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(Alliance News) - Kavango Resources PLC said Friday it confirmed the assay results from its Ditau Camp prospect in Botswana, with results lower than expected but is seeking a partner to help finance further investigations.
Shares in Kavango were 40% lower at 2.06 pence in London on Friday.
In mid July, Kavango said it had received the assay results from Ditau related to 489 core samples being prepared and assayed for 65 elements.
Kavango subsequently undertook additional checks using another laboratory after "concerns over apparent inconsistencies" in the initial results. The firm is now "satisfied" the original results were "correct and reliable."
Kavango said the results showed "lower than expected" values from the Karro sediments in both holes.
Despite this, the results suggested the gabbro rocks towards the bottom of one of the holes could be "more mineralised" with gold and base metals. Analysis of this additional data suggests the "alteration and deformation" observed in the core "may be related" to alkali metasomatism, also known as fenitisation.
"Whilst the assay results show that the first two holes at Ditau have not identified economic mineralization, the geochemistry generated by the laboratory supports the existence an alkaline igneous complex featuring a number of ring structures," Kavango Chief Executive Officer Michael Foster said.
"This would explain the large volume of alteration encountered in both holes (1.8 kilometres apart) which is possibly due to fenitization associated with the emplacement of carbonatites into the Karoo sediments," Foster added. "This is an exciting development in the continuing exploration of the Ditau Prospect. Some of the world's biggest copper and rare earth deposits are associated with such intrusives."
"Further ground based geophysics will be undertaken followed by drilling to advance the investigation of this intriguing prospect," Foster continued. "In the meantime discussions are being held with industry partners with a view to sharing the costs of further exploration."