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#TM1 Technology Minerals – UK EV battery recycling hots up with Technology Minerals

15 years from now, it is estimated there will be some 250,000 tones of spent EV battery packs, and they all have to go somewhere.

Thankfully, EV batteries aren’t nuclear waste; we can recycle them to extract raw materials and reuse those materials to make more batteries.

Like the plastic trays and milk bottles you throw in the bin, used EV batteries are recycled to separate the useful minerals from the chaff. This not only reduces our dependency on virgin materials but slashes carbon emissions in the supply chain.

The recycling process shreds the EV batteries, creating a black mass, which consists of high amounts of lithium, manganese, cobalt, and nickel metals. Those metals are refined further to create a fresh supply of rare and uncommon metals.

Battery recycling for electric vehicles includes both the main battery pack and the 12V battery, which can be lead-acid or lithium-ion.

The ultimate goal is to create a closed-loop manufacturing process. In November, Northvolt announced the world’s first 100% recycled EV battery.

UK EV battery recycling

In the UK, battery recycling facilities are relatively common, but facilities that recycle EV batteries are not. You see, EV batteries are enormous, and they have a different chemical composition to the batteries in your smartphone, requiring different recycling and refinement processes. The process is expensive and difficult.

Technology Minerals PLC, a British company, aims to change this as the UK’s first listed company to create a circular economy in the battery metals sector.

They aim to achieve this with proprietary recycling technology and a partnership agreement with a leading hazardous waste company, working closely with them to design and develop recycling facilities that can recycle EV batteries at scale.

The deal will see Recyclus Group, a 49% Technology Minerals owned company, partner with hazardous waste management and service delivery provider Slicker Recycling. The partnership will boost recycling output for lithium-ion batteries with a high level of refinement, preserving the quality of the extracted metals with great efficiency.

“There is a clear demand building as a result of this quantum shift to electrification,” says Alex Stanbury, CEO of Technology Minerals.

“We are focused on extracting raw materials required for lithium-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers.”

The demand for electrification is only going to increase, and we have to come to terms with the battery waste this will create.

The move by Technology Minerals is the first of its kind in the UK and a welcome step in the right direction for EV battery recycling.

#KAV Kavango Resources – Option to acquire up to 51.15% of Molopo Farms

KAV

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce it has entered an exclusive, three month option (the “Option”) to acquire 85.23% of Kalahari Key Mineral Exploration Proprietary Limited (“KKME”) in a proposed all share-transaction (the “Proposed Acquisition”). Kavango can exercise the option at its sole discretion.

KKME is a privately owned company, which currently owns 100% of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the “Molopo Farms Project” (“MFP”). KKME holds no other interests and is debt free. Power Metal Resources plc (LSE:POW – “Power Metal”) has an effective 40% project in the MFP, which it will convert into equity on a pro-rated basis in KKME should the Proposed Acquisition complete.

Following the Proposed Acquisition, Kavango would hold an interest of between 50.74% and 51.15% in KKME, Evrima Plc (“Evrima” – a currenty shareholder in KKME) would hold between 9.26% and 8.86% of KKME and Power Metal would own the remaining 40%. Power Metal and Evrima intend to retain their shares in KKME and will continue as project partners. Kavango would be the operator.

Rather than pay an option fee, Kavango will complete a work programme on the MFP (the “Work Programme”). This will enable the Company to complete technical due diligence, including fieldwork, prior to deciding whether to exercise the Option. As part of the Work Programme, Kavango will perform a review of all geological and geophysical data gathered from previous exploration of the MFP.

 

Highlights

Ø About the Molopo Farms Project:

–  KKME owns 60% of the MFP, which is a Nickel/Copper/Platinum Group Elements (“PGEs”)exploration project in sourthern Botswana

–  The MFP covers 1,723km2

–  Exploration targets lie under Kalahari Cover

–  Primary exploration strategy led by advanced geophysics

–  Spectral Geophysics (“Spectral”) historically engaged to complete surface surveys

–  KKME drilled 3 boreholes in October 2020 (“Targets 1, 2 & 3”), each of which encountered ultramafic rocks

–  Nickel sulphides were identified in Borehole K1-6 (“Target 2”)

–  Power Metal to continue as project partner, with a 40% stake in the MFP

 

Ø The Work Programme will commence immediately, to include:

I.  Spectral to perform a single “moving loop” survey over Target 1

II.  Kavango to perform soil geochemical analysis over Target 2

III.  Kavango to cut cores and send select samples from Target 3 for assay testing

IV.  Kavango to create a unified regional 3D model of MFP using all available borehole data

V.  Kavango to send thin sections of core samples, taken from Targets 1, 2 & 3, for university analysis

VI.  Kavango to contract Bell Geophysics to perform gravity data analysis over the northern part of the MFP

 

Ø Acquisition Terms, should the Company exercise the Option:

–  Value of the Proposed Transaction estimated to be between £1.17m & £1.875m (payable in stock), depending on the performance of Kavango’s share price

–  The Company anticipates closing the Proposed Transaction through the issue of 21,307,500 shares, pro-rated, to certain KKME shareholders (the “Vending Shareholders”) at an issue price of 5.5p (the “Acquisition Shares”), valuing KKME at £1.375m

–  Half the Acquisition Shares will be locked in for 6 months & the other half locked in for 12 months

–  Kavango to issue 1-for-1 two-year warrants to the Vending Shareholders on the same terms as the 05 July placing (the “Acquisition Warrants”). The Acquisition Warrants are transferrable between the Vending Shareholders.

