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Kavango Resources #KAV – Ditau drilling and AMT update

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) has successfully completed hole DITDD005 on the “i1” target (“Target i1”) at the Ditau Camp Project (“Ditau”). The Company has now moved the drill rig to the “i8” target (“Target i8”), Hole DITDD006, following the completion of a Controlled Source Audio-Magnetotelluric (CSAMT) ground geophysical survey and inversion model.

The CSAMT survey has provided enhanced resolution of the bedrock beneath the Kalahari sands and sediments of Target i8. As a result of the upgrade in Target i8, based on this newly acquired data, drilling has commenced here.

Kavango has provided an inversion of the Target i8 Aeromagnetic data with an CSAMT section overlay on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns15june2022

Meanwhile, Kavango has also shipped the first batch of samples from Hole DITDD004 for testing at a certified laboratory in South Africa, with ‘rush analyses’ requested.

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW)

Highlights

–    Drillhole DITDD006 has commencement on target i8.

–    Enhanced CSAMT survey completed that has provided additional bedrock resolution, resulting in prioritisation of this drillhole on the i8 target

–    Target i8 is a ~4km diameter ring structure interpreted from airborne magnetic survey data

–    This target has been the subject of 5.5-line km of CSAMT surveying, using both high and low frequency configurations

–    Interpretation of the inversion of the CSAMT for Target i8, by an external geophysical consultant, has shown bedrock signatures that are significantly different from the surrounding flat lying signatures, which are interpreted to be sedimentary country rock. 

–    The CSAMT survey has detected signatures that appear disturbed in dip and vertical position, inferring a phase of an intrusive.  These signatures are significantly different from that interpreted from preliminary CSAMT data for targets i10 and i1.

–    Hole DITDD006 will target the ring/magnetic high, coincident with the upwards protruding resistivity highs, at the edge of the i8 target

–    Drillhole DITDD005 completed; final depth 343.90 m

–    This targeted Target i1

–    DITDD005 intersected extensive conglomerate with a measurable magnetic mineral content

–    Interpretation is to be aided by an expanded CSAMT programme

–    Drillhole DITDD004 update

–    DITDD004 intersected extensive high magnetic mineral content confirmed via magnetic susceptibility readings, possible breccias and overprinting  hydrothermal alteration

–    First batch of samples has been cut and shipped for multi-element analyses, including some fire assays, to a certified laboratory in South Africa, with ‘rush’ analysis requested

–    Further batch will be dispatched during June

–    Separate batch of petrology samples are in preparation

–    Low frequency AMT survey underway aimed at augmenting existing high frequency CSAMT data, to assist interpretation of the range of lithologies identified at this target

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

“I would like to thank our team and our drillers, Equity Drilling/Mindea, for making rapid progress at Ditau, which has enabled us to begin drilling the fourth hole of this campaign in  fewer than two months since we started.

All our hard work to improve the company over the last 18 months is paying off handsomely. We are seeing this both in the acceleration of our work programmes and our deployment of enhanced technology in the field.

Our recent CSAMT surveys illustrate perfectly how much progress Kavango has made.

Our team has identified a possible intrusive body at i8 using CSAMT. This development has guided our exploration in real-time. We  will now test the i8 Target by drilling hole DITDD006.

Kavango has proven the effectiveness of the CSAMT technique at Ditau. As such, we have decided to perform further surveys on the recently drilled i10 and i1 targets. We are hopeful this data, together with what we learn from the drill cores, will sharpen future targeting in our hunt for economic mineralisation.”

Background to targeting

Kavango has identified 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.

There are two target types at Ditau:

1)  Discrete kilometre-scale carbonatite pipe targets, and

2)  Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives.

The 12 Ditau geophysical targets are not known to have been tested for REEs, historically. Kavango identified these targets, which range in size from ~2km to ~18km in diameter, using modern geophysical interpretative techniques. Kavango has used combined and integrated Airborne Magnetics, Ground Magnetics and Controlled Source Audio-Magnetotelluric (“CSAMT”) surveys in the exploration of the property and for drill targeting.

Recently completed and inverted CSAMT surveying of Target i8, using both high and low frequency configurations, has resulted in high resolution of the basement below the Kalahari sand and sediment cover, providing target definition. As a result, Kavango is now running both high and low frequency CSAMT surveys over Target i1 and Target i10 to enhance the interpretation of these, post drilling.

Target i8

A combination of inversions from CSAMT and Aeromagnetic data has lead Kavango to conclude that Target i8 could represent an intrusive body, approximately 4 km in diameter.

Interpretation of the inversion of the CSAMT for Target i8, by an external geophysical consultant, has shown bedrock signatures that are significantly different from the surrounding flat lying signatures, which are interpreted to be sedimentary country rock.

The CSAMT survey has detected signatures that appear disturbed in dip and vertical position. There is also possible trust faulting.

The area of disturbance is radially symmetric with the aeromagnetic ring structure and is interpreted to be a possible intrusion. Further, there are CSAMT signatures that are coincident with the outer magnetic ring, that are protruding high into the resistivity section, inferring a phase of an intrusive.  This signature is significantly different from that interpreted from preliminary CSAMT data for targets i10 and i1.

The target conforms to an idealized model for a intrusive.  The composition of this is now being tested by drilling of hole DITDD006, planned to a depth of 400m.

Completed holes

A table summarising the holes completed at Ditau under the 2022 program is provided below. Analytical results will be provided once assays are complete.

Target

Drillhole

Planned
UTM E

Planned
UTM N

Planned azimuth

Planned inclination

Final depth

i10

DITDD003

640350

7231120

000

-80

300.14m

i10

DITDD004

640350

7230500

000

-80

393.29m

i1

DITDD005

650000

7246515

000

-80

343.90m

i8

DITDD006

654100

7233400

180

-80

In progress

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea Exploration and Drilling Services (Pty) (“Mindea”) is conducting the drilling, on a part-cash, part-equity basis.

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 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 the styles of mineralisation 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.

NOTES TO EDITORS

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical analyses by Kavango in the two PLs have identified 12 “geophysical structures” of which 9 have clear indications of being “ring structures”.

The “ring structures” have the potential to host carbonatite and other intrusive rocks.

Carbonatites are the principal source of rare earth elements (“REEs”) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.

Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.

Kavango Resources #KAV – Ditau DITDD004 completion

Kavango Resources plc (LSE:KAV) is pleased to announce successful completion of exploration hole DITDD004.

