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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.

Kavango Resources #KAV – Ben Turney & Brett Grist talk to Alan Green, September 2022

Alan Green talks to Kavango Resources #KAV CEO Ben Turney and COO Brett Grist. Ben and Brett outline the developments and drilling plan at the company’s KCB licenses. Brett talks through the latest company presentation slides, and then Ben covers the latest developments at the KSZ and upcoming news flow.

Kavango Resources #KAV – Kalahari Copper Belt target definition PL036/2020

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) provides an update on drill targeting at its Kalahari Copper Belt (KCB) licence PL036/2020.

Highlights

–  Initial high-resolution, close-spaced soil geochemical programme complete at PL036/2020 (the “Targeting Programme”)

–  5,145  soil samples collected

–  Large-scale programme undertaken, giving high-resolution over target areas

–  Particular focus over mapped Ngwako Pan-D’kar formational contact

–  4 significant geochemical features consisting of +15ppm Cu anomalies (peak 110ppm) delineated (the “Targets”)

–  The 4 Targets appear to fit previously mapped geology, including the potential “fold nose” over Acacia

–  3 of the Targets conform to previously identified Acacia, Morula (western portion) and Happy target areas

–  1 new target area identified (“Kudu”) to the north east of Acacia

–  Kavango has provided a series of maps showing the Targets:

https://www.kavangoresources.com/media-library/news-release-media/rns03august2022

–  Follow up work to include:

–  Infill soil sampling

–  Upgraded interpretation of existing Airborne Magnetics and Airborne EM

–  CSAMT geophysics

–  RC drill programme

–  The Targeting Programme remains ongoing on licences PL082/2018 and on the Mamuno licence package.

–  Expected completion before end of August

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

“Through an intensive soil sampling program across our KCB licences, we have sought to achieve enhanced target resolution ahead of drilling. Not only have we achieved this, but through the close spacing of samples we have also identified a previously unidentified and prospective structure, which is now being followed up.

The combined soil sampling and geological mapping, which has recently successfully identified multiple instances of the key Ngwako Pan-D’kar formational contact in our licences, is helping us sharpen our drill targets. The next steps will be to upgrade our geophysical interpretation of data we acquired in 2021 and complete some infill soil sampling where necessary. Our goal is to ensure that when we drill the KCB, we will have the optimal chance of success.”

Kalahari Copper Belt Overview

As announced on 8 July 2022, Kavango Resources identified the presence of an important lithological control of copper/silver mineralisation in the KCB, across several of its prospecting licences. The feature that Kavango has located, the Ngwako Pan-D’Kar formational contact point, is closely associated with multiple copper-silver deposits and discoveries elsewhere in the KCB.

This formational contact represents a chemical Reduction-Oxidation (Redox) boundary between the underlying oxidised Ngwako Pan Formation and the overlying reduced D’kar formation. Economic grades of mineralisation can be found along or in close proximity to this contact due to intense shearing, folding, and tensional failure between the rock layers.

Most known deposits in the KCB share some common characteristics

–  Commonly localised in reduced horizons in the lower D’kar Formation and above the oxidised Ngwako Formation,

–  Mineralisation remobilised into the limbs of anticlinal dome and basin structures

–  Mineralisation locally remobilised along cross cutting structures into higher levels of the D’kar through veins and shear zones to form high grade copper deposits

KCB Exploration Strategy

Based on the Company’s understanding of the mineralisation models in the KCB, Kavango embarked on a 3-tier exploration programme:

1.  Understanding the geology using:

–  Aeromagnetics

–  Geological mapping

–  Satellite imagery interpretation

–  Lithogeochemistry

–  Petrology

–  Soil geochemistry

–  Drilling

2.  Identification of significant structures using:

–  Aeromagnetics

–  Satellite imagery interpretation

–  Geological mapping

3.  Detection of mineralisation using:

–  Soil geochemistry

–  Airborne electromagnetics  

–  Drilling

The Targeting Programme is currently in progress on PLs 036/2020, PL082/2018 and Mamuno Licences (PLs 049/2020 and PL052/2020).

