have been received by Kavango in respect of these exercises.
Admission and Total Voting Rights
Application has been made for Admission of the Warrant Shares and Partnership Shares. It is expected that Admission will become effective and that dealings in the Warrant Shares and Partnership Shares will commence at 8.00am on or around 11 May 2021.
Following Admission, the total issued share capital of the Company will consist of 351,352,139 Ordinary Shares. Therefore, the total number of voting rights in the Company is 351,352,139 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Michael Foster
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
Super EM Conductors: are bodies of highly conductive minerals such as metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, (originally) horizontal bodies of solidified gabbroic magma that intruded into the Earth’s crust while still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Kavango Resources #KAV – Strategic Partnership with Spectral Geophysics
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the signing of a strategic partnership with Spectral Geophysics Ltd (“Spectral”) (the “Strategic Partnership”).
Spectral is one of Southern Africa’s leading firms in the use of ground-based remote sensing technologies to identify high-speed electromagnetic (“EM”) conductors at depth. Spectral has specialist knowledge and expertise in mapping subsurface geology beneath Kalahari cover. This experience is particularly important to exploration of the Company’s Kalahari Suture Zone (“KSZ”) Project in Botswana.
Highlights
v Spectral has completed two Time Domain Electromagnetic (“TDEM”) surveys in the KSZ. The second of these, at Target A2, identified:
– A large conductive anomaly, which is approximately 1km in strike with a large decay constant (~340msec) that could indicate presence of metallic sulphides
– A second possible discrete conductor to the west of A2, which requires further surveying.
v Under the terms of the Strategic Partnership:
– Spectral will share with Kavango its technical knowledge to optimise future underground remote surveys of the KSZ
– Spectral will prioritise the assignment of its advanced surveying technologies to the KSZ for a period of 24 months
– Kavango will share with Spectral results of independent assessments on any data gathered from remote surveys
– Kavango’s field exploration team will provide additional support to facilitate more rapid deployment of remote sensing technologies to target areas.
v In return for securing priority access to Spectral’s technical expertise and advanced remote surveying technologies, Kavango has agreed to issue Spectral:
– 3,000,000 ordinary shares in the Company at 3p per share (the “Partnership Shares”). The Partnership Shares will be lodged with the Company’s broker and are subject to a 12-month lock-in.
– 3,000,000 warrants in the company exercisable at 4.25p per share with the following vesting conditions
I. 1,000,000 warrants vest on completion of the next 5 TDEM surveys in the KSZ
II. 1,000,000 warrants vest on completion of a further 5 TDEM surveys in the KSZ
III. 1,000,000 warrants vest on completion of a further 5 TDEM surveys in the KSZ
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“We are delighted to announce a Strategic Partnership with Spectral Geophysics and its founder Cas Lötter.
Cas is one of Africa’s principal experts in subsurface geological surveying. Under his leadership, Spectral is now among the Continent’s leading specialists in ground-based EM surveys, having worked on projects in 18 countries for many of the world’s largest mining firms.
In addition to this, Cas has personally interpreted over 100,000 line kilometers of helicopter EM data and was directly involved in the target identification that led to the T3 and A4 Dome copper discoveries in the Kalahari Copper Belt.
With Spectral’s assistance and experience, Kavango will now be able to deploy more sophisticated methods and remote sensing technologies into the Kalahari Suture Zone. Following the success of the first two TDEM surveys we completed at Hukuntsi, this is a major step forward for Kavango and significantly bolsters our exploration capabilities.”
Cas Lötter, founder of Spectral Geosciences, commented:
“I have been intrigued by the potential of the Kalahari Suture Zone for over 30 years. However, it has only been in recent years that technology has improved to the point to allow for effective surveying at depth, beneath the Kalahari cover.
I was happy to be invited to work on the KSZ Project last year. It is a technically-complex environment to work in, but my team and I have developed sophisticated methods to enable us to step up to this challenge. The fact that our data has stood up to rigorous external validation further strengthens my belief that our partnership with Kavango could yield substantial results.
