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#KAV Kavango Resources – Option to acquire further Zimbabwe gold projects
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce that it has signed an exclusive 6-month option to acquire two gold exploration projects in Matabeleland, southern Zimbabwe (the “Option”).
The Hillside Project comprises 40 contiguous gold claims and contains a historic high-grade underground mine. This is reported to have produced historically 18,000 ounces (“oz”) of gold at a grade of 7.7 grams per tonne (“g/t”) over a strike length of more than 350m.
The Leopard Project comprises 44 contiguous gold claims and has supported historical gold production from two underground mines. One of these (“Site One”) is reported to have produced more than 2,000oz from ore grading 3.5g/t gold, while the second (“Site Two”) is reported to have produced historically more than 1Moz from ore at an average grade of more than 0.5g/t gold.
Kavango believes Hillside and Leopard (the “Projects”) each have the potential to host bulk mineable gold deposits.
Hillside is located on the same greenstone belt as the Nara Project, where Kavango is currently completing due field diligence after signing an exclusive 2-year purchase option (announced >>> 26 June 2023). Hillside is about 20km from Nara. Leopard is located on a separate greenstone belt to the north.
Ben Turney, Chief executive of Kavango Resources, commented:
“I’m very pleased to announce that we have already been able to expand our footprint in Zimbabwe after signing the Nara project last month. The Hillside and Leopard projects both contain historically producing mines and have been underexplored with modern-day exploration techniques.
We look forward to carrying out a thorough assessment of their commercial gold potential during our 6-month option period, as we continue to build on our first-mover advantage in Zimbabwe.”
The Hillside Project
Kavango has identified multiple zones with the potential for scheelite and gold production parallel to the trend responsible for the Hillside Project’s historical production.
The Company has designated three priority prospects within these zones with near-surface, bulk mining potential.
Kavango has prepared an exploration plan for these three zones, which will include (but not necessarily be limited to):
-Mapping
-Surface surveying
-Drilling to assess geology, nature of mineralisation, grade, and geophysical properties
The Leopard Project
The Leopard Project is located in a favourable regional setting, surrounded by historical and modern gold producing mines.
Site One is located within a shear zone to the north of the property. The mine’s underground and bulk mining exploration potential is evidenced by nearby artisanal workings and historical, non-code compliant indicated and inferred resource estimates of 200,000t @ 6.8g/t gold and 1Mt @ 5.5g/t gold respectively.
Site Two is located towards the south of the property and was historically mined down to a depth of 1km from surface within a north-south trending quartz reef. No exploration has taken place at the mine since the 1930s, with artisanal workings supporting its modern-day underground and bulk mining potential.
Kavango plans to assess the underground and near-surface potential of these two mines through:
-Mapping
-Sampling
-Twinning historical holes at Site One
Hillside and Leopard Project Option Terms
Kavango has entered exclusive, binding 6-month options to acquire the Projects. The Company can exercise the exclusive options at its sole discretion.
The 6-month option period will allow Kavango to perform an appropriate exploration program to assess the potential of the Hillside and Leopard Projects.
To exercise the options and acquire the projects, Kavango will pay the Vendors or its designate/s US$500,000 in cash (the “Acquisition Price”).
Kavango has also agreed to issue 84,000,000 shares in Kavango to the Vendors or their designate/s, and assume responsibility for repayment of outstanding debts relating to the projects of US$400,000. This debt will be repaid on its existing terms, at a rate of US$7,500 per calendar month.
During the 6-month option period, Kavango will be granted full access to the Hillside and Leopard project areas to conduct initial exploration. Kavango will work alongside the Vendors of the Projects (“the Vendors”) to ensure all necessary permits are in place prior to beginning any field exploration. The Vendors are separate parties to the vendor of the Nara Project. The Company is currently establishing a field camp to support exploration and drilling at Hillside and Nara.
Performance Consideration
On declaring of a code-compliant (e.g. JORC or equivalent) gold resource in excess of 200,000 ounces of gold (inferred category or above) at the Leopard Project by Kavango (the “Resource”), the Company will pay the Vendor or its designate/s a payment in shares to a value of US$1 million at a 10% discount to the prevailing 10-day volume weighted average price on the date of publication of the Resource.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Cadence Minerals #KDNC – Update on Zulu Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) announced on the 27 June 2018 that it had entered into a conditional Heads of Terms with Premier African Minerals Limited (“Premier”) to earn up to 30% directly into the Zulu Lithium and Tantalum Project in Zimbabwe.
Cadence completed its due diligence, however, and as a result, it was unable to reach final terms with Premier.
Cadence is continuing to review several upstream mineral assets, where we see the potential to deliver shareholder value by investing in projects that have a short development timeline to cashflow. Our intent is to earn in at a project level basis, and we are focused on assets where we can both hold larger stakes and also utilise our considerable mining and financial management expertise to achieve a high level of returns.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.