Home » Kavango Resources (KAV)

Category Archives: Kavango Resources (KAV)

Kavango Resources PLC #KAV – Holding(s) in Company

TR-1: Standard form for notification of major holdings

 

1. Issuer Details

ISIN

GB00BF0VMV24

Issuer Name

KAVANGO RESOURCES PLC

UK or Non-UK Issuer

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

Purebond Limited

City of registered office (if applicable)

Wembley

Country of registered office (if applicable)

England

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

 

City of registered office (if applicable)

 

Country of registered office (if applicable)

 

5. Date on which the threshold was crossed or reached

25-Nov-2022

6. Date on which Issuer notified

25-Nov-2022

7. Total positions of person(s) subject to the notification obligation

.

% of voting rights attached to shares (total of 8.A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer

Resulting situation on the date on which threshold was crossed or reached

12.047009

0.000000

12.047009

85,000,000

Position of previous notification (if applicable)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)

GB00BF0VMV24

85,000,000

12.047009

Sub Total 8.A

85,000,000

12.047009%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument

Expiration date

Exercise/conversion period

Number of voting rights that may be acquired if the instrument is exercised/converted

% of voting rights

 

Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument

Expiration date

Exercise/conversion period

Physical or cash settlement

Number of voting rights

% of voting rights

 

Sub Total 8.B2

9. Information in relation to the person subject to the notification obligation

1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.

Ultimate controlling person

Name of controlled undertaking

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

 

Solai Holdings Limited

 

Purebond Limited

12.047009

12.047009%

 

10. In case of proxy voting

Name of the proxy holder

 

The number and % of voting rights held

 

The date until which the voting rights will be held

 

11. Additional Information

(1) Purebond Limited is a 100% Subsidiary of Solai Holdings Limited.

(2) 3 Named Directors of Solai Holdings Limited off which 2 are also Directors of Purebond Limited are also Trustees of Solai Pension Scheme which has 0.141730% (1,000,000 Shares) Voting Rights in Kavango Plc.

12. Date of Completion

 26-Nov-2022

13. Place Of Completion

London

#KAV Kavango Resources plc – KCB – CSAMT breakthrough

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce an important breakthrough in its use of Controlled-Source Audio Magnetotelluric (“CSAMT”) surveys as an exploration tool in the Kalahari Copper Belt (“KCB”).

Over the last 12 months Kavango has refined and calibrated its use of CSAMT, across its project portfolio. The Company has now completed a programme of CSAMT surveys on KCB prospecting licence PL082/2018 (announced >>> 12 October 2022).

Line 4A is the longest line of CSAMT on PL082/2018 and extended beyond the licence boundary to the southeast, onto ground that hosts the Kronos occurrence (the “Line 4A Survey”) with the permission of holder Sandfire Resources (ASX:SFR).  As Kronos is known to lie at the D’Kar/Ngwako contact zone, Kavango’s objective was to use this occurrence as a calibration point of known geology. The goal is to confirm the D’Kar/Ngwako Pan contact signature in the CSAMT data and then extrapolate this onto PL082/2018. This formational contact is recognised as the primary regional control of copper/silver mineralisation across the KCB.

Initial results of inversions of the CSAMT data from the Line 4A Survey appear to provide high quality vertical resistivity sections that identify sedimentary strata with good resolution, down to 4000m depth. This far exceeds expectations. Previously, at the Company’s Kalahari Suture Zone and Ditau projects, Kavango had achieved detailed resolution of sedimentary strata down to roughly 1000m depth. As such, the Company believes it has achieved a significant breakthrough in its proprietary application of CSAMT technology in the KCB.

If drilling demonstrates that Kavango can accurately map the D’Kar/Ngwako Pan contact from surface, using CSAMT, the Company believes this should substantially enhance its exploration programme in the KCB.

Further updates will be made, as Kavango interprets and analyses inversions of data taken from the lines 3, 4A, 6A and 8 surveys. The Company intends to use these results to calibrate its future use of CSAMT and enhance the ongoing drill programme on licence PL082/2018, which is targeting copper/silver mineralisation.

Jeremy S. Brett, Senior Geophysicist at Kavango Resources, commented:

CSAMT applied to the Kalahari Copper Belt is showing impressive promise as a geophysical tool to detect the primary bedding and secondary brittle controls that are well known to control mineralization in the belt. 