 

Ø Kavango CEO Ben Turney will host a live shareholder webinar via Twitter Spaces through the Company’s Twitter account at 1900GMT on Monday 29 November to discuss the Proposed Acquisition and how it fits with Kavango’s strategy (visit https://twitter.com/KavangoRes or use the handle @KavangoRes for more information)

 

Ben Turney, CEO of Kavango Resources, commented:

“Our vision is to build a world-class minerals exploration firm in Botswana. Our business model is based on making multiple, large-scale metal discoveries, which we can sell to major international mining firms.

Over the course of this year we’ve recruited senior technical staff, deployed the latest technologies into the field, invested heavily in our local operations and significantly increased exploration activity. The Kavango team has now put in place a strong foundation, upon which we can confidently grow the company.

The next important element in our strategy is to have a pipeline of high-quality projects we can acquire or earn into. In this respect, Molopo Farms could be a perfect fit. The fact that our close strategic partners, Power Metal Resources and Spectral Geophysics, are already heavily involved is potentially a big advantage. We look forward to working with Evrima too.

The terms of the deal are also appealing. An all-share transaction makes sound commercial sense, enabling us to preserve cash resources to use in the field. The structure of the Work Programme Option, means we can immediately start moving the project forward, while also performing detailed due diligence,

I look forward to reporting on our progress. 

 

About the Molopo Farms Project

KKME is a privately owned company, which owns 100 per cent of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the “Molopo Farms Project” (“MFP”). The MFP is highly prospective for Nickel/Copper/PGE deposits and covers 1,723km2 . All exploration targets lie under Kalahari Cover. The primary exploration strategy is the use of advanced geophysical surveys, data interpretation and modelling to identify drill targets.

 

Power Metal Resources (LSE:POW) owns 40 per cent of the MFP earned by financing part of the exploration work.

Evrima Plc currently owns 15.43% of KKME, which will dilute to an interest of between 9.26% and 8.86% on completion of the Acquisition.

KKME has engaged Spectral Geophysics to conduct geophysical surveys over the MFP. Spectral has specialist knowledge and expertise in mapping subsurface geology beneath Kalahari cover.  Kavango separately entered into a strategic partnership with Spectral on 20 April 2021, for the Company’s Kalahari Suture Zone (“KSZ”) Project. The exploration challenges in the KSZ and MFP are notably similar.

In October 2020 KKME completed an initial drill campaign, which targeted three separate geological structures, with one borehole in each (Targets 1, 2 & 3).

Drilling at Target 1 appears to have closely missed the main conductive anomaly, but Kavango’s team is encouraged by geophysical survey data. Spectral Geophysics will complete a “moving loop” survey over Target 1, with the aim of producing a more defined model of the conductive target.

Core retrieved from Target 2 (“Hole K1-6”) contains visible nickel sulphides. A soil-sampling programme over Target 2 has been designed to test the surface extent of any possible underlying mineralisation, with a view to preparing future follow-up drilling.

The latest assay results from Hole K1-6 can be viewed in the announcement made by Power Metal on 24 September 2021 below;

https://www.investegate.co.uk/power-metal–pow-/rns/botswana-molopo-farms-complex—further-assays/202109241515069521M/ .

Cores from Target 3 will be cut and sent for laboratory testing at the University of Witswatersrand.

 

The Work Programme Option

In return for being granted the Option, Kavango proposes to complete the following work programme (the “Work Programme”)

I.  Spectral to perform a single “moving loop” survey over Target 1, to be paid for by Kavango

II.  Kavango to perform soil geochemical analysis over Target 2. KKME to provide details of an outline soil-sampling programme, to be signed off by Kavango’s Exploration Manager. Kavango to provide a maximum of 2 teams for a maximum of 1 calendar month to perform the soil sampling programme. 

III.  Kavango to arrange for the remaining core from Target 3 to be cut and sent for analysis. KKME to provide confirmation of the quote received for lab analysis 

IV.  Kavango to input the regional borehole data from Targets 1, 2 & 3 into a unified 3D model. KKME has indicated this data is in Microsoft Excel. KKME to provide Kavango with said data.

V.  Kavango to send thin sections of core samples taken from the 3 bore holes drilled at Targets 1, 2 & 3 for university analysis

VI.  Kavango to fund a contract agreed with Bell Geophysics for a reinterpretation and inclusion of gravity data for the northern part of the licence block

In the event that Kavango does not exercise the Option, Kavango may elect to turn over to KKME all data gathered from the Work Programme, which will then become the property of KKME.

 

Proposed Acquisition Terms

The Option has a 3-month term, valid commencing 25 November 2021, which gives Kavango the exclusive right (at its sole discretion) to acquire between 50.74% and 51.15% of the fully diluted share capital in KKME from the Vending Shareholders, in exchange for:

–  21,307,500 million shares in Kavango, issued at a price of 5.5p per share and credited as fully paid, with half the shares subject to a 6-month lock-in and half the shares subject to a 12-month lock-in (the “Acquisition Shares”)

–  If at the time of exercising the Option, the Kavango share price has traded below 5p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Lower Price”), then Kavango will issue £1,170,000 worth of shares at the Lower Price to the Vending Shareholders.

