Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Kavango’s senior geologist on site has reported that diamond drilling on Hole TA2DD002 intersected what appears to be sulphide and chromite mineralisation in pyroxenite at 651m from surface.
Hole TA2DD002 is currently being drilled in the northern (Hukuntsi) section of the Company’s project in the Kalahari Suture Zone (“KSZ”).
Ø The geological diamond drill Hole TA2DD002 was designed to intersect the Proterozoic (Tshane Complex) mafic/ultramafic intrusion that lies beneath Karoo sediments intruded by gabbros to obtain supplementary geophysical and geological data
Ø Kavango previously estimated that the Proterozoic rocks would be intersected at between 600m and 700m
Ø The principal objectives of the hole were to collect physical data from the Karoo and Proterozoic intrusives to support and refine Kavango’s 3D geophysical model of the KSZ in the Hukuntsi Section
Ø At 651.78 the drill passed from Karoo tillites (glacial sediments) through an unconformable contact into fresh Proterozoic pyroxenite (ultramafic magmatic rock)
Ø Visual inspection of core has been carried out by the Company’s senior geologist at the drill site
Ø The very coarse (pegmatitic) pyroxenite appears, on visual inspection, to contain disseminated chalcopyrite (copper sulphide) and chromite, as well as section of coarse anorthosite
Ø Hole TA2DD002 is currently at 701m and remains in Proterozoic ultramafic magmatic rocks
Ø On completion of the hole, core samples will be cut and samples sent to an internationally accredited laboratory in South Africa for a suite of relevant assays.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We made immediate contact with ultramafic magmatic rocks and visible sulphides, as the Proterozoic was intersected at 651m . The presence of chalcopyrite (copper sulphide) is an indicator of further potential mineralisation in the system, though quantities and grades are yet to be determined.
While this is an encouraging development in our efforts to prove the concept of the Kalahari Suture Zone, important steps remain for us to evaluate thoroughly what we have discovered.
We expect to continue drilling Hole TA2DD002 further into the Proterozoic structure and are in discussions with Mindea and Equity Drilling about the further depth that can realistically be achieved. Once drilling is complete on Target Area A we will mobilise the rig to Target Area B. In parallel to this we will send core samples collected from Target A for relevant assays and whole rock analysis.”
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 additional information please contact:
Kavango Resources plc
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500
Kavango Competent Person Statement
The information in this press release that relates to “geological and/or geophysical results” for the KSZ Project is based on information compiled or reviewed by Mr Mike Moles BSc (Geology) & BSocSci (African Studies), a competent person who is a Member of the Australian Institute of Mining & Metallurgy. Mr Moles has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moles consents to the inclusion in this release of the exploration results for the Project in the form and context in which it appears. Mr Moles is a beneficial shareholder of Kavango Resources plc.