Kalahari Copper Belt geochemical survey

 

 

Line spacing

Sample Station spacing

TotalPlannedSamples

Status

PL036/2020

Combined 400m and 800m

50

5201

Largely complete

PL049/2020 and PL052/2020

800m

50

1319

In progress

PL082/2018

800m

50

3179

In progress

 

Total

9699

Sampling Methodology

–  Excavation to 30-40cm below the surface

–  Sample is collected from bottom of hole and sieved to approximately 200g of -180um fraction

–  Sample is analysed using the company’s in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window

–  Reference materials (of known values) are inserted after every 25 samples and at the end and beginning of each batch

–  Resultant data is then used to generate user factors for normalising the analytical results prior to interpretation

–  Selected samples are also sent to an independent laboratory in South Africa for multi-element analyses by conventional means

PL036/2020 soil geochemistry results

PL

Planned

completed

outstanding

PL036/2020

5201

5145

 

56

Remaining samples will be collected as and when access to land is available.

Four key copper-in-soil geochemical features have been delineated:

1.  Acacia

A wide anomaly around the central part of the fold nose of the ‘Acacia fold’. Possible source of this anomaly could be radial axial fold fractures, tapping into the Ngwako Pan/D’kar contact along the axis of a shallowly SW plunging anticline. Maximum value is 56ppm Cu, with 5 values above 20ppm Cu. Coincident Zn anomalism (+20ppm Zn) identified

2.  Morula (western portion)

A wide anomaly just south of the Acacia fold nose. Measuring 3km x 3km with a general NE-SW trend parallel to the regional stratigraphy. Maximum value is 38ppm Cu. A previous orientation survey associated this anomaly with a calcrete platform coincident with a drainage feature

3.  Happy

A low-tenor teardrop shaped anomaly to the south. 9km long and 1km at its widest. Best defined by the +15ppm Cu values. Maximum value is 25ppm Cu. Located in the centre of a possible anticline where the Ngwako Pan Formation is not exposed at surface. This anomaly has supporting anomalous Zn values (+20ppm Zn)

4.  Kudu

A previously unrecognised NE-SW trending zone of anomalous Cu values. 18km long (non-continuous) NE-SW trend, defined by 8 values in excess of 30ppm Cu; maximum value is 110ppm Cu. Trend is distinct and ‘tight’, defined by a maximum of 3 values above 20ppm at its widest. This trend is sub-parallel to stratigraphy

The narrow focus suggests this could be a steeply dipping feature, and/or a sharp structural feature such as a fault. It is also immediately adjacent to what Kavango’s geologists have mapped as a structural repetition of the key Ngwako Pan-D’kar contact

Kavango has provided a series of maps showing the Targets:

https://www.kavangoresources.com/media-library/news-release-media/rns03august2022

Planned follow-up for PL036/2020

–  Infill soil sampling

–  Ground truthing of the anomalous areas

–  Updated interpretation of existing Airborne Magnetic and Airborne EM data

–  Plans to carry out a Controlled Source Audio Magnetotelluric (CSAMT) survey and inversions aimed at elucidating subsurface structure

–  Collation and correlation of all the data sets

–  Generation of drill targets

–  RC drill programme

Ahead of drilling, further soil geochemical results are expected to be released by Kavango from work on its licences PL082/2018 (considered to be a possible analogue for the ‘Banana Zone’ deposit, which sits to the immediate south of Ghanzi Ridge and is owned by Khoemacau Copper Mining Pty Ltd), and on the Mamuno licences, adjacent to the border with Namibia, and close to the central axis of the KCB. The combined results will then be used for target ranking.

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’.

Kavango Resources #KAV July Exclusive – Alan Green discusses the Kanye Resources acquisition & independent valuation with CEO Ben Turney & CFO Brett Grist

In this exclusive Kavango Resources #KAV interview, Alan Green discusses the Kanye Resources acquisition & independent valuation with CEO Ben Turney & CFO Brett Grist. We discuss the independent valuation at $8m announced earlier today, and Brett then presents some of the opportunities across some of the Kanye assets in the Kalahari Copper Belt (KCB), followed by the LVR licenses also in the KCB. Ben then outlines the latest developments at the flagship Kalahari Suture Zone (KSZ), and the recent discovery of a cluster of three EM Conductors in close proximity to one another. Ben then wraps up with a series of upcoming milestones for investors to watch out for.

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 – KCB: significant expansion of Kanye Resources

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Kanye Resources (“Kanye”) has completed the acquisition of 8 new prospecting licences (“PLs”) in the Kalahari Copper Belt (“KCB”) for a total consideration of US$430,000.

Kanye is a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”), which already owns the South Ghanzi Copper Exploration Project (“South Ghanzi”) and the Ditau Camp Rare Earth Elements (REEs”) Exploration Project (“Ditau”). Kavango is the operator of Kanye.

