ZIM: Hillside Prospect 4 Assay Results

Kavango Resources PLC

15 April 2024

 

PRESS RELEASE

15 April 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM: Hillside Prospect 4 Assay Results

ZIM: 29g/t gold intercepted over 2.5m at Hillside

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce the first assay results from the Hillside Prospect 4 gold project ("Prospect 4") in Matabeleland, southern Zimbabwe.

·    Hole SKDD001 was a scoping hole sited to target mineralisation in a steeply dipping shear zone below artisanal workings (announced >>> 25 January 2024).

·    SKDD001 was drilled to a total depth of 247.40 m and intersected the targeted shear zone being worked by the artisanal miners.

·    Best results* in the hole include:

-     2.53 m @ 29.08 g/t gold from 97.47 m, associated with visible gold (average peak grade of 212.07 g/t over 0.34 m).

-     1.32 m @ 1.80 g/t gold from 214.46 m.

·    The hole contains multiple further broad zones of geochemically anomalous gold values thought to relate to additional shear zones.

·    An Induced Polarisation (IP) survey identified three further potential shear zones, parallel to the one being worked by artisanal miners.

·    Results are pending on four other holes drilled across three other Hillside prospects.

·    Kavango Mining to examine near surface gold mining potential at Prospect 4, based on intersected grades and ongoing artisanal mining in the area.

*All quoted thicknesses are apparent down hole intersection thicknesses

Ben Turney, Chief Executive of Kavango Resources, commented:

"This result far surpasses our expectations at Prospect 4.

Prospect 4 is our fourth-ranked target at Hillside. These results underline the Hillside Project's overall potential to host over 1 million ounces of mineable gold.

We sent the cores from Hole SKDD001 for immediate fire assay testing at a SADCAS accredited laboratory in Zimbabwe because of the visible gold. The near-term potential for possible mining at Prospect 4 was apparent as soon as we saw the core. We now need to test this potential with swift and methodical follow-up exploration. We are particularly looking forward to testing the additional three shear zones we believe we've identified here.

In terms of the results, we have pursued rigorous quality assurance and quality control. We also retested the high-grade gold zone.

We are delighted that the initial fire assays include one particularly significant gold intersection grading at 29.08 grams per tonne (g/t) over 2.53 m at a depth of 97.47 m. The secondary zone of 1.8 g/t over 1.32 m at 214 m depth is also encouraging. Given that we encountered anomalous gold throughout Hole SKDD001, we now need to return to Prospect 4 to assess further its commercial potential.

While we continue drilling at the Nara Project, we will send the SKDD001 pulps for multi-element testing at an internationally accredited laboratory in Johannesburg. We have confidence in the data we've published today and the tests in Johannesburg will help guide future drilling.

Having brought Kavango Mining into production in March, we are set up operationally to bring any new discovery into production with relative speed. While more drilling is needed to evaluate the scale of the opportunity, this is a highly promising start."

Prospect 4 Assay Results and Geology

The host rock intersected in diamond drill hole SKDD001 consists of felsic gneiss and schists, thought to be of Archean age. These feature extensive quartz veining and locally contain a visually estimated up to 5% pyrite with arsenopyrite and chalcopyrite. Visible gold was observed at a downhole depth of 97.68 m. (See figure 1), and was further confirmed at assay, with an average peak grade of 212.07 g/t over 0.34 m. Five assays were run on the sample to confirm this grade, with AAS finish returning grades of 172.29 g/t, 214.38 g/t and 250.89 g/t gold, and gravimetric finish returning grades of 211.79 g/t and 210.99 g/t.

True thickness will be evaluated once additional holes are available to determine final geometry. The hole is inclined at 60° towards the target, which is understood to dip towards the drillhole at a steep angle (actual geometry is expected to be confirmed by a second hole in the future).

Analysis for gold in diamond drill hole SKDD001 was carried out as a 25g fire assay with AAS fusion on halved core samples. Analysis was carried out by a Zimbabwe based laboratory accredited by SADCAS. Kavango inserted 20% standards, duplicates, and blanks as additional quality control measures.

Figure 1: Visible gold at 97.68 m in drillhole SKDD001, confirmed by assay. Scale is in cm and mm.

A table of significant results (>0.5g/t Au) is provided below. Full results for the hole are presented in Appendix 1.

