Last checked at 18 Jan 2024 07:00
18 January 2024
Kavango Resources
("Kavango" or "the Company")
Completion of KCB airborne geophysical survey
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce completion of an airborne geophysical survey over its Kalahari Copper Belt ("KCB") project in Botswana.
The helicopter-borne survey was completed by New Resolution Geophysics ("NRG") and carried XciteTM Electromagnetic, Gravity, and Magnetic survey equipment. This multi-parameter airborne geophysical system has been designed for superior resolution of the KCB geology, to provide more detailed mapping of the project. The goal is to identify higher confidence drill targets.
Kavango recently purchased six prospecting licences from ENRG Elements (ASX:ENRG) ("ENRG"), providing it with an extensive, single contiguous project area in the KCB covering 7,629km2 (announced >>> 16 November 2023). Interpretation of ENRG's historic airborne data, which Kavango now owns, has revealed two main areas of interest for copper/silver exploration.
The airborne survey was designed to test whether the copper/silver prospective geological and geophysical features it interpreted on the ground recently acquired from ENRG (PL203/2016, PL127/2017 & PL205/2016) extend into the Company's pre-existing adjacent licence areas.
The airborne survey was flown in two blocks: Block 1A (over PL046/2020, PL049/2020, PL052/2020, PL053/2020) and Block 1B (over PL205/2016).
Final processed data is expected from NRG by the end of February. This data will be inverted and modelled by EMergo (Aarhus Geofisica) prior to final interpretation to identify target zones for ground geophysical follow-up and drill target identification.
Figure 1 - Preliminary data from the completed NRG survey overlaid on a backdrop of geology and regional magnetics
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
"We are now working on two main areas of interest in our Copper Belt licences. Since acquiring the ground from ENRG last year, we've become increasingly confident in the potential of the contiguous land package we control.
I would like to thank New Resolution Geophysics for successfully completing this extensive airborne survey over our Block 1A and Block 1B licences. 2,428-line kilometers were flown in 35 days.
The results stand to improve our understanding of the host geology greatly, as well as the alteration and mineralisation potential on our large KCB project area.
This will shape our next exploration steps, including the definition of target areas for follow-up ground geophysics ahead of planned drilling later in the year."
Expiry of May 2022 Warrants
On 9 May 2022, Kavango announced a £750,000 placing and subscription (the "May 2022 Placing"). As part of the May 2022 Placing, the Company issued warrants valid until 31 December 2023 on a one-for-one basis for each share issued. All these warrants have now expired.
Further information in respect of Kavango and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.