The acquisition of the 8 new prospecting licences represents a significant expansion of Kanye’s exploration footprint in the highly prospective KCB. Kanye now controls 4,257km2 of exploration ground in its search for major copper/silver deposits.

Highlights

Ø Kanye has completed two separate acquisitions to purchase 100% of the eight PLs. All the PLs have now been transferred to Kanye by the Ministry of Mines and new Prospecting Licences issued. These include:

–  Four PLs in proximity to the town of Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000 (the “South Ghanzi Extension Licences”).

–  Four PLs near the town of Mamuno on the Namibian border for US$230,000, from Vinmarsh Interprises (Pty) Ltd (the “Mamuno Licences”).  

–  Kanye’s now controls 4,257km2 of PLs in the KCB

Ø The South Ghanzi Extension Licences

–  Cover 481km2

–  2 of the new PLs are contiguous with Kanye’s existing South Ghanzi Project and the other 2 are within the same structural zone.

–  Exploration at South Ghanzi is considerably advanced, with 7 major copper/silver targets identified

–  Drill locations are currently being finalised

Ø The Mamuno Licences

–  Cover 2,482km2 and are on the western boundary of the Botswana KCB

–  Feature a large anticlinal (possible dome) system, similar to that recently identified at South Ghanzi.

–  Appear to include at least 3 anticlines in this system, with intervening synclines (highly prospective formations for copper/silver exploration)

–  Include visible outcropping of Ngwako Pan and D’kar Formation contacts, with little to no Kalahari Sands

–  Are well served by the tarred Trans-Kalahari Highway (Gaborone-Windhoek-Walvis Bay)

Ø KCB Environmental Management Plan (“EMP”)

–  Kavango has received final feedback from the Ministry of Mines

–  Final processing of the KCB EMP is underway

–  The proposed EMP covers both the South Ghanzi Extensions and Mamuno Licences

Ø Immediate expansion of exploration in the KCB

–  Desktop analysis of all known data sources underway to enhance exploration models

–  Kavango to deploy 4 field teams to the KCB to begin extensive soil sampling

–  Plans being finalised to increase number of teams on the ground

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

“The acquisition of the South Ghanzi Extension and Mamuno Licences immediately quadruples Kanye Resources’ land holding in the burgeoning KCB..

While our ongoing drill campaign in the Kalahari Suture Zone continues to attract the most headlines, our interests in the KCB could prove to be company makers in their own right, both for Power Metal Resources and Kavango.

The exploration model in the KCB is well established, but our team on the ground has developed a number of innovative in-house methods, which we are confident give us a strong competitive advantage. Refinement of these exploration methods has helped us identify what we believes is highly prospective ground and encouraged us to move swiftly to acquire the new prospecting licences.

With the excellent progress we are making at South Ghanzi, expanding our holdings here was an obvious move. However, the inclusion of the Mamuno Licences could prove to be very exciting. Our initial analysis suggests the geological model looks to be very similar to that at South Ghanzi, but the formation sizes are much bigger. We are looking forward to deploying our teams to the area as soon as we are able to.”

The South Ghanzi Extension and Mamuno Licences

Further to the announcement on 29 March 2021, Kanye has completed the acquisition of the South Ghanzi Extension and Mamuno Licences

The South Ghanzi Expansion PLs are four relatively small licences, two of which are adjacent to the Ghanzi South Project and appear to contain structures that Kanye has identified as being prospective from Airborne Electromagnetic surveys. Of the other two, one is an area previously relinquished by the former MOD Resources containing a soil-sampling anomaly and the other is an area west of PL036/2020 which, though small, has excellent prospectivity.

The Mamuno Licences are four contiguous PLs that cover a large anticlinal system (dome?) that is plunging towards the west – similar to that recently identified at South Ghanzi (PL 36/2020). However, the anticlinal structures at Mamuno appear to be significantly bigger. The dome is made up of at least three anticlines with intervening synclines. The Ngwako Pan and D’kar Formation contacts (a possible redox boundary?) is outcropping or sub-outcropping. This contact appears to extend for over 100km. Over much of the ground, the Kalahari sands are quite thin.

The area is well served by the Trans-Kalahari Highway, which links Gaborone/Johannesburg with Windhoek/Walvis Bay (international port). Mamuno is a border town (Namibia/Botswana).