This method provides the detection of structure in vertical section and meshes well with the regional folding and faulting that can be interpreted very well from aeromagnetic surveys. 

The combination appears to be very powerful for exploration targeting, and Kavango hopes to prove this via diamond drilling.

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’.

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.

#KAV Kavango Resources Plc – Publication of Prospectus

Further to the announcement of 24 October 2022 in which Kavango announced it had conditionally raised £3,000,000 before expenses by the issue of 166,666,660 new ordinary shares of £0.001 each in the capital of the Company (the “New Ordinary Shares”) at a price per share of 1.8 pence, the Company is pleased to announce that the Financial Conduct Authority has approved its prospectus dated 18 November 2022 (the “Prospectus”) issued in connection with:

–   the placing of 158,555,555 New Ordinary Shares (the “Placing Shares”);

–   the subscription of 8,111,105 New Ordinary Shares (the “Subscription Shares”);

–  the issue of 60,000,000 New Ordinary Shares to Power Metal Resources PLC (further to the announcement of 8 July 2022) (the “Kanye Consideration Shares”);

–  the issue of 2,000,000 New Ordinary Shares to LVR GeoExplorers (Pty) Ltd (further to the announcement of 16 September 2022) (the “LVR Shares”);

–  the issue of 13,478,951 New Ordinary Shares to Mindea Exploration and Drilling Services (Pty) (further to the announcement of 10 June 2021) (the “Fee Shares”); and

–    admission of the enlarged share capital and up to 395,918,682 New Ordinary Shares.

The Prospectus has been published in electronic form and will shortly be available on the Company’s website at:

https://www.kavangoresources.com/investor-relations/admission-document

A copy of the Prospectus has also been submitted to the National Storage Mechanism and will shortly be available for inspection at

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Warrants

In connection with the publication of the prospectus and as announced by the Company previously, the following warrants have been issued, subject to Admission:

·    166,666,660 warrants to the placees and the subscribers of the placing and subscription announced on 24 October 2022, as applicable, and 27,777,777 warrants to Arigo Capital Limited, as announced on 25 October 2022. The warrants are exercisable at 3p per share for a term of 24 months from the date of issue. These warrants are conditional upon the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.

·    The issue to Power Metal Resources PLC of the following:

o 30,000,000 warrants at an exercise price of 4.25p per share for a period of 30 months from 8 July 2022;

o 30,000,000 warrants at an exercise price of 5.5p per share for a period of 30 months from 8 July 2022; and

o 15,000,000 variable price warrants (“VP Warrants”) with a six-month life to expiry, with a minimum exercise price of 3p and an actual exercise price at a 15% discount to the volume-weighted average share price on the date of exercise per share. Should all VP Warrants be exercised by 8 January 2023, Power Metal Resources PLC will receive 15,000,000 replacement warrants, on the same exercise terms and with a 12-month life to expiry from the issue date.

·    2,000,000 warrants to LVR GeoExplorers (Pty) Ltd, exercisable for two years from the date of issue and with an exercise price of 8.5p per share.

·    8,333,334 warrants to Tamesis Partners LLP, exercisable for two years from the date of issue and with an exercise price of 3p per share.

Admission and Total Voting Rights

Application will be made for the Placing Shares, the Subscription Shares, the Kanye Consideration Shares, the LVR Shares and the Fee Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”).  It is expected that Admission will become effective and that dealings in the Placing Shares, the Subscription Shares, the Kanye Consideration Shares, the LVR Shares and the Fee Shares will commence at 8.00 am on 25 November 2022.

Following Admission, the total issued share capital of the Company will consist of 705,569,314 Ordinary Shares*. Therefore, the total number of voting rights in the Company is 705,569,314 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company. 

*This figure is inclusive of the 27,777,777 shares which are being admitted on 30 November 2022, as announced on 25 October 2022.

