PRESS
RELEASE
10 May
2024
KAVANGO RESOURCES PLC
("Kavango" or "the
Company")
Hillside Prospect 3 Assay
Results
ZIM: Multiple zones grading >0.5g/t
at Prospect 3
Kavango Resources plc (LSE: KAV), the Southern
Africa focussed metals exploration company, is pleased to announce
the first assay results from the Hillside Prospect 3 gold project
("Prospect 3") in Matabeleland, southern Zimbabwe.
Highlights
·
Hole NSDD001 was a scoping hole sited to target
mineralisation below multiple sets of artisanal workings at
Prospect 3.
·
NSDD001 was drilled to a total depth of 301.40 m and
intersected multiple shear zones hosting sets of anastomosing gold
bearing quartz veins and associated sulphide mineralisation,
totalling over 40m grading >0.5 g/t gold.
·
Mineralisation starts at 12m below surface and may be
open-pit mineable.
·
Induced Polarisation (IP) anomalies suggest the shears extend
to depth.
·
Best results* in the hole include:
- 5.00 m @
1.68 g/t gold from 97.00 m.
- 0.97 m @
2.14 g/t gold from 148.00 m.
- 1.00 m @
3.10 g/t gold from 156.00 m.
- And
includes 11.90m @ 0.92g/t from 148m.
·
Interpretation of recently re-processed geophysics including
drone magnetic data and IP data suggests Prospect 3 and Prospect 2
may be located on opposite margins of a major regional deformation
zone that extends 1.2km southeast to Prospect 1.
· The
recently reported BRDD001 (Prospect 2) is located along the
northern margin of the same deformation zone, and the width of the
deformation zone between Prospect 2 and Prospect 3 is now estimated
to be approximately 600m wide.
·
Kavango is currently planning an extensive ground IP
programme designed to assess the extent and continuity of the
(chargeability & resistivity) anomalies already identified to
understand the extents of the broad shear zone.
·
Additional drilling will then be planned to evaluate what
appears to be continuity between Prospects 1 and 2, over the
interpreted strike length of 1,200m.
·
Results provide confirmation of a likely extensive
mineralised system.
*All quoted
thicknesses are apparent down hole intersection
thicknesses
Ben Turney,
Chief Executive of Kavango Resources, commented:
"Results from
Prospect 3 emphasise the potential size of the shear system at
Hillside. Our interpretation of data from IP and drone magnetic
surveys over the area further confirms the potential for a
larger-scale gold target than we originally
anticipated.
We now need
to follow up with multi-element testing of the remaining pulps from
the fire assays and more drilling to confirm the extent to which
the 1,200m by 600m target area is mineralised with
gold.
We are
particularly encouraged by the presence of broad zones containing
gold mineralisation in both holes NSDD001 and BRD001. This fits our
idealised model for bulk-minable deposits, and we look forward to
bringing the drill rig back to Hillside in June."
Prospect 3
Assay Results
Drill hole NSDD001 was originally designed to
test the geology underneath current active artisanal workings at
Prospect 3. The mineralised sections of the hole intersected veined
and altered diorite and metasediments in broad shear zones hosting
anastomosing quartz veins with associated pyrite, pyrrhotite,
arsenopyrite, and chalcopyrite for a combined visually estimated
total sulphide content ranging from 2 to 10%.
A table of significant results (>0.5g/t Au)
is provided below. All the hole was assayed. Non-reported results
are all below 0.5 g/t gold.
Hole no.
|
m from
|
m to
|
Interval m
|
Gold g/t
|
NSDD001
|
14.00
|
15.00
|
1.00
|
1.13
|
NSDD001
|
62.00
|
64.00
|
2.00
|
0.78
|
NSDD001
|
90.00
|
90.98
|
0.98
|
0.70
|
NSDD001
|
97.00
|
102.00
|
5.00
|
1.68
|
incl
|
97.00
|
99.00
|
2.00
|
2.29
|
NSDD001
|
106.00
|
110.00
|
4.00
|
0.69
|
NSDD001
|
115.51
|
116.00
|
0.49
|
2.49
|
NSDD001
|
138.00
|
140.00
|
2.00
|
1.24
|
NSDD001
|
143.00
|
144.00
|
1.00
|
0.66
|
NSDD001
|
148.00
|
159.90
|
11.90
|
0.92
|
incl
|
148.00
|
148.97
|
0.97
|
2.14
|
and
|
156.00
|
157.00
|
1.00
|
3.10
|
NSDD001
|
181.00
|
181.99
|
0.99
|
0.63
|
NSDD001
|
195.00
|
198.00
|
3.00
|
1.03
|
NSDD001
|
203.00
|
207.00
|
4.00
|
0.63
|
Total thickness of zones
averaging +0.5g/t Au
|
40.36m
|
|
*All
thicknesses are apparent downhole intersection
thicknesses
The Kavango technical team interprets these
results as significant when considering the following qualifying
factors:
- The
sampling of half NQ drill core (47.6mm diameter) is thought to be
indicative rather than representative given the probable nugget
affect when assay values are compared with grades reported by
artisanal miners.