The POW/KAV Joint Venture

The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. All PLs have been transferred into a Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand 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 has 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.

NOTES TO EDITORS

 KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT

Kavango’s exploration licenses in the KCB include:

Kanye Resources

Ø 50 % working interests in 10 prospecting licenses held in a Joint Venture with Power Metal Resources (LSE:POW), which cover 4,257km 2 .

The LVR Project

Ø Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 1,091km 2 .

THE SOUTH GHANZI PROJECT GEOLOGICAL SETTING

The South Ghanzi Project and LVR 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 anticlines.

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 geochemical reduction-oxidation (“redox”) boundaries (sometimes for many kilometres) because they often contain iron and have a higher magnetic signature than the surrounding rock.

SOUTH GHANZI EXPLORATION STRATEGY

The South Ghanzi PLs lie within the Central Structural Corridor of the KCB immediately south of the town of Ghanzi.

Sedimentary horizons hosting copper/silver mineralisation in the KCB are known to be conductive. AEM surveys are a recognised and tested exploration method for identifying high priority drill targets.

Kavango’s strategy in the KCB is to identify conductive targets and then to complete follow up investigation, using other proven exploration methods including geological mapping and testing of soil geochemistry through extensive sampling. The correlation of positive zinc and copper soil geochemistry readings to positive AEM results is a highly encouraging exploration vector.

Given Kavango’s understanding of the regional lithology and stratigraphy of the KCB, the Company is optimistic about the progress it has made in South Ghanzi over recent months.

Specifically, the identification of a number of smaller anticlines associated with conductors suggests there are seven large, promising drill targets at South Ghanzi.

Power Metal Resources #POW – Acquisition of 8 new Prospecting Licences at the KCB increases the ground holding of local operating company Kanye Resources to 4,257km2

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces a significant expansion of exploration ground, targeting district scale copper-silver discoveries, in the Kalahari Copper Belt (“KCB”), Botswana.

The acquisition of eight prospecting licences (“PLs”) increases the strategic ground held by the South Ghanzi Project (“South Ghanzi” or the “Project”) by 229% to 4,257km2, making one of the largest licence footprints in the KCB.

The acquisition was completed by the Project’s local operating company Kanye Resources Pty Ltd (“Kanye”), in which Power Metal and joint venture (“JV”) partner Kavango Resources plc (LON:KAV) (“Kavango”) each have a 50% interest.

A map showing all the PLs held by Kanye can be viewed on the Company’s website through the following link:

https://www.powermetalresources.com/kalahari-copper-belt-licence-map/

The acquisition was originally announced to the market on 29 March 2021 and was subject to due diligence and licence transfer which has now been completed successfully.  The original announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/kalahari-copper-belt-business-update/14916399

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“With the exploration success Power Metal and Kavango have achieved to date at the South Ghanzi Project, this substantial expansion of our land position within the KCB is a major development for our Company.

Without question the KCB joint venture with Kavango is currently one of Power Metal’s highest priorities and we have got to this point in short order through the exceptional work undertaken by the Kavango operational team.

The progress achieved in the KCB demonstrates the value we can generate for our shareholders when we focus our financial and managerial resources on projects that deliver high-impact exploration results efficiently and effectively.

We eagerly look forward to the planned drill programme at South Ghanzi, as well as inaugural and ongoing exploration results at our newly expanded land package within the KCB.”

ACQUIRED LICENCE HIGHLIGHTS:

Kanye has completed two separate acquisitions to purchase 100% of the eight PLs. All the PLs have now been transferred to Kanye by the Ministry of Mines and new Prospecting Licence documentation has been issued. These include:

–  Four PLs in proximity to the town of Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000 (the “South Ghanzi Extension Licences”).

–  Four PLs near the town of Mamuno on the Namibian border for US$230,000, from Vinmarsh Interprises (Pty) Ltd (the “Mamuno Licences”).  

Cash acquisition costs have been funded equally by Power Metal and Kavango from existing cash resources and Kanye now controls 4,257km2 of PLs in the KCB. The cost to Power Metal amounts to US$215,000 (c.£153k) funded from existing cash resources. 

The South Ghanzi Extension Licences (481km2)

· The original South Ghanzi Project included two licences (PL036/2020 and PL037/2020) covering an area of 1,294km2 south of the town of Ghanzi in the KCB. 

· The South Ghanzi Extension PLs include four licences, two of which are adjacent to the South Ghanzi Project, which cover prospective structures identified from their recently completed Airborne Electromagnetic (“AEM”) survey.

