25 January 2024
Kavango Resources
("Kavango" or "the
Company")
Drilling extension at
Hillside
Kavango Resources plc (LSE:KAV), the Southern
Africa focussed metals explorer, is pleased to announce that it is
preparing to commence drilling a fourth prospect ("the Prospect")
at the Hillside Gold Project ("Hillside") in Zimbabwe.
HIGHLIGHTS
- Drilling
of new Hillside prospect:
o Kavango preparing to
drill adjacent to a historic narrow vein-hosted high-grade gold
mine that was subject to near-surface mining
o Target depth is 250m
to test a number of possible gold-bearing
structures
o Results aim to inform
possible follow-up drilling, targeting a bulk-mineable gold
discovery
- Ongoing
exploration in Zimbabwe:
o 1,000m of diamond core
drilling completed in four holes at three Hillside gold targets;
samples awaiting export permission for assay testing
o Laboratory analysis of
augur drill samples taken from the largest tailings dump at the
Nara Project ("Nara") underway
o Geochemical soil
sampling programme completed over entire Nara area; samples
awaiting export permission for laboratory analysis
o Preparation for
geochemical soil sampling programme at Leopard Project ("Leopard")
underway
o Operational office
established in Bulawayo and permanent field camp set up near
project areas
Ben Turney,
Chief Executive of Kavango Resources, commented:
"Kavango has
an ambitious plan in Zimbabwe to become a key player in the
development of modern metals exploration and mining. Over the last
six months, we've built a talented team on the ground in
Bulawayo.
We are making
excellent progress in exploring our project areas and I would like
to congratulate everyone involved for their focussed hard work.
We've now completed our first 1,000m of diamond core drilling at
Hillside and mapped the project area. Meanwhile, at Nara, we have
augur drilled the main tailings dump and completed extensive
mapping and soil geochemistry. Samples are waiting for export
clearance and we look forward to reporting results as we receive
them.
There is
enormous, unrealised potential in the goldfields of Zimbabwe. The
country has a strong heritage in gold mining, despite the capital
and technological constraints of recent years. As we move forward
together, I hope Kavango's success will help illustrate what is
possible in this exciting, heavily underexplored gold province.
To underline
how great the potential is, we have extended our drill programme at
Hillside to target a fourth prospect. The 250m diamond core hole
will test the mineralised structures of a historic gold mine for
their potential to host a larger-scale deposit. If results are
positive, this will guide future drilling at this target
area."
Hillside
Drilling Extension
Kavango is testing the extent of gold
mineralisation at the Prospect by drilling an exploration hole
adjacent to a historic mine that reportedly produced at an average
recovered grade of 13g/t gold at various times from 1910 until
recently.
Historic reports suggest mining was limited to
the near-surface oxide zone, at shallow depths. The Prospect is
considered by Kavango's technical team to be a highly prospective
greenstone gold target, located in a shear zone in granites and
extending across the contact margin.
Kavango plans to drill a 250m diamond drill
hole adjacent to the historic mine. The Company's objective is to
acquire representative intersections from the Prospect's
gold-bearing structures that will improve its understanding of
their mineralisation and overall thickness.
Kavango expects to use this information to
inform follow-up drilling at the Prospect and assess its potential
for hosting bulk mineable gold deposits.
Zimbabwe
Exploration Update
Hillside
Project
Kavango has completed various exploration work
streams at the Hillside Gold Project. The Company intends to
exercise its call option to acquire the Project based on the
technical data gathered, subject to the results of a review into
the impact of recent changes to Zimbabwe's Finance Act (announced
>>> 23 January 2024).
Kavango's exploration at Hillside to date
includes:
- Surface
reconnaissance mapping of artisanal and historical mine
workings
- Integration of
previous drone survey data for areas of the Hillside
prospect
- Reprocessing and
reinterpretation of magnetic data for the Project
- Detailed geological
and structural mapping
Kavango has also drilled a total of 1,058.55m
across four holes to test Hillside's three main targets. Geological
work is underway for this first phase of drilling, with samples cut
and awaiting export to the laboratory.
In addition, Kavango has drilled a fourth hole
to duplicate a section over which core recovery did not meet the
Company's requirements. The drill contractor has shared the cost of
the additional hole with Kavango.
Nara
Project
Kavango has carried out geochemical sampling
and reconnaissance geological mapping over the Nara Gold Project.
The Company has made a preliminary review of the geochemical
samples using pXRF, and the soil samples are awaiting export to the
laboratory for multi-element analysis.
In addition, Kavango has completed augur
drilling on a large tailings dump at Nara. The Company has
collected samples from 90 augur holes and sent them to the
laboratory. Results are expected shortly. Assuming the results are
positive, an independent consultant has been commissioned to
prepare a resource estimate once these data are
available.
Leopard
Project
Kavango's environmental consultant has
completed an Environmental Impact Assessment on the Leopard Gold
Project and Kavango is now preparing for an initial geochemical
soil sampling programme.
The Company has reviewed the results of a
previous drone survey and is currently processing and interpreting
magnetic data.
Operational
Update
Kavango has established its operational office
in Bulawayo, Zimbabwe, as well as a field camp in a central
location to the Company's projects.
Two of Kavango's senior geological consultants
have completed a target generation, assessment, and prioritisation
exercise covering the first three of the Company's
properties.
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
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason
Robertson
Kavango Competent Person Statement
The technical information contained in this
announcement pertaining to geology and exploration have been read
and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist
is a Fellow of the Australasian Institute of Mining and Metallurgy
with Chartered Professional status. Mr Grist 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'.