Now that we have seen the results from our first TDEM surveys, I am even more encouraged by what we have already found. We have learned a lot from the first phase of surveys and applied these lessons to the next round of surveys, which are well underway.”
About Cas Lötter & Spectral
Cas Lötter had his first experience with mapping geology below the Kalahari beds in 1985 when he located the mafic/ultramafic contact of the northern limb of the Molopo Farms Complex, using aeromagnetic, ground magnetics and gravity. Since that time, he has been involved in exploration projects for minerals and groundwater below the Kalahari stretching from the northern Cape of South Africa to eastern Namibia and further north through western Zambia into the southern DRC and into Zimbabwe in the east. He was especially active in Botswana where he has been a resident since 1993, the year he established geophysical consulting and contracting company, Spectral Geophysics. Spectral serviced several multi-nationals and a plethora of Canadian, British and Australian juniors eg. Rio Tinto, BHP-Billiton, Anglo American, Phelps Dodge, Falconbridge, First Quantum etc. in the search for diamonds, gold, copper, nickel, lead-zinc, uranium and manganese. Spectral has also been involved in projects in South Africa, Namibia, Angola, DRC, Congo, Zimbabwe, Mozambique, Swaziland, Lesotho, Kenya, Tanzania, Uganda, Ivory Coast, Senegal, Ghana, Mali, Eritrea and CAR.
Cas Lötter, in his personal capacity, has also been involved extensively in consulting assignments in India (processed and interpreted 100,000+ line km of helicopter EM data) and Iran (training of local geophysicists in electromagnetic surveying and processing). In Africa, he was directly involved in projects which led to the discovery or mapping of a resource eg. Kalgold on the Kraaipan Belt in South Africa, Lumwana and Sentinel on the Zambian Copper Belt, Golden Ridge, North Mara and Geita in Tanzania. He was also closely involved with the geophysical mapping of the T3 deposit in the Kalahari Copper Belt and commissioned, planned, supervised, processed and interpreted the helicopter electromagnetic survey which led to the discovery of the A4 dome deposit near T3.
Spectral’s main areas of expertise are advanced processing and interpretation of airborne and ground electromagnetic data as well as 3D modelling of Induced Polarisation / Resistivity data. Spectral is currently concentrating on deep electromagnetic prospecting for metallic sulphides using the gold standard in transmitter and receiver technology available from Australia. Spectral has extensive experience with the application of TDEM and SQUID sensors in electromagnetic prospecting and have applied the technology successfully in Botswana, South Africa and Namibia over a period of six years.
Terms of the Strategic Partnership
Kavango and Spectral have entered into a Strategic Partnership, whereby Spectral will share with Kavango its technical knowledge to optimise future underground remote surveys in the KSZ.
Kavango has incentivised Spectral to prioritise physical surveys of the KSZ and to deploy its most powerful remote sensing technologies. The Strategic Partnership will involve Spectral making recommendations concerning the use of specific techniques and technologies to maximise the chances of success, identifying any large-scale conductors that may exist in the KSZ.
Kavango will share with Spectral results of any data analytical work it receives from third party geophysicists, employed to provide independent assessment of survey data. Kavango expects any third party analysis will help augment and calibrate future surveys conducted by Spectral in the KSZ.