Hole no.	m from	m to	Thickness* m	Gold g/t
SKDD001	97.47	100.00	2.53	29.075
incl	97.47	97.81	0.34	212.07
SKDD001	108.00	109.00	1.00	0.510
SKDD001	114.00	115.00	1.00	0.520
SKDD001	127.00	128.00	1.00	0.730
SKDD001	138.00	139.00	1.00	0.900
SKDD001	140.00	140.65	0.65	0.605
SKDD001	143.00	144.01	1.01	0.650
SKDD001	172.34	173.00	0.66	0.970
SKDD001	214.46	215.78	1.32	1.798
incl	215.18	215.78	0.60	2.540

*All thicknesses are apparent downhole intersection thicknesses

The hole was drilled as a diamond core scoping hole using a combination of HQ and NQ diameters. All core was logged in the field and cut in half using a core saw before being sent for analysis. Samples were taken based on geological contacts, and/or of approximately 1m length. Core recovery was monitored closely throughout, and recovery exceeded 95% below the weathered regolith. Any voids were noted. Core was consistently cut perpendicular to the dominant fabric which hosts the quartz veins and associated sulphides.

The drillhole was aligned to transect a number of artisanal workings while also crosscutting the mapped lithologies and the first of four interpreted shear zones identified from ground IP (Figures 2, 3 & 4).

Figure 2: Prospect scale geology with drillhole trace for hole SKDD001.

Figure 3: Oblique view west through SKDD001 borehole trace showing downhole geology and structures and gold peaks with surface IP (resistivity) on surface and in section.

 

Figure 4: Oblique view west through SKDD001 borehole trace showing downhole geology and structures and gold peaks with surface IP (chargeability) on surface and in section.

Other than geological mapping and limited soil sampling in the 1980s Kavango is not aware of any previous modern mineral exploration in the area. Kavango has compiled historic mapping and geophysical interpretations into a series of working maps (Figures 5 & 6).

Figure 5: District scale geology with drillhole trace for hole SKDD001.

Figure 6: District scale drone magnetic survey, Reduced to Pole 1st Vertical Derivative (RTP_1VD) image with interpreted features, showing position of drillhole SKDD001.

Next Steps

Kavango has completed four other holes across its Hillside prospects (see Table 1) and is awaiting assays for previously submitted samples.

The Company has now been granted an export permit which will enable it to send the pulps from these samples to an internationally accredited laboratory in Johannesburg for Fire Assay and multi-element analysis. These results will then serve as referee samples for check purposes. All results will then be combined, and results ranked across the prospects to allow Kavango to focus future drilling programmes on developing the most promising targets to identify possible gold resources.

Prospect	Hole no.	Initial azimuth O (True N)	Inclination O	Total depth (m)
Hillside 1	BLDD001	206	-65	196.35
	BLDD002	206	-65	160.40
Hillside 2	BRDD001	212	-60	400.40
Hillside 3	NSDD001	216	-60	301.40
Hillside 4	SKDD001	008	-60	247.40

Table 1: Kavango Hillside drillholes drilled to date. SKDD001 gold assays are reported here, remaining holes are pending analysis. Hole co-ordinates are not published here due to confidentiality considerations pending exercise of the Hillside Option.

Kavango Mining, which is now set up and operating, will on completion of all assays review the results from SKDD001 and future follow up holes to see, based on the assay data and artisanal activity if there may be a future opportunity to develop near-surface mining on this prospect.

Kavango has the Hillside Project under option until 23 April 2024 (announced >>> 23 January 2024). The Company intends to exercise the option before this date.

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

[phone]

First Equity (Broker)

[phone]

Jason Robertson             

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Grist is an employee of Kavango Resources plc.

