 Kavango Resources* (KAV LN) 0.82p, Mkt Cap £25m – Conversion of 538m shares into equity as prospectus is published
Kavango report the conversion of loan notes into 547,995,076 new shares upon publication of their latest prospectus yesterday.
The strategic financing of Kavango was announced on 19 December which reported the raising of £6,566,200.
Zimbabwe gold: Kavango is exploring and developing gold production from Prospects 3 and 4 at its Hillside Gold Project in Zimbabwe near Bulawayo.
The team have hired a mining engineer, who has experience in lode gold systems and modern mining practices.
Metallurgical work is ongoing to compliment the manufacture of a gold process plant in South Africa.
Zimbabwe hosts 22 Archean greenstone belts which are considered to be similar to that seen in Australia.
The company hold 100% of 440Ha at Hillside and run
Prospect 1: reopened two shafts with small scale mining. The team are preparing to install a small CIP VAT leach process plant at the site.
Prospect3: potential for an open pit operation with throughput at 30,000tpm grading around 1.2g/t and potential for ~70% recovery rates
Capex is ~$3m. Gold in granitic material is thought to run at 1.98g/t with metallurgical testing giving 92% recoveries.
Resource: the short-term resource target is modest but the prospect shows significant upside potential
A number of parallel reefs have been identified with drilling being done to extend the known resource
Prospect 4: Drilling is being done to test underground potential with five x 500m holes. Artisanal mining at the site across 200x600m area.
Potential for a 200tpd CIL process plant with potential for expansion.
Drilling to be done from underground with a decline to be driven to 90m depth.
Botswana exploration: Kavango plans to complete the next phase of geophysics shortly to guide us on the next phase of drilling, which we are planning for Q1 2025.
Rio Tinto and BHP are both working on ground close to Kavango licenses in Botswana.
Number of shares: Kavango now have 3,048,706,821 shares following conversion of the convertible loan notes.
Conclusion: Kavango is preparing to forge ahead with growing gold production in Zimbabwe while continuing to work on its exploration portfolio in Botswana.
*An share price Angel Analyst holds shares in Kavango |
Sneaky RNS yesterday after markets closed raising extra £1.5m & converting over £2.2m CLN into equity, all this on top of £6.5m new equity announced 11 hours earlier.What next, reducing the price of the Founder Options? |
SP Angel . Morning View . Gold recovers after FOMC volatility as hawkish Powell cautions over sticky inflation
Kavango Resources* (KAV LN) 0.70p, Mkt Cap £18m – Placing raises £6.57m for gold mine development in Zimbabwe and further exploration drilling in Botswana
Kavango Resources report the raising of £6.566m via the placing of 938m new shares at 0.7p/s.
The placing is subject to the approval of a prospectus by the FCA.
Use of funds: Funds from the financing will be directed towards gold mine development at Hillside in Zimbabwe and towards exploration in Zimbabwe and Botswana as well as G&A.
Hillside gold project (Zimbabwe): plans at Prospects 3 and 4 where management hope exploration will justify the development of the projects and start mining by end-2025.
Management: Kavango have recruited a new mining engineer with experience in lode gold systems and will oversee the board’s strategy to move to mine development.
Metallurgical test work at Hillside: gold process plant manufacturer to conduct initial metallurgical test work on ore samples taken from the project areas.
The team recently reported multi-element assay results on core samples from Prospect 3 at Hillside which showed “potentially economic concentrations of tungsten and other strategic elements, including bismuth, selenium and molybdenum”.
Prospect 3 intersections reported in November show:
1m @ 1.13g/t gold from a depth of 14m,
2m @ 1.21g/t gold from a depth of 6m,
1m @ 2.08g/t gold at 28m depth
Botswana exploration: recent drilling gathered valuable data. This combined with the next phase of geophysics will guide the next phase of drilling in Q1 2025.
Conclusion: Kavango Resources will be assaying for a broader range of elements in its exploration at the Hillside and Nara projects to better understand the potential for economic by-products.
*An share price Angel Analyst holds shares in Kavango |
Been in this year's not sure I'll get much joy from it mostly gnored now. |
SP Angel . Morning View .