–  If at the time of exercising the Option, the Kavango share price has traded above 8.8p on a 10-day Volume Weighted Average Price (“VWAP”) (the “Upper Price”), then Kavango will issue £1,875,000 worth of shares at the Upper Price to the Vending Shareholders.

–  1-for-1 two-year warrants exercisable at 8.5p per share, which are subject to an acceleration clause, whereby if the Company’s shares close above 17p for 5 trading days, the Company may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment (the “Acquisition Warrants”)

–  Kavango will issue the Acquisition Shares and Acquisition Warrants directly to the Vending Shareholders, prorated in their respective allocations

–  The Acquisition Warrants will be transferable between KKME shareholders, with the written permission of Kavango

–  No cash fee is payable in connection with the Option

 

Upon Option exercise:

Kavango will, if necessary, issue a prospectus as soon as is practicable and (if Kavango considers the same to be necessary or desirable) call a general meeting to seek shareholder approval for the Proposed Transaction, should Kavango exercise the Option.

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

#KAV Kavango Resources – KCB: MoU to accelerate 90% ownership of the LVR JV

 

KAV

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has signed a Memorandum of Understanding (“MoU”)to accelerate its 90 per cent (“90pc”) ownership of the LVR Joint Venture (the “LVR JV”) in the Kalahari Copper Belt (the “KCB”).

The LVR JV incorporates prospecting licences PL082/2018 & PL 083/2018, which cover 1,091km2 of prospective ground the KCB (the “Project”). Under the original terms of the LVR JV, the Company had been earning into 90pc ownership of the Project, through a pre-agreed spending programme.

However, results from field exploration have increased the Company’s confidence in the Project. Consequently, Kavango made a proposal to LVR GeoExplorers (Pty) Ltd (“LVR”) to accelerate its 90pc ownership.

Kavango and LVR have now signed the MoU to the effect that in return for Kavango taking an immediate 90pc stake in the LVR JV, the Company will issue to LVR 2,000,000 Ordinary Shares (at an issue price of 5.5p per share) and 2,000,000 warrants, exercisable at 8.5p per share for a period of two years (the “Warrants”)

The Warrants are subject to an acceleration clause, whereby if the Company’s shares close above 17p for 5 trading days, the Company may write to warrant holders at any time providing 10 working days’ notice of accelerated exercise, with 10 working days thereafter for payment

Kavango CEO Ben Turney will host a live shareholder webinar via Twitter Spaces through the Company’s Twitter account at 1900GMT on Monday 29 November to discuss the 90pc ownership acceleration in the LVR JV and how it fits with Kavango’s strategy (visit https://twitter.com/KavangoRes or use the handle @KavangoRes for more information)

 

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

“The LVR JV is perhaps our “forgotten” project. However, this does not reflect the exploration potential of the two prospecting licences held within it. PL082 is particularly encouraging, with what appears to be a conductor target, analogous with the Banana Zone deposit on the other side of Ghanzi Ridge.

To simplify the JV arrangement and accelerate our direct 90% direct interest in the joint venture, we made an offer to LVR GeoExplorers, which I am very happy to report they accepted. Since Kavango was already going to carry significant exploration expenditure under the original terms of the earn-in, doing this deal at this stage makes sense.

We now need to finalise the terms described in the memorandum of understanding to conclude the deal. In the meantime, field work will continue across both prospecting licences and we expect to release further updates in the near future. “

 

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

#KAV Kavango Resources – Drilling commencement & upgraded target motivation

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce commencement of drilling of the Company’s B1 Conductor Target (the “B1 Conductor”, announced 02 July) with Hole KSZDD002.

The B1 Conductor is a cross-formational, strongly conductive geophysical anomaly that has a conductance reading of 8,200 Siemens. Part of Kavango’s exploration model in the Kalahari Suture Zone (“KSZ”) is based on identifying sub-surface conductors with conductance readings greater than 1,000 Siemens. According to the Company’s model, the B1 Conductor is 475m by 550m in size, exhibits a decay constant in excess of 350ms and dips at a 60-degree angle.

 

Conclusion – Kavango believes the position, size, shape, orientation and conductance of the B1 Conductor suggest this target may have the potential to be a large-scale, Karoo-age nickel/copper/platinum group element (Ni/Cu/PGE) mineralisation.

 

Objective – Hole KSZDD002 has been designed to intersect the B1 Conductor, to give us the best possible information from a single hole regarding the presence or otherwise of metal sulphides (or whatever else could be the source of such a highly conductive zone).

 

Drill Motivation – The B1 Conductor was identified through two surface Time Domain Electromagnetic (“TDEM”) surveys, performed by the Company’s strategic partner Spectral Geophysics (“Spectral”) in Q2 this year.

The Company believes the B1 Conductor was emplaced within a Karoo gabbro, which sits above the “Great Red Spot” magnetic anomaly, at a depth of 550m from surface. Lithological logging of the core from Hole KSZDD001 (announced 16 November) shows a thick 70m Karoo gabbroic sill is at a similar depth to the B1 Conductor. KSZDD001 was drilled 1km away from the collar location of KSZDD002.

If Kavango is correct about the nature of the possible relationship between the B1 Conductor and the local Karoo gabbro intrusive, this would suggest the B1 Conductor may have been emplaced during the Karoo (c.180 million years ago), by a magmatic event that intruded the existing flat lying Karoo sediments.