 

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

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson              

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

 

Kavango Resources #KAV – Block listing Interim Review

 

Block Listing Six Monthly Return

 

Kavango Resources Plc announces the following Block Listing six-monthly return:

Name of applicant:

Kavango Resources Plc

Name of scheme:

Warrants & Share options

Period of return:

From:

19/04/22

To:

18/10/22

Balance of unallotted securities under scheme(s) from previous return:

141,081,651

Plus:   The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for):

n/a

Less:   Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G):

0

Equals:   Balance under scheme(s) not yet issued/allotted at end of period:

141,081,651

Name of contact:

ONE Advisory Limited, Company Secretary

Telephone number of contact:

+44 (0) 20 7583 8304

 

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.

Kavango Resources #KAV – Strategic Financing to raise additional £500,000

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has agreed to raise a further 500,000 before expenses by the issue of 27,777,777 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1.8 pence.

Strategic Investment

The 27,777,777 New Ordinary Shares will be conditionally issued via a direct subscription (the “Strategic Investment”) into the Company by a single strategic investor, Arigo Capital Limited (Rwanda).

Each New Ordinary Share will have, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.

Ben Turney, Chief Executive Officer of Kavango, commented:

“Following yesterday’s £3million strategic financing, I am extremely happy to welcome our second strategic investor into Kavango for an additional £500,000 investment.

With all the progress we’ve made across our portfolio over the last 12 months, this is an incredibly exciting time to be involved in this business.

We are now extremely well positioned to pursue our ambition of making multiple major metal discoveries in Botswana.”

Use of funds

The Strategic Investment, which is independent of the £3 million conditional financing announced yesterday, will contribute to the Company’s general working capital and, taken with the financing announced yesterday ( announced>>> 24 October 2022 ), will further fund proposed exploration work.

Admission

Application will be made for the New Ordinary Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”).  It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 30 November 2022.

On Admission Arigo will hold 5.99% of the issued share capital of Kavango.

Total Voting Rights 

Following Admission, the total issued share capital of the Company will consist of 463,423,703 Ordinary Shares*. Therefore, the total number of voting rights in the Company is 463,423,703* and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company. 

*Exclusive of shares issued as a result of successful publication of the prospectus, announced 24 October 2022.

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.

#KAV Kavango Resources Plc- Strategic Financing to raise £3million

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has conditionally raised £3,000,000 before expenses by the issue of 166,666,660 New Ordinary Shares in the capital of the Company (“New Ordinary Shares”) at a price per share of 1.8 pence.

Fundraising

The 158,555,555 New Ordinary Shares have been conditionally placed by First Equity Limited (“First Equity”), on behalf of the Company with institutional and other investors, including high net worth and retail investors (the “Placing”).

The Placing includes one strategic cornerstone investor, who subscribed for over half of the Placing amount.

In addition to the Placing, the Company has also conditionally completed a direct subscription (the “Subscription”) for the issue of 8,111,105 New Ordinary Shares. 

Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 3p for a term of 24 months from the date of issue. Issue of the warrants will require the approval of shareholders and details of a general meeting at which such approval will be sought will be sent to shareholders in the near future.

Further details of the Placing and Subscription, including the expected date of admission of the New Ordinary Shares (“Admission”), will be set out in a prospectus (“Prospectus”) to be published in electronic form and available on the Company’s website.

Ben Turney, Chief Executive Officer of Kavango, commented:

I am delighted to announce the successful completion of this £3million fund raising for Kavango, a transformational financing for the Company. 

Supported by many existing shareholders and new investors, we are now empowered to drive forward a dramatic exploration programme across our portfolio. Our current key focus is on our Kalahari Copper Belt interests, where the drilling programme is underway.

We are now fully funded for our ambitious plans through 2023 and are in an excellent position to achieve our goal of becoming the leading minerals exploration company in Botswana.”

Use of funds

The Placing and Subscription are to raise funds to meet exploration costs across the Company’s portfolio of projects in Botswana, and general working capital as set out below.

Funds raised from the Placing and Subscription will primarily be used to carry out proposed exploration work, provide working capital to the Group and to meet its regulatory and administrative commitments. 

Details of the Placing and Subscription

The New Ordinary Shares will represent approximately 27.7per cent. of the Enlarged Share Capital. The New Ordinary Shares will rank pari passu in all respects with Existing Ordinary Shares including all rights to dividends and other distributions declared, made or paid following Admission and will be issued as fully paid.  Application will be made for the New Ordinary Shares to be admitted to the Standard Segment of the Official List and to the London Stock Exchange. The Placing and Subscription are conditional, inter alia, on the approval of a Prospectus in relation to the Placing and Subscription Shares no later than 12 December 2022, or such later date as the Company and First Equity may agree.

