Share Name Share Symbol Market Type Share ISIN Share Description
Kavango Resources Plc LSE:KAV London Ordinary Share GB00BF0VMV24 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.60 1.50 1.70 1.60 1.60 1.60 178,084 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 0.0 -0.5 -0.8 - 3

Kavango Resources PLC Drilling Progress on KSZ in SW Botswana

22/11/2019 7:00am

UK Regulatory (RNS & others)


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RNS Number : 2893U

Kavango Resources PLC

22 November 2019

PRESS RELEASE

22 November 2019

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

DRILLING PROGRESS ON THE KSZ IN SW BOTSWANA

Kavango Resources plc (LSE: KAV), the exploration group listed on the Standard List segment of the main market of the London Stock Exchange and targeting the discovery of world-class copper-nickel-PGE deposits in Botswana, is pleased to announce that core and RC drilling on the Company's Kalahari Suture Zone Project (KSZ) has intersected in one of the holes (RIT50) a high level gabbroic intrusive at 53m from surface.

HIGHLIGHTS

   --    The approximate 1,000m drilling programme is designed: 

o To test the company's exploration strategy of identifying high level, Karoo age gabbroic sills* predicted from its geophysical surveys, including airborne EM.

o To confirm the existence of metal sulphide mineralization* associated with the gabbroic intrusives.

-- The intersection of gabbro* at 53m from surface at a location identified from the geophysical surveys demonstrates the effectiveness of the Company's exploration methodology and supports our geological model.

-- The target was selected from the 55 targets identified from the airborne EM survey which was completed in Q2/2019 and supported by ground based follow up using CSAMT surveying. A significant soil sampling anomaly was also identified over the RIT50 target.

-- The identification of conductors within the gabbro suggests the potential for the presence of metal sulphides on the footwall of the intrusive.

-- The target lies approximately 7km south-east of the town of Hukuntsi in the Kgalagadi District of southwest Botswana.

-- Progress on the drilling programme was slightly delayed due to a number of public holidays during the recent national/presidential elections and access difficulties with heavy drill rigs through the thick Kalahari sand.

EXPLANATION

-- Gabbro/gabbroic: A coarse grained, medium to dark coloured, intrusive magma which includes feldspars (light coloured) and mafic minerals (dark coloured).

-- Gabbroic sills: Relatively thin, planar bodies of solidified magma that intrude into layers of sedimentary rock whilst still molten.

-- Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce to form massive sulphide deposits. If the melt is sulphide poor, the metals will be taken up into the silicate minerals that form as the magma cools and will not usually form economic deposits.

Michael Foster, Chief Executive Officer of Kavango Resources, commented:

"Our multi hole drill program on the KSZ progresses well, with the hunt being on for massive sulphides. The intersection of a gabbroic sill at exactly the depth and location predicted by Kavango's geophysical surveys demonstrates the effectiveness of the Company's exploration methodology. We look forward to identifying sulphide mineralization in at least some of the proposed drill holes. This would be consistent with Kavango's prediction that the KSZ has the potential to host world class magmatic sulphide deposits similar to those found at the giant Cu-Ni-PGE deposits at Norilsk in Siberia. We will provide the market with further updates as this drill campaign proceeds."

For further information please contact:

   Kavango Resources plc                                                          +44 20 3651 5705 

Michael Foster

mfoster@kavangoresources.com

   SI Capital Limited (Joint Broker)                                                   +44 1483 413500 

Nick Emerson

   Turner Pope Investments (Joint Broker)                                     +44 20 3657 0050 

Andy Thacker and Zoe Alexander

Note to Editors:

Kavango's 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 15 prospecting licences covering 9,231 km(2) of ground, including 13 licences over most of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Cu-Ni-PGE rich sulphide ore bodies. This large area, which is entirely covered by Cretaceous and post-Cretaceous Kalahari sediments, has not previously been explored using modern techniques.

The area covered by Kavango's KSZ licences displays a geological setting with distinct similarities to that hosting the World Class Norilsk Ni-Cu-PGE ore bodies in Siberia.

****************************ENDS**************************************

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 22, 2019 02:00 ET (07:00 GMT)

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