Kavango Resources Share News (KAV)

(Sharecast News) - Botswana-focussed mineral exploration company Kavango Resources has been granted two prospecting licences in the Botswana section of the "highly prospective" Kalahari Copper Belt, it announced on Wednesday.
The London-listed firm said the two new licences are directly to the south west of Sandfire Resources' T3 and A4 Dome copper-silver discoveries.

It said the licences - PL036/2020 and PL037/2020 - are 100% owned contiguous licence areas, covering 1,294.2 square kilometres, immediately south of the town of Ghanzi.

The licence terms were for an initial three years, which could be extended to a maximum of seven years, and carried a combined first year work commitment of £75,000.

Kavango said the granting increased its exposure to the Kalahari Copper Belt, following the joint venture agreement with LVR GeoExplorers on two strategically located licences, as it announced in February.

The board described the Kalahari as a "key emerging exploration province" for major sedimentary copper-silver deposits.

It added that the acquisition of further licences was underway, with the easing of lockdown restrictions expected to begin in Botswana from the start of June.

That, it said, meant it would reinitiate field exploration as soon as possible.

"We are delighted to have secured these two new prospecting licences," said chief executive officer Michael Foster.

"It is thanks to our in-country presence and knowledge that Kavango has been able to add to its portfolio of strategic exploration assets in the highly prospective Kalahari Copper Belt.

"Given the positioning of these two new licences, in such close proximity to major copper-silver discoveries, we are eager to commence exploration here as lockdown restrictions are loosened in Botswana."

At 1137 BST, shares in Kavango Resources were up 9.52% at 1.15p.