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#KAV Kavango Resources Plc – KCB – Drilling to restart at PL082

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that drilling is about to restart on the Company’s Kalahari Copper Belt (“KCB”) project area following a scheduled summer break.

HIGHLIGHTS

–     Hole KCBRD006

o Kavango will recommence drilling on the sixth and final hole in the current drilling programme on prospecting licence (“PL”) PL082/2018 this weekend

o Upon completion, the Company expects to have drilled around 1,640m in the programme, exceeding its original guidance

–     KCBRD006 is targeting a major stratigraphic structure identified by its Controlled-Source Audio MagnetoTelluric (“CSAMT”) surveying

o Kavango has interpreted the CSAMT data as indicating the presence of a D’Kar/Ngwako Pan horizon contact. This is the primary control for economic copper/silver mineralisation in the KCB

§ The Company’s analysis identifies this as a continuation of the horizon hosting Sandfire Resources’ (ASX:SFR) neighbouring Kronos copper target zone

o Physical confirmation of the contact’s presence will validate the Company’s use of CSAMT as a KCB exploration tool

Ben Turney, Chief Executive Officer of Kavango Resources, commented: Through our innovative use of CSAMT, Kavango has identified major structures for the first time on our KCB licences. Our ongoing drill programme has subsequently confirmed these to be associated with deformation, fluid flow, and alteration. This could be a game changer in exploration for a new generation of drill targets on the KCB. Given the large size of our KCB licence package, Kavango is currently working to optimise and prioritise these. Our COO Brett Grist is presently in Botswana with our senior consultants, the results of which work are expected to refine our 2023 KCB exploration strategy.”

KCBRD006 details

Kavango began drilling KCBRD006 in December 2022 and following a scheduled break in its ongoing PL082/2018 drilling campaign is about to continue the hole to completion. The Company expects to have drilled approximately 1,640m over six holes once the hole completes, exceeding the 1,250m it originally planned (announced >>> 11 October 2022). To date, 1,211.97m have been drilled.

Kavango is using KCBRD006 to target a D’Kar/Ngwako Pan horizon contact interpreted from the inversion results of its Line 4A CSAMT survey on PL082/2018 (announced >>> 16 December 2022) , and from a survey on Line 6A.

Line 4A was extended beyond the licence boundary to the southeast and onto ground held by Sandfire Resources (ASX:SFR). This ground hosts the Kronos copper target zone (“Kronos”), which is known to lie at a D’Kar/Ngwako Pan horizon.

Kavango’s interpretation of the inversion shows that the horizon hosting Kronos extends over the licence boundary and across PL082/2018 as a syncline. With KCBRD006, the Company is testing for favourable host geology associated with resistivity highs related to this interpreted Ngwako Pan horizon.

KCBRD006 is being drilled on the northwest edge of PL082/2018, which the Company has interpreted as a limb of the syncline where it rises towards the surface. Targeting the horizon on its shallowest interpreted zone enables Kavango to physically confirm its presence in the quickest and most cost-effective way possible.

Kavango commenced KCBRD006 using the Reverse Circulation (“RC”) technique with a multi-purpose rig. This approach permits a cost-effective start to drilling the hole. Drilling is being completed using the Diamond Core technique to provide a higher quality of data for analysis.

KCBRD006 is being drilled approximately 250m to the south-southwest of the last hole in Kavango’s PL082/2018 drill programme, KCBRD005. This was the first hole to be targeted principally using CSAMT and encountered an intense zone of brecciation and shearing intermittently from 379m to the end of hole at 497.55m. Kavango drilled to the end of the brecciated zone to act as a control for future use and interpretation of CSAMT.

Graphical user interface Description automatically generated

Figure 1: Highly sheared core from bottom of hole KCBRD005; this coincides with the deformed zone seen on the CSAMT

This brecciation coincides with a steeply south-southeast dipping structure interpreted from the CSAMT inversions as a ‘strain breccia zone’, partially validating the CSAMT method in this part of the KCB.

