Kavango Resources Regulatory News (KAV)

PRESS RELEASE

26 August 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - target definition PL082/2018

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") provides an update on drill targeting at its Kalahari Copper Belt (KCB) licence PL082/2018.

Highlights

- Large-scale, high-resolution soil sampling program completed (3,178 samples)

- Confirmation of two major drill targets (the "Targets"):

- Northern Zone, 8km strike length

- Central Zone, 27km strike length

- Peak value of 118.8ppm Cu (pXRF values)

- Geochemical anomalies conform with the underlying geology previously mapped by Kavango

- Strong indication of in-situ mineralisation

- PL082/2018 is a potential analogue to Khoemacau's Banana Zone deposit, immediately to the south of Ghanzi Ridge (total high-grade resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag)

- Kavango has provided a series of maps showing the Targets via the link below:

https://www.kavangoresources.com/media-library/news-release-media/rns26august2022 

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

"Leading on from the work completed on PL036/2020, as reported on 03 August 2022, our team has worked rapidly to complete a further substantial soil sampling program on licence PL082/2018, under the Kavango earn-in agreement with LVR Geoexplorers.

The presence of anomalous values to 118ppm copper is significant in terms of this project's prospectivity. These results, combined with the mapped geology and the existing Kavango AEM data, has enabled us to identify two targets of considerable strike length (8km and 27km) to test with drilling. Our targets have notable similarities with other recently drilled targets in this area.

I am presently in Botswana with Hillary Gumbo and Brett Grist. While we are here, we are meeting with drill contractors and look forward to our maiden KCB drill campaign."

Target Detail

Two linear geochemical features anomalous for copper have been identified:

a) 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 Deposits to the North East. The elevated copper values are postulated to represent a possible leakage zone from a redox contact underneath

- This unit has been mapped to extend over the entire length of the Prospecting Licence (PL), extending over some 27km, and is also characterised by a zone of elevated magnetic response

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

- A robust anomaly extending over 8 km of geological strike length has been identified

- This occurs in an area with no outcrop (under Kalahari cover) 

- This is located on the edge of a magnetic high, which bears similarities to the Ourea and Quirinus 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 AEM conductor in this area extending over approximately 8km and 400m at its widest. This coincides with the geochemical northern zone identified in this latest work

Both targets also have widespread elevated zinc values (>60ppm, Max 87.2ppm) levels.

Planned follow-up for PL082/2018

Next steps, ahead of a drill program on these targets, to include:

- Review and integration of existing Kavango AEM data

- Limited infill soil sampling (reducing 800m to 200m line spacing) in selected areas to enable final definition of drill targets

- Static Seismic surveys (Tromino) using Kavango-owned equipment, to evaluate overburden thickness

- CSAMT aimed at providing resolution of targeted anticline structure and ensure optimal drill direction is selected

A reverse circulation ('RC') drill program will then follow.

Mamuno Licences

Elsewhere, the KCB Targeting Program remains ongoing on the Mamuno licence package. Results are expected shortly.

Kavango Sampling Methodology

- Excavation to 30-40cm below the surface

- Sample is collected from bottom of hole and sieved to approximately 200g of -180um fraction

- Sample is analysed using the company's in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window

- Reference materials (of known values) are inserted after every 25 samples and at the end and beginning of each batch

- Resultant data is then used to generate user factors for normalising the analytical results prior to interpretation

- Selected samples are also sent to an independent laboratory in South Africa for multi-element analyses by conventional means

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

Ben Turney

bturney@kavangoresources.com

 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

Ø 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 prospectus, are provided in the announcement dated 8 July 2022.

The LVR Project

Ø 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 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 geochemical reduction-oxidation ("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.