Kavango Resources - ZIM: Prospect 3 Resource Drilling completed

Kavango Resources

04/03/2025 07:00

RNS Number : 2571Z

Kavango Resources PLC

04 March 2025

 

PRESS RELEASE

04 March 2025

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM: Prospect 3 Resource Drilling completed

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce the successful completion of its initial resource drilling programme at  Prospect 3 ("Prospect 3") at the Hillside Gold Project ("Hillside") in Matabeleland, southern Zimbabwe.

The drilling programme has provided Kavago with sufficient geological information and sample material to conduct assay, metallurgical and geotechnical test work at Prospect 3. Kavango's objective is for the test work to inform an initial mining plan for the area.

Highlights

·    Kavango successfully completed 34 diamond drill holes for a total of 2,109.16m.

·    The holes were drilled on 25m x 25m grid centered over the initial scoping hole NSDD002. The inclined holes (-60°) were drilled to an average depth of 60m.

·    Artisanal miners were producing gold from 12 surface workings with at least 2 different vein orientations, from shear zones hosting gold bearing quartz-veins in both granodiorite and oxidized meta-sediments adjacent to NSDD0002.

·    The company's focus is now on completing the test work to allow for an initial maiden resource and if warranted design of a trial open pit heap leach mining operation.

Ben Turney, Chief Executive of Kavango Resources, commented:

"We are very pleased with how quickly our team has delivered this drill programme and are excited to receive the results. We have high hopes for our Hillside Gold Project and, if we are able to prove there is a minable resource at Prospect 3, we aim to bring that into production this year.

We only set Kavango Zimbabwe up in July 2023, so to be on the cusp of hopefully moving one of our discoveries into production in such a short period of time is a significant achievement. We look forward to providing results in the next month or so."

Geology of Prospect 3:

Thin overburden (<1m) comprising mixed soil and regolith are immediately underlain by diorite and granodiorite in the northern portion of the prospect while metasediments and metavolcanics with Banded Iron Formation (BIF) occupy the southern portion (Figure 1) where cover thickness increases (<2m) due to the friable nature of the metavolcanics.

Drilling has confirmed the presence of shear zones hosting quartz veins below the artisanal miners surface workings, within the diorite, granodiorite, metasediments and metavolcanics. The mapped and interpreted shear zones display a WNW-ESE trend, dipping generally towards the NNE. The artisanal workings on surface appear to correlate well with the mineralised zones observed in the logged drill cores, (Figure 2).

Figure 1: Map of Prospect 3 showing artisanal surface workings associated with interpreted structural features. Logged downhole geology for the completed boreholes is also shown along the borehole trace

Figure 2: Close up photograph of cut core from borehole NSDDIR023 showing sections of core between 56.90m and 58.11m (above) and NSDDIR024, 46.00m-52.37m (below). Quartz veins, sub-parallel to fabric and cross-cutting fabric, thought to represent different structural events host pyrite and mixed sulphide mineralisation in granodiorite.

Further structural work is required to identify the various different vein sets present and their relationship to the various shears, faults and mineralisation.

The surveyed collar locations and drill hole data are tabulated in Table 1, below.

