Kavango Resources PLC - mineral exploration company with operations in Botswana - Says its Kanye Resource joint venture with mining exploration company Power Metal Resources PLC is quadrupling its land holding in the Kalahari Copper Belt in Botswana and Namibia. Kayne completes the purchase of eight new prospecting licences area for USD430,000. Kanye now controls over 4,000 square kilometres of ground in its search for major copper and silver deposits.
"While our ongoing drill campaign in the Kalahari Suture Zone continues to attract the most headlines, our interests in the KCB could prove to be company makers in their own right, both for Power Metal Resources and Kavango," says Kavango in a statement.
"The exploration model in the KCB is well established, but our team on the ground has developed a number of innovative in-house methods, which we are confident give us a strong competitive advantage. Refinement of these exploration methods has helped us identify what we believes is highly prospective ground and encouraged us to move swiftly to acquire the new prospecting licences."
Kanye Resources is a joint venture agreement with Power Metal and Kavango both owning 50% of the company, with Kavango acting as the operator. There are plans to list Kanye on a recognised stock exchange, Power Metal confirms.
Kavango stock price: 5.91 pence, down 1.6% on Monday
Year-to-date change: up more than double from 2.80p
Power Metal stock price: 2.14p, up 7.2% on Monday
Year-to-date change: down 22%
By Will Paige; willpaige@alliancenews.com
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Kavango Resources (KAV)
Power Metal (POW)