Preliminary structural interpretations, combining the geology intersected in KSZDD001 with updated inversion models of the “Great Red Spot” magnetic anomaly, indicate that Karoo aged intrusives may have intruded upwards along structures that controlled the emplacement of the underlying Proterozoic gabbros (c.1.1 billion years ago).  One of these structures could be the host lithology of the B1 Conductor.

Kavango’s updated inversion model of the Company’s aeromagnetic data indicates that the 60-degree dip of the B1 Conductor is aligned directly towards one of flanks of the magnetic high of the underlying Great Red Spot.

The Company is currently exploring the possibility that the Great Red Spot area has potential to host two separate, distinct mineralised systems; one younger Karoo-age system (prospective for Ni/Cu/PGEs), and another older Proterozoic-age system (mineralisation model in the process of being confirmed). Kavango anticipates that drill core from Hole KSZDD002 should help it test its theory of the potential for a stacked exploration play in this area.

Kavango expects to drill Hole KSZDD002 to a depth of 650m.

 

Risk Assessment – Kavango has already paid the cash element of the drilling costs for Hole KSZDD002, with the balance to be paid in stock. The Company’s working capital position is £2.1million. The Company is confident the outcome of Hole KSZDD002 will have no bearing on its planned other work programmes in 2022 in the KSZ, the Kalahari Copper Belt or Ditau.

To date Kavango has only performed nine surface TDEM surveys across the northern “Hukuntsi” section of the KSZ. From results gathered so far, the Company is convinced this geophysical technique is the right technology to identify future conductive Ni/Cu/PGE drill targets, should they exist within drilling range.

Kavango’s geophysical team is in the process of drawing up a phased campaign of follow up TDEM and downhole electromagnetic (“DHEM”) surveys over the Great Red Spot and Target Area A. If successful, the Company will then roll this campaign out to other target areas in the KSZ. The objective will be to identify conductor targets at representative depths of potential Karoo-age gabbros (searching primarily for possible Ni/Cu/PGE deposits) and conductor targets set within Proterozoic-age gabbros (searching both for possible Ni/Cu/PGE deposits & an alternative as yet unspecified mineralised deposit model that fits the increasing range of geological and geophysical data Kavango has obtained).

Kavango’s geophysical team is in the process of drawing up a phased campaign of follow up TDEM and downhole electromagnetic (“DHEM”) surveys over the Great Red Spot and Target Area A. If successful, the Company will then roll this campaign out to other target areas in the KSZ. The objective will be to search for conductive targets that primarily fit a Ni/Cu/PGE deposit model, at the depths of both Karoo-age gabbros and the deeper Proterozoic-age gabbros.

Further, Kavango has obtained geological and geophysical evidence for an alternative, and as yet unspecified, mineralised deposit model in the Proterozoic.

Hole KSZDD002 is the fourth borehole of the current KSZ drilling campaign. Despite its status as an extremely high priority target, Kavango left drilling of the B1 Conductor until last, to enable the Company to learn as much about the local ground conditions and stratigraphy as possible. Kavango is aware of the challenges posed by drilling in this area and has, in collaboration with Equity Drilling & Mindea Exploration and Drilling Services (Pty), made a number of changes to the engineering design of Hole KSZDD002.

As with other boreholes in this year’s KSZ drill campaign, the priority of Hole KSZDD002 is to reach target depth and recover as much drill core as possible for future analysis. However, given what is known about the structural composition of commercial Ni/Cu/PGE ore bodies (i.e. they can be relatively discrete and exist in clusters), Kavango is mindful of the importance of being able to conduct DHEM on this hole. The Company has taken steps to maximise its chances of being able to complete DHEM on Hole KSZDD002, but is aware the precise geology of the rock formations the drill will encounter is unknown at this stage. This geology has the potential to limit the ability to carry out full a DHEM survey.

 

Latest Update – Drilling commenced on Friday 19 November, in 12-hour double shifts. By the end of the night shift on Monday 22 November Hole KSZDD002 was 60.79m

Online Presentation and Shareholder Q&A

Kavango Chief Executive Ben Turney and Consulting Geophysicist Jeremy Brett will present the Company’s latest interpretations of the B1 Conductor at the Proactive One2One Forum on 25 November at 1800GMT. To participate in this event please visit the following link:

https://event.webinarjam.com/register/1344/lxxzghmzw

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

“This is the most important exploration hole ever drilled in the Kalahari Suture Zone.

It is up to the drillers and our team on the ground to deliver another successful hole. They’ve all done fantastic work for us already this year and I hope their efforts are richly rewarded.

On a personal note, I am particularly encouraged by the B1 Conductor crosscutting the flat-lying Karoo formation sediments. The fact our modelling suggests it dips towards the Great Red Spot’s probable intrusive centre could prove to be significant. If our theory is correct, vast amounts of Karoo-age magmas could have exploited the same pathways to surface as the Proterozoic magmas c.920million years before. Such conditions could well have led to the creation of Ni/Cu/PGE sulphide ore bodies.

The only way to test this theory is to drill the B1 Conductor. With its 8,200 Siemens modelled conductance reading and probable position within Karoo-age gabbro, it could be  Ni/Cu/PGE mineralisation.