In connection with the Placing, the Company shall issue

Subject to the approval of shareholders, one warrant will also be issued for each New Ordinary Share subscribed for at an exercise price of 3p for a period of thirty months from issue (“Financing Warrants”). Shareholder approval will be sought to the issue of the Financing Warrants in due course.

Total Voting Rights 

Following the issue of the Placing and Subscription Shares, the Company will have 602,312,586 Ordinary Shares in issue.

Prospectus

The Company is in process of seeking approval from the Financial Conduct Authority for its prospectus to be issued in connection with the Placing and Subscription. 

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.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson              

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

#KAV Kavango Resources Plc – KCB Drilling Update

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce an operational update from the Company’s  Kalahari Copper Belt (“KCB”) project area.

Following interpretation of results from the ongoing Controlled Source Audio Magnetotelluric (“CSAMT”) surveys (announced >>> 12 October 2022), Kavango’s exploration team has decided to complete the holes in the current drill campaign at PL082/2018 using diamond drilling. Each hole will now first be drilled with a reverse circulation ‘pre collar’ and then completed with a diamond ‘tail’.

The multipurpose rig can be used for both reverse circulation and diamond drilling equipment. The latter is now being mobilised to site.

Diamond drilling will enable Kavango to test properly the interpretation of the CSAMT data to target depth and retrieve drill core samples to evaluate the target lithology, structure, alteration, geochemistry and mineralization.

Hole KCBRC001 has been pre-collared to 153m using reverse circulation drilling and the multipurpose rig has been moved to the site of Hole KCBRC002.

KCBRC002 will test the Northern Zone target, which is an 8km long soil sampling copper anomaly that coincides with the edge of a magnetic high, which Kavango believes could represent a fault.

Kavango has interpreted the CSAMT inversion over KCBRC001 & KCBRC002 to indicate the presence of the crucial D’Kar/Ngwako Pan formational contact within 150m-300m of surface. This formational contact is the primary control for economic copper-silver deposits across the Kalahari Copper Belt. Kavango is keen to test its interpretation of the CSAMT results with diamond drilling to (i) prove that the inverted CSAMT data is effective in identifying the D’kar/Ngwako Pan contact, (ii) to verify interpreted fault structures, and (iii) determine if these targets are mineralized.

Jeremy S. Brett, Senior Geophysical Consultant to Kavango Resources, commented:

The CSAMT survey is providing a potential breakthrough in the Kalahari Copper Belt for Kavango. We are fortunate to be able to test this immediately with drilling. 

The CSAMT data over 3 test lines has been inverted and interpreted to show the contact between the D’Kar and Ngwako Pan formations, which is the main target horizon in the KCB. 

A very high degree of resolution has been achieved with the inversions on the known folding in the belt, and has verified Kavango’s hypotheses on variable wavelengths of the folds and brittle fault accomodations within the fold patterns to accomdate strain.  The faults are postulated to have acted as conduits for mineralizing fluids, that could host deposits where they intersect the D’Kar / Ngwako Pan contact.

The results from the CSAMT inversions are providing us with estimated depths for the D’Kar / Ngwako Pan contact in the range of 150m to 300m from surface.  This has led to the decision to switch to diamond drilling, in order to reach target depths with confidence and return drillcore for analyses.

Next Steps:

The northernmost CSAMT Line 4A is currently completed on Kavango’s ground and the geophysical team is ready to deploy across the part of Sandfire’s ground that hosts the Kronos deposit.  This calibration point for the CSAMT survey is expected to confirm the signature for the D’Kar / Ngwako Pan contact.

Kavango had mobilised a multipurpose rig to give maximum operational flexibility as the drill campaign progressed. The ability to switch between reverse circulation and diamond core drilling is a strength of this programme and the Company is now able to take full advantage of this. The results of the CSAMT survey necessitate the switch to diamond drill core in order to test the interpreted contact between the D’Kar and Ngwako Pan rocks, which is the critical target horizon in the KCB.