In return for Spectral’s commitment to the Strategic Partnership, Kavango will issue Spectral 3,000,000 Partnership Shares, at an issue price of 3p per share. The Partnership Shares will be held with First Equity for a 12-month lock in period
In addition, Kavango will issue Spectral with warrants to subscribe for up to 3,000,0000 new ordinary shares, exercisable at 4.25p a share with a 4-year exercise period from the date of signing the strategic partnership agreement between Kavango and Spectral (the “Partnership Warrants”). The Partnership Warrants will vest in 3 tranches, set out in the table below:
|
Spectral Partnership Warrants Vesting Tranches |
||||
|
Tranche |
Exercise Price |
Number of Warrants |
Life of Warrants
|
Vesting Condition |
|
1 |
4.25p |
1,000,000 |
4 Years
|
Warrants vest on completion of FIRST 5 ground-based remote sensing surveys in the KSZ |
|
2 |
4.25p |
1,000,000 |
4 Years
|
Warrants vest on completion of SECOND 5 ground-based remote sensing surveys in the KSZ |
|
3 |
4.25p |
1,000,000 |
4 Years
|
Warrants vest on completion of THIRD 5 ground-based remote sensing surveys in the KSZ |
———————————————————————–
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For additional 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
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari Sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
High Speed EM Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Kavango Resources #KAV – KSZ Hukuntsi – TDEM conductor identified
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the identification of an electro-magnetic (EM) anomaly in Target Area A in the Hukuntsi (northern) section of the Company’s Kalahari Suture Zone (“KSZ”) Project.
The anomaly appears to be a large conductive body (the “Conductor”) that lies between 250 and 700m from surface and appears to sit within the lower parts of a gabbro “keel”, as predicted by the Company’s proprietary 3D-Underground Model of Hukuntsi announced on 8 September 2020. Kavango believes this is in a promising geological setting.
Highlights
v The Conductor was identified through the analysis of data from the second Time Domain Electro-Magnetic (“TDEM”) survey completed on Target Area A:
– The ground-based, fixed loop TDEM surveys have been deployed to search for super conductors within the deeper “keels” of the extensive gabbroic intrusions in the KSZ.
– The first two surveys (A1 & A2) were completed in close proximity to one another in Target Area A
– Spectral Geophysics Ltd (“Spectral”), who are conducting the surveys on behalf of the Company, concluded that the Conductor “is interpreted to be caused by a shallow dipping, discrete conductor at least 1km in strike with a large decay constant (~340msec) that could indicate the presence of metallic sulphides”
– The actual size of the causative source of the Conductor and its thickness will only be determined by drilling
– The Conductor is oriented on a plunging plane, with a minimum depth of 250m, and a maximum depth extension of 450m (that is to a depth of 700m below surface).
v Given the size and the nature of the EM signature, Kavango sought independent verification of the validity and accuracy of the TDEM data from three independent geophysical consultants, including a specialist plate modeller who is experienced in modelling highly conductive EM environments. These consultants confirmed:
– The TDEM surveys collected valid and accurate data readings
– The equipment used to collect the TDEM data, the procedures adopted, the processing techniques (software) and the interpretation of the final results are all valid for this type of survey.
– The plate model is accurate (plate modelling estimates the size, geometry and orientation of subsurface conductive bodies)
– The EM signature of the Conductor is notably distinct from the surrounding conductive environment
– TDEM surveys are the appropriate technology to identify conductive bodies in the KSZ.
v Using its proprietary 3D-Model of the underground geology at Hukuntsi, Kavango concludes that the Conductor is in the right geological setting for drilling (250m from surface to the projected “keel” of the gabbroic intrusion at 700m).
v Spectral is continuing TDEM surveys on Target Areas “B”,”C” and “D” at Hukuntsi.
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“The apparent identification of a large EM anomaly within the “keel” of a gabbroic intrusion in Target Area “A” is promising.
While we were hopeful of what the first TDEM surveys of the KSZ might uncover, we are encouraged to have identified a conductive body of this size, in this geological setting so early in the programme.
As a prudent step, we have sought expert independent verification of the TDEM data and techniques employed.
Initial analysis confirms that the work carried out by Spectral was thorough, the data and the position and conductivity of the Conductor are reliable. Further work is still needed, but I am pleased with the validation we have so far received.
I’d like to thank Spectral, the independent contractors and our in-house team for the excellent work they have completed on behalf of Kavango.
This is the first time TDEM surveys have been deployed in the KSZ. We are confident this technology holds the key to unlocking the project’s significant potential. TDEM surveying will continue at an accelerated pace on the remaining principal target areas so we can prioritise targets for detailed drill site locations.”
