Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce an update on the Company’s Ditau Project (“Ditau”), searching for Rare Earth Elements (“REEs”) and base metals.
Ditau is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.
Ø Further to the exploration programme announced on 02 July 2021, Kavango has increased the exploration scope of Ditau to include base metals as well as REEs
Ø Accelerated drilling on I10 Target
– Previous exploration by the Company has identified a 2.5km by 2.8km target area at I10 with high AMT resistivity, coincidental with a gravity high
– Spectral Geophysics to conduct a Time Domain Electromagnetic (“TDEM”) survey over I10 imminently
– Drilling of I10 planned in Q4, together with a downhole electromagnetic survey (“EM”)
– Environmental Management Plan in place
Ø Following consultantation with the FCA the block listing (announced 15 October 2021) has been reduced to 144,888,469 to account for all warrants and options issued by the Company in 2020 and which were described in the Prospectus (published 20 November 2020)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We’ve been extremely happy with the work Spectral Geophysics has done on our behalf in the Kalahari Suture Zone. The TDEM technology holds a great deal of promise to unlock the region’s prospective potential. The more we can test its use with drilling, the better.
Given the progress we are making in the KSZ, we have now decided to deploy Spectral’s TDEM equipment to Ditau. We are keen to complete a first TDEM survey at I10 to see if we can identify a conductive body.
Based on the ground AMT, gravity and magnetic surveys we have completed over I10 this was already a priority drill target. Our hope is that the TDEM survey will provide us with additional valuable data, ahead of drilling here later this quarter.”
Block listing update
Further to the announcement of 15 October 2021, and following consultantation with the FCA, the block listing has been reduced to 144,888,469 to account for all warrants and options issued by the Company in 2020 and which were described in the Prospectus (published 20 November 2020)
The FCA and LSE have approved the block listing in respect of 144,888,469 Ordinary Shares.
The POW/KAV Joint Venture
The Ditau Project is held by Kanye Resources Pty Ltd a Botswana joint venture company in which Power Metal and Kavango each company hold a 50% interest. Exploration costs are equally shared. Kavango is the operator.
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
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500