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Kavango Resources (KAV) Directorate changes
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce a restructuring of the Board of Directors.
Michael Foster has been CEO since the Company listed on the London Stock Exchange in July 2018. He has now decided to step down as CEO after 40 years in the mineral exploration industry. However, the Company will continue to benefit from his valuable experience as he remains on the Board as a Non-executive Director.
Ben Turney, who was appointed as an executive director at the start of this year (see announcement of 8 January 2021), will become CEO. Ben has been very active since joining the Board. Ben has successfully instigated a number of important initiatives within the Company to improve operations, communications, financial management and commercial development. Ben was instrumental in securing the strategic partnership with Spectral Geophysics and the terms of the deal with Mindea Exploration and Drilling Services/Equity Drilling Limited. His assumption of the role of CEO is a natural progression, both for him and for the Company.
Subject to the approval of shareholders at this week’s AGM, Hillary Gumbo, Managing Director of the Company’s subsidiary in Botswana and responsible for exploration activities in the country, will also join the Board. Hillary, who was one of the founders of Kavango Minerals (Pty) Limited, the Company’s operating subsidiary in Botswana, has been an important member of the Company’s executive team for some years, and the Directors feel that the Board would be strengthened by his appointment as an additional director. Hillary, who is 58, is an experienced geophysicist with a degree in Geology and an MSc in Geophysics. His executive responsibilities for Kavango in Botswana will not be affected by his appointment to the Board.
The Board also wishes to thank Chuck Forrest, who recently stood down from his position as the group’s CFO after a life-time of service to the mining industry. The Board is grateful to him for the work he has done for Kavango since listing in 2018 and wishes him well in his retirement. We are pleased that we have been able to retain his services as a consultant when required. The financial function of the group is now being managed by ONE Advisory, an external provider of accounting services.
David Smith, Non-executive Chairman, commented:
“I am excited by these changes to the Board, which take effect as Kavango continues its rapid development. We are fortunate that the senior figures, who wish to reduce the time they spend on their business activities generally, are still keen to stay involved with the Company in different ways, and we are also fortunate that in Ben Turney we have a new CEO who has considerable energy and drive, and who shares the Board’s determination to deliver value to shareholders out of our various Botswana projects.
I should personally like to thank both Mike Foster and Chuck Forrest for the contribution they have made to Kavango. I look forward to them continuing their association with the company. “
Outgoing CEO Michael Foster commented:
“I am extremely proud of all that we have achieved at Kavango and would like to thank my colleagues for their support and dedication, which has been a source of constant inspiration. We have been through some challenging times together, but your commitment to making major mineral discoveries has been unwavering.
During my time as CEO we have pursued a number of innovative exploration models and successfully deployed sophisticated technology in challenging environments. Kavango is a dynamic company to be involved in and I am looking forward to continuing working with Ben and the team into the future.”
Incoming CEO Ben Turney commented:
“I would like to thank Michael and Mike Moles for the faith they have shown in me. I started working with Kavango as a consultant in April 2020, as part of that month’s turnaround financing. Over the last 14 months, we have achieved a great deal together.
The culture at Kavango is a credit to all involved. Openness, honesty and creative thinking are the hallmarks of our team. It is a privilege to lead such a group and I will do everything I possibly can to live up to that responsibility
In March, I wrote to the board and senior management to communicate my vision for Kavango. I set the following objectives:
I. Build an elite, dynamic company that is recognised as a world leader in modern minerals exploration
II. Develop an ambitious, results-driven culture led by passionate hardworking people, who are hungry for success and are committed to their personal and professional development
III. Create an open environment in which ideas can be freely discussed and challenges efficiently addressed
IV. Adopt effective working practices that optimise performance across all parts of our business
V. Refine exploration techniques that become best practice in the industry, through deployment of the latest technologies and the support of experts in the field
VI. Deliver on our operational plans in an aggressive, yet safe, manner
VII. Honour our shareholders, their investments and their faith in us, by creating substantial market value for all involved
Since then, everyone in the company has stepped up to these tasks.
We still have plenty of work to do, but the opportunities for Kavango are considerable. We have three potentially major projects, in the Kalahari Suture Zone, at South Ghanzi and in the LVR Joint Venture, each of which we believe has a chance of delivering a major metals discovery. We are well funded and have advanced exploration programmes, delivering a constant stream of new data.
Everything is now in place for an exciting period of growth.”
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
David Smith
dsmith@kavangoresources.com
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): KSZ Hukuntsi – Drilling to commence in June
KSZ Hukuntsi -Drilling to commence in June
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce drilling will commence on two “proof of concept” geological holes in the northern (Hukuntsi) section of the Kalahari Suture Zone (“KSZ”) in June.