· A further two licences include one licence comprising an area previously relinquished by MOD Resources Ltd (MOD Resources Ltd was acquired by Sandfire Resources NL (ASX:SFR) in October 2019), containing a soil-sampling anomaly, and one licence in an area west of PL036/2020 which is considered to be prospective for copper-silver mineralisation.

· Exploration at South Ghanzi is considerably advanced, with seven major copper/silver targets identified to date and locations for the planned upcoming drill programme currently being finalised.

The Mamuno Licences (2,482km2)

· The Mamuno Licences are four contiguous PLs on the western boundary of the KCB that cover a large anticlinal (possibly dome) system; that is plunging towards the west.

· The anticlinal structures at Mamuno are similar to that recently identified at the South Ghanzi Project (within PL 036/2020) and appear to be significantly larger.

· Within the licence area, the Ngwako Pan and D’kar Formation contact zone is variably exposed for over 100km (covering a possible reduction-oxidation (“redox”) boundary). The Kalahari sand cover over this exposed contact zone is relatively thin.  

· The area is well accessed by the Trans-Kalahari Highway, which links the cities of Gaborone and Johannesburg with Windhoek and Walvis Bay in Namibia. Mamuno is a border town located near the Botswana and Namibia border.

KCB Environmental Management Plan (“EMP”)

Kavango has received final feedback from the Ministry of Mines and final processing of the KCB EMP is underway.  Receipt of EMP approval is a key step required before exploration drilling can take place on PL areas.

The proposed EMP covers both the South Ghanzi, South Ghanzi Extension and Mamuno Licences. 

Immediate expansion of exploration in the KCB

In-depth desktop analysis is underway on the recently acquired licences.

Kavango will deploy four field teams to the KCB to begin extensive soil sampling and plans are being finalised to further increase number of teams on the ground.

This work is in addition to the planned drill programme at the South Ghanzi Project targeting copper-silver discoveries.  Further information with regard to drill targets and the programme itself will be provided to the market in due course. 

JOINT VENTURE STRUCTURE

The KCB PLs (South Ghanzi, South Ghanzi Extension and the Mamuno Licences) are held in the name of Kanye Resources (Pty) Ltd, a private Botswana company in which Power Metal and Kavango each have a 50% interest through Kanye Resources plc, a UK holding company.

Exploration costs are equally shared. Kavango is the operator. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support. 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principle focus on opportunities offering district scale potential across a global portfolio including precious and base metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Kavango Resources #KAV – KCB: South Ghanzi – 18km long open target at Morula

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce further encouraging soil sampling results from PL 036/2020 (“South Ghanzi Project”) in the Kalahari Copper Belt (“KCB”).

150km of soil sampling lines have now been completed over the Acacia and Morula targets on the South Ghanzi Project. Morula is now estimated to be at least 18km long (up from 12km previously announced) and between 800m and 2.4km in width. The anomaly remains open along strike in both directions.

In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of Morula. This target (designated name “Happy”) appears to be at least 5km long and 700m wide.

Promising, in-soil copper readings have been recorded on all three targets (Acacia, Morula and Happy).

The South Ghanzi Project is held in a 50/50 Joint Venture with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator.

Highlights

Ø Extension of infill soil sampling

–  Additional infill soil sampling lines extended from 5.5km to 11km

–  Longer lines led to the identification of the Happy Target.

–  Total of 150km of soil sampling lines now complete over Acacia, Morula and Happy

–  2,105 soil samples taken

–  1,199 samples returned copper in soil readings >30ppm

–  1,050 samples returned zinc in soil readings >29ppm (zinc is a “pathfinder” element for sedimentary hosted Copper-Silver deposits)

Ø 11 additional sample lines over Morula have confirmed:

–  The target is at least 18km in length

–  Width varies from 800m to 2.4km

–  Open along strike in both directions

–  63 highly anomalous copper readings >45ppm, with 5 results >62ppm

–  Zinc in soils correlates closely with copper readings, including 95 highly anomalous zinc readings of >71ppm Zinc including 9 results >91ppm

–  The clearly defined mineralised system appears to follow a large regional fault/shear zone

Ø New copper/zinc in soils anomaly identified as the Happy Target:

–  5km long and 700m wide

–  Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm, and 28 samples assaying between 71ppm to 86ppm zinc.