DITDD004 was drilled to a depth of 389m into the i10 Target, a discrete 2.2km diameter magnetic anomaly that Kavango had previously modelled as a possible carbonatite. DITDD004 appears to have intercepted the magnetic anomaly at the projected target depth.

Kavango’s field team has taken preliminary magnetic susceptibility readings on the core recovered from DITDD004. The team observed highly elevated magnetic readings between 293m and 321m (the “Zone of Interest”). These readings from the Zone of Interest coincide with a visibly altered section of rock that the Company will immediately cut half-core samples from and send for whole rock analysis.

The core from DITDD004 contains visibile siliceous and haematitic zones, with pyrite seen both as dissemination and in veins. Extensive fracturing (brecciation) is observed in the Zone of Interest and elsewhere in the hole.

The Company has provided photos of the Zone of Interest on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns18may2022

A 1km Audio-Magnetotelluric (“AMT”) survey will be performed over the i10 Target in the coming weeks. Kavango hopes that data from this will help further define the shape and form (morphology) of the Zone of Interest.

Mindea Exploration and Drilling Services Pty (“Mindea”) will now mobilise the diamond core drill rig to Target i1 at Ditau. Target i1 is the largest of three targets Kavango plans to drill in the current campaign. A further update will be released shortly.

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

“We are encouraged to have intercepted the primary target at the projected depth. Once again, Kavango’s magnetic modelling is proving to be an accurate vector for drill targeting. Of course, a magnetic model can only tell us so much from surface, but in this instance the drill core we’ve recovered is visibly attention-grabbing. 

The Zone of Interest is a compelling exploration lead. At this stage we are considering a number of options as to what this 28m intersection of core may represent.

We will report results to the market, as we receive them.

In the meantime, we look forward to commencing drilling on the i1 target”

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea is conducting the drilling.

Further information in respect of the Company and its business interests is provided on the Company’s website atwww.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 Mr. John Lauderdale B.Sc., C. Geol., Group Consulting Geologist.  Mr. Lauderdale is a Chartered Geologist and Fellow of The Geological Society of London, a Fellow of The Geological Society of South Africa, and a Member of the Society of Economic Geologists.  Mr. Lauderdale 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

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 “geophysical structures” of which 9 have clear indications of being “ring structures”.

The “ring structures” have the potential to host carbonatite and other intrusive rocks.

Carbonatites are the principal source of rare earth elements (“REEs”) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.

Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.

#KAV Kavango Resources – KSZ – Second Mineralisation Target Type at the GRS and Placing to expand exploration programme

The Great Red Spot (the “GRS”) has been recognised as a large-scale exploration target in Botswana for major metal and mineral deposits since the mid-1970s. However, technology has only advanced sufficiently in recent years to allow effective exploration of this.

Kavango Resources plc (LSE:KAV) has been conducting exploration over this 5km x 8km magnetic body since 2018. Most recently, the Company drilled exploration holes KSZDD001 and KSZDD002 in this area. Initial results from KSZDD001 (announced 16 November 2021) provided Kavango with an exploration lead that appeared to support a late 1990’s theory about the GRS, in that it could host a form of Iron Oxide Copper-Gold (“IOCG”) style mineralisation.

IOCG systems can host highly valuable copper, gold and uranium ores.  The large size and relatively simple metallurgy can produce extremely profitable mines.

Following six months of additional field exploration and detailed desktop analysis, Kavango confirms it now believes the GRS conforms to an idealized model for a large IOCG-style system.

The Company believes this is a significant development for the prospectivity of the GRS. IOCG deposits are an alteration “overprint” of the host geology when they form. Therefore, Kavango believes the IOCG model represents a second mineralisation style possibly present within the GRS, in addition to the existing potential for nickel/copper (Ni/Cu) sulphide deposits.

Highlights

–  IOCG mineralisation model for the Great Red Spot (“GRS”) first proposed in late 1990s

–  This is a second possible mineralisation style for the GRS, which Kavango is now targeting in addition to the Ni/Cu sulphide model

–  Initial contact with Proterozoic basement host rocks at 950m depth

–  Draft economic comparables study confirms potential viability of the modelled IOCG deposit type at this depth in this region

–  Great Red Spot exhibits similar geophysical signatures to the Olympic Dam IOCG ore deposit in Australia. These include:

–  Coincident aeromagnetic and ground gravity anomalies, with clear spatial and structural symmetries

–  Similar “crown-like” shape in inversion results (morphology)

–  Strong 30 milliGal Gravity anomaly (announced 21 January 2021)

–  Multiple zones for possible alteration (heterogeneities) identified by 16km of advanced Audio-Magnetotelluric (“AMT”) surveys

–  Physical property testing of core samples recovered from Hole KSZDD001 in November 2021 revealed concentrations of magnetite

–  KSZDD001 intercepted a limb of the magnetic modelled “crown”

–  Magnetite zones are associated with other IOCG deposits

–  Kavango’s interpretation of the magnetic model of the GRS, projects that the magnetite content intensifies closer to the centre of the GRS

–  Regional geological setting supports the prospectivity of the GRS to host multiple ore deposit styles:

–  The GRS sits on the western edge of the Kaapvaal Craton

–  It lies in the nexus of 4 interpreted significant regional faults

–  Enhanced probability to host large magmatic intrusions and alteration systems, due to the structural complexity and tectonic location

–  Next steps

–  Further AMT surveys over the GRS

–  Final report of an economic potential study for the IOCG model

–  Kavango to present the GRS IOCG exploration model to shareholders in the next week

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

“It is important to be careful when comparing a geophysical model to an existing ore deposit. Geology is complex and no two deposits are the same.

We first appreciated the geophysical similarities between Olympic Dam and the Great Red Spot in November last year. Rather than rush to publish, we’ve instead worked diligently on this new target over the last 6 months. We’ve been mindful that while the tectonic settings of Olympic Dam and the GRS are similar, the host geology and alteration could be very different.

Therefore, we sought to gather more evidence that the GRS could contain an alteration system, before publishing this new large-scale target.

Our comparison with Olympic Dam is led by rigorous geophysical modelling. The correlation of the magnetic data with gravity data over the GRS is very similar to the nearly coincident magnetic and gravity anomalies originally identified at Olympic Dam. In addition, the shape and size of the modelled magnetic bodies of both Olympic Dam and the GRS almost mirror one another. The distinctive “crown shape” is particularly noticeable.

Where we feel we have an edge over the original Olympic Dam exploration programme is that we now have Audio-Magnetotelluric (“AMT”) technology. AMT allows us to measure resistivity deep into the Earth’s crust, to map rock types and areas of alteration. With the sophisticated modern inversion software available to Kavango, we are able to produce very clearly defined section views. This could prove to be invaluable as we advance this project.

