Kavango Resources rallies on new prospecting licence

Kavango Resources rallies on new prospecting licence

Botswana-focused mineral exploration group Kavango Resources PLC saw their share price rally following its announcement that it had acquired a prospecting licence adjacent to its current licence at Ditau PL.

The new PL covers a 916.4km squared area to the south west of the current Ditau licence. The Company added that,

“It includes the extensions of the Ditau geological and geophysical structures that have potential for base metal mineralization.”

Kavango Resources comments

Michael Foster, Chief Executive Officer of Kavango Resources, stated,

“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.”

“Additionally we believe that this new licence could be instrumental in the farming-out of this project to an industry partner. This is currently Kavango’s preferred option. Our main focus remains the Kalahari Suture Zone (“KSZ”) structure in southwest Botswana where drilling is expected to commence later this quarter”.

Discussing its exploration model, the Company stated,

“Kavango’s exploration model is based upon the search for magmatic massive sulphide orebodies buried beneath up to 200m of overburden. The identification of drill targets follows a carefully constructed exploration program specifically developed by the Company for exploration in areas covered by Kalahari and Karoo sediments and sands.”

“The exploration program is initiated by identifying the location of magmatic intrusive rocks from an analysis of the regional magnetic surveys published by the Botswana Government. This is followed by an airborne electro-magnetic survey (AEM) carried out over the magnetic anomalies that have signatures indicating the presence of intrusive rocks at depth. By using the latest generation of low frequency helicopter-borne EM surveying, conductors lying below the Kalahari/Karoo cover can be identified for further investigation. These conductors can be tested on surface by very high sensitivity soil sampling*, which can detect metal ions transported from buried, metal rich massive sulphide deposits associated with the emplacement of magmatic intrusive rocks.”

Investor notes

The Company’s shares have rallied 7.14% or 0.25p in morning trading, to 3.75p a share 15/07/19 13:17 GMT.

Elsewhere in the mining and minerals sector, recent updates have come from; Anglo Asian Mining plc (LON: AAZ), Anglo Asian Mining plc (LON: AAZ) Pan African Resources (LON: PAF), Keras Resources PLC (LON: KRS), Jubilee Metals Group PLC (LON: JLP), Ariana Resources plc (LON: AUU), Caledonia Mining Corporation Plc (TSE: CAL) and Regency Mines Plc (LON: RGM).