However, as optimistic as we feel, it is premature to get too excited. Although we believe the B1 Conductor holds considerable potential, which we may be able to identify through Hole KSZDD002, we have not gambled Kavango’s future on its outcome.

We’ve already paid the cash element for drilling upfront and have £2.1million in working capital. This will see us comfortably through our next phases of exploration across our project portfolio, including drilling targets in Ditau and the Kalahari Copper Belt. With over 15,000km2 of highly prospective ground to cover and the series of strong hires we’ve made over recent months, Kavango is well positioned to make multiple metal discoveries.

In terms of this drill, all I can do now is wish everyone the best of luck. I hope it works out for all of us.”

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

#TYM Tertiary Minerals – Strategic and Operational Update and Decision to Exercise Further Zambian Licence Options

Tertiary Minerals plc (AIM: TYM) is pleased to provide a strategic and operational update and details of an updated Investor Presentation. The Company is also pleased to advise that, further to its announcement of 2 August 2021, its 96% owned Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), will exercise its option with Mwashia Resources Ltd (“Mwashia”) to enter into agreements to acquire up to a 90% joint venture interest in the four additional Large Exploration Licences held by Mwashia. These are licence numbers 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North). Tertiary is already earning up to a 90% interest from Mwashia in licence number 27069-HQ-LEL at Jacks.

Highlights

  • Tertiary’s strategic focus is on energy transition and precious metals located in stable and democratic, geologically prospective, mining-friendly jurisdictions.

 

  • The Company’s current principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.

 

  • Planning is currently underway for drilling at Pyramid (silver-gold, Nevada) and Jacks (copper, Zambia) and for trenching at Brunton Pass (copper, Nevada).

 

  • Drilling is planned for Pyramid for Q1 2022 and for Jacks in Q2 2022. Trenching at Brunton Pass is planned for Q1 2022. Ground geophysics and high resolution XRF/sol sampling to aid drilling targeting at Jacks is planned for Q4 2021, but is contingent on permitting and rainfall.

 

  • Tertiary will exercise its option to earn a joint venture interest in the remaining four Mwashia licences in Zambia: 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North).

 

  • An updated Investor Presentation is available here and on the company website.

Commenting today, Managing Director Patrick Cullen said:

“We are looking forward to drilling the North Ruth target at the Pyramid silver-gold project. The recently reported high grade silver results and significant extension of the mineralised zone offer a compelling drill target. We look forward to announcing that schedule in more detail once plans are finalised.

We are also very pleased to be moving ahead with the option agreement with Mwashia in Zambia. We have had enough time to consider and examine the prospectivity and strategic value of the additional four licences in the original agreement. We believe our timing is good. Copper prices remain high and copper is being described as being ‘the nexus of the energy transition’. Also, the recent democratic and peaceful transition to a UNDP government in Zambia, and the subsequent policy changes have already brought encouragement to the mining sector in this world-class copper mining jurisdiction.

I have recently visited Zambia and met with our partners, Mwashia, and with our local representative. Mwashia has made excellent progress in advancing permits for the Jacks licence. I also made site visits to both Jacks and the Konkola West licences. We have gathered more information, including further detailed historic documentation which is aiding our exploration planning, at Jacks in particular where we look forward to drilling in 2022.”

 

For more information please contact:

Tertiary Minerals plc:
Patrick Cullen, Managing Director +44 (0) 1625 838 679
SP Angel Corporate Finance LLP – Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited – Joint Broker
Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

 

Detailed Information

Option Agreement

 

As disclosed on 2 August 2021, the Company’s 96% owned subsidiary, Luangwa Minerals Limited, holds an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC). This option agreement sets out the terms whereby Luangwa may earn up to a 90% joint venture interest the Jacks Large Exploration Licence and grants Luangwa the right to enter into options agreements on the four additional licences detailed above on the same terms.

 

The Company will now exercise that right. The terms are summarised as follows:

 

  1. Mwashia will prepare an Environmental Project Brief (“EPB”) for all four remaining licences (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.

 

  1. Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA for each licence.

 

  1. Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in each of the four licences by spending US$50,000 (per licence) on exploration in the 12-month period following approval of the EPB by ZEMA.

 

  1. On taking up a 51% interest in any of the licences, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) per licence and on signing the JVA Luangwa will pay US$30,000 to Mwashia per JVA.

 

  1. Luangwa may earn a further 39% interest (total 90% interest) in each of the licences by spending a further US$100,000 over 18 months from the date of signing the relevant JVA.

 

Exploration Licence 27065-HQ-LEL – Lubuila Project

Exploration Licence 27065-HQ-LEL covers 334.8 sq. km. and is located 90km west of Luanshya in the Central African Copperbelt. The licence is partially underlain by the prospective Lower Roan arenite and lies approximately 70km southeast of the currently producing Chambishi Southeast copper-cobalt mine.

Exploration Licence 27066-HQ-LEL – Mukai Project

Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the Central African Copperbelt. First Quantum Minerals’ Sentinel nickel deposit, which is currently in development, and currently producing Enterprise copper mine are located 8km south and 18km southeast of the licence, respectively.

Exploration Licence 27067-HQ-LEL – Konkola West Project

Exploration Licence 27067-HQ-LEL covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central African Copperbelt. The licence lies immediately west of the Konkola-Musoshi copper deposits which are under active exploitation at the Konkola and Lubambe mining complexes.