The magnetite lead is also an intriguing one. While KSZDD001 was not targeting the IOCG target, it did (inadvertently) intercept one of the limbs of the magnetic “crown”. The concentration of magnetite encountered corresponds to what could represent a larger zone of magnetite close to the centre of the GRS. If this model proves to be correct it could be a physical indicator of an IOCG system.

What is particularly exciting about the new IOCG target in the GRS is that it is in addition to our existing nickel/copper sulphide model, stacked beneath it. We also continue to rapidly advance this nickel/copper sulphide program and look forward to publishing the next phase of TDEM results.

Meanwhile, there is much more work we need to do on the IOCG target in the coming months. The next steps include publication of the final report of the economic comparables study that we have commissioned and also to complete the next phase of AMT surveys to enhance our model.”

Summary of IOCG exploration theory

Kavango proposes an additional exploration target zone for the Great Red Spot (the “New Target Zone”).  The New Target Zone is in addition to and lies beneath the current target horizon for the Karoo hosted nickel/copper sulphide exploration program.

The New Target Zone meets the criteria of a coincident magnetic and gravity anomaly, that was used by Western Mining in 1975 as sufficient justification to drill their Olympic Dam target.  The Great Red Spot magnetic anomaly inversion is very similar to an inversion of public domain data for Olympic Dam, in terms of size and morphology.

The New Target Zone has also exceeded these criteria with the addition of long 8km Audio-Magnetotelluric profiles, which have identified resistivity changes that could relate to the identification of alteration within the GRS.

An IOCG model was first proposed for the GRS in the late 1990’s.  The addition of new geophysical data and inversion technologies have greatly enhanced this opportunity, by providing new resolution in detail and depth on this target.

Kavango commissioned an independent economic comparables study to test the viability of the New Target Zone as a viable economically interesting target.  The draft report confirms this and Kavango will release the final report on completion.

 

Geological Setting

The Great Red Spot is on the western margin of the Kaapvaal Craton, which Kavango interprets as a promising location for magmatic intrusions and mineralising systems. It lies at the nexus of 4 interpreted regional geological structures.

Kavango’s interpretation of available regional data leads the Company to conclude that the Great Red Spot is located in an enhanced position for the potential for multiple ore deposit models, including both the IOCG and Ni/Cu magmatic sulphide systems.

 

Idealised IOCG model and Olympic Dam summary

IOCG systems are often multi-kilometre mineralised “overprints” of local host rocks. They can vary a great deal in their composition but do share several common characteristics. IOCG systems are known as “alteration” systems, meaning that mineralisation formed during hydrothermal phase transitions. These hydrothermal phases are driven by deep magmatic intrusives that act as heat sources.  This means, an IOCG system can “overprint” the host rock lithology with both alteration and mineralization.

Typically, IOCG systems feature both hematite and magnetite alteration zones (forms of iron oxide), which can host copper, gold, cobalt, silver and uranium.

Olympic Dam comparison with the Great Red Spot

Olympic Dam is a large multi-kilometre scale IOCG alteration system that was discovered by Western Mining in 1975. It has been mined and extensively studied.  Although Olympic Dam is considered unique, IOCG deposits are numerous and many are mined.

The New Target Zone at the Great Red Spot was first proposed in the late 1990s.  The addition of new geophysical data and modern inversion technologies have greatly enhanced this opportunity, by providing better resolution of the target in detail and to depth.

Kavango has used three separate data sets to develop its geophysical model for the New Target Zone, including:

–  Airborne Magnetic data

–  Ground Gravity data

–  Ground AMT data

The New Target Zone includes a coincident magnetic and gravity anomaly closely comparable to the one that was used by Western Mining in 1975 as the basis for testing the Olympic Dam target.

Kavango believes its use of AMT technology provides the Company with a more robust exploration model than the one used by Western Mining. AMT technology was not utilized at Olympic Dam and recent developments in inversion software have made the exploration technique even more powerful.

AMT sections taken by Kavango over the GRS indicate complexities below 950m within the Proterozoic host rocks, which the Company believes may represent initial indications of possible IOCG-style alteration zones.

Given the interpreted complexity and size of the possible alteration zones Kavango has identified using AMT, the Company needs to carry out further work to resolve each zone to allow for more effective targeting of potential mineralization.

Further AMT surveys have been commissioned and the Company will release results once processed.

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce a heavily oversubscribed £750,000 placing at 3p per share. This represents no discount to the offer price of Kavango’s shares at close on Friday 06 May.

Highlights

–  Placing:

–  25,000,000 New Ordinary Shares (the “Placing Shares”) have been placed by First Equity Limited (“First Equity”), on behalf of the Company with institutional and other investors (the “Placing”)

–  The Placing has been conducted at a price of 3p

–  A one-for-one warrant will be issued to all placing participants, exercisable at 5p per share for a period lasting until 31 December 2023 (the “Warrants”)

–  The Company has raised gross funds of £750,000

 

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

“We received an offer from First Equity on Friday to raise money for Kavango over the weekend. We set a maximum limit of £750,000 and received offers to subscribe for nearly double this amount.

At this stage in Kavango’s development, the additional working capital will support expanding our exploration programme. We are also conscious to manage dilution at this level. A number of work streams are nearing completion and we will be able to deploy the new funds quickly.

We would like to thank First Equity and their clients for their strong support .”

 

Placing

The 25,000,000 New Ordinary Shares have been conditionally placed by First Equity Limited on behalf of the Company with institutional and other investors, including high net worth and retail investors, to raise £750,000.

Each New Ordinary Share has, on a one-for-one basis, a warrant attached exercisable at 5p for a period lasting until 31 December 2023. The warrants are subject to headroom approval and are expected to be issued around July 2022 to subscribers.

 

Admission and Total Voting Rights

Application will be made for the Placing 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 will commence at 8.00 a.m. on 23 May 2022 (or such later time as may be agreed between First Equity and the Company being not later than 5.00 p.m. on 31 May 2022 (the “Long Stop Date”).

Following Admission, the total issued share capital of the Company will consist of 435,462,052 Ordinary Shares. Therefore, the total number of voting rights in the Company is 435,462,052 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.

