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LONDON (Alliance News) - Shares in Kavango Resources PLC rose on Monday as it reported positive results from its geophysical study of its Kalahari Suture Zone project in Botswana.
Shares in the mineral exploration company rose 13% to 2.25 pence on Monday.
Ground-based audio-frequency magnetotellurics surveys were conducted over the northern part of the KSZ project and also over the Ditau prospect area. The surveys were to examine the location of conductors as well as their orientation, depth, and size, Kavango said.
Several of the conductors in the northern part, Kavango added, appear to be "large, steeply dipping bodies" that could represent mineralisation from the near surface down to at least 400 metres. These conductors all represent potential drilling targets.
At the Ditau prospect, which has a strike of over seven kilometres, multiple lines of surveying have identified two conductors extending from just below the surface to depths of around 600 metres.
The two conductors are open at both ends and extend north-south for around four kilometres and represent geophysical anomalies coincident with strong zinc in soil, the company said.
The conductors represent priority drill targets for the first part of next year.
Kavango said it will continue its follow-up programme to identify high-quality drill targets over the coming months.
"We are extremely pleased to be able to report the initial AEM survey results show a number of the conductive anomalies identified coincide with significant geochemical (zinc in soil) anomalies," said Chief Executive Michael Foster.
"Priority targets have now been followed up on the ground with AMT resistivity surveys and exciting potential drill targets have been identified, including at the Ditau prospect, which forms part of the KSZ project. It has been highly encouraging to note the effectiveness of Kavango's exploration strategy and techniques, which are already beginning to deliver positive results," Foster added.