KCB update - Cu-Ag targets identified on LVR JV

RNS Number : 6411A

Kavango Resources PLC

03 June 2021

 

PRESS RELEASE

3 June 2021

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB update: Cu/Ag targets identified on the LVR JV

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that extensive copper/silver targets (the "Targets") have been identified on Prospecting Licences (PLs) 082/2018 and 083/2018 in the Kalahari Copper Belt (KCB). The two PLs are held in a Joint Venture farm-in with LVR GeoExplorers Ltd (the "LVR Project").

The Targets were detected as a result of the recent Airborne EM (AEM) surveys flown over the LVR Project.  Strong soil geochemical anomalies occur at surface above the Targets.

Highlights

Ø 1,216km of Airborne Electromagnetic (AEM) surveys flown over the LVR Project in March

-  Stage 1 of the LVR farm-in now complete, taking Kavango's stake in the LVR Project to 25%

Ø PL 082/2018

-  Identification of a series of conductors over a 3.5km wide deformation zone

-  The conductors lie along strike of the Plutus deposit and the Boseto Mine to the north east

-  The primary target is a large EM conductor, extending to at least 400m from the surface

-  Strong coincidental copper (25ppm to >56ppm) and zinc (50ppm to >100ppm) in soils anomaly on surface

-  Fault controlled soil geochemistry anomalies striking over 5km

-  Distinct similarities with Cupric Canyon's Banana Zone South Limb (mirror image) on the south side of the Ghanzi Ridge

Ø PL 083/2018,

-  >10km of AEM conductors in the south-east of the PL, across two main targets (6km and 4km wide)

-  Both targets have coincidental copper in soils anomaly over three lines (500m spacing) and the anomaly remains open

-  The conductors are underlain by a linear magnetic anomaly extending for over 2km beneath the soil anomaly

Ø The structural position of the Targets is prospective for the discovery of copper/silver mineralisation

-  PL 082/2018 is drill ready

-  PL 083/2018 requires further field exploration to delineate drill targets

Ø Drilling expected in Q3, on award of Environmental Management Plan.

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

"The Airborne EM surveys have produced compelling justification for Kavango's strategy in the Kalahari Copper Belt. We are confident we have identified copper mineralised systems, which we now have to test through drilling.

The Company's integrated exploration approach, combining soil geochemistry, stratigraphical and structural mapping together with geophysical surveying is proving to be highly effective. A program of trenching on PL082/2018 and additional soil geochemistry on PL083/2018 is planned prior to a drill program later in the year."

Background

SkyTEM Ltd conducted the AEM surveys in February 2021, flying a total of 1,216 line/kms over the LVR Project.

The AEM surveys, flown together with airborne magnetic surveying, were carried out on lines 200m apart, on an approximately north-south orientation.

The survey blocks were selected by Kavango's geophysical team, based upon analysis of magnetic data and soil geochemistry results obtained at the end of 2020 combined with the remote mapping of geological structures from the analysis of Landsat imagery.

The LVR JV

The LVR JV Agreement between Kavango and LVR GeoExplorers Ltd comprise two PLs totalling 1,091km². Kavango has the right to acquire a 90% interest in the PLs through staged exploration expenditure commitments.

With completion of Stage 1 of the JV, Kavango has earned its first 25% interest in the two licences.

The plots of the AEM surveys and their interpretation will be posted on the Company's website.

PL 082/2018

PL 082/2018 is 126km² and lies along strike of the Plutus deposit and the Boseto Mine, owned by Cupric Canyon. This PL is characterised by steeply dipping repetitions of D'Kar and Ngwako Pan formations sitting above and either side of a basement dome.

The AEM survey has identified a series of EM conductors over 3.5km, which are coincident with a significant geochemical anomaly. Kavango has completed extensive soil sampling over this target area, including fifteen 4km sample lines that have returned copper readings in the range of 25ppm to >56ppm and zinc readings of 50ppm to >100ppm. Fault controlled soil geochemistry anomalies strike over 5km and merit immediate further investigation.

The conductors appear to be centred on an area of deformation and thrusting marked by a number of NNE trending faults commonly associated with economic mineralisation on the KCB.

The geological interpretation suggests an almost mirror image of the Banana Zone deposit (15km to the SE) that has been drilled out by Cupric Canyon on the southern side of the adjacent Ghanzi Ridge.

The main conductor lies just 1km from the main tarred road to Maun and a few hundred meters from a major power line. It is close to surface and extends to 400m depth. It represents an attractive drill target.

LVR PL 083/2018,

PL 083/2018 covers 965km² and lies in the western part of the KCB in Botswana.

The AEM survey over this PL shows a series of thin formational conductors (possible redox boundaries) proceeding west for over 20km but, as they approach the eastern boundary of the PL, these conductors are intercepted by NNE faults and "blossom" into a large conductive body 6km wide (Target A), with another conductive body (Target B) 4km wide further to the north.

Kalahari sand cover is approximately 10m thick in this area, but soil geochemistry anomalies remain strong.

A well-defined copper in soil anomaly (>40ppm Cu), sitting above Target A, is defined over three sample lines 500m apart. The soil anomaly remains open.

A 2km magnetic anomaly is also coincident with both the AEM survey results and the soil anomalies.

Further exploration work is required on these two anomalies to identify their stratigraphical associations and depth. However, initial data suggests both have good potential for metal mineralisation.

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

[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 LVR 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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