 

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 – May 2022 Interview with CEO Ben Turney & COO Brett Grist

Kavango Resources #KAV – May 2022 Interview with CEO Ben Turney & COO Brett Grist. Alan Green talks to Ben and Brett about the latest developments at the Ditau Farms REE project and the latest drilling results, before turning to developments at the group’s vast Kalahari Suture Zone project (KSZ) and the recent petrology reports from the drill core samples. We then discuss the Kalahari Copper Belt licenses and likely developments for 2022 before summarising with some key value inflection points that investors can expect in the coming months.

Kavango Resources #KAV – Ditau i10 target motivation & drilling commencement

Kavango Resources plc (LSE:KAV) has commenced drilling the “i10” target (“Target i10”) at the Ditau Camp Project (“Ditau”), in southwestern Botswana. Target i10 is a discrete circular anomaly that is 2.2km in diameter and under an estimated 120m of sand cover. Kavango’s primary objective is to retrieve rock core to establish whether Target i10 is a carbonatite intrusive. Carbonatite complexes are the world’s primary source of rare earth elements (“REEs”) and other strategic/industrial commodities. REEs are strategically vital commodities in high-tech industries.

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW).

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

“The drill motivation for Target i10 is a comprehensive piece of work. Kavango’s team has worked hard over the last two years refining the exploration methodology leading to the design of the current Ditau drill campaign. Using the latest remote sensing technologies, we have created sophisticated targeting models to guide our exploration.

We will now become the first explorers to test this area’s potential for carbonatites, which are the world’s primary source of rare earth elements (“REEs”). REEs are strategically critical minerals, crucial to all high-tech industries.

Given the fact that carbonatites and kimberlites often occur in clusters, controlled by regional geological structural trends, the Ditau property location could be significant. We know that Ditau is in a known kimberlite “corridor”, so the backdrop to drilling is favourable.

It is now down to the “truth detector” to tell us what is down there.”

Highlights

–    Drill motivation

–    Target i10 is a discrete circular anomaly, 2.2km in diameter

–    Shallow depth, with Kalahari sediment and sand cover estimated at 120m, target zone directly underneath

–    Kavango modelled Target i10 using inversions of Aeromagnetic data (“AEM”), combined with the interpretation of Audio-Magnetotelluric (“AMT”) data

–    The targets have been independently verified to conform to an idealised model for carbonatite intrusives, based on their aeromagnetic signatures.

–    Idealised Ore Deposit Model

–    Target i10 is a “carbonatite pipe” type intrusive target

–    Apparent concentric “ring-like” lithological zonation and structure, which could relate to mineralized horizons

–    Target lies near the margin of the Kaapvaal Craton, a tectonic context common to mined carbonatites globally

–    Comparison made with Kangankunde carbonatite in Malawi

–    Drill operations

–    First of two planned boreholes into Target i10 commenced 15 April, targeting the core of the magnetic high

–    Camp secured & road access and drill pads completed

–    Water borehole successfully drilled & solar powered water pump installed

–    First hole is designated DITDD003

–    DITDD003 Target End-of-Hole (“EOH”) depth 400m

–    As of morning shift on 19 April (0600) DITDD003 has been drilled to 85.27m depth

–    Drilling to be conducted by Mindea Exploration & Drilling Services (Pty) (“Mindea”)

–    Plan to drill up to six 400m diamond core boreholes in current Ditau drill campaign, across 3 targets

Background to targeting

Kavango has identified 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.

There are two target types at Ditau:

1)  Discrete kilometre-scale carbonatite pipe targets, and

2)  Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives and/or mafic associated mineralisation styles prospective for base metals

The 12 Ditau geophysical targets are not known to have been tested for either REEs or base metal mineralisation. Kavango identified these targets, which range in size from 1km to 20km in diameter, using modern geophysical interpretative techniques. Kavango has used combined and integrated Airborne Magnetics, Ground Magnetics and Audio-Magnetotelluric (“AMT”) surveys in the exploration of the area and for drill targeting.

Target i10

Kavango believes Target i10 could represent a discrete, kilometre-scale carbonatite pipe. This target is interpreted as a simple single phase carbonatite phase/pipe with a possible outer ring indicated by a weak magnetic low.

The geophysical anomaly is estimated to be 2.2km in diameter, with apparent concentric “ring-like” lithological zonation and structure. Kavango has surveyed Target i10 using Ground Magnetic and AMT technologies following from an initial modelling and interpretation of the regional Aeromagnetic data.

Kavango has provided a 3D inversion of the Target i10 Aeromagnetic data with an AMT section overlay on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns19april2022 

Based on analysis of the AMT section over Target i10, the sand cover is estimated to be roughly 120m deep. The magnetic inversion confirms that the primary target zone lies just underneath this cover.

To confirm the Company’s geophysical interpretation of Target i10, Kavango currently plans to drill two geological boreholes into i10 to confirm the presence of a carbonatite. The first hole will target the core of the magnetic high, while the second hole is designed to test the edge of the negative magnetic response.

Target i10 Idealised Ore Deposit Model

In its analysis of Target i10, Kavango has used the REE bearing Kangankunde carbonatite pipe (“Kangankunde”) in Malawi as a carbonatite model.

Kangankunde is one of the largest carbonatites in the Chilwa Alkaline Province (“Chilwa”) of Southern Malawi. Chilwa is a roughly 300km-diameter area, which comprises of Late Jurassic-Early Cretaceous alkaline rocks and clusters of carbonatites. Kangankunde is one of many carbonatites in Chilwa and is roughly 1.5km in diameter.

Kangankunde forms a low hill, 200m above the surrounding plain, with lower slopes composed of fenitised and locally fractured (brecciated) rocks with the upper slopes predominantly forming carbonatite.

Although Target i10 is buried under roughly 120m of Kalahari cover, its geophysical signatures are comparable to Kangankunde. Kavango’s interpretation of combined Aeromagnetic and AMT data of Target i10 indicates this geophysical anomaly could represent a simple, single phase carbonatite pipe, with a possible ring indicated by a weak magnetic low.

For comparison, Kavango has provided a geological map of Kangankunde on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns19april2022 

Carbonatites can exhibit significant lithological and structural variation, both between and within individual pipes. As such, to maximise the chances of success in exploring for carbonatite hosted REE deposits, it is common practice to drill multiple boreholes along fences into single targets. The geological map of Kangankunde illustrates the geological complexity and therefore the necessity for drilling multiple drillholes into carbonatite targets to elucidate the geology and locate potential indicators of mineralisation.

Drilling at Ditau

The drill camp is constructed and secure. All supporting equipment and personnel have been located to site.

Kavango has successfully drilled a 180m water borehole, which the Company believes should yield enough water to support drilling operations. A solar powered pump has been installed.