Kavango Resources* (KAV LN) 0.75p, Mkt Cap £12m – Drilling underway at Prospect 3 in Zimbabwe
Kavango Resources reports that it has started drilling at its Prospect 3 in the Hillside gold project located in Matabeleland, southern Zimbabwe.
The drilling aims to “delineate a mineral resource to form the basis for an open pit mine, and to obtain sufficient sample to conduct metallurgical test work”.
Systematic drilling will comprise a “grid of 90m deep diamond core holes over the target area, on a 25m x 50m spacing with the goal of defining an initial resource containing at least 20,000oz of gold at > 0.5 g/t”.
“Samples from this program will be combined with bulk samples from artisanal pits to complete heap leach metallurgical test work. Metallurgical testing will seek to determine the metallurgical recovery of the gold contained in the mineralised material and guide the design of the heap leach … [and] … Selected core samples will also be used for geotechnical testing to aid in the open pit mine design”.
Prospect 3 is described as Kavango Resources’ “priority project in Zimbabwe … [with] … the highest potential to commence commercial production in the shortest amount of time, and with the lowest capital entry”.
“Artisanal miners are currently producing gold from 12 surface workings with at least 2 different vein orientations, from oxidized meta-sediments above a granodiorite intrusive next to … [drillhole] … NSDD0002”
Shallow mineralised intersections from the 3 exploration holes drilled to date at Prospect 3 include:
A 1m wide intersection grading 1.13g/t gold from a depth of 14m in hole NSDD-001; and
A 2m wide intersection at an average grade of 1.21g/t gold from a depth of 6m in hole NSDD-002 which also intersected 1m grading 1.77g/t gold at 13m and 8.2m averaging 3.08g/t from 66.9m; and
A single metre grading 2.08g/t gold at 28m depth in hole NSDD-003.
The announcement describes these intersections as “close enough to surface to represent a possible open-pit gold deposit”.
Explaining that “artisanal workings have focussed on higher-grade material, but to a limited and shallow extent … [Chief Executive, Ben Turney, said that the] … high level of artisanal workings across Prospect 3 is strongly indicative of the area's potential for larger scale, near surface gold deposits that Kavango can mine”.
Conclusion: Kavango Resources is drilling to delineate a resource at Prospect 3 where it hopes to establish a shallow resource amenable to open-pit mining in an area of existing artisanal mining activity. We await the results with interest.
*An share price Angel Analyst holds shares in Kavango |
FE Comment - Kavango Resource Drilling Starts - 'Buy' Rec
Resource Drilling Commences
Kavango Resources (KAV.L) this morning announced that it had started resource drilling on its Prospect 3 target on the Hillside Gold Project in Zimbabwe. The plan is to define a mineral resource that would form the basis of an open pit mine and then to gather enough sample data to perform metallurgical test work. The management have identified ‘Prospect 3’ as holding the best potential to start “commercial production in the shortest amount of time, with the lowest capital entry”.
FE Comment: - We continue to rate Kavango Resources as a ‘Buy’, as outlined in our research note from 8 March 24, for the manifold of near-term gold revenue opportunities in Zimbabwe and high-impact copper exploration potential in Botswana. The shares are trading at 0.75p, representing a discount of over 50% to the 12-months highs of 1.60p reached during the summer months, despite the background of a favourable gold price that continues to trend upwards. |
Total absolute p1ss take, 20,000oz target, so what, not world class. KAV is worth 0.2p not the current 0.775p |
... by which time we'll have issued a load more shares at a discount price |
Ben Turney, Chief Executive of Kavango Resources, commented:
"The high level of artisanal workings across Prospect 3 is strongly indicative of the area's potential for larger scale, near surface gold deposits that Kavango can mine.
The artisanal workings have focussed on higher-grade material, but to a limited and shallow extent. Our exploration team has identified much more extensive potential, which we will now test with a focussed drill campaign to develop a maiden mineral resource here.
Assuming this drill campaign is successful, we expect to move to a pre-mining, grade control drill campaign and metallurgical test work. |
SP Angel trying really hard to ramp this junk share
They are making a gang of locals with spades and an old digger transporting mixed soils 20km (total insanity in Zim and hard to believe) to a tiny processing plant (that won’t be working 24/7 despite share price angels massive rampy assumption) seem an attractive investment opportunity
If you want to lose money, invest here |
SP Angel . Morning View .