Exploration Licence 27068-HQ-LEL – Mushima North Project

Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga. The past-producing Kalengwa copper mine is situated approximately 20km west of the licence and is believed to be one of the highest grade copper deposits to be mined in Zambia.

 

Exploration Licence 27069-HQ-LEL – Jacks Project

Further data has been collected from public sources in Zambia. Information on an additional diamond drillhole, KJD10 has been found. KJD10, was drilled in late 1999 (detailed in the updated Investor Presentation) and is located on a separate traverse 300m to the east of those previously disclosed and is reported to have intersected copper mineralisation over a drilled interval of 23.95m between 222.05 – 246.00m grading at 1.26% copper which includes a drilled interval of 1.88m between 230.12 – 232.00m grading at 2.93% copper.

 

The above five licences cover a total area of 1,250sq km.

#POW Power Metal Resources – Notification of Major Shareholding

pow

Power Metal Resources TR-1: Standard form for notification of major holdings – Thor Mining Plc now holds 3.62% (1,341,839,837 shares)

 

TR-1: Standard 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 :

Power Metal Resources Plc

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

Non-UK issuer

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

Thor Mining Plc

City and country of registered office (if applicable)

London, England

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

Name

JIM Nominees Limited

City and country of registered office (if applicable)

London, England

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

8.11.21

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

10.11.21

 

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

3.62%

3.62%

1,341,839,837

Position of previous notification (if

applicable)

N/A

N/A

N/A

 

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)

GB00BYWJZ743

48,618,920

3.62%

SUBTOTAL 8. A

48,618,920

3.62%

 

 

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

X

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

Adelaide, Australia

Date of completion

10.11.2021

Power Metal Resources #POW – Uranium Portfolio Expansion – Athabasca Basin

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium exploration portfolio expansion at its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

PORTFOLIO HIGHLIGHTS:

– Total land holdings surrounding the Athabasca Basin have now been increased by 144.84 km2to a total land holding of 411.96 km2 (41,196 hectares), which includes additional ground staked surrounding the Company’s Thibaut Lake, Clearwater, and Reitenbach Uranium properties – representing a 54.2% increase in total land holdings.

– An additional 107.48 km2 were staked surrounding the company’s Reitenbach Uranium Property. The new claims cover three additional uranium mineral deposit index points as well as a lake-sediment result of 130ppm Uranium, taken from the Geological Survey of Saskatchewan’s lake sediment analysis database (database of 13,195 individual lake sediment results from the Precambrian Shield area of Saskatchewan)1. The lake sediment result represents the 11th highest sample in the entire provincial database (99.9th percentile).

–    The Reintenbach Uranium Property is now fully contiguous with ground owned by multiple private claim holders, as well as Forum Energy Metals Corp (TSX:FMC).

– An additional 21.95 km2 were staked surrounding the company’s Thibaut Lake Uranium Property. The Property is now contiguous with one of the largest private landholders within Saskatchewan, as well as a British Columbia registered company with unknown owners.

–    An additional 15.41 km2 were staked surrounding the Company’s Clearwater Uranium Property. The new claim covers three base-metal mineral deposit index points. The Thibaut Lake Uranium Property is now contiguous with ground owned by Eagle Plains Resources Ltd., as well as with one of the largest private landholders within Saskatchewan.

–    Historic data compilation is progressing at pace across the portfolio with full analysis completed on three properties to date. The results of this ongoing work will be released to the market in the coming weeks.

–    All property expansions were acquired through staking and as a result Power Metal, through its wholly-owned subsidiaries, will have a 100% interest with no outstanding royalties or encumbrances.

–  The claims have been registered with the Mineral Administration Registry Saskatchewan and the total cost of claim staking was C$28,141.  The claims are valid for 2 years and there is no minimum spend commitment required.

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

“The additional areas staked by the Company are prospective for uranium and base-metals in areas surrounding the Athabasca Basin in Saskatchewan, Canada.

Our plan was to steadily increase our Athabasca land holdings, however given the pace at which ground is being staked by various other parties, and the high-value transactions taking place around the Athabasca Basin, we have accelerated our staking campaign.

Power Metal now has exposure to 412 km2 of ground that we consider to be highly prospective for uranium mineralisation, representing a strategic portfolio of uranium focused exploration interests within a top mining jurisdiction.

Our first work programme covering three of the seven properties was completed last week and we await assay results from samples which have been submitted on a rush-basis for expeditious turnaround.” 

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”). which acts as the holding company for certain Canadian project operations. 

Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area – Hectare

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1530

MC00015152

1886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

Total Land Holdings

41,196

 

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 26 October 2021 and 5 November 2021

Reference Notes:

1:  https://geohub.saskatchewan.ca/datasets/gsc-lake-sediment-analyses/explore?location=57.252950%2C-105.528550%2C6.99  

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 principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic 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.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal now has the following exploration completed with results awaited or exploration underway:

–  Silver Peak Project (Canada) – diamond drill programme completed targeting high-grade silver (laboratory assay results awaited)

–  Authier North Lithium Project(Canada) – soil & rock sampling completed (laboratory assay results awaited)

–  Athabasca Uranium (Canada) – Phase I exploration completed and field results positive, targeting uranium (laboratory assay testing of samples collected awaited)

–  Tati Gold/Nickel Project (Botswana) – reverse circulation drilling completed (field results, together laboratory assay results awaited)