Road access between the drill camp, drill collar locations and water sources are also complete.

Drilling operations commenced on Friday 15 April. In total, Kavango expects to drill up to 6 diamond core holes in the current campaign (totalling 2,400m). Each hole has an anticipated target EOH depth of 400m, and the Company aims to test 3 of the 12 geophysical targets at Ditau.

The Company and its contractors have designed the current Ditau drill campaign to be flexible and guided by results. The plan is to test both possible carbonatite pipes and possibly related large-scale intrusive complexes (which may also be host to discrete carbonatite bodies).

Kavango will release a comprehensive report on the outcome of current planned 6-hole drill campaign once all data has been processed and verified.

Depending on the success of the current drill campaign, Kavango has identified a further 17 drill collar locations for future test-drilling across all 12 geophysical targets/structures.

Ditau regional geological setting

Carbonatites often occur in “swarms” or clusters, oriented along favourable and clearly defined deep continental scale geological, structural trends. The 12 Ditau geophysical structures occur along a southwest-northeast regional corridor, along the south-eastern edge of the trend that hosts the Mabuasehube and Kokong kimberlite groups. Desktop analysis of regional data by Kavango’s geologists suggests this trend is parallel to other corridors that host other kimberlite groups in Botswana and northwest Angola. In the latter these trends are known to host both kimberlite and carbonatite intrusives, meaning that the presence of one is a strong indicator for the other.

In addition to the known presence of kimberlites within the “Ditau trend” (in numerous published reports and maps), and supporting the possible presence of carbonatites, are an as yet small cluster of carbonatite intrusives (KW2, definite, and KS12 & KS36 possible bodies) in the vicinity of the project (the “Falconbridge Carbonatites”). The Falconbridge Carbonatites were drilled by Falconbridge Exploration Botswana (Pty) Ltd in the late 1970’s-early 1980’s, to the immediate north of and 30km along strike to the northeast of the Ditau project.

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea Exploration and Drilling Services (Pty) (“Mindea”) will conduct the 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 

+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 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 the styles of mineralisation 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.

NOTES TO EDITORS

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences (“PLs”) (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 “geophysical structures” of which 9 have clear indications of being “ring structures”.

The “ring structures” have the potential to host carbonatite and other intrusive rocks.

Carbonatites are the principal source of rare earth elements (“REEs”) including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.

Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.

Kavango Resources #KAV – New TDEM Loop Designs for the B1 Target Area

Following completion of Hole KSZDD002 to target depth of 650m (announced 28 February), Kavango Resources plc (LSE:KAV) has redesignated the B1 Conductor as the “B1 Target Area”.

The B1 Target Area is located above the Great Red Spot (the “GRS”), a large-scale 5km by 8km coincident magnetic and gravity anomaly in the northern (Hukuntsi) section of the Kalahari Suture Zone (“KSZ”).

The B1 Target Area has been re-modelled and contains two conductor targets (“the Targets”), which the Company believes are prospective for nickel/copper (Ni/Cu) sulphides.

–  Target B1-1 is a shallowly dipping modelled plate, with a conductance of 16,000 Siemens. This level of conductance is consistent with possible Ni/Cu massive sulphides

–  Target B1-2 is a vertically dipping modelled plate with a conductance of 2,500 Siemens, and is consistent with the presence of possible Ni/Cu net textured sulphides

The existence of the two Targets has been confirmed by a Downhole Electromagnetic (“DHEM”) survey of borehole KSZDD002, and the modelling of both the DHEM and Surface TDEM in tandem.

An intrusive Karoo gabbro was intersected at the modelled target depth of Target B1-2 in drillhole KSZDD002, which indicates the right host rock environment for Kavango’s exploration model.  The Targets conform to Kavango’s idealised model for a potential massive sulphide body in a shallow dipping Karoo gabbro sill, associated with a possible Karoo gabbro vertical feeder dyke containing net textured sulphides. The Company plans to drill test the Targets with two boreholes.

To this end, Kavango has now finalised designs for new Surface Time Domain Electromagnetic surveys (“Surface TDEM”) and subsurface DHEM surveys, using two large 1km x 1km electromagnetic loops. These two loops are designed to ‘null couple’ separately with each of the two Targets, to test rigorously the new modelled conductive plates.  The surveys will aim to gather data to refine the size, shape, depth and orientation of the Targets. These data will then be modelled to finalise the drill collar locations.

Kavango is in discussion with Spectral Geophysics Pty to conduct the TDEM and DHEM surveys over the B1 Target Area as soon as a team and equipment become available.

In addition to this, work is ongoing to conduct a much more extensive TDEM campaign across the Hukuntsi area of the KSZ, including (but not limited to) the GRS and the “30km Strike” target zone (announced 23 November 2021). Based on initial results from its recent drill campaign, the Company’s objective is to build an inventory of high conductance targets for future exploration and drilling.

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

“Armed with the downhole survey data we gathered from KSZDD002, we have a high degree of confidence in the configuration of the follow up Surface TDEM and DHEM surveys over the B1 Target Area. These have been designed to refine the geometries of the two targets we have modelled.

The 16,000 Siemens, slightly dipping modelled body is of most interest at this stage. As exciting as this target could be, we have to plan prudently to maximise our chances of intercepting it with the drill bit at the next attempt.

We will mobilise the team and surveying equipment to test as quickly as we can this target and the 2,500 Siemen vertically dipping modelled body.

Thanks to the drilling of KSZDD002, we now have two conductors as priority future exploration targets. I look forward to providing further updates once we have been through our process of verifying the results independently.”

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 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 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.

Note to Editors:

THE KALAHARI SUTURE ZONE

Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 16 prospecting licences covering 8,831.1km2of ground, including 14 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM 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 World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).

The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.

KSZ DEFINITIONS

Chalcopyrite: A copper rich sulphide mineral (CuFeS2), widely occurring in magmatic sulphide ore bodies.

EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.

Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.

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

Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.

Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.

Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –

https://twitter.com/KavangoRes/status/1316004057895645186?s=20

Norilsk Style: copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.

Norilsk Model:   a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.

Pegmatitic: Pegmatites are very coarse grained igneous rocks having grain sizes in excess of 3cm, Pegmatites are thought to form as a result of very slow crystallisation and may contain exotic minerals from a volatile-rich melt.

Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, 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.

