Kalahari Copper Belt - S. Ghanzi Project fieldwork

RNS Number : 5267H

Kavango Resources PLC

04 December 2020

 

PRESS RELEASE

4 December 2020

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Kalahari Copper Belt - S. Ghanzi Project Fieldwork

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the start of field exploration programmes on the South Ghanzi Project on the Kalahari Copper Belt ("KCB").

The South Ghanzi Project includes two prospecting licenses on the KCB held in a Strategic Joint Venture with Power Metal Resources (LSE:POW) ("POW").

Highlights

v Exploration at the South Ghanzi Project is targeting the discovery of sedimentary copper deposits within the highly prospective Kalahari Copper Belt.

-  The South Ghanzi Project comprises prospecting licenses PL036/2020 and PL037/2020 (total area 1,294km²).

-  Soil sampling & ground magnetic surveys will seek to delineate regional targets for future airborne electromagnetic ("AEM") surveying

v A mobile camp has been set up on the outskirts of Ghanzi town

v To date, initial soil sampling has completed

-  6 lines over targeted areas

-  Line selection was guided by the interpretation of geological structures and regional magnetics

-  335 samples taken over 33.5km, at 100m spacing

-  Only thin overburden Kalahari sand cover encountered

-  Samples sieved to 50 microns

-  Portable XRF analysis of samples ongoing, with selected samples sent to laboratory for further testing

v Ground magnetic surveys completed over redox boundaries and deformation zones

-  Total line lengths of 68.8km surveyed

-  Line spacing of 200m and 10m station spacing

-  Ground-magnetic data now being processed

v Results of sampling and ground-mag surveying to be published as soon as available

Michael Foster, Chief Executive Officer of Kavango Resources, commented:

"Following our Joint Venture with Power Metal Resources and the lifting of Covid-related travel restrictions in Botswana, we are accelerating exploration on the Kalahari Copper Belt.

The region has become one of the world's foremost frontiers for copper exploration, hosting a number of world-class discoveries. We are targeting similar geological formations that have been shown to host economic deposits elsewhere on the KCB.

We look forward to publishing the results from our first field exploration programmes and updating shareholders about our future plans."

South Ghanzi work programme

The South Ghanzi Project includes prospecting licenses PL036/2020 and PL037/2020 and is held in a Strategic Joint Venture with POW (the "JV") (announced 21 September 2020).

The first phase of field exploration on the South Ghanzi Project is an orientation programme, designed to map out the soil geochemistry and geological structures across the areas of initial interest. This will help identify targets for follow up work.

335 soil samples have been taken across 6 lines, totalling 33.5km. Only thin Kalahari sand cover was encountered, which is encouraging for future exploration work. The samples were sieved to 50 microns and are now being analysed using a portable XRF Analyser. Selected samples will then be sent to a laboratory for further testing.

Meanwhile, ground magnetic surveying was conducted over 68.8km. The surveying covered a number of sub-outcropping redox boundaries, which are typically associated with copper mineralisation (see Notes to Editor below). Line spacing was set at 200m, with 10m-station spacing. The survey data is now being processed and plotted.

Results from the laboratory testing of the soil samples and the reprocessing of the ground magnetic data are expected later this month.

The JV expects to conduct AEM surveys over prospective sections of the South Ghanzi project in the New Year.

The JV will work quickly towards test drilling of shallow targets once a 3 dimensional model has been developed.

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

[e-mail]

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 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:

-  50% working interests in prospecting licenses PL036/2020 and PL037/2020, to be held in a Joint Venture with Power Metal Resources (LSE:POW) (announced 21 September), which cover 1,294km². Kavango is the operator.

-  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 1,091km²

THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING

The South Ghanzi Project area includes a number of long, sub-outcropping, redox boundaries that represents 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. These now represent particularly attractive exploration targets.

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.

 

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