Kavango Resources announces Ditau assay and shares dip

Kavango Resources announces Ditau assay and shares dip

Botswana-focused mineral exploration group Kavango Resources PLC (LON: KAV) has seen its share price dip in morning trading, following the results from its assay of their Ditau Project.

The assay analysis was carried out by Genalysis Laboratories in Australia. 65 elements were assayed for, using aqua regia digest with ICP finish on a sample of 489 core samples prepared by Intertek Laboratories in Johannesburg. Genalysis performed 12 duplicate check assays, 14 control standards and 14 blanks during the assay.

The Company said it would undertake its own independent checks and duplicates.

Kavango Resources comments

Company Chief Executive Officer, Michael Foster, attached the following to the update, 

“We are pleased to have received the assay results from the two drill holes at Ditau. Kavango is now completing its own check assays at an independent laboratory in South Africa, which is normal industry practice. We will then be in a position to fully check, assess and interpret the results so as to formulate our plans for Ditau.”

“Currently Kavango’s preferred option would be to farm-out this project to an industry partner, mainly due to its’ size, plus the fact that our main focus remains the Kalahari Suture Zone (“KSZ”) structure in southwest Botswana where drilling is expected to commence later this quarter”.

Following the Company’s update on receiving its Ditau prospecting licence, the Group’s CEO commented,

“Extending our land position at Ditau following an assessment of the Company’s recent work provides Kavango with an important strategic ground holding in this prospective area.”

Investor notes

The Company’s shares dipped 6.31% or 0.25p to 3.75p a share 18/07/19 10:21 BST.

Elsewhere in the mining and minerals sector, recent updates have come from; Ariana Resources plc (LON: AUU), Rio Tinto plc (LON: RIO), Bushveld Minerals Limited (LON: BMN), Anglo Asian Mining plc (LON: AAZ), Anglo Asian Mining plc (LON: AAZ) Pan African Resources (LON: PAF) and Keras Resources PLC (LON: KRS).