Kavango Resources #KAV – Director Share Purchase & Issue of options statement

KAV

Purchase of Shares and PDMR Dealing

Kavango, the exploration company targeting the discovery of world-class mineral deposits in Botswana, has been notified that on Thursday, 6 January 2022, Michael Moles, who is a non-executive director of the Company, acquired 9,169,169 ordinary shares of £0.001 each in the Company at a price of £0.045 per share.

Michael Moles is a Person Discharging Managerial Responsibilities (“PDMR”) for the purposes of the Market Abuse Regulation (“MAR”). The Notification of Transaction Form provided in accordance with the requirements of the MAR in relation to the transaction listed above is set out below.

Issue of Shares and PDMR Dealing

On 11 August 2021 Kavango announced its agreement with Michael Moles to settle his directors’ fees (net of statutory deductions) in shares. Accordingly Kavango announces it is now issuing 99,771 new ordinary shares of 0.001 each in the Company to Michael Moles. (“Director Shares”).

This issue of shares relates to the period 1 October to 31 December 2021. The number of shares due has been calculated at an issue price equal to the average of the closing mid-price of the Company’s shares over that quarter. During that period the average closing mid-price of the Company’s shares was 5.25 pence per share.

Admission and Total Voting Rights

Application will be made for the Director 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 dealings in the Director Shares will commence at 8.00am on or around 17 January 2022.

Following Admission, the total issued share capital of the Company will consist of 406,570,533 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company is 406,570,533 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. 

Share Options

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announces the Board has approved the grant of 4,500,000 share options to certain consultants to the Company and key team members (the “Consultant Options”) and 2,000,000 share options to David Smith, Non-executive Chairman  of the Company (the “Director Options”).

The Consultant Options will  be subject to a vesting period of one year from 01 December 2021, with half the Consultant Options vesting after six months and the remainder vesting after twelve months, following continuous employment or commercial engagement with the Company . The Consultant Options are exercisable at a price of 5 pence per Ordinary Share for a period of seven years. The Consultant Options carry a vesting condition whereby the Consultant Options only become exercisable once the Company’s reported closing mid-market share price closes above 7.5p on five separate trading days.

The Director Options will be subject to a vesting period of one year, with half the Director Options vesting after twelve months from 01 December 2021 and the remainder vesting after eighteen months from 01 December 2021, provided Mr Smith remains a director within the Kavango group. The Director Options are exercisable at a price of 7.5 pence per Ordinary Share for a period of seven years. The Director Options only become exercisable once the Company’s reported closing mid-market share price closes above 15p on five separate trading days. The Director Options are also conditional upon the Company’s issued share capital increasing to a level such that the total number of options granted to directors and group employees remains below the ten per cent limit for such options to which the Company aims to adhere.

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

“If Kavango delivers one or more major mineral discoveries, it will be because of the intelligent, resourceful and inspired work of our people and strategic partners. Our latest option awards lock in a number of key commercial relationships and are directly aligned with generating substantial shareholder returns.

Thanks to booming metal prices, we are operating in an extremely competitive environment for talented technical personnel. A company like Kavango has to manage its finances carefully. The reality is we cannot compete in recruitment on salary terms against better-funded, larger competitors. However, given the exciting promise of our exploration projects in Botswana, we are able to offer potentially much more lucrative equity incentives to attract and retain the best people we can.

Our creative approach to equity incentivisation remains a central pillar of Kavango’s strategy. It sets us apart from our direct competitors and has already enabled us to put together the kind of high quality technical team normally associated with much larger firms.

I believe this could prove to be the decisive factor in determining our future success.”

Section 430(2B) Statement in relation to Michael Foster’s retirement

As required by Section 430(2B) of the Companies Act 2006, the Company confirms that no remuneration is payable consequent upon or in respect of Michael Foster’s retirement. Michael will receive pro-rated Board fees to the date of his retirement. He will not receive any payment for loss of office or any other payment in relation to the cessation of his appointment with the Company. However, in accordance with the terms of the ‘founders’ options granted to Michael on 6 November 2018, 1 May 2019 and 5 May 2020 will not lapse upon his departure from the Board.

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 – Director Retirement

KAVKavango Resources plc (LSE:KAV) wishes to announce that Mr Michael Foster has given notice that he will retire as non-executive director of the Company on 31 December 2021, which coincides with the Company’s financial year-end.

Mr Foster joined the Company as Chief Executive prior to its admission to the Official List in 2018 and helped guide the Company through the IPO process and was instrumental in setting up the Company’s operations in Botswana. He stepped down as CEO on 30 June this year and has assisted Ben Turney in his role as CEO.

Mr Foster also was integral in the recruitment of Brett Grist, who will join the Company’s board of directors as Chief Operating Officer on 07 February 2022.

David Smith, Kavango’s Chairman, said: “We’d like to thank Michael for the contribution he has made to the establishment and development of the Company since setting it up and taking on the responsibilities of CEO in its formative years. We wish him well for the future. These are exciting times for Kavango and we are confident that our CEO Ben Turney will continue the development of the Company into a leading exploration firm in Botswana.”

Michael Foster commented:  “After over 40 years in the mineral exploration, mining and corporate finance business I would like to thank all those around the globe with whom I have been involved during this time for what has been a rewarding, productive and enjoyable career. I am happy that I am leaving the Company in good hands and wish the Company and all who work within it all the very best in 2022 and beyond.”

For further information please contact:

Kavango Resources plc   

David Smith

DSmith@kavangoresources.com

 

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

Kavango Resources #KAV – Operations Update

kav

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to provide an operational update.

Highlights

Ø Recruitment of new senior commercial and exploration personnel

–  Tiyapo (Tipps) Ngwisanyi is the former and founding CEO of the Government owned Botswana Geoscience Institute. Tipps has joined the Company as Managing Director of Kavango Minerals (Pty) Ltd

–  John Lauderdale is a Chartered Geologist and seasoned exploration professional, who has run large-scale exploration programmes across Africa. John has joined Kavango as Senior Consulting Geologist

–  Jeremy S. Brett is an internationally recognised Professional Geoscientist who has worked previously in the Kalahari Suture Zone (“KSZ”). Jeremy is now working with Kavango as a Senior Consulting Geophysicist.

Ø Updated geophysical model of Target Area B

–  Target Area B covers the “Great Red Spot” magnetic anomaly, which has been subject to previous exploration

–  Historic exploration of the Great Red Spot was limited by the technology available at the time

–  The Company now believes the primary source of the Great Red Spot’s magnetic anomaly is towards its northern edge

–  This appears to be coincidental with Target B1 (announced 2 July 2021). Planned drilling to test this assessment.

–  Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms.

