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Kavango Resources PLC - mineral exploration company - Raises GBP1.9 million through a 35.3 million share placing at 5.5 pence each on Tuesday. Directors Ben Turney and Mike Moles subscribed for 1.1 million new ordinary shares, on the same terms as the placing, raising GBP60,000. Brings total gross funds raised, by the placing and directors subscriptions, to GBP2.0 million for future exploration plans.
Expands drilling and continues testing at the Kalahari Suture Zone in Botswana. Kalahari area is held by Kanye Resources Ltd, a joint venture split equally between Kavango and Power Metal Resources PLC. After completion of drilling operations at A2 and C1 targets, Kavango says it will continue to drill Target B1, which is in a separate geological setting to the A-C corridor. Notes electromagnetic survey has tested six target areas and identified drill targets in the A2, C1 and B1 areas. Analysis continues at the B2 target area.
Chief executive of Kavango, Ben Turney, says: "Exploration results this year, across all our projects, have consistently surpassed our expectations."
"We are especially encouraged by the results of the TDEM surveys in the [Kalahari Suture Zone]. While the conductance of targets A2, C1 and B1 appears to suggest they fall within the range of massive sulphides, we take a high degree of comfort from the "negative" results of A1 and D1. The fact that the TDEM surveys have selectively identified EM conductors gives us confidence we are using the right remote sensing technology to define specific drill targets," Turney adds.
Kavango stock price: 5.82p; closed down 1.7% at 5.9p on Tuesday
Year-to-date change: up sharply from 2.80p
Power Metal stock price: 2.20p; closed down 2.2% at 2.2p on Tuesday
Year-to-date change: down 20%
By Scarlett Butler; scarlettbutler@alliancenews.com
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