Last checked at 31 Mar 2023 07:00
31 March 2023
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Ditau: 470m Strike Extension to Mineralised BIF
Kavango Resources (LSE:KAV) ("Kavango"), the Southern Africa focussed metals exploration company, is pleased to announce that it has confirmed an extension of at least 470m to the Mineralised Banded Iron Formation (the "Mineralised BIF") intercepted at Target i10 with Hole DITDD004 in the Ditau Project, Botswana.
Kavango has now completed an initial review of drill core and logs from an exploration hole, drilled in 2021, 470m to the NW of DITDD004. This hole (Hole X077-H002, "X077") was drilled by a company that held an overlapping diamond prospecting licence to Kavango's Ditau metal prospecting licences.
X077 appears to have intercepted the same Mineralised BIF as DITDD004.
Having already confirmed the Mineralised BIF is >100m thick in Hole DITDD004 (announced >>> 06 March 2023), Kavango is increasingly encouraged that Target i10 could represent a large-scale, continuous system that is prospective for lode gold mineralisation.
Figure 1: Cross-section viewed west, showing Hole DITDD004 and Hole DITDD003, drilled by Kavango, and Hole X077, drilled by the Third Party. Zones of interpreted mineralised BIF are shown in red hatch at the end of Hole DITDD004 and Hole X077, indicating a broader mineralised BIF system extending for at least 470m between holes.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
"The initial results of our review of neighbouring exploration holes to DITDD004 are highly encouraging. We have been able to establish at least a 470m strike extent of the Banded Iron Formation directly from DITDD004 to Hole X077, bounded by the i10 magnetic anomaly. Both holes show evidence of the same mineralisation style. We've achieved this without any further drilling.
Given that both DITDD004 and X077 remain open at depth in the Mineralised BIF, the large-scale promise of this system is strongly underlined. In the context of Dr. Mumin's view of the lode gold potential here, this is very positive.
We are now in the process of cutting core to send for assay testing and look forward to receiving the results."
OVERVIEW
· A third party completed an independent diamond core drilling programme in 2021 targeting some of the same geophysical anomalies Kavango has identified at Ditau.
o The company held a diamond prospecting licence that overlapped Kavango's Ditau metals exploration prospecting licences.
· Following Kavango's recent identification of lode gold potential from Hole DITDD004, the Company approached the third party to request permission to review core from holes drilled in the vicinity of its i10 Target ("i10") at Ditau.
o Kavango drilled Hole DITDD004 to intercept Target i10 in April 2022.
o That hole encountered a 100m thick mineralised "Zone of Interest" from a depth of 293m to 393m. This zone remains open at depth at the End of Hole.
o DITDD004 contained anomalous gold and copper values.
o Subsequent analysis by Dr. Hamid Mumin concluded that the "Zone of Interest" appears to represent a high-potential BIF-hosted lode gold system.
o Based on the proximity of Hole X077 to Target i10, Kavango was keen to see if the same BIF was intersected during drilling.
· Kavango has performed initial analysis on core from Hole X077.
o Hole X077 lies 470 NW of DITDD004 and was drilled to a depth of 189m.
o Hole X077 was abandoned after it was confirmed the target was not a kimberlite and therefore had no potential to host diamonds.
o Hole X077 remained open for mineralisation at the End of Hole.
· Based on its initial review of drill core, Kavango concludes that Hole X077 intercepted the same BIF as DITDD004, with clear visual evidence of a mineralising system ('mineralisation'), in the form of pyrite, chalcopyrite, and carbonate alteration. This strongly supports that the Mineralised BIF is continuous for at least 470m. As with Hole DITDD004, Hole X077 remains open in mineralisation at depth.
· Kavango will now complete more thorough analysis of core from Hole X077 and one other exploration hole drilled by the third party in the vicinity.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'