–  Jeremy Brett and Kavango CEO Ben Turney have given a short video presentation about the updated geophysical model of Target Area B, which is available through the following link – https://youtu.be/0yQx_vLD8_Y

Ø Drilling update

–  Downhole gyroscopic survey complete. TA2DD002 successfully drilled to within 1 degree of original target

–  Drilling recommenced at TA2DD002, with target depth of 1,000m expected overnight on Wednesday 22 September 

–  On completion of operations in Target Area A, the rig will be mobilised to Target Area B

–  Kavango will then drill one geological hole into the Great Red Spot and one borehole to intersect the conductor of Target B1

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

“Our vision is to build a world-class minerals exploration firm in Botswana. These senior appointments are a significant step on our way to achieving this vision .

I am delighted to welcome Tipps, John and Jeremy on board. Each brings valuable skills, expertise and experience to Kavango. These senior appointments are the culmination of months of hard work and reflect the significant progress we have made as a business over the course of 2021.

We still have a lot to do to make our first discovery, but it feels like the pieces are falling into place.”

Recruitment of senior team members

Over recent months, Kavango has made the following appointments:

–  Tiyapo (Tipps) Ngwisanyi (Managing Director, Kavango Minerals (Pty) Ltd))

Tipps is a geoscientist, who began his career at the Botswana Department of Geological Survey. In 2010 Tipps became Director of the Geological Survey and was then appointed as founding CEO of the Botswana Geoscience Institute in 2015, a position he held until he joined Kavango at the start of August.

As Managing Director of Kavango Minerals (Pty) Ltd, the Company’s local operating subsidiary in Botswana, Tipps is responsible for in-country commercial management and liaisons with all stakeholders, from the Department of Mines to local farmers and community representatives.

–  John Lauderdale (Group Consulting Geologist)

John is a Chartered Geologist and seasoned exploration professional, who has been responsible for annual budgets of up to $80million and run teams of <350 personnel. During his career John has successfully worked on projects throughout Africa, from Morocco to South Africa.

Over the last three months John has been helping Kavango implement a comprehensive overhaul of the Company’s in-country operations. John works full time for Kavango and reports directly to the board of directors.

–  Jeremy S. Brett (Senior Consulting Geophysicist)

Jeremy is an experienced geoscientist, with a strong geophysical, geological and project management background. Over the last 27 years Jeremy has designed, supervised, quality assured and interpreted geophysical and geological exploration programmes across many base and precious metal projects around the world.

Jeremy has specific relevant experience in exploring for Nickel-Copper-PGEs mafic/ultramafic complexes, having previously worked on the Kalahari Suture Zone for Canadian firms in the late 1990s and early 2000s. Jeremy was responsible for the siting of Hole GRS1, which targeted the centre of the “Great Red Spot” and was drilled to a depth of 934m in 2002.

Jeremy published a paper on the KSZ in the Journal of African Earth Sciences in 2002, titled “Geophysical exploration of the Kalahari Suture Zone”. He has been assisting Kavango since March this year and is now conducting a review of the Company’s geophysical strategy.  

Geophysical update on Target Area B

Once current drilling operations are complete at Target Area A in the KSZ, Mindea Exploration and Drilling Services (Pty) (“Mindea”) will immediately mobilise the rig to Target Area B to commence drilling there.

Target Area B is in a distinct geological setting to Target Area A. It covers an area that is known as the “Great Red Spot”, thanks to its physical appearance on magnetic maps.  The Great Red Spot is a previously identified large-scale magnetic anomaly that has been subject to limited historic exploration.

In 2002 a Canadian junior exploration company, Opawica Exploration Inc (“Opawica”), drilled Hole GRS-1 into the centre of the Great Red Spot. GRS-1 was drilled to a depth of 934m, encountering 17m of gabbroic rocks from 917m. However, the Company believes that limitations in available geophysical technology meant that accurate profiling of the Great Red Spot was not possible at that time.

Thanks to significant advances in geophysical technology and analytical software over the last two decades, Kavango believes it has now been able to create a more accurate geophysical model of the Great Red Spot (the “New GRS Model”). The New GRS Model combines historic data with data gathered by the Company in its exploration of the KSZ.

The New GRS Model estimates that the primary source of the magnetic anomaly of the Great Red Spot is positioned much closer to its northern boundary than previously recognised. Kavango believes this magnetic anomaly could be associated with a combination of Karoo and/or Proterozoic intrusions.

According to Kavango’s analysis, Target B1 appears to be coincidental with the edge of the magnetic anomaly. The Company will seek to confirm this interpretation through drilling.

Kavango’s Consulting Geophysicist Jeremy Brett and CEO Ben Turney have given a video interview to Alan Green, CEO of Brand Communications, to provide greater context about the Company’s modelling of Target Area B.

The link to this presentation can be viewed here:

  

Drilling update Hole TA2DD02

Drilling at Hole TA2DD002 was temporarily halted on Tuesday 21 September at 950m to allow for the downhole gyroscopic survey. A gyroscopic survey is used to measure the angle of a borehole. This survey was successfully completed and confirms Hole TA2DD002 has been drilled to within 1 degree of the original objective. Given challenging drilling conditions closer to surface and the depth Hole TA2DD002 has been drilled to, the Company regards this as a notable technical success by Mindea and Equity Drilling Ltd.

Drilling has subsequently resumed and is expected to reach the final target depth of 1,000m overnight on Wednesday 22 September.

Kavango has used a TLB Loader to prepare a 20km roadway from Target Area A to Target Area B, so that the drill rig and accompanying equipment can be transported quickly and safely.

Kavango has also prepared drills pads and now plans to drill two boreholes:

–  First, the Company plans to drill a geological hole to a depth of up to 1,000m, targeting what it believes to be the shallowest point of the magnetic high of the Great Red Spot. Kavango expects to encounter Karoo and Proterozoic gabbros in this hole.

–  Second, the Company plans to drill a hole to intersect Target B1 to an estimated depth of up to 600m. Target B1 is a 475m by 550m conductive anomaly, with a conductance reading of 8,200 Siemens and a decay constant estimated to be in excess of 350ms. Kavango’s geophysical model estimates that Target B1 is positioned at the northern edge of the Great Red Spot.

The primary objective of both boreholes is to extract core samples for full sweep 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   

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 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.

 

Kavango Resources #KAV – KSZ Update & Expansion

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to provide an update on its Kalahari Suture Zone (“KSZ”) Project.