Kavango Resources* (KAV LN) 0.75p, Mkt Cap £11m – New gold process plant commissioned for Prospect 4 in Zimbabwe
Kavango Resources report identifies manufacturer to build a 100-200tpd gold process plant for its Prospect 4 .
Prospect 4 currently hosts artisanal workings with contract miners currently feeding Kavango’s process plant at Hillside some 20km away.
The area shows at least 8 mineralised vein shears currently being mined with visible gold in surface stocks from 4 of these vein shears.
The modular plant can easily be moved to other areas once Prospect 4 has been worked out.
Prospect 4 exploration assays show:
582 surface soil samples were taken over 1.5km² with a peak value of 8.21g/t
19 samples returning grades >0.5g/t (announced >>> 19 August 2024).
2.53m intersection grade 29.08g/t from 97.47m, associated with visible gold and a peak grade of 212.07g/t over 0.34m
The current contractors are working to less than 30m depth with the above drillhole potentially indicating more ore to be won below this level.
The current process plant at Hillside can process 40-50 t/d (~13,000tpa assuming 24/7 working and 80% availability).
Prospect 4 drilling: 4 holes planned to 500-600m depth to test the continuity and depth extent of visible gold bearing quartz-vein shears
>12 sub-parallel vein sets have been identified with a 2.53m mineralised section grading at 29.08g/t in Hole SKDD001
Extensive surface sampling also returns positive results.
Prospect 3: two rigs currently drilling.
TEA ‘Technical Economic Assessment’: assays will guide a ne TEA for the project
Management are confident Prospect 4 can sustain a minimum 100t/d plant and potentially a 200t/d plant based on current activity and observed vein sets.
Conclusion: Kavango are pressing ahead to increase exploration at production at Prospect 4. Management are also looking at exercising their option to acquire the Nara deposit which is around the historic Nara gold mine.
*An share price Angel Analyst holds shares in Kavango. The analyst holds shares in Kavango. |
Ben Turney, Chief Executive of Kavango Resources, commented:
"Following our recent announcement of resource drilling at Prospect 3, we continue at a fast pace of development at the Hillside Gold Project with plans for an underground high-grade gold operation at Prospect 4.
We have high hopes for the next phase of drilling at Prospect 4. We've identified 12 sub parallel vein sets, intersected a 2.53m mineralised section grading at 29.08g/t in Hole SKDD001 and have conducted extensive surface sampling that has returned very positive results.
Once we have finished drilling at Prospect 3, we will mobilise the two rigs to Prospect 4 to conduct the next phase of exploration there. As well as assay tests, we intend to complete metallurgical test work on core samples from the next four holes. Our goal will be to use this data to guide the Technical Economic Assessment (TEA) for this project.
Given the amount of current high-grade small-scale mining at Prospect 4, we will work on the specification for a more advanced processing plant in parallel to exploration. We are confident production at Prospect 4 can sustain a minimum 100t/d plant and potentially a 200t/d plant in the near-term.
Our plan is then to use free cash flow generated through the new processing plant to pay for the TEA. If results are favourable, the final TEA for Prospect 4 could provide a blueprint for substantially higher gold production for Kavango.
We look forward to providing more updates in the New Year." |
SP Angel . Morning View . Copper edges higher on signs of stronger demand
Kavango Resources* (KAV LN) 0.75p, Mkt Cap £11m – New target at Nara, Zimbabwe
Kavango Resources reports that analysis of historical data, coupled with the results from its drillhole NAKLLDD-001 which were announced in August, has helped identify a new exploration target at its Nara project in southern Zimbabwe.
The historic N1 mine, which reportedly “produced 72,468 ounces ("oz") of gold at an average grade of 10 grams a ton ("g/t) … before its closure in the early 1980s is currently being mined to 4-level by artisanal miners who are contracted to the current owner of Nara” is a priority target for exploration.
“Kavango holds an option to acquire Nara until June 2025”.
