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(Alliance News) - Shares in Kavango Resources PLC jumped Tuesday after it began drilling at its Kalahari Suture Zone iron-copper-zinc project in Botswana.
Shares in Kavango were 7.9% higher at 2.21 pence in London on Tuesday.
The mining exploration firm began drilling the first of its three targets at KSZ, with the objective of verifying the geological model of the company which is looking to discover a Norilsk-style magmatic sulphide ore body.
The 1,000 metre drilling programme follows two airborne electro-magnetic surveys being undertaken as well as subsequent ground-based geophysical surveys.
Kavango believes the presence of copper-nickel sulphide mineralization alongside high-level gabbroic sills will offer "significant evidence for the development of magmatic sulphide ore bodies" which are similar to those currently being mined at Norilsk in Russi and Voisey Bay in Canada.
"We are delighted that the drilling on the first hole of this 3 hole programme is now underway," Kavango Chief Executive Michael Foster said.
"If the current drilling is able to verify Kavango's geological model by intersecting metal sulphide mineralization in association with gabbroic intrusives on the KSZ, this will represent a major step forward towards the discovery of a world class, Norilsk type, magmatic sulphide deposit in Botswana," Foster added. "We look forward to providing the market with further updates as this drill campaign proceeds."
By Ahren Lester; ahrenlester@alliancenews.com
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