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LONDON (Alliance News) - Kavango Resources PLC on Monday said it hit significant base metals showings at the miner's Ditau prospect, part of the Kalahari Suture Zone project in Botswana.
The company said it encountered a 200-metre zone of "intensely altered rock" above the conductive drill target in the first hole.
The area "exhibits significant sulphide alteration together with indicative cobalt values of up to 0.9% and a weighted average of 0.2% cobalt over 70 metres as well as elevated copper, zinc, lead and nickel values" Kavango added.
Furthermore, a second hole is now in progress and advancing to plan, Kavango added.
Chief Executive Officer Michael Foster said: "We are extremely encouraged that the first hole encountered a 70 metre zone containing significant sulphide alteration together with indicative cobalt values of up to 0.9% and a weighted average of 0.2% cobalt as well as elevated copper, zinc, lead and nickel values. The indicative metal values need to be confirmed by laboratory analysis but are suggestive of mineralisation at depth."
Kavango shares were trading down 7.0% at 2.72 pence each.