Kavango’s primary objective is to become the first company ever to retrieve drill core from the bottom of the “keels” of the Karoo-age gabbros in the KSZ. The Company anticipates that drill-core from these holes will provide firm physical evidence of the KSZ’s potential to host ‘Norilsk-style’ metal sulphide deposits.
To this end, Kavango has awarded a contract to Mindea Exploration and Drilling Services (Pty) (“Mindea”), a company operated under the Botswana Citizen Economic Empowerment Policy, to design, engineer and drill a minimum of two 500m boreholes (the “Drill Contract”). Drilling is planned to commence by no later than 30 June 2021.
Mindea has agreed to accept payment for the Drill Contract half in cash and half in Kavango stock (at an issue price of 4.53p per share).
Highlights
- Drill contract key terms:
- Mindea to drill a minimum of two 500m “geological” diamond holes at Hukuntsi
- Cost per metre calculated on possible depth per hole of 800m
- Mindea to design and engineer all bore holes
- All bore-holes to be cased from surface into the gabbro intrusive to allow for extensive testing and geophysical surveying
- Bore-holes will be oriented -80° from the horizontal
- Core samples (HQ and NQ size) to be recovered for geological logging, whole rock geochemistry and assaying.
- Key safety protocols and COVID-security processes agreed
- Mindea to accept over half its fee in equity in Kavango, to be paid through the issue of shares in the Company at an agreed price of 4.53p per share
- Drill targets:
- Final drill collar locations to be confirmed later this month
- A minimum of one hole to be drilled into Target A2 (announced on 20 April 2020)
- Analysis of other potential drill targets ongoing, with results expected shortly
- Planned testing programme on all boreholes:
- Downhole electromagnetic (“EM”) surveys to be performed by Spectral Geophysics, with an anticipated search radius of 300m-400m from the drill string
- XRF testing of sand cores to be completed by Kavango’s exploration team.
- Core for assay and petrological work will be split by Kavango staff in Hukuntsi
- Whole rock geochemistry and assay testing of core samples to be completed at the SGS laboratory in South Africa
- Additional analysis of geochemistry and petrological/mineralogical studies to be performed in the UK by academic consultants.
- Site preparation:
- Site visits completed, camp location agreed and two water sources identified
- The Company has engaged with the local community to secure its support
- Drill rig mobilisation expected within the next week
- Ongoing discussions with Equity Drilling Ltd (a 49% shareholder in Mindea) concerning a future potential strategic partnership
- Budget in place for more extensive drilling campaign later in 2021
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
“The Kalahari Suture Zone was first identified 45 years ago. The technical challenges of pursuing exploration under 70m of Kalahari sands and sediments proved too much for previous companies that attempted to unlock this region’s significant potential.
Through the deployment of modern remote sensing technologies, sophisticated data analysis and persistent hard work, Kavango now aims to become the first company to retrieve drill core samples from the bottom of the “keels” of the Karoo-age gabbros here.
If we are successful this will be a major achievement for the Company.
We believe core samples from the bottom of the gabbroic “keels” could provide us with the definitive proof we have been looking for that the KSZ could host one or more major deposits of nickel, copper and platinum group metals.
I am particularly delighted to be working with Mindea Exploration and Drilling Services on such an important project. Mindea is a well-established national drilling contractor in Botswana, having worked for Debswana and DeBeers. Equity Drilling, one of Mindea’s largest shareholders, also operates a highly regarded drill school in Gaborone, the first of its kind in Africa.
Kavango is committed to investing heavily in Botswana. Working with such reliable local partners as Mindea and Equity Drilling is integral to our ambitious growth strategy.
The fact that Mindea has agreed to receive over half of its fees in equity suggests considerable faith in the potential of the KSZ to host metal sulphide ore bodies and a great endorsement of Kavango’s exploration approach. For a minimal cash outlay, we can make significant advances with the KSZ Project, while keeping a budget in reserve for a more extensive drill campaign later this year.”
Background
Over the last three years, Kavango has conducted extensive geophysical surveys over Karoo-age gabbros at Hukuntsi using airborne and ground-based based technology. In 2019 Kavango completed a successful orientation drill programme, data from which helped augment the Company’s extensive 3D Magnetic Model of the region’s subsurface geology (announced 8 September 2020).
On 30 November 2020 Kavango released results from its analysis of the 3D Magnetic Model, which revealed close similarities between the gabbroic rock formations in the KSZ and those at the Norilsk mining centre, in northern Russia.
In December that year, the Company initiated the first ground-based Time Domain Electromagnetic (TDEM) survey of the KSZ. This was the first time this powerful remote sensing technology had been used on the KSZ.
On 20 April 2021 and 5 May 2021, Kavango released details of the results from the second TDEM survey, which defined Target A2.