Kavango has now decided to pre-collar its current planned holes on PL082/2018 with cost-effective reverse circulation drilling and then to return to each of them to complete with the diamond tails. The Company’s expectation is that the core samples will provide valuable geological data that confirms the presence of the crucial D’kar/Ngwako Pan formational contact in Kavango’s licence area and, hopefully, copper-silver mineralisation.

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

+46 7697 406 06

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’.

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.

#KAV Kavango Resources PLC – Ditau – IOCG system confirmed at i10

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce petrological confirmation of an Iron Oxide Copper Gold (“IOCG”) system at the Company’s Ditau Project in southwestern Botswana.

Kavango has received petrology results of core samples taken from Ditau, including exploration hole DITDD004, which the Company successfully drilled in May 2022. Kavango believes this is the first confirmation of IOCG-style mineralisation in Botswana and suggests there is considerable exploration upside at Ditau, both for higher grade IOCG discovery and for carbonatites that may contain rare earth elements (“REEs”).

Kavango has previously identified 12 ‘ring structure’ geophysical anomalies at Ditau, which remain the Company’s focus for exploration.

HIGHLIGHTS

–    Petrological analysis confirms IOCG system at Target i10 in Hole DITDD004

–    15 samples from Ditau tested by an internationally recognised laboratory in the UK

–    Kavango believes this is an important exploration lead as such IOCG mineralising systems seldom occur in isolation and can be extensive

–    Minor amounts of mineral bastnaesite (a REE carbonate) identified in DITDD004

–    This may provide evidence for nearby REE mineralisation

–    REE hosting intrusions, such as carbonatites, can occur in proximity to IOCG deposits

–    Further deeper and lateral drilling at i10 will test this potential

–    Kavango’s geophysical data over Target i10 shows the presence of coincident magnetic and gravity anomalies, which are typical of IOCG deposits

–    Next steps

–    Kavango to prepare an updated exploration plan, incorporating IOCG deposit model

–    Final processing, analysis and interpretation of existing Controlled Source Audio MagnetoTelluric (“CSAMT”) data acquired in H1

–    Extensive CSAMT and gravity surveys planned across all 12 Ditau targets

–    Drill planning

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

These are surprising, positive results for Kavango. The Iron Oxide Copper Gold deposit style has never been considered at Ditau. However, given the project’s geological setting, there is a compelling logic to this model.  

Ditau sits towards the western edge of the Kaapvaal Craton and is within an established kimberlite/carbonatite corridor. These are supportive indicators of a potentially favourable environment for IOCG mineralisation. 

Sand cover at Ditau has always made this a conceptual geophysical venture, but now that we have physical evidence of hydrothermal mineralising processes occurring here this will help shape future exploration.

Our current strongest lead is Hole DITDD004, which tested Target i10 and remains open in what we believe to be an IOCG breccia at 393m. We believe i10 would benefit from deeper and lateral drilling. However, before we send a rig back to Ditau, we need to conduct more CSAMT and gravity surveys over all 12 targets. Results from these surveys should enhance our updated exploration plan and increase our confidence in future drill targeting.”

Background

The i10 Target is a discrete 2.2km diameter magnetic anomaly (the “i10 Target”) that Kavango drilled two exploration holes into, during April and May 2022 (drill completion announced >>> 18 May 2022). The holes were designated DITDD003 and DITDD004.

DITDD004 was drilled to a depth of 393m and intercepted a Zone of Interest, from which the majority of samples in the hole were taken and sent for petrological investigation. This Zone of Interest was first interpreted to extend from 293m to 321m. However, subsequent analysis confirmed the Zone of interest extended from 293m to the end of hole at 393m and was open at depth. In addition to this, assay results confirmed the presence of a gold mineralising system in the Zone of Interest, with a peak grade of 0.175 parts per million (“ppm”) over 2m from 312m to 314m (announced >>> 30 August 2022).

i10 Petrology Results

Subsequent to this, Kavango has now received a petrology report on samples from Ditau, including hole DITDD004, which confirms brecciation and alteration that are considered to represent part of an Iron Oxide Copper Gold (“IOCG”) system.

Kavango believe this to be the first discovery of an IOCG system in Botswana.

The report, carried out by an internationally recognised petrological laboratory, describes mineralogical studies carried out on thin sections prepared from 15 samples of drill core provided by Kavango. These cover the four holes drilled in the 2022 drill program.

