Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce renewal of Prospecting Licences (“PLs”) PL082/2018 and PL083/2018 (the “LVR Project”) in the Kalahari Copper Belt (“KCB”). The LVR Project is held in a Joint Venture between the Company and LVR GeoExplorers (Pty) Ltd (“LVR”). Kavango is currently earning into the LVR Project and has to date acquired a 25% stake.
The LVR Project covers 1,091km2 of prospective ground in the KCB. First drill targets were announced on 03 June 2021. Field exploration is ongoing and a further update is expected in the coming weeks.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The LVR Project is quietly gaining momentum. We think PL082 is particularly interesting. Analysis and fieldwork so far suggest this licence could contain a mirror of Cupric Canyon’s Banana Zone South Limb on the other side of the Ghanzi Ridge. We expect to release descriptive media, illustrating the extent of this project’s potential in the coming weeks.”
About the LVR JV
The LVR JV Agreement between Kavango and LVR GeoExplorers Ltd comprises two PLs totalling 1,091km2. Kavango has the right to acquire a 90% interest in the LVR Project through a staged mechanism over seven years from 2 June 2021. Three stages remaining in the earn-in agreement, which require that Kavango spend up to 27.5million BWP (c.£1.8million) in exploration expenditure to earn its 90% interest.
Stage 1 of the JV was completed on 2 June 2021, meaning Kavango has earned 25% interest in the two PLs.
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