TIDMKAV
RNS Number : 5276S
Kavango Resources PLC
16 November 2021
PRESS RELEASE
16 November 2021
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Metal sulphides encountered in Hole KSZDD001
Kavango Resources plc (LSE:KAV), the exploration company
targeting the discovery of world-class mineral deposits in
Botswana, is pleased to announce completion of Hole KSZDD001 in the
Company's Kalahari Suture Zone ("KSZ") Project. Copper sulphide
mineralisation and locally abundant fine grained, interstitial
magnetite were encountered from first contact with the Proterozoic
gabbro, at 951m to the end of hole at 1,000m ("EOH"). This was
consistent with the Company's geophysical modelling of the
Proterozoic gabbros, which are believed to be the source of the
"Great Red Spot" magnetic anomaly (the "GRS").
Hole KSZDD001 is the deepest borehole ever drilled into the GRS
and is the first to recover physical evidence of sulphide
mineralisation in this system.
Kavango has confirmed the presence of fine-grained, interstitial
disseminated chalcopyrite (copper sulphide) and abundant magnetite
through sections of the 49m of recovered Proterozoic core. This
includes occasional 1cm elongated blebs of chalcopyrite (copper
sulphide) with minor nickel.
The magnetic susceptibility readings for the intersected
Proterozoic rocks are in the range of 140 to 280 milli SI units,
with an average of 230 milli SI. In the absence of any observations
of pyrrhotite, these magnetic susceptibility values are well above
the typical values for gabbros, which are typically in the range of
10 to 80 milli SI.
Preliminary field analysis and visual inspection of core samples
taken from Hole KSZDD001 suggest the Proterozoic gabbros in the GRS
in Target Area B exhibit differences to those encountered in Hole
TA2DD002 in Target Area A (announced 14 September 2021), notably
around alteration events. The Company's preliminary view of this
observation is that Target Areas A and B have experienced differing
intrusive and/or metamorphosing events, these including potential
mineralising phases within separate, but likely linked systems.
Kavango will test these theories and the provenance of the
chalcopyrite through petrographic and geochemical analysis of core
samples taken from both holes. This detailed petrographic work will
be coupled with various assay techniques with all samples sent to
internationally accredited laboratories in South Africa.
Drilling conditions in Hole KSZDD001 were challenging, with poor
and fractured ground conditions encountered in several sections. As
such, Kavango has elected not to attempt a downhole electromagnetic
("DHEM") survey of Hole KSZDD001, as the risk of losing the DHEM
probe in the uncased sections of the hole were considered too
high.
Kavango congratulates Mindea Exploration and Drilling Services
(Pty) ("Mindea") & Equity Drilling on successfully drilling
Hole KSZDD001 in difficult ground conditions to target depth and
recovering all cores. A number of historic exploration holes,
including GRS-1 drilled in 2002, were abandoned due to technical
difficulties.
Lessons learned from the drilling of Hole KSZDD001 will be
applied to KSZDD002, which will target the 8,200 Siemens conductor
(announced 02 July 2021). The rig has mobilised to the drill collar
location and drilling operations are expected to begin by the
middle of this week.
Kavango will publish photos of core recovered from the
Proterozoic in Hole KSZDD001 on its website
(www.kavangoresources.com) and Twitter feed (through the handle
@KavangoRes).
Ben Turney, Chief Executive Officer of Kavango Resources,
commented:
"Once again we've broken new ground in the 50-year effort to
unlock the Kalahari Suture Zone's potential to host nickel/copper
ore bodies.
We are the first company to confirm the presence of interstitial
chalcopyrite (copper sulphide) in the Great Red Spot and the first
successfully to drill to 1,000m in this area. For this we have to
thank Mindea/Equity Drilling for stepping up to the complex
engineering challenge.
We now await the results of petrology and geochemical analyses
of our core samples to confirm the chalcopyrite's origin and to
tell us more about the extent to which the Great Red Spot is a
favourable environment for massive sulphides.
We are particularly interested in the strength of the magnetic
readings from where we made contact with the Proterozoic. They were
3 to 23 times higher than what one would expect in common gabbros.
The magnetic pencil our field geologist used stuck to the core. We
expect to complete follow-up analyses of various geophysical survey
data we have available to us, to model what might be the deeper
source of the underlying vast anomaly.
The decision to drill the deep geological hole into the Great
Red Spot, before drilling the 8,200 Siemens B1 Conductor, has been
fully vindicated. A downhole electromagnetic survey of Hole
KSZDD001 would have been optimal, but we now have a much clearer
idea of what is in front of us for Hole KSZDD002.
At this point, we believe we have done everything we can to
maximise our chances of operational success in the next drill. What
we encounter will then be up to the geology."
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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 additional 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 information in this press release that relates to
"geological and/or geophysical results" for the KSZ Project is
based on information compiled or reviewed by Mr Mike Moles BSc
(Geology) & BSocSci (African Studies), a competent person who
is a Member of the Australian Institute of Mining & Metallurgy.
Mr Moles has sufficient experience that is relevant to the style of
mineralisation and type of deposits under consideration and to the
activity, which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Mr Moles consents to the inclusion in this release of
the exploration results for the Project in the form and context in
which it appears. Mr Moles is a beneficial shareholder of Kavango
Resources plc.
Note to Editors:
THE KALAHARI SUTURE ZONE
Kavango's 100% subsidiary in Botswana, Kavango Minerals (Pty)
Ltd, is the holder of 16 prospecting licences covering 8,831.1km(2)
of ground, including 14 licences over a significant portion of the
450km long KSZ magnetic anomaly in the southwest of the country
along which Kavango is exploring for Copper-Nickel-PGM rich
sulphide ore bodies. This large area, which is entirely covered by
Cretaceous and post-Cretaceous Kalahari Sediments, has not
previously been explored using modern techniques.
The area covered by Kavango's KSZ licences displays a geological
setting with distinct similarities to that hosting World Class
magmatic sulphide deposits such as those at Norilsk (Siberia) and
Voisey's Bay (Canada).
The Norilsk mining centre is about 2,800km northeast of Moscow
and accounts for 90% of Russia's nickel reserves, 55% of its copper
and virtually all of its PGMs. Kavango's licenses in the KSZ
display a geological setting with distinct geological similarities
to the magmatic sulphide deposits at Norilsk. Magma plumbing
systems are a key feature of these deposits.
KSZ DEFINITIONS
Chalcopyrite: A copper rich sulphide mineral (CuFeS(2) ), widely
occurring in magmatic sulphide ore bodies.
Gabbro/gabbroic: A coarse grained, medium to dark coloured rock,
formed from the intrusion of mantle derived molten magma into the
earth's crust. Gabbroic rocks (or "gabbros") are formed as the
molten magma crystallises and cools.
Massive sulphide: When a deposit consists almost entirely of
sulphides it is termed "massive". When it consists of grains or
crystals of sulphide in a matrix of silicate minerals, it is termed
"disseminated".
Metal/Magmatic sulphide: Deposits of sulphide mineral
concentrations in mafic and ultramafic rocks, derived from
immiscible sulphide liquids. To view a video of how metal/magmatic
sulphides form please visit -
https://twitter.com/KavangoRes/status/1316004057895645186?s=20
Sulphide mineralisation: If there is sufficient sulphur in the
molten magma, it will tend to combine with metals (Cu, Zn, Ni, Co,
Pb, PGEs etc.) to form metal sulphide complexes, which may coalesce
to form massive sulphide deposits. If the melt is sulphide poor,
the metals will be taken up into the silicate minerals that form as
the magma cools and will not usually form economic deposits.
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END
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