Links to the relevant announcements are provided below:
Ø 08 September 2020 – https://www.investegate.co.uk/kavango-resources–kav-/rns/3d-model-confirms-ksz-norilsk-rock-formations/202009080700072794Y/
Ø 30 November 2020 – https://www.investegate.co.uk/kavango-resources–kav-/rns/4-norilsk-style-target-areas-selected-in-the-ksz/202011300700068179G/
Ø 20 April 2021 – https://www.investegate.co.uk/kavango-resources–kav-/rns/ksz-hukuntsi—tdem-conductor-identified/202104200700039575V/
Ø 05 May 2021 – https://www.investegate.co.uk/kavango-resources–kav-/rns/ksz-tdem-update-and-warrant-exercise/202105051000016206X/
The Company now proposes to drill at least one 500m borehole into Target A2, with a second hole also planned in the area. Final confirmation of specific drill collar locations will be confirmed in the coming weeks.
About Mindea
Mindea Exploration and Drilling Services (Pty) LTD was formed in September 2019 by Equity Drilling Limited and Maureen Mokgaotsane (Geologist), Sebanka Lobatlamang (Geologist) and Eddie Babuseng (Attorney at Law) to provide complete exploration solutions to its clients in Botswana.
Mindea is currently operated under the Botswana Citizen Economic Empowerment Policy and is owned 51% by local shareholders and 49% by Equity Drilling. Over the coming years it is expected that Botswana nationals will wholly own Mindea, with Equity Drilling continuing to provide strategic and technical support.
Mindea operates to strict international safety standards and deploys the latest equipment to its projects. Mindea is rigorous in its planning and site preparation.
Reflecting the quality of its operations, Mindea has recently been awarded a 3-year contract by Debswana to drill various national projects in Botswana. In addition to this, Mindea is a regular drill contractor for DeBeers.
About Equity Drilling
The owners of Equity Drilling are extremely experienced drill operators, with extensive experience of successfully working on technically challenging projects across Africa.
Equity Drilling established Africa’s first Drilling School in Botswana, the Africa Mining and Drilling Institute (“AMDI “)
AMDI is Botswana Qualifications Authority (BQA) certified, which offers internationally recognised certification to all students wishing to be taught exploration drilling. AMDI has an exclusive working relationship agreement in place with the Australian Drilling Industry Association (the “ADIA”) and offer the ADIA’s DICAT curriculum with a strong emphasis on safety in the workplace.
AMDI also offers funds the delivery of pre-industry courses to students from local communities, who have had no previous work experience. This course prepares students for the work place and making them eligible for placement into the industry on graduation. Mindea’s own labour resources have been drawn from these pre-industry course graduates
About Target A2
Kavango estimates Target A2’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)
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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
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Tertiary Minerals #TYM – Formation of Zambian Subsidiary
Formation of Zambian Subsidiary – Luangwa Minerals Limited
Tertiary Minerals plc is pleased to announce that the Company is forming a Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), targeting copper exploration and development opportunities in Zambia.
The Company has retained geologist Marcel Nally who, it is expected, will be appointed Luangwa’s exploration manager in due course. Mr. Nally was previously a director of private Zambian copper producer, Moxico Resources plc, and was responsible for the identification and acquisition of its principal mining projects. The Company has also retained Mr. Shangwa Chime as Luangwa’s Government Liaison Officer.
Tertiary will hold 96% of Luangwa, with 3% being held by Mr. Nally and 1% held by Mr. Chime.
Commenting today, Executive Chairman Patrick Cheetham said:
“Given that the Board has many years of experience with Zambian mining projects, we are excited to take this next step in the development of Tertiary’s mineral business. Copper is increasingly a focus for the Company and with Zambia one of the world’s top 10 copper producing countries, producing nearly 900,000 tonnes of copper in 2020, we expect Luangwa to be a valuable addition to the Tertiary asset portfolio.”
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited – Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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Kavango Resources #KAV – Final Results year ended 31 December 2020
Final Results – year ended 31 December 2020
Kavango Resources plc (LSE: KAV), the exploration group listed on the Standard List segment of the main market of the London Stock Exchange and targeting the discovery of world class mineral deposits in Botswana, announces its audited financial statements for the year ended 31 December 2020. The full report is available on the Company’s website at www.kavangoresources.com .
Key highlights:
- Total assets – US$ 6,845,768 (2019 – US$ 4,547,056)
- Loss – US$ 708,121 (2019 – US$ 1,472,049)
- Raised gross proceeds of £2,000,000
- The Group reports its results in US Dollars (USD). Its primary assets are in Botswana and are accounted for in Botswana Pula (BWP). Kavango Resources plc maintains its accounting records and raises funds in Pounds Sterling (GBP).
In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority (“FCA”), a copy of the 2020 Annual Report will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
ttps://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
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