APPENDIX 1

APPENDIX 2

Full Assay Results - HILLSIDE DRILLHOLE SKDD001

Hole no.	m from	m to	Thickness* m	Gold g/t
SKDD001	1.50	3.00	1.50	0.060
SKDD001	3.00	4.00	1.00	0.100
SKDD001	4.00	5.00	1.00	0.060
SKDD001	5.00	5.85	0.85	0.060
SKDD001	5.85	6.91	1.06	0.030
SKDD001	6.91	8.00	1.09	0.120
SKDD001	8.00	9.00	1.00	0.040
SKDD001	9.00	10.00	1.00	0.070
SKDD001	10.00	11.00	1.00	0.050
SKDD001	11.00	12.00	1.00	0.030
SKDD001	12.00	13.00	1.00	0.060
SKDD001	13.00	14.00	1.00	0.100
SKDD001	14.00	15.00	1.00	0.120
SKDD001	15.00	16.00	1.00	0.020
SKDD001	16.00	17.00	1.00	0.030
SKDD001	17.00	18.00	1.00	0.020
SKDD001	18.00	19.00	1.00	0.070
SKDD001	19.00	20.00	1.00	0.020
SKDD001	20.00	21.00	1.00	0.030
SKDD001	21.00	22.00	1.00	0.055
SKDD001	22.00	23.00	1.00	0.080
SKDD001	23.00	24.00	1.00	0.030
SKDD001	24.00	25.00	1.00	0.010
SKDD001	25.00	26.00	1.00	0.070
SKDD001	26.00	26.76	0.76	0.030
SKDD001	26.76	27.00	0.24	0.020
SKDD001	27.00	28.00	1.00	0.080
SKDD001	28.00	29.00	1.00	0.020
SKDD001	29.00	30.00	1.00	0.090
SKDD001	30.00	31.00	1.00	0.070
SKDD001	31.00	32.00	1.00	0.190
SKDD001	32.00	33.00	1.00	0.120
SKDD001	33.00	34.00	1.00	0.340
SKDD001	34.00	35.00	1.00	0.160
SKDD001	35.00	36.00	1.00	0.100
SKDD001	36.00	36.99	0.99	0.290
SKDD001	36.99	38.00	1.01	0.140
SKDD001	38.00	39.00	1.00	0.210
SKDD001	39.00	40.00	1.00	0.110
SKDD001	40.00	41.00	1.00	0.330
SKDD001	41.00	42.00	1.00	0.220
SKDD001	42.00	43.00	1.00	0.240
SKDD001	43.00	44.00	1.00	0.240
SKDD001	44.00	45.00	1.00	0.160
SKDD001	45.00	46.00	1.00	0.110
SKDD001	46.00	47.00	1.00	0.125
SKDD001	47.00	48.00	1.00	0.250
SKDD001	48.00	49.00	1.00	0.170
SKDD001	49.00	50.00	1.00	0.370
SKDD001	50.00	51.00	1.00	0.360
SKDD001	51.00	52.00	1.00	0.440
SKDD001	52.00	53.00	1.00	0.220
SKDD001	53.00	54.00	1.00	0.210
SKDD001	54.00	55.00	1.00	0.080
SKDD001	55.00	56.00	1.00	0.120
SKDD001	56.00	57.00	1.00	0.095
SKDD001	57.00	58.00	1.00	0.050
SKDD001	58.00	59.00	1.00	0.080
SKDD001	59.00	60.00	1.00	0.040
SKDD001	60.00	61.00	1.00	0.040
SKDD001	61.00	62.00	1.00	0.070
SKDD001	62.00	63.00	1.00	0.070
SKDD001	63.00	64.00	1.00	0.210
SKDD001	64.00	64.60	0.60	0.090
SKDD001	64.60	65.31	0.71	0.340
SKDD001	65.31	66.00	0.69	0.030
SKDD001	66.00	67.00	1.00	0.030
SKDD001	67.00	68.00	1.00	0.020
SKDD001	68.00	69.00	1.00	0.055
SKDD001	69.00	70.00	1.00	0.400
SKDD001	70.00	71.00	1.00	0.050
SKDD001	71.00	71.66	0.66	0.040
SKDD001	71.66	72.20	0.54	0.070
SKDD001	72.20	73.01	0.81	0.070
SKDD001	73.01	73.60	0.59	0.100
SKDD001	73.60	74.27	0.67	0.050
SKDD001	74.27	75.00	0.73	0.130
SKDD001	75.00	76.00	1.00	0.030
SKDD001	76.00	77.00	1.00	0.040
SKDD001	77.00	78.00	1.00	0.020
SKDD001	78.00	79.00	1.00	0.045
SKDD001	79.00	79.77	0.77	0.020
SKDD001	79.77	80.35	0.58	0.180
SKDD001	80.35	81.00	0.65	0.080
SKDD001	81.00	82.00	1.00	0.130
SKDD001	82.00	83.00	1.00	0.020
SKDD001	83.00	84.00	1.00	0.060
SKDD001	84.00	85.00	1.00	0.205
SKDD001	85.00	86.00	1.00	0.140
SKDD001	86.00	87.00	1.00	0.240