Alteration fluids can pass through brecciated zones and deposit metal ions. When this takes place in the vicinity of the favourable Ngwako/D’Kar Pan contact, these ions can accumulate and form deposits due to reductive conditions.

Kavango will publish full drill results at the end of the campaign, once all data has been processed.

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 (Broker)

+44 207 374 2212

Jason Robertson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of 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.

 

UKIM Podcast – CEO Alan Green discusses 14 shares to watch in 2023


Alan Green joins the Podcast for a run down of his shares to watch in 2023.

We start with a look at Bidstack and the disappointing start to the year before we jump into Alan’s 14 stocks to watch in 2023.

Companies included:

  • Shell (LON:SHEL)
  • AstraZeneca (LON:AZN)
  • Power Metal Resources (LON:POW)
  • Tekcapital (LON:TEK)
  • Cadence Minerals (LON:KDNC)
  • ECR Minerals (LON:ECR)
  • Blencowe Resources (LON:BRES)
  • First Class Metals (LON:FCM)
  • GreenX Metal (LON:GRX)
  • Kavango (LON:KAV)
  • More Acquisitions (LON:TMOR)
  • China Nonferrous Gold (LON:CNG)
  • Harland & Wolff (LON:HARL)
  • Technology Minerals (LON:TM1)

We wish our listeners a prosperous new year.

14 Shares to Watch in 2023 with Alan Green

Kavango Resources #KAV – KCB – CSAMT Kronos calibration & drill expansion

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce the Company has interpreted inversion results from the Controlled-Source Audio Magnetotelluric (“CSAMT”) Line 4A survey (“Line 4A”), which extended over Sandfire Resources’ (ASX:SFR) Kronos copper target zone (“Kronos”).

Kavango successfully identified the D’Kar/Ngwako Pan contact at Kronos from surface using CSAMT.

By using a known copper occurrence in the vicinity of PL082/2018, Kavango has developed an important control in its calibration of its CSAMT technology in the KCB. Subsequent interpretation of the Line 4A CSAMT data has encouraged the Company’s technical team to expand the current drill programme beyond the1,250m originally planned.

Further updates on progress and upgraded targeting will be made in the New Year.

Highlights

· Line 4A CSAMT results overview

§ Kronos occurrence identified clearly as sedimentary beds that dip shallowly to the northwest across the PL082/2018 licence border

§ Key D’Kar/Ngwako Pan formational contact pinpointed <200m from surface at Kronos

§ The key D’Kar/Ngwako Pan contact can be traced onto Kavango’s licence, where is follows a syncline and dips back towards surface near the northwest edge of the licence.

§ Kavango is confident similar results can be replicated across the KCB

§ Results reviewed by an independent third party with regional KCB geology experience

§ Results shared with Sandfire Resources and positively received

· Drilling programme update

§ Drill programme to be extended, final meterage to be confirmed

§ Drill programme to continue to Christmas break and recommence in New Year

§ Cores and rock chip samples currently being logged and interpreted to assess potential vectors indicating the proximity of a potential mineralising system

§ Kavango to use newly acquired CSAMT and Airborne Electromagnetic (“AEM”) data to refine next phase of drill targets

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

” The Line 4A CSAMT results represent a technical breakthrough for Kavango. The successful imaging of the D’Kar/Ngwako Pan contact at the Kronos occurrence should allow us to develop CSAMT as a powerful exploration tool in our exploration for copper/silver mineralisation in the Kalahari Copper Belt.

CSAMT appears to identify the contact between the low resistivity D’Kar formation rocks and the substantially more resistive Ngwako Pan formation.  When combined with AEM, which is routinely deployed in the KCB, there appears to be tremendous potential that these are very complementary electromagnetic systems. We now believe that AEM conductors within the D’Kar can be distinguished from the highly desired conductors at the Ngwako Pan contact. Our goal is to test this theory with drilling.

