(Alliance News) - Kavango Resources PLC said Thursday it received the assay results from its Ditau Camp prospect in Botswana, with further work now being undertaken to check and interpret the results ahead of a potential farm-out deal.
Kavango had 489 core samples from the Ditau site prepared and assayed for 65 elements. During the assay process, 12 duplicate check assays were run alongside 14 control standards and 14 blanks.
The company didn't disclose the assay results, saying it is now undertaking its own program of checks and duplicates at an independent laboratory.
Amid the uncertainty, shares in Kavango declined 6.3% to 3.75 pence in London on Thursday.
"We are pleased to have received the assay results from the two drill holes at Ditau," Kavango Chief Executive Officer Michael Foster said. "Kavango is now completing its own check assays at an independent laboratory in South Africa, which is normal industry practice. We will then be in a position to fully check, assess and interpret the results so as to formulate our plans for Ditau."
"Currently Kavango's preferred option would be to farm-out this project to an industry partner, mainly due to its size, plus the fact that our main focus remains the Kalahari Suture Zone structure in southwest Botswana where drilling is expected to commence later this quarter," Foster added.
Kavango Resources (KAV)