Ø Next steps

–  Induced Polarization (IP) and Audio-frequency  Magnetotellurics (AMT) surveys planned to define drill targets

–  Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project

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

“Morula is big. The maps we will publish on our website of the soil sampling result paint a compelling visual picture, but we remain grounded at this stage.

As exciting as the development of Morula is, we will only ever be able to prove if there is an economic resource there by drilling. We expect the Environmental Management Plan to be awarded in the very near future. At that point we can finalise plans for mobilising a rig to the South Ghanzi Project.

I would like to thank our team in the Kalahari Copper Belt for their dedication, their creativity and their ambition. The decision to double the length of the soil sampling lines appears to have paid off, with the identification of the Happy Target.

With the additional funds we recently raised, Kavango can now plan confidently for much more extensive exploration in the field, including accelerated drilling as soon as we are able.”

 

Background to Targets Morula and Acacia

Ø The Acacia Target is a 4km x 4km conductor on the northern boundary of PL 036/2020

–  Situated within a fold “nose”, which is plunging southwest

–  Lies just above the D’Kar – Ngwako Pan contact zone.

–  Made up of at least 4 individual pods, which emit strong EM readings.

–  Soil geochemistry directly over the anomaly demonstrates highly elevated levels of copper (>42ppm) and zinc (>75ppm).

–  Considered to be the highest priority drill target until the Morula Target was identified.

–  Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB

Ø The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike on a south-westerly trend along the central backbone of PL 036.

–  Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined AEM linear conductor.

–  Geological mapping, the AEM data and the soil geochemistry suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.

–  It appears to be a linear zone of deformed rocks, lying where the syncline (between 2 anticlines) should be located.

–  Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were 7km apart.

–  This was followed by four 4km long infill soil sample lines (1km apart with 100m sample intervals) to close the gap

–  All soil sample lines returned readings with significant concentrations of copper (35ppm to 62ppm) and zinc (59ppm to 111ppm) confirming the continuity of the geochemical anomaly over a strike of 18km.

–  AEM profiles suggest that the depth of mineralisation is relatively shallow such that initial drilling depths would be less than 200m.

Ø The Happy Target is estimated to be between 700m and 2.4km wide with 5km of strike sub-parallel to Morula.

–  Discovered by extending soil sampling lines south of the Morula Target

–  Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm, and 28 samples assaying between 71ppm to 86ppm zinc.

The POW/KAV Joint Venture

The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand 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 has 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.

Power Metal Resources #POW – Latest KCB Soil Sampling Extends Morula Target Geochemical Anomaly to Over 18km

Power Metal Resources PLC (LON:POW) a AIM listed metals exploration and development company is pleased to announce results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence (“PL”) 036/2020 at the South Ghanzi Project (“South Ghanzi” or the  “Project”) located in the Kalahari Copper Belt (“KCB”), Botswana.

South Ghanzi is held under a 50/50 Joint Venture (“JV”) with Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator of the Project.

A total of 150km of soil sampling lines have now been completed over South Ghanzi’s Acacia and Morula targets. The Morula Target geochemical anomaly is now over 18km long (up from 12km previously announced on 21 June 2021) and varies between 800m and 2.4km in width. The geochemical anomaly remains open along strike in both directions towards the northeast and southwest.

In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of the Morula Target. This target (designated name “Happy”) is approximately 5km long and approximately 700m wide.

A map displaying South Ghanzi copper geochemical results is available to view on the Company’s website through the following link:

https://www.powermetalresources.com/south-ghanzi-copper-map/ 

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

“The current 18km length of the Morula Target is dramatic, particularly as the target remains open in both directions.  Alongside this the discovery of a further geochemical anomaly named “Happy”, is another surprising and positive development at South Ghanzi.

What is also encouraging is that we are seeing strong coincidence between the copper-zinc geochemical anomalism with previously defined airborne electromagnetic (“AEM”) conductors.

Work continues on the Project and a key focus will be ground geophysics which will help us define drill targets which we plan to drill test subject to approval of the Environmental Management Plan.

Kavango’s in-country operations team have done a fantastic job executing on the various exploration plans and South Ghanzi has quickly become a key focus for Power Metal Resources.

Whilst the drill programme is the critical step to determine the tenor of mineralisation below the surface at South Ghanzi, the strength of exploration data that has been acquired thus far demonstrates that the Project holds major discovery potential for sedimentary hosted copper-silver mineralisation.” 