If proved to be successful, Kavango’s CSAMT method could save a lot of drilling metres and allow for the evaluation of the fold structures within the KCB in section, thereby determining the depth to the critical Ngwako Pan contact

Based on the technical success of the combined CSAMT and AEM results so far on PL082 and our ongoing interpretation of what we have already seen in drilling, Kavango has decided to extend the current drill programme into the New Year to continue to refine the application of this new method. This new tool will continue to develop. ” 

Line 4A CSAMT detailed results

Line 4A was extended beyond the boundary of PL082/2018 to the southeast and onto Sandfire ground that hosts the Kronos occurrence, with the permission of Sandfire Resources (ASX:SFR).  As Kronos is known from historical drilling to lie at the D’Kar/Ngwako contact zone, Kavango’s objective was to use the target zone as a known geology calibration point for the CSAMT to confirm the D’Kar / Ngwako Pan contact signature on PL082/2018.

Data from Line 4A highlighted a very distinct, shallowly to moderately dipping geological folded zone within PL082/2018 known as a “syncline”, defined as folded sediments dipping southeast and northwest towards a central axis.  Steeply dipping brittle faults cross this syncline structure.

Kavango has now received inversions for CSAMT data acquired over a total of 4 lines on PL082/2018, each showing this same syncline fold structure.

Kronos is defined clearly on Line 4A as sedimentary beds that dip shallowly to the northeast across the Kavango licence boundary, continue across PL082 as deep as 650m, then dip back up towards the surface on the Northwest limb of the identified syncline.

Kavango interpreted the inversion as a signature for the presence of the crucial D’Kar/Ngwako Pan formational contact from the Kronos target zone to the northwest edge of PL082/2018. This formational contact is the primary control for economic copper/silver deposits across the KCB. Kavango is currently considering a new drill hole to target this specific horizon, as it could represent a significant strain breccia zone that may have acted as a conduit for fluid alteration.

Figure 1: Line 4 CSAMT inversion, viewed northeast, showing interpreted continuation of shallowly northwest dipping sedimentary beds, hosting Sandfire’s Kronos occurrence, that propagate onto Kavango’s PL082 licence in the KCB. There is clear resolution of a syncline with significant cross faults that could act as fluid conduits. The sediments dip back towards surface on the northwest ends of the syncline, on Kavango’s licence.

The inversions from Line 4A have greatly exceeded Kavango’s expectations. They provide verification of CSAMT surveys as an exploration tool in the KCB, showing that critical D’Kar -Ngwako Pan contact should be resolvable on the Company’s licences.

Another key observation from Line 4A was of prominent brittle structures crossing the folded sediments of the synform on PL082, originating from several kilometres in depth and propagating to the near surface. These have been interpreted as probable conduits for hydrothermal fluids and alternation that could potentially lead to mineralisation at the Ngwako Pan contact.

Next steps

The northwest edge of the syncline on PL082/2018, as elucidated by Line 4A, has been initially tested with Hole KCBRD005, which was originally sited on the basis of surface geochemical soil anomalies.

The CSAMT results from Line 4A suggest that the Company is targeting a priority structure, in line with the Company’s existing drill strategy for PL082/2018 (announced >>> 20 October 2022). A probable folded and brecciated zone was encountered in Hole KCBRD005, at the c.350m depth indicated by the interpretation of the Line 6A CSAMT inversion. Kavango has therefore engaged a KCB experienced local geological contractor to re-log and analyse cores and rock chip samples taken from the first phase of drilling.

Kavango’s aim with the relogging is to confirm the presence of physical and geochemical exploration vectors that could indicate the proximity of a potential mineralising system to the recent drilling. The Company believes this work will assist it in deciding its next drill target location.

The Company’s KCB drill programme will pause shortly for the Christmas holiday and continue in the New Year on a new exploration hole.

Should core relogging confirm the Company’s current understanding of what it has encountered in Hole KCBRD005, it is likely the next exploration hole will be targeted on the basis of (i) proving that the inverted CSAMT data is effective in identifying the D’Kar/Ngwako Pan contact on the northwest limb of the syncline, (ii) verifying interpreted fault structures, and (iii) determining if these targets are altered and mineralized.

