Kavango Resources Regulatory News (KAV)

PRESS RELEASE

3rd October 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - PL082 Drill Rig Mobilisation

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") is pleased to announce that Mindea Exploration and Drilling Services Pty ("Mindea") has mobilised the multi-purpose drill rig (the "Rig") for the Company's maiden drill campaign in the Kalahari Copper Belt ("KCB").

PL082/2018 is one of Kavango's most advanced prospecting following extensive surface exploration and geophysical surveying across the entire area.

The Rig has been mobilised to conduct a first phase drill programme on PL082/2018, where Kavango is targeting a potential analogue to Khoemacau's Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge and exhibits similar geophysical characteristics to survey data acquired by Kavango over PL082/2018.

HIGHLIGHTS

- Drill rig mobilisation

- Mindea has deployed a rig capable of reverse circulation ("RC") and diamond core ("DC") drilling to PL082/2018

- Drill camp and first drill pad prepared

- First phase drilling programme

- Drilling to commence no later than 9 October

- Expected completion by early November

- Up to 6 holes (est. 1,250m) designed to test the Northern and Central anomalies (announced >>> 29 September 2022)

- CSAMT

- Kavango has also commenced a Controlled-Source Audio MagnetoTelluric ("CSAMT") survey of up to 17 line-km over PL082/2018

- Goal is to map subsurface structures to optimise drill orientation

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"In keeping with our ambitions in the Kalahari Copper Belt, we have moved fast to mobilise the rig. The speed at which we are able to work demonstrates how much progress we've made over the past year.

PL082/2018 is our best immediate target in the KCB. It is our most advanced licence and demonstrates the best geology at surface, which we hope could prove to be telling.

We've achieved near total coverage across this licence in terms of geophysical surveying, geological mapping and soil sampling. While the CSAMT survey could yet still provide a new valuable data source, we are confident in the targeting work we've completed to date/

We expect this first phase drill programme will last around a month, with samples sent immediately for laboratory testing. Results from this will guide future drilling.

In the meantime, our team in the field has worked hard over the last week to finalise preparations. The drill camp is set up, the first pad is prepared, and the rig is on course to commence its work later this week.

Drilling is always the most exciting activity for any exploration company, and we look forward to what the next few weeks will bring."

First phase drill programme details

Under the terms of its contract with Kavango, Mindea has mobilised its multi-purposed rig for a first phase drilling programme (the "Drill Programme") on PL082/2018 in the KCB. Kavango has established an exploration camp in the drilling area and cleared the first drill pad.

The Drill Programme will consist of an initial 6 holes for 1,250m of drilling designed to test 2 discrete copper geochemical anomalies (the "Target Zones"), which are aligned with mapped underlying geology at PL082/2018 (announced >>> 26th August 2022).

The details of the Target Zones are as follows:

I) Central Zone  (Cu: >30ppm, Max 118.8ppm)

- Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact

- The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response

- Infill soil sampling (announced >>> 29th September 2022) confirmed elevated readings along the Target, further strengthening its prospectivity

II) Northern Zone  (Cu: >30ppm, Max 39.7ppm)

- A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines

- Previous work by Kavango identified an Airborne ElectroMagnetic ("AEM") conductor, which coincides with the geochemical northern zone identified in this latest work

- Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)

Drilling is expected to complete by early November. Upon completion, samples will be sent to an internationally accredited laboratory for testing.

Kavango has so far identified 188 drill collar locations and aims ultimately to complete up to 37,600m or RC and diamond drilling (announced >>> 30th September 2022). These locations are centred on 14 priority target areas delineated across 4 of the Company's 12 KCB licences, where field exploration is ongoing.

CSAMT details

Kavango has also initiated a CSAMT survey of up to 17 line-km within PL082/2018. The Company's objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.

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

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

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'.

NOTES TO EDITORS

KAVANGO'S INTERESTS IN THE KALAHARI COPPER BELT

Kavango's exploration licences in the KCB include:

Kanye Resources

Agreement to acquire 100% working interest (Kavango currently owns 50% working interest) in 10 prospecting licences held in a Joint Venture vehicle (Kanye Resources) with Power Metal Resources (LSE:POW), which cover 4,256km2. Terms of the acquisition, which is subject to the issue of a prospectus by Kavango, are provided in the announcement dated 8 July 2022.

The Mamuno Project Area consists of four of the Kanye licences (PL046/2020, PL049/2020, PL052/2020, PL053/2020).

The LVR Project

Kavango has a 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR"), which cover 809km2.

THE KCB PROJECT GEOLOGICAL SETTING

Kavango's KCB Project areas include lengthy redox boundaries, close to surface, that represent excellent exploration targets.

The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.

Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges and shear zones. Fold hinges pointing upwards are known as anticlines, while the downward pointing hinges are called synclines.

Several large copper-silver ore deposits have been discovered on the KCB in association with anticlines in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and many are amenable to open pit mining operations.

Accumulations of metals can be traced along the strike of Redox boundaries (sometimes for many kilometres) because they often contain iron and have a higher magnetic signature than the surrounding rock. These have recently been successfully mapped by Kavango's exploration teams.

GLOSSARY

AEM:  Airborne Electromagnetic Survey. This uses an energised loop to induce currents in underlying lithological units, which resultant magnetic field can then be measured.

CSAMT:  Abbreviated from Controlled Source Audio frequency Magneto Telluric. An AMT survey is an electromagnetic survey technique that uses naturally occurring passive energy sources, and which can electrically map geologic structures to depths of 500 metres or more.

Inversion:  Geophysical inversion refers to mathematical and statistical techniques for recovering information on subsurface physical properties, from observed geophysical data

KCB:  Kalahari Copper Belt. An area of southern Africa, running ENE-WSW from Botswana into Namibia, within which multiple economic copper-silver sedimentary rock hosted deposits have been discovered.

RC:  Reverse Circulation drilling. This is a cost-effective method of drilling that uses compressed air to drive a downhole hammer, which breaks rock into chips that are forced up an internal tube in the drill rod, minimising risk of contamination by wall-rock.

Redox boundary:  Reduction and oxidation boundary, at which the chemical oxidative state of chemical species changes, typically resulting in precipitation of metal salts.