Last checked at 18 May 2022 07:00
PRESS RELEASE
18 May 2022
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Ditau DITDD004 completion
Kavango Resources plc (LSE:KAV) is pleased to announce successful completion of exploration hole DITDD004.
DITDD004 was drilled to a depth of 389m into the i10 Target, a discrete 2.2km diameter magnetic anomaly that Kavango had previously modelled as a possible carbonatite. DITDD004 appears to have intercepted the magnetic anomaly at the projected target depth.
Kavango's field team has taken preliminary magnetic susceptibility readings on the core recovered from DITDD004. The team observed highly elevated magnetic readings between 293m and 321m (the "Zone of Interest"). These readings from the Zone of Interest coincide with a visibly altered section of rock that the Company will immediately cut half-core samples from and send for whole rock analysis.
The core from DITDD004 contains visibile siliceous and haematitic zones, with pyrite seen both as dissemination and in veins. Extensive fracturing (brecciation) is observed in the Zone of Interest and elsewhere in the hole.
The Company has provided photos of the Zone of Interest on its website:
https://www.kavangoresources.com/media-library/news-release-media/rns18may2022
A 1km Audio-Magnetotelluric ("AMT") survey will be performed over the i10 Target in the coming weeks. Kavango hopes that data from this will help further define the shape and form (morphology) of the Zone of Interest.
Mindea Exploration and Drilling Services Pty ("Mindea") will now mobilise the diamond core drill rig to Target i1 at Ditau. Target i1 is the largest of three targets Kavango plans to drill in the current campaign. A further update will be released shortly.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
"We are encouraged to have intercepted the primary target at the projected depth. Once again, Kavango's magnetic modelling is proving to be an accurate vector for drill targeting. Of course, a magnetic model can only tell us so much from surface, but in this instance the drill core we've recovered is visibly attention-grabbing.
The Zone of Interest is a compelling exploration lead. At this stage we are considering a number of options as to what this 28m intersection of core may represent.
We will report results to the market, as we receive them.
In the meantime, we look forward to commencing drilling on the i1 target"
The POW/KAV Joint Venture at Ditau
Ditau is held in a 50/50 Joint Venture ("Kanye Resources") with Power Metal Resources plc (LSE:POW) ("Power Metal"). Kavango is the operator. Mindea is conducting the drilling.
Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Mr. John Lauderdale B.Sc., C. Geol., Group Consulting Geologist. Mr. Lauderdale is a Chartered Geologist and Fellow of The Geological Society of London, a Fellow of The Geological Society of South Africa, and a Member of the Society of Economic Geologists. Mr. Lauderdale has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
NOTES TO EDITORS
THE DITAU CAMP PROJECT
The Ditau Camp Project comprises two Prospecting Licences ("PLs") (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 "geophysical structures" of which 9 have clear indications of being "ring structures".
The "ring structures" have the potential to host carbonatite and other intrusive rocks.
Carbonatites are the principal source of rare earth elements ("REEs") including the much sought-after elements Neodymium (Nd) and Praseodymium (Pr), which are used in the manufacture of the new generation of electric vehicles (EVs), magnets and other high-tech applications. Other elements/minerals associated with carbonatites include Niobium, Phosphates, Monazite, Strontium, Magnetite and Copper.
Mafic intrusives have potential to host base and precious metals, as seen in the Molopo Farms Project, Selebi Phikwe and Tati Nickel deposits in Botswana.