Kavango Resources PLC - exploration company targeting mineral deposits in Botswana - Says drilling will commence on two "proof of concept" geological holes in the northern section of the Kalahari Suture Zone this month. Aims to become first company ever to retrieve drill core from the bottom of the "keels" of the Karoo-age gabbros in the KSZ. Kavango anticipates that drill-core from these holes will provide "firm physical evidence" of the KSZ's potential to host 'Norilsk-style' metal sulphide deposits, it says.
Kavango has awarded a contract to Mindea Exploration & Drilling Services to design and drill a minimum of two 500 metre boreholes. Drilling is planned to commence no later than June 30.
"The technical challenges of pursuing exploration under 70 metres of Kalahari sands and sediments proved too much for previous companies that attempted to unlock this region's significant potential," says Chief Executive Michael Foster.
"Through the deployment of modern remote sensing technologies, sophisticated data analysis and persistent hard work, Kavango now aims to become the first company to retrieve drill core samples from the bottom of the keels of the Karoo-age gabbros here.
"If we are successful this will be a major achievement for the company."
Current stock price: 5.02 pence, up 14% Thursday
Year-to-date change: up 83%
By Will Paige; willpaige@alliancenews.com
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Kavango Resources (KAV)