Kavango’s technical team will continue to work on processing and interpreting previously and newly acquired CSAMT and AEM data across its portfolio of KCB prospecting licences to assist with improved target resolution.

Kavango will publish full drill results at the end of the campaign, once all data has been processed.

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

+44 207 374 2212

Jason Robertson   

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

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

NOTES TO EDITORS

KAVANGO’S INTERESTS IN THE KALAHARI COPPER BELT

Kavango’s exploration licences in the KCB include:

Kanye Resources

100% working interest (in 10 prospecting licences, which cover 4,256km2.

The LVR Project / Shongwe Resources

A 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture, Shongwe Resources, 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.

Kavango Resources #KAV – Holding(s) in Company

 

TR-1: S tandard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Kavango Resources PLC

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Power Metal Resources PLC

City and country of registered office (if applicable)

London, England

4. Full name of shareholder(s) (if different from 3.) v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

25.11.2022

6. Date on which issuer notified (DD/MM/YYYY):

29.11.2022

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

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

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

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

Total number of voting rights of issuer vii

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

9.85%

9.85%

705,569,314

Position of previous notification (if

applicable)

 

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

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BF0VMV24

69,500,000

9.85%

SUBTOTAL 8. A

69,500,000

9.85%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period
 xi

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

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
 x

Exercise/
Conversion Period
 xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

 

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

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

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
 xiv (please add additional rows as necessary)

Name xv

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

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

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

 

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

London, England

Date of completion

29.11.2022

#KAV Kavango Resources plc – KCB – CSAMT breakthrough

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

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

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

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

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

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

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

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

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

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

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

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

#KAV Kavango Resources Plc – Publication of Prospectus

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

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

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

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

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

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

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

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

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

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

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

Warrants

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

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

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

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

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

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

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

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

Admission and Total Voting Rights

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

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

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

 

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson              

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

 

New UK Investor Magazine Podcast – covering Rishi Sunak, Barclays #BARC, Reckitt Benckiser #RKT, Blencowe Resources #BRES and Kavango Resources #KAV

uk investor magazine podcast

The UK Investor Magazine is joined by Alan Green for a broad discussion around key market themes and a number of UK equities.

We start with a look at Rishi Sunak’s early moves as Prime Minister. He has moved to unify his party and made early progress in increasing confidence in UK assets. We look at what the future holds for him.

Barclays have enjoyed the benefits of higher interest rates and increased bond trading in the third quarter. However, the economic outlook is a cause for concerns and market sentiments echoed those of HSBC yesterday.

Reckitt Benckiser shares fell as Q3 sales rose but volumes fell. We explore what the coming months could mean for the consumer company.

We finish with the success of secondary placings in junior explorers Kavango Resources and Blencowe Resources.

Barclays, Reckitt Benckiser, and Rishi Sunak with Alan Green

Kavango Resources #KAV – Block listing Interim Review

 

Block Listing Six Monthly Return

 

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

Name of applicant:

Kavango Resources Plc

Name of scheme:

Warrants & Share options

Period of return:

From:

19/04/22

To:

18/10/22

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

141,081,651

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

n/a

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

0

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

141,081,651

Name of contact:

ONE Advisory Limited, Company Secretary

Telephone number of contact:

+44 (0) 20 7583 8304

 

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

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

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

Fundraising

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

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

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

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

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

Ben Turney, Chief Executive Officer of Kavango, commented:

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

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

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

Use of funds

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

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

Details of the Placing and Subscription

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

In connection with the Placing, the Company shall issue

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

Total Voting Rights 

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

Prospectus

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

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

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

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson              

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

Kavango Resources #KAV – KCB – Promising CSAMT Results PL082

 

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

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

HIGHLIGHTS

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

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

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

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

–  This is interpreted as a faulted and brecciated margin

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

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

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

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

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

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

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

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

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

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

Further information in respect of the Company and its business interests is provided on the Company’s website at  www.kavangoresources.com  and on Twitter at #KAV.

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