–  Molopo Farms Complex (Botswana) – further samples being tested for nickel sulphide and platinum group elements (“PGEs”) from diamond drill programme completed (laboratory assay results awaited)

–  Ditau Project (Botswana) – preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare earth elements and base metals

–  Kalahari Copper Belt (Botswana) – results from ongoing exploration across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas

–  Wallal Gold/Copper Project (Australia) – geophysics results from 2D seismic processing and passive seismic awaited

–  Victoria Goldfields (Australia) – results from ongoing exploration across 848km2 of granted exploration licences

#POW Power Metal Resources – Uranium Exploration Update – Athabasca Basin

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a uranium exploration update from three of its seven 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Previously on 26/10/2021 Power Metal announced that its Phase I work programme was underway, and that additional ground surrounding the Company’s Tait Hill Property had been acquired. A link to the announcement can be found below.

https://www.londonstockexchange.com/news-article/POW/uranium-portfolio-update-athabasca-basin/15187895

 

PORTFOLIO HIGHLIGHTS:

–  The Phase I work programme is now complete. A total of 20 rock samples were collected from Tait Hill (8 samples), Thibaut Lake (7 samples), and Clearwater (5 samples). All samples have been submitted for rush-assay for expedited turnaround at the Saskatchewan Research Council laboratory in Saskatoon, Saskatchewan. The samples will be subject to a uranium-exploration analytical package which includes uranium, various base/trace-metals, as well as a suite of rare-earth elements (“REEs”).

–  An RS-125 Spectrometer was employed for the duration of the programme, this is a portable handheld gamma-ray survey device which measures the radioactivity of the sample being tested (in counts per second – CPS). Several outcrops were analysed from all three properties, some which ran as high as 65,535 CPS, which represents the upper limits of the device employed. All rock samples collected were also analysed on-site with 17/20 samples returning >1,000 CPS, 11/20 samples returning >2,500 CPS, with a individual sample high of 35,000 CPS, see Table 2 below for full sample CPS data.

–  All samples were logged by an experienced geologist as being variably hematite- and clay-altered granitic to gneissic rocks, with varying amounts of urananite mineralisation as well as yellow-orange oxide coatings (possibly Carnotite or Uranophane).

–     Additional 1,129-hectare claim (see Table 1) was staked to provide further coverage over several uranium-rich lakes surrounding the Company’s Tait Hill uranium Property where 308,000kg of uranium with a value of US$25.6 million (c. US$28 million at $42/lb uranium) was calculated by the Saskatchewan Mining Development Corporation following a detailed lake-sediment drilling programme completed in 1980.1

 

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

“Power Metal has embarked on a campaign to build significant uranium portfolio exposure for our investors.  We started this campaign several months ago with the initial staking of our land package surrounding the prolific Athabasca Basin located in Northern Saskatchewan, and continue to build our uranium exploration project portfolio there, as you will see with the new ground secured today.

Field observations from Phase I exploration are encouraging and we look forward to the receipt of assay results which are being expedited as rush assays, as we are eager to get the results back quickly.

More work is being done to review additional uranium opportunities and we are optimistic of success in this regard.”

 

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”). which acts as the holding company for certain Canadian project operations. 

Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of all the uranium Properties.

 

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Size – Hectare

Granted

Clearwater Uranium Property

MC00015079

1,110

Yes

MC00015083

563

Yes

MC00015082

3,191

Yes

MC00015151

760

Yes

MC00015646

761

Yes

Tait Hill Uranium Property

MC00015078

1,576

Yes

MC00015081

968

Yes

MC00015153

1530

Yes

MC00015152

1886

Yes

MC00015647

725

Yes

MC00015648

1129

Yes

Thibaut Lake Uranium Property

MC00015077

2,206

Yes

Soaring Bay Uranium Property

MC00015080

1,255

Yes

MC00015155

3,375

Yes

Cook Lake Uranium Property

MC00015212

984

Yes

E-12 Uranium Property

MC00015213

1323

Yes

Reitenbach Uranium Property

MC00015214

2,135

Yes

MC00015474

1,235

Yes

 

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 26 October 2021

Table 2: CPS Sample Readings

 

Project

Sample ID

CPS

Clearwater

149641

3700

149642

1000

149643

650

149644

650

149645

1200

Tait Hill

149626

3500

149627

2500

149628

1000

149629

2500

149630

2500

149631

4000

149632

1200

149633

2000

 

 

 

Thibaut Lake

149634

750

149635

4000

149636

3000

149637

3000

149638

2200

149639

6500

149640

35000

 

 

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

 

#KAV Kavango Resources – Appointment of COO and Option award

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 appointed Mr Brett Grist as Chief Operating Officer designate. Mr Grist brings valuable operational and technical skills to the Company’s executive team. Mr Grist will join Kavango on 7 February 2022, and will join the board of Kavango as an executive director.

Mr Grist is a geologist from the Royal School of Mines, London, with over 22 years of exploration and mining experience in base metals and gold across Africa, Europe, the Middle East, and Australia. He is also a Chartered Professional member of the Australasian Institute of Mining and Metallurgy.