SKDD001	87.00	88.00	1.00	0.110
SKDD001	88.00	89.00	1.00	0.040
SKDD001	89.00	90.00	1.00	0.090
SKDD001	90.00	91.00	1.00	0.200
SKDD001	91.00	92.00	1.00	0.170
SKDD001	92.00	93.00	1.00	0.020
SKDD001	93.00	94.00	1.00	0.190
SKDD001	94.00	95.00	1.00	0.170
SKDD001	95.00	96.00	1.00	0.140
SKDD001	96.00	97.00	1.00	0.080
SKDD001	97.00	97.47	0.47	0.220
SKDD001	97.47	97.81	0.34	212.07
SKDD001	97.81	98.28	0.47	0.120
SKDD001	98.28	99.00	0.72	0.430
SKDD001	99.00	100.00	1.00	1.090
SKDD001	100.00	101.00	1.00	0.270
SKDD001	101.00	102.00	1.00	0.140
SKDD001	102.00	103.00	1.00	0.080
SKDD001	103.00	104.00	1.00	0.140
SKDD001	104.00	105.00	1.00	0.080
SKDD001	105.00	106.00	1.00	0.110
SKDD001	106.00	107.00	1.00	0.130
SKDD001	107.00	108.00	1.00	0.030
SKDD001	108.00	109.00	1.00	0.510
SKDD001	109.00	110.00	1.00	0.075
SKDD001	110.00	111.00	1.00	0.170
SKDD001	111.00	111.93	0.93	0.070
SKDD001	111.93	112.50	0.57	0.100
SKDD001	112.50	113.00	0.50	0.090
SKDD001	113.00	114.00	1.00	0.400
SKDD001	114.00	115.00	1.00	0.520
SKDD001	115.00	116.00	1.00	0.400
SKDD001	116.00	117.00	1.00	0.150
SKDD001	117.00	118.00	1.00	0.280
SKDD001	118.00	118.53	0.53	0.300
SKDD001	118.53	119.00	0.47	0.150
SKDD001	119.00	120.00	1.00	0.060
SKDD001	120.00	121.00	1.00	0.060
SKDD001	121.00	122.00	1.00	0.060
SKDD001	122.00	123.00	1.00	0.060
SKDD001	123.00	124.00	1.00	0.085
SKDD001	124.00	125.00	1.00	0.100
SKDD001	125.00	125.98	0.98	0.060
SKDD001	125.98	127.00	1.02	0.130
SKDD001	127.00	128.00	1.00	0.730
SKDD001	128.00	129.00	1.00	0.090
SKDD001	129.00	130.00	1.00	0.150
SKDD001	130.00	131.00	1.00	0.110
SKDD001	131.00	132.00	1.00	0.060
SKDD001	132.00	133.00	1.00	0.190
SKDD001	133.00	134.00	1.00	0.210
SKDD001	134.00	135.00	1.00	0.050
SKDD001	135.00	136.00	1.00	0.115
SKDD001	136.00	137.00	1.00	0.050
SKDD001	137.00	138.00	1.00	0.320
SKDD001	138.00	139.00	1.00	0.900
SKDD001	139.00	140.00	1.00	0.120
SKDD001	140.00	140.65	0.65	0.605
SKDD001	140.65	141.23	0.58	0.220
SKDD001	141.23	141.70	0.47	0.270
SKDD001	141.70	142.39	0.69	0.370
SKDD001	142.39	143.00	0.61	0.150
SKDD001	143.00	144.01	1.01	0.650
SKDD001	144.01	145.00	0.99	0.290
SKDD001	145.00	145.67	0.67	0.070
SKDD001	145.67	146.56	0.89	0.060
SKDD001	146.56	147.26	0.70	0.040
SKDD001	147.26	148.04	0.78	0.040
SKDD001	148.04	149.01	0.97	0.100
SKDD001	149.01	150.00	0.99	0.060
SKDD001	150.00	151.00	1.00	0.070
SKDD001	151.00	152.00	1.00	0.055
SKDD001	152.00	153.00	1.00	0.160
SKDD001	153.00	154.00	1.00	0.030
SKDD001	154.00	155.00	1.00	0.080
SKDD001	155.00	155.98	0.98	0.050
SKDD001	155.98	156.98	1.00	0.050
SKDD001	156.98	158.00	1.02	0.165
SKDD001	158.00	159.00	1.00	0.170
SKDD001	159.00	160.00	1.00	0.250
SKDD001	160.00	161.00	1.00	0.050
SKDD001	161.00	162.00	1.00	0.100
SKDD001	162.00	162.73	0.73	0.090
SKDD001	162.73	163.53	0.80	0.310
SKDD001	163.53	164.00	0.47	0.120
SKDD001	164.00	165.00	1.00	0.090
SKDD001	165.00	166.00	1.00	0.170
SKDD001	166.00	167.00	1.00	0.060