Previously reported results from hole 001, include:
2.1m averaging 1.54g/t gold from 54.9m depth, and single metre long intersection averaging 1.88g/t gold from235.5m and 3.78g/t from 241m; as well as
0.5m at an average grade of 7g/t from 237m depth; and
A single metre averaging 3.78g/t from 241m depth.
Examination of the historic information including the digitisation of “old mine plans and development sections of the historic workings at N1 … [lead Kavango Resources to believe that] … the higher-grade mineralisation intersected from 235.5m to 242m coincides with the down dip extension of the N1 Main Reef, which was never developed or mined”.
In addition to the reinterpretation of the historic information and the recent drilling, “Induced Polarisation ("IP") surveying over the entire N1 mine zone subsequently identified a discrete resistivity low coincident with the central portion of the mine workings and the mineralisation intersected by hole NAKLDD001”.
Kavango Resources’ “technical team believes the IP results, along with the new zones of mineralisation intersected by hole NAKLDD001, offer compelling evidence for the continuation of gold mineralisation along strike of the N1 development workings”.
The company “has now begun to drill three holes along strike of hole NAKLDD001 into areas of the N1 mine zone that historic development data indicate to be entirely undrilled and with no known development
Hole NAKDDL002 and Hole NAKLDD004, will test whether gold mineralisation continues at depth in areas to the NW and SE of NAKLDD001 respectively, where historic development appears to be restricted to shallow levels near to the surface
Hole NAKDDL003 will test whether the mineralised structures at N1 mine extend into an area southeast of NAKDDL001 that appears to have never been mined”.
The company explains that “Successful completion of this programme will be followed by further drilling to establish grade and continuity in the new target areas”.
Commenting on the wider significance of improved geological understanding of Nara, Chief Executive, Ben Turney, said that “there are mines on the same regional structure as Nara that have been mined below 25 Level (>750m depth from surface), this could be developing into a significant opportunity for Kavango”.
Conclusion: Kavango Resources is following up its initial drilling results from Nara and improved geological understanding based on historic records with a limited 3-hole programme of additional drilling to establish depth and lateral continuity of gold mineralisation observed in historical and artisanal workings. We await results which, if successful, could trigger further exploration.
*An share price Angel Analyst holds shares in Kavango |
No buyers, why? Karakubis RNS within next 3 weeks. Dilution about to go through the roof in next 6-7 months. |
Ben Turney, Chief Executive of Kavango Resources, commented:
"Now that we understand more about the geological structures at Nara, we are pursuing the new underground potential energetically. We mobilised our drill rig to the project quickly and are testing the potential for a large-scale underground gold mine.
We targeted the ore body underneath the N1 historic mine in the first phase of drilling. On completion of the digitised wireframe model, we appreciated the significance of the drill results from Hole NAKLDD001. The high-grade gold intercepts between 235.5m and 242m depth coincide with the depth of a projected 7 Level in this mine.
Here, we intercepted 1m of gold mineralisation grading at 1.88g/t from 235.5m, 0.5m of gold mineralisation grading at 7g/t from 237m and 1m of gold mineralisation grading at 3.78g/t from 241m.
This is significant because historic mining at N1 only went down to 6 Level. One of the main unanswered questions we had about this was whether the ore body continued to 7 Level and below.
Levels 5 and 6 at N1 have flooded with slimes. While this has meant our exploration team has been unable to access these levels, it also means the ore body has almost certainly been protected from recent mining. This could present substantial near-term upside
Now that it appears we have confirmed the downdip extension at N1, we will test the lateral strike extent with the next three exploration holes.
Given that there are mines on the same regional structure as Nara that have been mined below 25 Level (>750m depth from surface), this could be developing into a significant opportunity for Kavango." |
It’s a bad share
It’s created ZERO shareholder value |
 Looks like a bot
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Is this a good time to buy? |
Good share?Historically no, it's been an absolute pig.The only real prospect is Karakubis and that campaign is going badly. |
Hillside & Karakubis licences which were mostly purchased.There's no directly owned resource, although Hillside has 5-6 prospects and various drill assays. KAV is going straight into production without JORC resources.Nara is a $4m option, unclear if they'll proceed as assays weren't good. |
what assets do they have? |
is this a good share? |
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