Kavango Resources Regulatory News (KAV)

05 April 2023

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Ditau: Additional Exploration Holes Logged

Kavango Resources (LSE:KAV), the Southern Africa focussed exploration company, is pleased to announce that it has identified further evidence of a potential wider mineralised system at the Company's Ditau Project in SW Botswana.

Having confirmed the 470m strike extent of the mineralised Banded Iron Formation ("BIF") encountered in Hole DITDD004 (announced >>> 31 March 2023), Kavango has completed logging of two historic exploration holes that were drilled in the vicinity of Target i10. Kavango drilled DITDD004 in April 2022 to test Target i10.

Drill core from the two historic exploration holes X077_H002 ("X077") & X081_H001 ("X081") both exhibit clear evidence of mineralisation.

X077 is 470m from DITDD004. It was drilled to 189m and intercepted the same mineralised BIF that Dr. Hamid Mumin recently identified as a large-scale system, primarily prospective for possible lode gold mineralisation. The mineralised BIF in X077 remained open at depth and Kavango is considering drilling a twin hole to test this target.

FIGURE 1: End of Hole X077 at 188.93m, pyrite and carbonate both increase at end of hole, suggesting increasing mineralisation, open at depth.

X081 is 3km to the SW of DITDD004 and was drilled to a depth of 144m. The core is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins. There are clear signs of locally intense hydrothermal activity.

Kavango has sent samples from X077 and X081 for assay testing.

Ben Turney, Chief Executive Officer of Kavango, stated,

"Gaining access to exploration Holes X077 and X081 via the Botswana Geological Institute could prove to be decisive in our Ditau exploration programme.

X077 has already demonstrated the potential strike extent of the thick mineralised Banded Iron Formation we intercepted with our Hole DITDD004 last April.

However, the identification of X081 opens an even more intriguing line of investigation for us. Evidence of intense local hydrothermal activity and the clear presence of iron oxides and sulphides strengthen the possibility of a regional exploration play.

We now look forward to assay results to guide our next steps."

OVERVIEW

· Two exploration holes were drilled in the vicinity of Kavango's Target i10 at Ditau. The core from these holes is now the property of the Botswana Geoscience Institute (the "BGI").

o Hole X077_H002 ("X077") drilled to 189m & lies 470m NW of DITDD004

o Hole X081_H001 ("X081") drilled to 144m & lies 3km to the SW of DITDD004

o Holes X077 & X081 were abandoned by the party who drilled them, once it was established the underlying targets were not kimberlites and therefore had no potential for diamonds. 

· With the cooperation of the BGI, Kavango has reviewed the drill core from X077 and X081. The Company's initial findings are:

o X077 encountered the same BIF as DITDD004, with clear visual evidence of mineralisation. This confirms the mineralised BIF is continuous for at least 470m. X077 is open at depth.

FIGURE 2: Mineralised Banded Iron Formation (BIF) identified in Hole X077 appears to represent acontinuation of the same mineralised BIF Kavango intercepted in its Hole DITDD004

o X081 has further clear visual evidence of mineralisation and locally intense hydrothermal activity.

Kavango will now send samples from X077 and X081 for assay testing.

INITIAL REVIEW OF DRILL CORE

The BGI granted a team from Kavango permission to log two previous drillholes (X077 and X081) drilled in the vicinity of Kavango's Hole DITDD004 in the Ditau Project.

Holes X077 and X081 were drilled with diamond core to depths of 188.93m and 143.93m respectively.

X077 is located 470m NW of DITDD004 and X081 is 3km to the SW and is coincident with a small magnetic anomaly.

DITDD004 contained anomalous gold and copper values, hosted in a Banded Iron Formation (BIF), and has been characterised by Dr. Hamid Mumin [announced >>> 06 March 2023] as a BIF hosted lode gold style of mineralising system, with the possibility for Volcanogenic Massive Sulphides also to be investigated.

Kavango has carried out detailed logging, pXRF determinations, and magnetic susceptibility measurements on X077 and X081. Initial results from this analysis are as follows:

Hole X077

· Extensive brecciated BIF seen, as in Hole DITDD004. This confirms the 470m strike extent of this formation.

· Pyrite observed, plus (at 147m) blebs of chalcopyrite, 15mm in diameter.

FIGURE 3: Extensive pyrite seen in X077, this example is at 155m depth.

· X077 stopped at 188.93m in strong carbonate alteration with pyrite, associated with veining. The degree of alteration was observed to be increasing with depth.

· The mineralising system that has caused this is considered by Kavango to extend beyond the end of the hole. Termination of X077 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.

· X077 confirms that the mineralisation seen in hole DITDD004 is not isolated and is part of a wider system.

Hole X081

· X081 was drilled on a different magnetic target to Target i10.

· X081 is a shallower hole (drilled to 143.93m) and is significantly oxidised.

FIGURE 4: Increasing levels of (now oxidised) sulphides indicated towards the end of Hole X081, which was drilled to 143.93m, with mineralisation open at depth

· It is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins.

· There are clear signs of locally intense hydrothermal activity.

· Again, the mineralising system in X081 is considered by Kavango to extend beyond the end of the hole. It is unclear whether the mineralising system is related to that seen between Holes DITDD004 and X077. Kavango will investigate this through assay testing of core samples.

· Termination of X081 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.

NEXT STEPS:

· Core cutting is complete and Kavango's team will send samples from X077 and X081 for assay testing.

· Kavango will in the interim review pXRF and other data in parallel with this to advance its interpretation at Ditau.

· Kavango to share all data and samples with Dr. Mumin in order to upgrade confidence in this exploration model and refine our exploration plan.

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'.