PROGRAMME HIGHLIGHTS:

· Extension of infill soil sampling

–  Additional infill soil sampling lines extended from 5.5km to 11km.

–  Longer lines led to the identification of the Happy Target.

–  Total of 150km of soil sampling lines now complete over the Acacia, Morula and Happy targets.

–  A total of 2,105 soil samples have now been taken over all targets.

–  1,199 samples returned Cu-in-soil readings >30ppm Copper (“Cu”).

–  1,050 samples returned Zinc (“Zn”) in-soil readings >29ppm Zn (zinc is deemed to be a “pathfinder” element for sedimentary hosted Copper-Silver deposits).

· Eleven additional sample lines over the Morula Target have confirmed:

–  The geochemical anomaly is greater than 18km in length.

–  Varies between 800m to 2.4km in width along its extent.

–  Open along strike in both directions towards northeast and southwest.

–  63 highly anomalous copper readings of >45ppm Cu, with 5 results >62ppm Cu.

–  Zn-in-soil results correlate closely with copper readings including 95 highly anomalous zinc readings of >71ppm Zn, including 9 results >91ppm Zn.

–  The clearly defined geochemical base metal anomaly appears to follow a large northeast-southwest regional fault/shear zone.

· New copper/zinc in soils anomaly identified as the Happy Target:

–  Approximately 5km long and 700m wide.

–  Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm Cu, and 28 samples assaying between 71ppm to 86ppm Zn.

· Next steps

–  Geophysics: Induced Polarization (IP) and Audio-frequency Magnetotellurics (AMT) surveys planned to define drill targets.

–  Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project. 

BACKGROUND TO THE MORULA,  ACACIA and HAPPY TARGETS

· The Acacia Target is defined by a 4km x 4km conductor on the northern boundary of PL 036/2020

–  Located within a fold “nose”, which is plunging southwest .

–  Lies just above the D’Kar – Ngwako Pan formation geological contact zone.

–  Made up of at least 4 individual pods, which emit strong electro-magnetic (EM) geophysics readings.

–  Soil geochemistry directly over the AEM anomaly demonstrates elevated levels of copper (>42ppm) and zinc (>75ppm).

–  Along with the newly defined Morula Target, Acacia is one of the highest priority drill targets at South Ghanzi.

· The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike length on a south-westerly trend along the PL 036/2020 licence boundary.

–  Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined slightly offset AEM geophysics linear conductor.

–  Geological mapping, AEM conductivity results as well as the latest soil sampling data suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.

–  Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were initially 7km apart.

–  Follow up soil sampling included four 4km long infill soil sample lines (1km apart with 100m sample intervals).

–  All soil sample lines returned readings with significant copper and zinc anomalisms confirming the continuity of the geochemical anomaly over a strike length of 18km.

–  AEM profiles suggest that the depth of mineralisation is relatively shallow at an estimated depth of roughly 200m.

· The Happy Target is estimated to be between 700m and 2.4km wide and 5km along strike which is sub-parallel to the Morula Target.

–  Discovered by extending soil sampling lines south of the Morula Target.

–  All soil sample lines returned readings with significant concentrations of copper and zinc anomalism.

THE POWER METAL/KAVANGO JOINT VENTURE

The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc, an England and Wales public company.

Exploration costs are equally shared. Kavango is the operator of the Project.

Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd which is wholly owned by Kanye Resources plc.

There are plans to list Kanye Resources plc on a recognised stock exchange.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Kavango Resources #KAV – Ditau Project update – drill targets identified

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”).

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

Highlights

Ø Geophysical and geochemical surveys completed on 12 targets areas

Ø 7 specific drill targets identified

–    Each target includes a possible carbonatite intrusive body lying within range of reverse circulation (“RC”) drilling

–    All targets within 300m depth

–    3 of the 7 targets classified as “high priority”

Ø Target I1 is a large, intense magnetic dipole

–    Spans 17km by 8km

–    Shallow depth to source of less than 100m

–    Kavango believes I1 sits just under the Kalahari sands

–    Lies at an intersection of two major regional fault zones

–    Anomalous niobium values identified. Niobium is used in various superconducting materials and industrial alloys

Ø Target I4

–    Spans 7.5km by 5km

–    Shallow depth to source of less than 100m

Ø Target I10

–    Spans 2.5km by 2.8km

–    High AMT resistivity, coincidental with a gravity high

Ø Data processing and interpretation in progress for final drill readiness

Ø Environmental Management Plan in place

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

“While our primary focus has been on developing our interests in the KSZ and KCB, we have been much encouraged by the number of drillable intrusive targets identified at Ditau. Most of these appear to be post Karoo in age and lying at a shallow depth beneath Kalahari sand cover.