- Previous
rock grab sampling programmes conducted by historic exploration
companies returned grades of up to 12g/t from the artisanal
workings, in line with what the artisanal miners are verbally
communicating.
-
Historical machine excavated workings indicate the
first ±5m of weathered material can be
mined without blasting.
-
The stamp mill operator reports that very little gold remains
in the mill tailings from this prospect, indicating the gold is
free milling.
Figure 1: A section looking
west through NSDD001 (left) & BRDD001 (right) boreholes against
a background of artisanal workings, mapped against interpreted
shears based on IP resistivity. Red histogram on left of
borehole trace is Au g/t, blue trace on right hand
side is downhole magnetic susceptibility.
Figure 2: A section looking
west through NSDD001 (left) & BRDD001 (right) boreholes against
a background of artisanal workings, mapped against interpreted
shears based on IP chargeability. Red histogram on left of
borehole trace is Au g/t, blue trace on right hand
side is downhole magnetic susceptibility.
Next
Steps
Interpretation of satellite imagery together
with recently re-processed geophysics including drone magnetic data
and IP data suggests Prospect 3 and Prospect 2 may be located on
opposite margins of a major regional deformation zone that extends
1.2km southeast to Prospect 1.
Hole NSDD001 was a scoping hole sited to target
mineralisation below multiple sets of artisanal workings at
Prospect 3 on the southern margin of the interpreted regional
deformation zone. NSDD001 was drilled to a total depth of 301.40 m
and intersected multiple shear zones hosting sets of anastomosing
gold bearing quartz veins and associated sulphide
mineralisation.
The recently reported hole BRDD001 (Prospect 2)
is located along the northern margin of the same deformation zone,
and the width of the deformation zone between Prospect 2 and
Prospect 3 is now estimated to be approximately 600m
wide.
Kavango is currently planning an extensive
ground IP programme designed to assess the extent and continuity of
the (chargeability & resistivity) anomalies already identified
to further define and model the extents of the broad shear
zone.
Additional drilling will then be planned to
evaluate what appears to be continuity between Prospects 1 and 2,
over the interpreted strike length of 1,200m.
Figure 3: Oblique view of
satellite image draped on Digital Terrain Model ('DTM'), looking
NNE towards Prospect 3 drill collar across extensive artisanal
surface workings that follow high grade gold veins hosted in
anastomosing shears.
Figure 4:
Oblique view looking northwards of Total Magnetic
Intensity (TMI) drone magnetic data draped on DTM, with approximate
location of bounding margins for regional deformation
zone.
Figure 5:
Oblique view looking northwards of Analytical
Signal (AS) drone magnetic data draped on DTM, with approximate
location of bounding margins for regional deformation
zone.
Figure 6:
Oblique view looking northwards of 1st
Vertical Derivative (1VD) drone magnetic data draped on DTM, with
approximate location of bounding margins for regional deformation
zone.
As elsewhere at Hillside, although many of the
intersections in this hole tend towards lower grades, the gold at
Prospect 3 is understood from the artisanal workers to be coarse
with an untested nugget effect. Artisanal miners report higher
recovered grades from individual shears within a broader zone.
Therefore, Kavango is considering a bulk sample exercise to relate
drill core size recoveries and grades to a more realistic large
bulk sample recovery and grade.
Kavango has completed a total of five holes
across its Hillside prospects (see Table 1) of which it is awaiting
assays for two holes.
Prospect
|
Hole no.
|
Initial azimuth O (True N)
|
Inclination O
|
Total depth (m)
|
Assays reported
|
Hillside 1
|
BLDD001
|
206
|
-65
|
196.35
|
|
BLDD002
|
206
|
-65
|
160.40
|
|
Hillside 2
|
BRDD001
|
212
|
-60
|
400.40
|
23/04/24
|
Hillside 3
|
NSDD001
|
216
|
-60
|
301.40
|
This RNS
|
Hillside 4
|
SKDD001
|
008
|
-60
|
247.40
|
15/04/24
|
Table 1:
Kavango Hillside drillholes drilled to date. NSDD001 gold assays
are reported here, two remaining holes are pending analysis. Hole
co-ordinates are not published here due to confidentiality
considerations.
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'. Mr Grist is an
employee of Kavango Resources plc.