SKDD001	167.00	168.00	1.00	0.080
SKDD001	168.00	169.00	1.00	0.120
SKDD001	169.00	170.00	1.00	0.130
SKDD001	170.00	171.00	1.00	0.040
SKDD001	171.00	171.65	0.65	0.070
SKDD001	171.65	172.34	0.69	0.090
SKDD001	172.34	173.00	0.66	0.970
SKDD001	173.00	174.00	1.00	0.130
SKDD001	174.00	175.00	1.00	0.090
SKDD001	175.00	176.00	1.00	0.030
SKDD001	176.00	176.98	0.98	0.035
SKDD001	176.98	178.00	1.02	0.050
SKDD001	178.00	179.00	1.00	0.075
SKDD001	179.00	180.00	1.00	0.040
SKDD001	180.00	181.00	1.00	0.040
SKDD001	181.00	182.00	1.00	0.040
SKDD001	182.00	183.00	1.00	0.060
SKDD001	183.00	184.00	1.00	0.050
SKDD001	184.00	185.00	1.00	0.050
SKDD001	185.00	186.00	1.00	0.150
SKDD001	186.00	187.00	1.00	0.040
SKDD001	187.00	188.00	1.00	0.345
SKDD001	188.00	189.00	1.00	0.050
SKDD001	189.00	189.72	0.72	0.030
SKDD001	189.72	190.35	0.63	0.020
SKDD001	190.35	190.98	0.63	0.060
SKDD001	190.98	192.00	1.02	0.030
SKDD001	192.00	193.00	1.00	0.050
SKDD001	193.00	194.00	1.00	0.200
SKDD001	194.00	195.00	1.00	0.010
SKDD001	195.00	196.00	1.00	0.060
SKDD001	196.00	197.00	1.00	0.040
SKDD001	197.00	198.00	1.00	0.030
SKDD001	198.00	199.00	1.00	0.040
SKDD001	199.00	200.00	1.00	0.035
SKDD001	200.00	201.00	1.00	0.060
SKDD001	201.00	202.00	1.00	0.030
SKDD001	202.00	203.00	1.00	0.030
SKDD001	203.00	204.00	1.00	0.080
SKDD001	204.00	205.00	1.00	0.020
SKDD001	205.00	206.00	1.00	0.030
SKDD001	206.00	207.00	1.00	0.050
SKDD001	207.00	208.00	1.00	0.070
SKDD001	208.00	209.00	1.00	0.040
SKDD001	209.00	210.00	1.00	0.040
SKDD001	210.00	211.00	1.00	0.045
SKDD001	211.00	212.00	1.00	0.045
SKDD001	211.00	213.00	2.00	0.060
SKDD001	213.00	214.00	1.00	0.040
SKDD001	214.00	214.46	0.46	0.140
SKDD001	214.46	215.18	0.72	1.180
SKDD001	215.18	215.78	0.60	2.540
SKDD001	215.78	216.38	0.60	0.090
SKDD001	216.38	217.00	0.62	0.050
SKDD001	217.00	218.00	1.00	0.060
SKDD001	218.00	219.00	1.00	0.030
SKDD001	219.00	220.00	1.00	0.040
SKDD001	220.00	221.00	1.00	0.040
SKDD001	221.00	222.00	1.00	0.020
SKDD001	222.00	223.00	1.00	0.070
SKDD001	223.00	223.82	0.82	0.080
SKDD001	223.82	224.45	0.63	0.240
SKDD001	224.45	225.00	0.55	0.110
SKDD001	225.00	226.00	1.00	0.090
SKDD001	226.00	227.02	1.02	0.090
SKDD001	227.02	228.02	1.00	0.080
SKDD001	228.02	229.00	0.98	0.100
SKDD001	229.00	230.00	1.00	0.095
SKDD001	230.00	231.00	1.00	0.180
SKDD001	231.00	232.00	1.00	0.130
SKDD001	232.00	233.00	1.00	0.130
SKDD001	233.00	234.03	1.03	0.090
SKDD001	234.03	235.00	0.97	0.200
SKDD001	235.00	236.00	1.00	0.060
SKDD001	236.00	237.00	1.00	0.070
SKDD001	237.00	238.01	1.01	0.055
SKDD001	238.01	238.97	0.96	0.060
SKDD001	238.97	240.00	1.03	0.090
SKDD001	240.00	241.00	1.00	0.070
SKDD001	241.00	242.00	1.00	0.035
SKDD001	242.00	242.98	0.98	0.060
SKDD001	242.98	244.00	1.02	0.030
SKDD001	244.00	245.00	1.00	0.040
SKDD001	245.00	246.00	1.00	0.050
SKDD001	246.00	246.67	0.67	0.040
SKDD001	246.67	247.40	0.73	0.040

*All quoted thicknesses are apparent thicknesses

 

END