It is particularly encouraging to have identified seven drill-ready targets, with three of those being classified as high priority. Carbonatite hosted deposits of Rare Earth Elements (REEs) hold significant strategic and commercial value. Kavango’s targets are relatively shallow, which should make it straightforward to determine this project’s potential

We look forward to revisiting Ditau later this year, once we’ve completed our other high-impact drill campaigns.”

Exploration at Ditau

Kavango has identified 12 ring structures within the two prospecting licences making up the Ditau Project.

Falconbridge Explorations Ltd identified a similar large ring structure (KW2), located 23km to the north of Ditau, in the 1970s. On drilling KW2, anomalous values of niobium were detected in carbonatite rock (REEs were not assayed for at the time). Niobium is used in various superconducting materials and industrial alloys.

KW2 is thought to be part of a “cluster” of post-Karoo, carbonatites in the Kang area, of which Ditau is a part.

There is increasing evidence that at least some of the ring structures at Ditau contain carbonatite.  An integrated exploration programme of surveys is being undertaken over the 12 ring structures (targets).

Each target is undergoing the following assessments/surveys:

SOIL GEOCHEMISTRY: 3 lines of soil geochemical sampling with specific attention to values of Niobium and REEs

CSAMT & AMT SURVEYING: To “map” the lithological contacts to determine conductivity and resistivity. The CSAMT survey was carried out using Geometrics’ Stratagem EH4 unit, which measures ground electromagnetic signals and calculates ground resistivity down to depths of 1km.

Most targets were surveyed using the low-frequency version of the Stratagem without a transmitter (AMT), which sees down to 1.6km. Readings were taken at 50m station intervals along a profile.

GROUND MAGNETIC SURVEYING: The Earth is like a giant magnet due to ferromagnesian minerals in its core. Locally, various rocks have different magnetic properties due to variable magnetic mineral content. Carbonatites usually produce magnetic “high” anomalies compared to their host rocks.

The G856AX proton precession magnetometer was used in the ground magnetic surveys. One G-856AX was used as a “base station” magnetometer taking readings at 30-second intervals and the other as a hand-carried instrument with a simple, push button operation. Readings were taken at 12.5m intervals along profiles.

GRAVITY SURVEYING: Carbonatites usually have higher density than their host rocks.

Gravimeters are generally used to measure relative gravity, of which there is a wide variety. The most modern gravimeters are Autograv, which include significant improvements compared to the old spring based systems.

An Autograv CG-3 gravimeter was used in the survey on Target I10. Readings were taken every 50m with a local base station visited 3 times a day. The Autograv obtains a reading by continuously averaging a series of one-second samples.

DATA INTERPRETATION: The Company’s approach to this involves “layering” survey data sets on geological and structural maps, to produce drill targets.

Results

Ø Interpretation of the results from the first 7 ring structure drill targets has identified 3 priority targets which demonstrate good potential to host to carbonatite (I1, I4 and I10).

–    I1 is a large, intense magnetic dipole that spans 17km by 8km and has a shallow depth to source of less than 100m. I1 lies at an intersection of two major regional fault zones.

–    I4 spans 7.5km by 5km and has a shallow depth to source of less than 100m.

–    I10 spans 2.5km by 2.8km and exhibits high AMT resistivity, coincidental with a gravity high.

Ø These targets appear to sub-outcrop just below the Kalahari sand cover (c.70m), within easy reach of RC drilling within 300m of service.

Ø Anomalous niobium values have been detected on one of these targets (Target I1).

Plans for further Work

Ø Further surveys will be completed on the remaining 3 ring structure targets.

Ø It is proposed to drill the 3 top priority targets before the end of the year. The Environmental Management Plan is in place.

Ø Samples from the drilling will be assayed for whole rock geochemistry and REEs.

The POW/KAV Joint Venture

The Ditau PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc. Exploration costs are equally shared. Kavango is the operator. Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd. There are plans to IPO Kanye Resources plc on a recognised stock exchange.

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 has 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.

NOTES TO EDITORS

THE DITAU PROJECT

The Ditau 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 “ring structures”.

The “ring structures” have the potential to host carbonatite 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 even Copper.

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