KCB - Encouraging Initial AEM Survey Results

RNS Number : 4589S

Kavango Resources PLC

17 March 2021

 

PRESS RELEASE

17 March 2021

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - Encouraging Initial AEM Survey Results

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce encouraging initial results from the airborne electromagnetic ("AEM") surveys recently flown over the Company's interests in the Kalahari Copper Belt ("KCB").

Kavango's projects in the KCB include:

The South Ghanzi Project - 50% working interests in Prospecting Licences ("PLs") PL036/2020 and PL037/2020, to be held in a Strategic Joint Venture with Power Metal Resources (LSE:POW), which cover 1,294km² (the "POW SJV")

The LVR Project - Earning in a 90% interest in PLs PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR"), which cover 1,091km² (the "LVR JV")

Highlights

v 2,389km of AEM flown by SkyTEM

v Preliminary data plots conform to Kavango's developing exploration models across all of its project interests

v Initial results correlate encouragingly to results from the Company's other exploration efforts, including:

-  Close correlation to Kavango's interpretation of regional geological structures

-  Confirmation of areas of interest identified by previous soil sampling and ground magnetic surveys

v Data processing underway, with results expected later in the spring

-  Goal is to identify targets for test drilling in H2

v Initial results from AEM surveys has been used to augements next steps of field exploration across all the Company's KCB PLs

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

"We are confident in the results we've seen so far across our various interests in the KCB. Although we are at an early stage of exploration, it is pleasing to see different early data sets correlate to one another. Over the coming months our priority remains to identify targets for drilling campaigns in the KCB later this year."

Initial AEM survey results

Heavy rains and low cloud cover across southern Africa slightly delayed the AEM survey, but SkyTEM completed all 2,389km by the first week in March.

Kavango's in-house geophysics team has plotted the initial electromagnetic data on maps of the Company's licences. These maps have been overlaid on regional geological survey maps and proprietary maps, which also plots results from soil sampling and ground magnetic surveys.

The preliminary AEM anomalies are associated with a number of plunging fold hinges that represent potential drill targets. Follow up work will require the development of geological models to determine the stratigraphic location of these anomalies and potential drill collar locations and orientations. The AEM anomalies are supported by soil geochemistry anomalies and malachite staining in PL 036/2020 and quartz-carbonate float with limonite (which might indicate weathered sulphides) in PL 082/2018.

Data from the AEM surveys undergoing final processing and more comprehensive analysis. Results are expected later in the spring.  

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 prospecting licences in the KCB include:

The South Ghanzi Project

-  50% working interests in prospecting licences 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

The LVR Project

-  Earning in a 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR"), which cover 1,091km²

THE KCB PROJECT GEOLOGICAL SETTING

Both the South Ghanzi and the 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 development 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.

 

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