Kalahari Copper Belt - LVR JV Licence renewal

RNS Number : 0788M

Kavango Resources PLC

17 September 2021

 

 PRESS RELEASE

17 September 2021

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Kalahari Copper Belt - LVR JV Licence Renewal

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce renewal of Prospecting Licences ("PLs") PL082/2018 and PL083/2018 (the "LVR Project") in the Kalahari Copper Belt ("KCB"). The LVR Project is held in a Joint Venture between the Company and LVR GeoExplorers (Pty) Ltd ("LVR"). Kavango is currently earning into the LVR Project and has to date acquired a 25% stake.

The LVR Project covers 1,091km² of prospective ground in the KCB. First drill targets were announced on 03 June 2021. Field exploration is ongoing and a further update is expected in the coming weeks.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"The LVR Project is quietly gaining momentum.

We think PL082 is particularly interesting. Analysis and fieldwork so far suggest this licence could contain a mirror of Cupric Canyon's Banana Zone South Limb on the other side of the Ghanzi Ridge.

We expect to release descriptive media, illustrating the extent of this project's potential in the coming weeks."

About the LVR JV

The LVR JV Agreement between Kavango and LVR GeoExplorers Ltd comprises two PLs totalling 1,091km². Kavango has the right to acquire a 90% interest in the LVR Project through a staged mechanism over seven years from 2 June 2021. Three stages remaining in the earn-in agreement, which require that Kavango spend up to 27.5million BWP (c.£1.8million) in exploration expenditure to earn its 90% interest.

Stage 1 of the JV was completed on 2 June 2021, meaning Kavango has earned 25% interest in the two PLs.

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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

[e-mail]

[phone]

First Equity (Joint Broker)

[phone]

Jason Robertson 

SI Capital Limited (Joint Broker) 

[phone]

Nick Emerson

Kavango Competent Person Statement

The information in this press release that relates to "geological and/or geophysical results" for the KSZ 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.

 

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