Over the course of his career, Mr Grist has worked in geological and management roles as CEO, Director, and Exploration Manager, taking projects from early exploration through resource definition and into development. In Africa he worked for Reunion Mining PLC and CASA Mining Ltd, covering projects in Mali, Ghana, DRC, and Mozambique. In DRC, as CEO of CASA, he led a large exploration program covering airborne geophysics, soil sampling, and extensive diamond drilling, which successfully delivered a maiden resource for the Misisi gold deposit. Most recently he has worked in the UK, where he has led definition of a substantial high-grade metal resource for Strategic Minerals PLC’s Redmoor tin-tungsten-copper project. Brett also presently co-chairs the Critical Minerals Association’s UK mining working group.

 

David Smith, Chairman of Kavango Resources, commented:

” We are very happy to welcome Brett, an experienced exploration executive, to Kavango. His extensive background in advancing exploration programs and delivering projects adds important technical skills to Kavango’s senior management.

We have made a great deal of progress building a much more robust foundation for the Company over 2021. Brett’s appointment will significantly strengthen Kavango, as we grow the business more ambitiously in 2022. I am really looking forward to welcoming him to the team and working with him from February . “

Brett Grist states:

“I am very pleased to be able to join David, Ben Turney and the rest of the Kavango team at such an exciting time for the company. Botswana is a highly attractive mining investment destination, and the combination of Kavango’s team and an exciting exploration holding of significant scale, focussed on metals that are in increasing demand, means that the company is well placed to deliver exploration success. I look forward to helping the company to deliver this even more effectively.”

 

Option Award

The Company has agreed to award Mr Grist two grants of employee Share Options (the “Options”).

The first award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 7.5p on five separate trading days.

The second award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 7.5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 15p on five separate trading days.

The award of the Options to Mr Grist aligns his incentive package with those of existing executive directors.

The Options will be granted on these terms on the day Mr Grist’s employment begins, or, if later, when there is sufficient headroom within the Company’s limit for executive options of ten per cent of the issued share capital.

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

#KAV Kavango Resources Plc – KSZ TA2DD002 Downhole EM Conductor Identified

kav

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to report the Company has successfully completed an initial downhole electromagnetic (“DHEM”) survey on Hole TA2DD002 to a depth of 780m. The DHEM survey has identified the upper edge of a conductive anomaly in the Proterozoic gabbro (the “Conductive Anomaly”).

The Company and external consultants have completed preliminary analysis of data gathered from the DHEM survey and also reinterpreted existing data from previous airborne surveys conducted by Kavango.  The original modelling from this airborne data guided the decision to continue drilling Hole TA2DD002 into the Proterozoic.

Hole TA2DD002 was the second hole of the current drill campaign in the Company’s Kalahari Suture Zone (“KSZ”) Project.

Highlights

  •  DHEM survey of TA2DD002
  1.  TA2DD002 completed to a depth of 1,001m, within 1 degree of original target
  2.   350m of continuous altered Proterozoic-age core recovered from 651m to 1,001m, the single largest amount ever retrieved from the KSZ
  3.  Initial DHEM completed in early October to a depth of 780m (using the available winch)
  4.  Spectral Geophysics (“Spectral”) has secured a 1,500m winch to complete a follow up DHEM survey to the bottom of TA2DD002
  •  Preliminary analysis of DHEM survey suggests:
  1.  Late-time data from 760m to 780m indicates the Conductive Anomaly  exists within 300m of the DHEM survey’s completion
  2.   The Conductive Anomaly appears to reside within the Proterozoic gabbro
  3. Kavango will provide images of the DHEM interpretation on its website
  4.  Reinterpretation of Kavango’s aeromagnetic model (the “Aeromagnetic Model”)
  5.   The Aeromagnetic Model was completed in 2020, using data from the Company’s regional airborne surveys flown in 2018 and 2019
  6.  The Aeromagnetic Model accurately predicted the intersection of TA2DD002 with the Proterozoic gabbro at 650m
  7.   Reinterpretation of the the Aeromagnetic Model confirms that:

 

I.  Proterozoic rocks are the source of the main magnetic anomaly identified from aeromagnetic surveys

II.  The extent of Proterozoic can be mapped using aeromagnetic surveying

 

Next steps:

–  Spectral to conduct DHEM survey to the end of TA2DD002

–  DHEM survey to be conducted on KSZDD001, once Target Depth has been reached (drilling operations are ongoing here)

–  Thorough analysis of all DHEM data, to include consultation with independent experts

–  Updating of the Company’s magenetic susceptibility model, to take into account latest drilling results, with a particular focus on confirming potentially shallower Proterozoic depths

–  A full update will be provided, on completion of the updated geophysical modelling of the northern (Hukuntsi) section KSZ

–  Kavango to host a shareholder webinar to present full results with supporting images and maps (details to be confirmed)

 

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

“Hard work, intelligent application of geophysics, skilled drilling and a bit of luck have brought us to this point.

While the Proterozoic is now our primary exploration focus in Target Area A, it is important to note that the Karoo remains our main focus in Target Area B (where we are currently drilling Hole KSZDD001).

There is still much for us to do, but we have definitive exploration leads, backed by physical core data from the ongoing drill campaign . This data should help constrain future modeling and will hopefully significantly improve results   to guide our evolving exploration strategy in the KSZ.

Now that Spectral Geophysics has secured a winch that is long enough to carry the probe to the bottom of TA2DD002, we eagerly await the outcome of the 1,000m downhole electromagnetic survey. We will report more on this, once we have completed thorough analysis of any data we gather. “

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

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