Kavango Resources PLC - exploration company targeting mineral deposits in Botswana - Announces the identification of an electro-magnetic anomaly at its Kalahari Suture Zone project. Kavango says the results are "encouraging" and the find proves the target C area, where the conductive anomaly is located, is an "ideal geological setting". Drilling will commence at the end of June to assess the area for major metal sulphide deposits.
"If drilling validates our interpretation of the data, this could prove to be a significant development in our attempts to unlock the Kalahari Suture Zone," says Chief Executive Michael Foster.
Earlier this month, Kavango awarded a contract to Mindea Exploration & Drilling Services to design and drill a minimum of two 500 metre boreholes in the northern section of the Kalahari Suture Zone.
Current stock price: 5.70 pence, down 3.4% Wednesday morning
Year-to-date change: up over 100% from 2.90 on December 31
By Will Paige; willpaige@alliancenews.com
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Kavango Resources (KAV)