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Kavango Resources PLC - London-based mineral explorer focused on Botswana - Says new economic report for target at Great Red Spot in the Kalahari Suture Zone in Botswana "exhibits similar geophysical signatures" to the Olympic Dam iron oxide copper-gold ore-deposit that is owned and operated by BHP Group Ltd in Australia.
"Executive Mining concludes that the IOCG target would be economically viable at depths up to 2 kilometres below the surface, should sufficient bulk of mineralisation be discovered that is of sufficient grade," company says.
Plans to release an exploration plan for the target in the coming weeks, which will describe the company's approach to testing this target thoroughly.
Chief Executive Ben Turney says target is "highly attractive".
Current stock price: 2.05 pence, up 6.5% on Friday
12-month change: down 65%
By Paul McGowan; paulmcgowan@alliancenews.com
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