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LONDON (Alliance News) - Mineral exploration firm Kavango Resources PLC saw shares jump a third Monday after drilling at one of its "exciting" targets at a prospect in Botswana was expected to start soon.
Shares in Kavango were 31% higher at 2.30 pence on Monday.
The firm explained drilling will "start shortly" at the Ditau prospect in Botswana at the first of two geophysical and geochemical base metal conductor/anomalies.
The initial 1,000 metre drill programme is designed to intersect targets at between 100 metres and 200 metres in vertical depth. The initial programme will involve both reverse circulation and core drilling and will be undertaken by Maquana Explorations Ltd.
The firm hopes to find "significant" zinc deposits which also tend to points towards further mineralisation.
"We are pleased to be able to announce the start of drilling at the first of several exciting coincident geophysical and geochemical base metal anomalies that have been identified at the Ditau Prospect, which forms part of the KSZ Project," Kavango Chief Executive Officer Michael Foster said.
"The drilling is scheduled to commence shortly and results will be announced as they become available," Foster added.
"With the success of our exploration techniques, we expect many more anomalous areas to be identified following completion of phase two of the airborne electro-magnetic survey," Foster continued. "These will be followed up on the ground and prioritized for drilling".