Work consisted of optical mineralogy, augmented on two samples by Scanning Electron Microscope Point and Identification techniques.

Kavango regards this development as an important exploration lead; such IOCG mineralising systems seldom occur in isolation and can be extensive.

Taken together it is interpreted that the protolith (initial rock type) was generally a Banded Iron Formation (“BIF”), laid down in a BIF sedimentary process that this has subsequently been partially re-worked and over-printed by later mineralised brecciation, containing predominantly pyrite and quartz and subordinate magnetite.

There are also a series of samples containing altered intrusives that are assumed to be younger. Some of these contain elevated levels of rare earth elements (“REE”). Point Identification Scanning Electron Microscopy work by the petrology laboratory identified the presence in hole DITDD004 of minor amounts of the mineral bastnaesite, a REE carbonate. This may provide evidence for nearby REE mineralisation.

REE hosting intrusions, such as carbonatites, can occur in proximity to IOCG deposits, and so the presence of more than once deposit style in the area is entirely possible.

Kavango’s geophysical data over the i10 Target, shows the presence of coincident magnetic and gravity anomalies, which are typical of IOCG deposits.

Next exploration steps

There is considerable exploration upside at Ditau, both for higher grade IOCG discovery and for carbonatites.

Multiple attributes of IOCG deposits have been identified as present at Ditau by the petrology laboratory as well as by Kavango. Exploration for both IOCG and intrusive hosted REE mineralisation is considered by Kavango to be best achieved by geophysical means. Accordingly, Kavango is planning further Closed Source Audio MagnetoTelluric, and gravity survey work over across Ditau prior to drilling.

8 of Kavango’s 12 targets remain untested by CSAMT and gravity surveys.

In addition to this the Company is considering next steps for drilling. Kavango believes Target i10 in particular would benefit from deeper and lateral drilling, with hole DITDD004 remaining in breccia at depth (393m). The Company will also assess further drilling on Targets i1 and i8, which were also drilled earlier this year.

Kavango has data queued for analysis and interpretation from the additional CSAMT surveys completed on Targets i10, i1 and i8. Further updates shall 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

+46 7697 406 06

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’.

Kavango Resources #KAV – KCB – Promising CSAMT Results PL082

 

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce encouraging initial results from the Controlled-Source Audio Magnetotelluric (“CSAMT”) surveys conducted over PL082/2018 in the Kalahari Copper Belt (“KCB”).

Kavango is the first company on the KCB to deploy CSAMT in this way. If validated by the Company’s current drill programme on PL082/2018, Kavango’s field application, inversion  and interpretation techniques could prove to be a highly powerful exploration tool in this region.

HIGHLIGHTS

–  Results of inversions of the CSAMT data on lines 8 and 6a encompass:

–  High quality data down to 4km depth, far exceeding expectations

–  High contrast resistivity sections that clearly delineate major folding and faulting

–  Current interpretation highlights a very sharp steeply dipping geological structure/deformation zone within Kavango’s PL082/2018 licence area, against which steeply folded lithologies sit:

–  This is interpreted as a faulted and brecciated margin

–  CSAMT inversions suggest that this structure extends to 4km depth

–  Such deep seated structures are thought to serve as pathways for fluid flow and mineral s mobilisation, a key component of mineralising systems in the KCB

–  On both CSAMT sections processed to date, this significant deformation zone is interpreted to be coincident with the Northern Zone Soil copper anomaly and a significant airborne electromagnetic (“AEM”) conductor

–  KCBRC001, the current hole being drilled on PL082/2018, is designed to test a different CSAMT signature that is interpreted as a main stratigraphic contact, and directly targets the highest soil copper values (118.8ppm copper; pXRF values) recorded on the licence to date

–  Additional CSAMT work is planned to improve interpretation of the geology and structure of PL082/2018 by collecting closer spaced data using an even closer station spacing than the current 50m, thereby further increasing resolution.

–  Current planned drillholes will be used to calibrate the CSAMT inversions and interpretation with the geology and structures.

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

“One of Kavango’s competitive edges is our commitment to trialling modern remote sensing technology across our portfolio. The outcome is often unpredictable, but the upside can be significant.