Highlights:

Ø Update on Hole TA2DD002:

–    TA2DD002 is the second hole in the planned 6-hole programme currently being undertaken to investigate the Karoo gabbros in the Hukuntsi section of the KSZ.

–    Double shift drilling commenced on Friday 20 August

–    As of 1800 on Sunday 22 August the Hole was at 137m

–    Hole to test deeper Karoo gabbro “keel”, believed to be connected to the same gabbro encountered in Hole TA2DD001 (announced 16 August 2021), 1km to the west

–    Additional objective to test potential contact between Karoo and Proterozoic gabbros, which might represent a possible ‘feeder zone’

–    Hole to target western part of the same >1km geophysical anomaly (“Target A2”) drilled at Hole TA2DD001 (announced 20 April 2021)

–    Anticipated target depth of 400m to 450m (though preparations in place to drill up to 800m depending on contact with any gabbro encountered)

Ø Downhole electromagnetic (“EM”) survey Hole TA2DD001

–    Hole cased down to 393m from surface with steel casing, because of broken ground conditions

–    EM probe run by Spectral Geophysics Ltd (“Spectral) from 394m to 560m

–    According to analysis from Spectral, the A2 Time Domain Electromagnetic (“TDEM”) anomaly has been masked by the steel casing at 370m (i.e. the EM signal could not penetrate it)

–    Results inconclusive, but alternative options being evaluated for future hole design and possible downhole EM surveys

Ø Award of two new PLs in the KSZ covering a combined 1,258km2

–    Applied for in March 2021

–    PL081/2021 covers 987.8km2 across the eastern edge of the KSZ

–    PL080/2021 covers 270.4km2 and is contiguous with the Company’s existing PLs in the northern section of the KSZ

–    Both are 3-year licences, with the option of two 2-year renewal periods

–    £52,000 spending commitment in each PL over first 3 years

–    Kavango now holds 14 PLs in the KSZ, covering 8,751.7km2 

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

“I’m very pleased at how quickly we’ve progressed to double shift drilling at Hole TA2DD002. We are now successfully moving through the gears of this drill campaign. The speed at which Equity Drilling/Mindea safely mobilised the rig to the new site is encouraging. 

Core recovery continues to be consistent and of the highest standard.

Meanwhile, the inconclusive results of the downhole EM survey of Hole TA2DD001 emphasise some of the engineering challenges we face. Keeping a deep hole open to depth in the KSZ is tough. It’s a credit to the drillers that Spectral got the EM probe from 394m depth to 560m, but the steel casing from surface to 393m meant readings could not be taken below this depth. We now believe the primary A2 Conductor is at 370m.

While the cores we extract are by far the most important data source, it would have been helpful to see the EM response of the A2 Conductor at its base. The steel casing will be left in place for the time being, until the downhole survey (to confirm the orientation of the hole) is completed. At this point we will seek to remove the casing and possibly run another, shallower downhole EM survey. However, given what we have experienced so far with the ground closing in on itself, we have modest expectations about whether this will be possible.

Whatever the case, the results of the assays and the whole rock geochemical analyses should provide us with the most valuable evidence we need to guide future exploration.

With the award of 1,258km2 of new prospecting licences and working capital over £3million, Kavango is well-positioned to take full advantage of its strategic hold over this highly prospective region.”

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 and the map of the A-C Corridor have been read and approved by Mr Mike Moles (BSc (Geology) & BSocSci (African Studies), who is a Member of the Australian Institute of Mining & Metallurgy (MAusIMM) and has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration 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 is a beneficial shareholder of Kavango Resources plc.

Note to Editors:

THE KALAHARI SUTURE ZONE

Kavango’s 100% subsidiary in Botswana, Kavango Minerals (Pty) Ltd, is the holder of 14 prospecting licences covering 8,751.7km2 of ground, including 12 licences over a significant portion of the 450km long KSZ magnetic anomaly in the southwest of the country along which Kavango is exploring for Copper-Nickel-PGM 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 World Class magmatic sulphide deposits such as those at Norilsk (Siberia) and Voisey’s Bay (Canada).

The Norilsk mining centre is about 2,800km northeast of Moscow and accounts for 90% of Russia’s nickel reserves, 55% of its copper and virtually all of its PGMs. Kavango’s licenses in the KSZ display a geological setting with distinct geological similarities to the magmatic sulphide deposits at Norilsk. Magma plumbing systems are a key feature of these deposits.

KSZ DEFINITIONS

EM Super Conductors: are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, which conduct electricity very rapidly provided the mineral grains are in contact with each other.

Gabbro/gabbroic: A coarse grained, medium to dark coloured rock, formed from the intrusion of mantle derived molten magma into the earth’s crust. Gabbroic rocks (or “gabbros”) are formed as the molten magma crystallizes and cools.

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

Karoo: The Karoo System covers 1.5 million km2 of the semi-desert region of Southern Africa. Rocks in this system formed 180-310 million years ago.

Massive sulphide: When a deposit consists almost entirely of sulphides it is termed “massive”. When it consists of grains or crystals of sulphide in a matrix of silicate minerals, it is termed “disseminated”.

Metal/Magmatic sulphide: Deposits of sulphide mineral concentrations in mafic and ultramafic rocks, derived from immiscible sulphide liquids. To view a video of how metal/magmatic sulphides form please visit –

https://twitter.com/KavangoRes/status/1316004057895645186?s=20

Norilsk Style: copper/nickel/PGE mineralisation associated with the intrusion into the upper parts of the Earth’s crust of mafic magma, which form magma chambers that sit below volcanic vents or fissures that extrude basaltic lava onto the surface (Hawaii is a possible modern equivalent). The Norilsk intrusions tend to have distinct morphologies, combining thin gabbro sills (wings) with deep keels (thought to be associated with feeder dykes) at the base.

Norilsk Model: a genetic geological model similar to that pertaining to the Norilsk/Talnakh deposits in Siberia. Traditionally, it was thought that, during emplacement, the magma incorporated sulphur rich country rock (e.g. coal measures) or evaporites into the melt, which allowed the molten magma to become sulphur saturated. The free sulphur would then combine, preferentially, with Cu/Ni/PGE metal ions to form metal sulphides, which, being heavy, tended to accumulate in traps or into the keel of the magma chamber. However, modern research suggests that the process might be more complex and may also involve changes of the chemical and physical properties of the magma during the introduction of new pulses of molten material from below. Such sudden changes may have caused rapid segregation of metal sulphides within and above the feeder dykes within the keel of the intrusion.

Sulphide mineralisation: If there is sufficient sulphur in the molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co, 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.

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