TIDMKAV
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 1,294km(2) (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 1,091km(2) (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
mfoster@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
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
1,294km(2)
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 1,091km(2)
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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