TDEM surveys at Hukuntsi
On 30 November 2020, Kavango announced it had identified four “Norilsk-style” target areas at Hukuntsi for further exploration. These target areas cover 182.5km2 and incorporate deep “keel” formations in the Karoo-age gabbros, with long axes. The four target areas include:
– Target Area A (8km x 9km)
– Target Area B (6km x 10km)
– Target Area C (4.5km x 5km)
– Target Area D (3.5km x 8km)
In December 2020, the Company commenced orientation work on the first two surveys on Target Area A (A1 & A2). The interpretation and modelling was completed in late February, with independent data verification sought over March and into April.
The Conductor at A2
The Conductor appears to lie at a minimum depth of 250m and maximum depth extension of 450m (that is to a depth of at least 700m below ground). Spectral concluded that the Conductor “is interpreted to be caused by a shallow dipping, discrete conductor at approximately 1km in strike with a large decay constant (~340msec) that could indicate the presence of metallic sulphides”. The actual size and thickness of the causative source at depth will only be determined by drilling
The EM decay constant (TAU) within the anomalous areas is calculated at approximately 340msec. These values are similar to nickel sulphide deposits discovered elsewhere in the world.
According to the Company’s 3D-model of the underground geology at Hukuntsi, the Conductor appears to lie at the base of a Karoo gabbro intrusive “keel”, which is the right geological setting for a potential mineral deposit. The Company is encouraged by this data.
To help further de-risk the Conductor, the Company sought independent expert verification of the data gathered from the TDEM surveys. This has confirmed the integrity of the methods used by Spectral, the quality of the data collected and the conclusions Spectral reached in its final report.
Next steps
The Conductor will be re-surveyed on two or three other survey lines from a new TDEM loop position to obtain further confirmation.
Meanwhile the TDEM surveying of Target Areas “B”, “C” and “D” will continue. Spectral will undertake either one or two TDEM surveys on each of these Target Areas.
The planned surveying of all four Target Areas should be completed before the end of June. On completion, any conductors identified will be followed up with additional, offset TDEM loops at higher resolutions. Offset loops will provide important information on the geometry and properties of any targets prior to subsequent exploration 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 additional 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
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 7,573.1km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari sediments, has not previously been explored using modern techniques.
The area covered by Kavango’s KSZ licences displays a geological setting with distinct similarities to that hosting World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.
KSZ DEFINITIONS
High Speed EM Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.
Gabbroic sills: Relatively thin, planar, horizontal bodies of solidified gabbroic magma that intruded into layers of sedimentary rock whilst still molten.
Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.
Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.
Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.
Kavango Resources #KAV – Licence acquisitions on the KCB in Botswana
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the signing of two agreements that would allow a 50/50 Joint Venture between Kavango and Power Metal Resources plc (LSE:POW) (“Power Metal”) to acquire a 100% interest in eight prospecting licences (PLs) in the highly prospective Kalahari Copper Belt (“KCB”).
Highlights
Ø The Joint Venture is incorporated in the Botswana registered, Kanye Resources (Pty) Ltd (“Kanye”), the 100% subsidiary of UK incorporated Kanye Resources Plc in which Kavango and Power Metal each hold a 50% interest.
Ø Kanye has signed two separate agreements to purchase 100% of the eight PLs. This includes:
– Four PLs in proximity to Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000.
– A further four PLs near the town of Mamuno on the Namibian border for US$230,000, which has been signed with Vinmarsh Interprises (Pty) Ltd.
Ø Both transactions are subject to due diligence and the approval of the Botswana authorities.
Ø Kanye’s two existing PL’s that lie immediately south of the town of Ghanzi are currently held in the name of Kavango Minerals (Pty) Ltd and are in the process of being transferred to Kanye.
Ø After transfer of all ten PLs, Kanye will control 4,255km2 of exploration ground in the KCB, targeting the discovery of commercial copper/silver deposits.
Ø Results from the South Ghanzi AEM surveys are expected in April.
