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LONDON (Alliance News) - Kavango Resources PLC on Monday said its subsidiary secured three new prospecting licences in Botswana.
The stock was trading 11% higher on Monday at 2.50 pence per share.
The grant of the new prospecting licences follows completion of the first phase of the airborne electromagnetic survey over the company's Kalahari Suture Zone project. The survey, which was finalised on Monday last week, identified 26 conductive anomalies.
The exploration company now holds 15 prospecting licences that cover 80% of the 450 kilometres-long Kalahari suture zone.
"Extending our land position to a total of 9,231 square kilometres following the assessment of our recent work provides the company with an important strategic ground holding on the highly prospective KSZ," said Chief Executive Michael Foster.
"Results of our on-going exploration programme in the KSZ area will be provided to the market in the near future, as they become available," added Foster.