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(Alliance News) - Kavango Resources PLC said Monday the current drilling programme on the Kalahari suture zone in Botswana "appears to have identified" multiple magma conduits, which would have supplied molten lava to the surface.
Kavango Resources shares were up 15% in London at 2.70 pence each on Monday.
The exploration group said that drilling on the final target of its current drilling programme has intersected a 16 meter gabbroic sill at 120 meters from surface, which show intensive alteration by heat.
"The extent of the heat alteration in the sediments is unusual for a relatively thin gabbro and suggests that the sill represents a formerly active conduit that would have allowed a constant flow of magma over an extended period to the surface," the company said.
Therefore Kavango's geological team believe that they have intersected a small part of a very extensive magma plumbing system that lay beneath multiple volcanic vents and fissures which extruded large quantities of basaltic lava onto the surface about 180 million years ago.
This is the type of plumbing system that hosts massive sulphide orebodies at Voisey Bay in Canada, one of the world's largest nickel, copper and cobalt deposits, the company said.
Kavango said the application of downhole geophysical techniques should locate accumulations of metal sulphides within the gabbro as soon as the equipment becomes available.
Michael Foster, chief executive officer of the company, said: "If it can be established that the disseminated metal sulphides seen in the gabbroic sills are a primary feature, then there is an excellent possibility that economically viable metal sulphide deposits exist within the Kalahari Suture Zone."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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