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“The acquisition (subject to approvals in Botswana) of eight new prospecting licences is a major step forward in the development of Kanye Resources Plc as a significant player in the exploration for copper in the highly prospective KCB. Kavango’s experienced “in country” exploration capacity combines well with the financial expertise and assets of Power Metal. We are happy with the progress we are making on this project and look forward to providing more updates over the coming weeks.”
Kanye
Kanye Resources (Pty) Ltd, incorporated in Botswana, is a 100% subsidiary of UK registered Kanye Resources Plc and is the Joint Venture initiative between Kavango (50%) and Power Metal (50%). It is planned to list Kanye Resources Plc on the LSE later in the year.
Kanye currently has a 100% interest in the two Ghanzi South PLs on the KCB (1,294km2) and the two “Ditau” PLs south of the town of Kang in central Botswana (1,386km2), which is prospective for minerals associated with carbonatite including rare earth elements. All four PLs are being transferred from Kavango Minerals (Pty) Ltd into the name of Kanye.
Earlier in March SkyTEM completed over 1,300km of airborne EM surveying on the Ghanzi South PLs on behalf of Kanye. The contractor’s final report will be available in April.
Shongwe Resources (Pty) Ltd
Subject to due diligence and approval of the Botswana authorities, the directors of Shongwe Resources have agreed to transfer four licences (480km2) situated south and west of Kanye’s Ghanzi South PLs for a cash consideration equivalent to US$200,000.
Kavango and Power Metal will each contribute 50% to the acquisition cost.
VinMarsh Interprises (Pty) Ltd
Subject to due diligence and approval of the Botswana authorities, the directors of VinMarsh Interprises (Pty) Ltd have agreed to transfer four licences (2,481km2) situated on the border with Namibia in the vicinity of the border town of Mamuno for a cash consideration equivalent to US$230,000.
Kavango and Power Metal will each contribute 50% to the acquisition cost.
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
Michael Foster
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
The information in this press release that relates to “geological and/or geophysical results” for the South Ghanzi 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.
NOTES TO EDITORS
KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT
Kavango’s exploration licenses in the KCB include:
The South Ghanzi Project
– 50% working interests in prospecting licenses PL036/2020 and PL037/2020 (totalling 1,294km2), held in Joint Venture with Power Metal. (announced 21 September).
The LVR Project
– Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 1,091km 2
THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING
The South Ghanzi Project and LVR 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. The upward rock slopes of these fold hinges are known as synclines, while the downward rock slopes are called anticlines.
Several large-scale copper/silver ore deposits have been discovered on the KCB in such hinges in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining company). These deposits are relatively close to surface and are amenable to open pit mining operations.
Accumulations of sulphide metals can be traced along the strike of the redox boundaries (sometimes for many kilometres), since they often have a higher magnetic signature than the surrounding rock.
THE DITAU PROJECT
The Ditau Project comprises two prospecting licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km 2 . Geophysical and geochemical analyses by Kavango in the two PLs have identified 10 “ring structures” (including at least one possible kimberlite).
The “ring structures” represent potential carbonatites.
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.
One of the ring structures is a 7km x 5km magnetic and gravity anomaly with significant zinc-in-soils values. Assay and whole rock geochemistry results from two drill holes drilled on this ring structure in 2019 by Kavango demonstrated the presence of an extensive zone of altered Karoo sediments sitting above a mafic intrusive body. The alteration extended to over 300m in depth in both holes, which were 1.8km apart. The geochemistry obtained from the drill core suggested that the alteration was due to “fenitization”, a type of extensive alteration associated with alkali magmatism and carbonatites.
Fenite alteration is particularly associated with carbonatite intrusions, where it occurs as an aureole or halos around the carbonatite intrusive. It can indicate the presence of mineralised intrusions in a similar way that alteration patterns are used in other ore systems, such as porphyry copper deposits.
Kavango suspects that the post-Karoo fenitized rocks intersected at Ditau may be comparable to the Longonjo carbonatite in Angola being developed as a neodymium and praseodymium open pit mine by Pensana Metals Limited.