From what we’ve seen of the results so far from our CSAMT surveys over PL082, this technology has potential to become transformational for exploration in the Kalahari Copper Belt.

Mapping the crucial Ngwako Pan/D’kar Formation contact and structural fluid conduits is key to discovering copper/silver deposits. With the drill rig in the field, we now have a perfect opportunity to test our geophysics against physical geology.”

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.

Kavango Resources #KAV – KCB Drilling commences

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that drilling has begun at Hole KCBRC001 within the Company’s  Kalahari Copper Belt (“KCB”) project area.

Hole KCBRC001 is the first hole to test the Central Zone of PL082/2018, a well-defined copper anomaly that is 27km in strike and contains multiple targets prospective for copper/silver mineralisation.

HIGHLIGHTS

–    Hole KCBRC001

–    Target depth up to 250m

–    Drilling commenced on Monday 10 October

–    First of up to 6 exploration holes planned in current phase

–    Target chosen based on highly favourable geochemical data (strong copper anomalies)

–    Central Zone target

–   KCBRC001 is targeting a 100m wide anomaly that has been identified by 3 adjacent points of value >30ppm copper (“Cu”) (pXRF values), spaced at 50m intervals  

–    Quartz veining observed at surface, as both quartz float and thin veins in in-situ D’kar formation rock

–   Veining can be an indicator of potentially mineralising fluid flow, and might be associated with mineralisation at depth

–    Sand cover is relatively thin (less than 5m)

–    This increases Kavango’s confidence in the Cu soil geochemical readings taken

–    Next steps

–   Kavango is using live data from an ongoing Controlled-Source Audio MagnetoTelluric (“CSAMT”) survey to enhance future drill targeting

–   Potentially mineralised samples will be analysed at an internationally accredited laboratory

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

“Each hole that we drill in the Kalahari Copper Belt could lead to a significant discovery. Our team has done fantastic work over the last 18 months to bring us to this point and our future exploration is a simple numbers game. The more we drill, the greater the chance we have of success.

Reverse circulation drilling is highly cost-effective and will enable us to cover a great deal of ground in a relatively short period of time. With so many high-priority drill targets across our portfolio, we are excited about what the coming months will bring.”

KCBRC001 details

KCBRC001 is targeting a discrete copper geochemical anomaly aligned with mapped underlying geology at PL082/2018 (announced >>> 29th September 2022) called the Central Zone.

The details of the Central Zone are as follows:

–    Adjacent to an interpreted anticline feature. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. Kavango interprets the elevated copper values as representing a possible leakage zone from an underlying redox contact

–    Quartz veining has been observed as both quartz float and as thin veins in in-situ D’Kar formation rock.

–    Infill soil sampling confirmed elevated copper readings along the Central Zone’s strike length, further strengthening its prospectivity

The drilling of hole KCBRC001 is expected to complete well before the end of October.

First phase drill programme details

KCBRC001 is the first hole in a reconnaissance drill programme targeting multiple prospective targets on PL082/2018. Based on Kavango’s analysis, this prospecting licence represents a possible analogue for Khoemacau’s Banana Zone deposit, which has been reported to have an estimated total mineral resource of 55.7Mt @ 1.1% Cu & 16.4g/t Ag.

Kavango expects to drill up to 5 further holes to test other parts of the Central Zone target and the Northern Zone target.

The details of the Northern Zone target are as follows:

–    Robust anomaly extending over 8km of geological strike length occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper 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 conductor coincides with copper readings identified in geochemical soil samples over the Northern Zone

–    In contrast to other areas of the Company’s KCB projects, cover is generally thin over PL082/2018. This means that drilling conditions should be favourable for Reverse Circulation (“RC”) drilling. RC drilling is rapid and has minimal water requirements, making it a suitable and cost-effective method of reconnaissance drilling in the KCB.

Drilling is expected to complete by early November. Upon completion of each hole, samples will be sent to an internationally accredited laboratory for testing.

In parallel with drilling, Kavango is completing an CSAMT survey of up to 17 line-km within PL082/2018. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation. Future drill target locations will be finalised, based on drill data and CSAMT interpretation.

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

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 the issue of a prospectus by Kavango, are provided in the announcement dated 8 July 2022.

The LVR Project

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 809km2.

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 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.

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.