Table 1: :  Drillhole collar data for holes at Propsect 3

No.
Hole ID
Easting
Northing
Rl
Azimuth
Dip
EOH depth (m)
comments
1
NSDDIR001
727694
7734017
1042
208
-60
62.64
2
NSDDIR002
727682
7733995
1042
208
-60
61.32
3
NSDDIR003
727670
7733975
1043
208
-60
62.68
4
NSDDIR004
727658
7733952
1044
208
-60
61.34
5
NSDDIR005
727646
7733926
1045
208
-60
102.00
6
NSDDIR006
727629
7733899
1050
Not drilled
7
NSDDIR007
727626
7733895
1047
208
-60
101.82
8
NSDDIR008
727670
7734029
1041
208
-60
62.93
9
NSDDIR009
727657
7734006
1041
208
-60
59.98
10
NSDDIR010
727644
7733985
1042
208
-60
59.93
11
NSDDIR011
727631
7733963
1043
208
-60
61.44
12
NSDDIR012
727618
7733940
1044
208
-60
101.84
13
NSDDIR013
727605
7733919
1045
208
-60
27.27
abandoned
14
NSDDIR014
727592
7733897
1045
208
-60
60.00
15
NSDDIR015
727705
7733983
1043
208
-60
60.08
16
NSDDIR016
727693
7733959
1044
208
-60
60.32
17
NSDDIR017
727683
7733941
1045
208
-60
60.75
18
NSDDIR018
727669
7733915
1046
208
-60
60.38
19
NSDDIR019
727656
7733889
1048
208
-60
60.05
20
NSDDIR020
727647
7733872
1049
208
-60
60.68
21
NSDDIR021
727737
7733991
1043
208
-60
60.18
22
NSDDIR022
727725
7733966
1044
208
-60
60.15
23
NSDDIR023
727716
7733946
1045
208
-60
60.85
24
NSDDIR024
727706
7733925
1046
208
-60
60.79
25
NSDDIR025
727695
7733900
1047
208
-60
60.45
26
NSDDIR026
727685
7733880
1049
208
-60
62.00
27
NSDDIR027
727674
7733857
1050
208
-60
60.00
28
NSDDIR028
727761
7733979
1044
208
-60
60.88
29
NSDDIR029
727748
7733954
1045
208
-60
65.88
30
NSDDIR030
727737
7733933
1046
208
-60
62.92
31
NSDDIR031
727726
7733914
1047
208
-60
61.36
32
NSDDIR032
727712
7733894
1048
208
-60
62.00
33
NSDDIR033
727704
7733873
1049
208
-60
61.40
34
NSDDIR034
727691
7733847
1052
208
-60
62.85
Total meters
2109.16


~Drill collars were surveyd by DGPS

Drill hole NSDDIR006 was not drilled due to the proximity of artisanal surface workings and drill hole NSDDIR005 was extended to compensate. NSDDIR013 was stopped due to intersecting voids and broken ground thought to be back filled artisanal workings and NSDDIR012 was extended to compensate. All the other holes were successfully drilled and completed.

The Company's focus is now on completing the test work to allow for an initial maiden resource and if warranted design of a mining plan.

Further updates will be provided as the project progresses.

Kavango's Operations in Zimbabwe

Kavango is exploring for gold deposits in Zimbabwe that have the potential to be brought into production quickly through modern mechanised mining. The Company is targeting both open-pit and underground opportunities.

Kavango has two projects on the same greenstone belt, Hillside and Nara.

Kavango exercised its option to acquire Hillside in April 2024. Here, the Company has two high-priority targets it hopes to bring into production over the next 18 months; Prospect 3 and Prospect 4. At Prospect 3, Kavango is investigating the potential for an open-pit selective bulk mining operation and future possible underground mechanised mining. Meanwhile, at Prospect 4 Kavango is pursuing a high-grade underground opportunity that is amenable to mechanised mining.

In parallel to this, Kavango has an option to acquire the Nara Project that currently runs until the end of June 2025. Here, the Company is exploring for a large-scale, bulk-minable underground deposit at Nara. The primary target zone is around the historic N1 mine, where the Company is assessing the potential to expand artisanal workings at depth and along strike.

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 compiled by Mr David Catterall, a Competent Person and a member of a Recognised Professional Organisations (ROPO). David Catterall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 (JORC 2012). David is the principal geologist at Tulia Blueclay Limited and a consultant to Kavango Resources. David Catterall is a member of the South African Council for Natural Scientific Professions, a recognised professional organisation.  

The technical information contained in this announcement pertaining to mining has been compiled by Mr Craig Hatch, a Competent Person and a member of a Recognised Professional Organisations (ROPO). Craig Hatch has sufficient experience that is relevant to the style of mining and type of deposit under consideration and to the activities being proposed 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 (JORC 2012). Craig is the Principal Mining Engineer of Minorex Pty Ltd and a consultant to Kavango Resources and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), a recognised professional organisation.  

 

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