Last checked at 1 Feb 2021 11:00
PRESS RELEASE
1 February 2021
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Early commencement of AEM surveys in the KCB
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce it has signed a contract with SkyTEM Surveys ApS, ("SkyTEM") to fly 2,389km of airborne electromagnetic ("AEM") surveys over the Company's interests on the Kalahari Copper Belt ("KCB").
Kavango's projects in the KCB include:
The South Ghanzi Project - 50% working interests in prospecting licences PL036/2020 and PL037/2020, to be held in a Strategic Joint Venture with Power Metal Resources (LSE:POW), which cover 1,294km2 (the "POW SJV")
The LVR Project - Earning in a 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR"), which cover 1,091km2 (the "LVR JV")
Highlights
v Kavango and its Joint Venture partners are searching for commercially viable copper/silver deposits on the KCB
v SkyTEM is a leading airborne geophysical survey company based in Denmark.
v AEM surveys have been instrumental in identifying most of the copper deposits on the KCB
v SkyTEM will fly 2,389km of AEM, including:
- 1,173km over the South Ghanzi Project
- 1,216km over the LVR Project
v Final flight plans being prepared, targeting areas of interest over regional geological structures where promising soil anomalies have been identified, which conformed to Kavango's exploration model
v Flights to commence in February
v Further soil sampling and other ground surveying to continue
v POW SJV incorporated in England with subsidiary in Botswana
Michael Foster, Chief Executive Officer of Kavango Resources, commented:
"As we entered 2021 we promised to accelerate our field exploration, following the excellent progress we made last year. Our team has developed an increasingly comprehensive interpretation of the geological setting of our copper licences and we are well positioned to move to the next stage.
AEM surveys are a powerful technology in helping exploration companies identify targets for test drilling. Encouraging results from initial soil sampling revealed a number of targets for immediate airborne analysis.
The geology in the KCB is well documented with two copper/silver mines currently being developed. It is our belief that there is significant potential for further discoveries of major deposits."
KCB AEM Surveys & Further Exploration
SkyTEM acquires electromagnetic, magnetic and radiometric data from a helicopter platform. The highly accurate data it delivers is a critical component for subsurface exploration.
AEM data is gathered by transmitting an electromagnetic signal from a low flying helicopter. This signal induces current eddies in the ground, which are received by a large loop of coils carried underneath the helicopter.
This technology enables SkyTEM to detect variations in the conductivity of the underlying rocks to depths of over 300 metres. Processing and interpretation of this data will enable Kavango's exploration team to identify and differentiate any conductors encountered. Depending on the EM response, these conductors could become targets for future drilling.
SkyTEM will fly 2,389km of AEM on behalf of Kavango and its joint venture partners, including 1,173km over the South Ghanzi Project and 1,216km over the LVR Project.
Final flight plans are currently being prepared, guided by encouraging soil sample results from both South Ghanzi and the LVR Project.
Kavango has now signed a contract with SkyTEM to carry out the work, which is expected to begin in February.
In the meantime, the Company will continue to carry out further soil sampling and ground magnetic surveys at both South Ghanzi and the LVR Project.
POW SJV
Kavango announces that it has incorporated a new, privately held Plc in London called Kanye Resources ("Kanye"). Kanye will be the vehicle for the POW SJV. Kanye Resources Botswana Pty Ltd has also been incorporated as the local operating company for the POW SJV.
Kavango will commence the application process for environmental permits in the coming weeks.
Further information in respect of the Company 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
Michael Foster
mfoster@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
NOTES TO EDITORS
KAVANGO'S INTERESTS IN THE KALAHARI COPPER BELT
Kavango's prospecting licences in the KCB include:
The South Ghanzi Project
- 50% working interests in prospecting licences PL036/2020 and PL037/2020 (totalling 1,294km2), to be held in a Joint Venture with Power Metal Resources (LSE:POW) (announced 21 September).
The LVR Project
- Earning in a 90% interest in prospecting licences PL082/2018 & PL 083/2018 (totalling 1,091km2), held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR").
Competent Person Statement
The information in this press release that relates to "geological and/or geophysical results" for the South Ghanzi Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.