Last checked at 28 Oct 2021 07:00
PRESS RELEASE
28 October 2021
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
KCB: EMP Awarded & Operational Update
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has been awarded an Environmental Management Plan that covers all of its Prospecting Licences ("PLs") in the Kalahari Copper Belt (the "KCB"). These interests include PLs held within the Kanye Resources Joint Venture ("JV") and the LVR JV.
Highlights
Ø Environmental Management Plan awarded
- EMP covers all the Company's Prospecting Licences ("PLs") in the KCB
- EMP valid for 2 years
Ø Final phase of field exploration underway, towards initial target selection
- Re-logging of data from historic drill holes
- Ground magnetic survey underway on the southern limb of the Acacia target, in the South Ghanzi Project (part of Kanye Resources)
- Work underway to optimise future soil-sampling programmes, to account for changing ground conditions across the Company's PLs
- Initial drill strategy being finalised
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
"We would like to thank the Department of Environmental Affairs for the award of our Environmental Management Plan in the Kalahari Copper Belt. This is an important next step for the Company.
As operator of 12 prospecting licences, which cover over 6,300km2 of prospective ground for possible major copper/silver deposits, Kavango is now permitted to conduct drilling operations here for the next two years.
Our primary focus is currently on the promising Acacia target in the South Ghanzi Project. Work is ongoing on Acacia to optimise target definition, to maximise our chances of success.
This is a critical period for Kavango and we eagerly anticipate the next phase of exploration."
Kavango's interests in the KCB
Kavango's PLs in the KCB include:
The Kanye Resources JV
Ø 50% working interests in 10 prospecting licenses held in a Joint Venture with Power Metal Resources (LSE:POW), which cover 4,257km2. Kavango is operator.
The LVR JV
Ø Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR"), which cover 1,091km2. Kavango currently owns 25% of the LCR JV. Kavango is operator.
KCB Operational Update
Kavango has commenced a ground magnetic survey of the southern limb of the Acacia target (the "Ground Survey"), in the South Ghanzi Project (part of Kanye Resources). This survey will help tighten the Company's interpretation of the electromagnetic ("EM") data it acquired from the airborne surveys flown in the spring.
The Ground Survey will be conducted over a 14km by 4.5km block and will cover 676.5 line kilometers, including 634.5km of traverse lines and 42km of tie lines. Line spacing will be 100m and readings will be taken continuously.
In parallel to this, Kavango has also commenced a detailed sampling exercise to confirm the geochemical anomalies the Company has identified across its PLs in the KCB.
Acacia (in PL036/2020, as part of the Kanye Resources JV) is now the Company's highest priority target for possible drilling in the KCB. Kavango anticipates the ground magnetic survey and further soil sampling will enable the Company to confirm initial drill collar locations.
The Company expects to commence "fence" lines of shallow drill holes. This will likely involve a combination of reverse circulation and diamond drilling. This drilling will act as a geological orientation exercise and should act as a precursor to a much more comprehensive, subsequent drill campaign. The "fence" drilling will also enable the Company to assess structural trends and any associated geochemical and/or EM anomalies.
In parallel to this, Kavango has also started work on re-logging regional historic drill hole data. At this stage, the Company is keen to deepen its understanding of the local stratigraphy, lithology and geology in its main areas of interest.
Further updates will be provided in due course.
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
NOTES TO EDITORS
GEOLOGICAL SETTING
The Kanye Resources and LVR 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 anticlines.
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.
SOUTH GHANZI EXPLORATION STRATEGY
The South Ghanzi PLs (which are within the Kanye Resources JV) lie within the Central Structural Corridor of the KCB immediately south of the town of Ghanzi.
Sedimentary horizons hosting copper/silver mineralisation in the KCB are known to be conductive. AEM surveys are a recognised and tested exploration method for identifying high priority drill targets.
Kavango's strategy in the KCB is to identify conductive targets and then to complete follow up investigation, using other proven exploration methods including geological mapping and testing of soil geochemistry through extensive sampling. The correlation of positive zinc and copper soil geochemistry readings to positive AEM results is a highly encouraging exploration vector.
Given Kavango's understanding of the regional lithology and stratigraphy of the KCB, the Company is optimistic about the progress it has made in South Ghanzi over recent months.
Specifically, the identification of a number of smaller anticlines associated with conductors suggests there are seven large, promising drill targets at South Ghanzi.