REG - Kavango Resources - BOTS Karakubis Copper Mineralised System Confirmed

Kavango ResourcesAnnouncement

22/07/2024 07:00

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RNS Number : 2436X  Kavango Resources PLC  22 July 2024

22 July 2024

Kavango Resources

("Kavango" or "the Company")

BOTS Karakubis Copper Mineralised System Confirmed

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals
exploration company, is pleased to announce successful completion of drilling
the first high priority target (the "First Target") at the Karakubis Copper
Project in Botswana's Kalahari Copper Belt ("KCB"). Field analysis of drill
cores taken from this target confirms the presence of a copper-silver
mineralising system at Karakubis, as well as further indicators of structural
trap sites.

This result validates Kavango's modelling of the KCB and confirms the
prospectivity of the Karakubis Copper Project for large-scale copper/silver
deposits. The Company now anticipates an increased chance of discovery over
the remainder of its 5,000m diamond drill campaign at Karakubis (the "Drill
Campaign").

Progress Overview

·    Kavango commenced the 5,000m Drill Campaign on 17 June (see
announcement >>> 17 June 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/xz82olx)
).

·    The primary objectives of the Drill Campaign were to confirm copper
mineralising fluids passed through the Karakubis Block and that structural
trap sites for potential large-scale copper/silver deposits are present.

·    Kavango met both objectives drilling the First Target.

·    Two holes were drilled into the First Target:

·    Hole KCBDD001 was drilled to a depth of 243.95m at no cost to the
Company and abandoned due to technical issues.

·    Hole KCBDD002 was successfully completed to a depth of 514.38m.

·    Kavango has logged and made pXRF readings on core taken from both
holes.

·    Core from both holes validates Kavango's interpretations applying
geophysical data to model the KCB. This increases the Company's confidence in
future drill targeting.

·    Spot readings taken from handheld pXRF indicate the presence of
copper, silver, zinc and lead, suggesting the mobilisation of copper sulphides
in mineralising fluids within a large system. This may provide a vector
towards larger-scale mineralisation.

The drill rig mobilised to the second high-priority target. Hole KCBDD003 is
currently at 232.58m.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"We started drilling at Karakubis to confirm the presence of a copper-silver
mineralising system. Results from our first target have surpassed our
expectations. The validate our geological model and confirm the potential to
discover a large-scale copper/silver deposit.

Our original goal in the drill campaign was to prove the presence of a copper
mineralising system and structural regional traps within Karakubis. We've met
this objective within our first 500m. This speaks to our team's meticulous
preparations prior to drilling. I would like to thank everyone involved for
all they have contributed.

The core from the two holes validates the interpretations we've applied to
modelling the Kalahari Copper Belt (KCB). In particular, the core highlights
rock sequences consistent with and comparable to descriptions of lower D'Kar
Formation sequences to the west in Namibia and along strike towards Sandfire
Resources' (ASX:SFR) Motheo Mine to the northeast. The contact position
between the D'Kar Formation and Ngwako Pan Formation is one of the main
regional controls for large-scale copper/silver deposits and will be tested by
other holes in the programme.

The intersection of pathfinder elements and pyrite, along with copper values
in our pXRF readings, provides an encouraging indicator of the presence of
structural trap sites. Such traps have enabled the accumulation of economic
copper deposits elsewhere in the KCB.

Kavango looks forward to building on these results as our drilling continues.
This is our most ambitious drill programme to date. Preparations took two
years to maximise our chances of discovery success.

Now that we have received such strong confirmation that our modelling appears
to be correct, we move forward in eager anticipation. With a further 4,300m of
drilling planned over our remaining 14 high-priority targets, we believe our
chances of discovery success have increased significantly."

Drill Objective

Kavango's exploration and drilling strategy at Karakubis is to validate the
interpretations made to date from modelling of geological and geophysical data
and to establish the stratigraphic position in the system, verify the presence
of structural trap sites and confirm the presence of a copper/silver
mineralising system through identification of pathfinder minerals.

Technical Overview

·    Hole KCBDD002 was completed to a depth of 514.38m. Hole KCBDD001 was
drilled to a depth of 243.95m and abandoned at no cost to the Company. Kavango
has retained the core from both holes.

·    Kavango has interpreted the lithologies intersected as being part of
the lower D'Kar Formation of the Ghanzi Group, which is known to host the
majority of the KCB's copper mineralisation.

·    The measured dip and strike of the bedding is comparable with those
anticipated from Kavango's modelling of its Airborne Electromagnetic ("AEM")
data and inversions.

·    Structural features including faults interpreted and projected by
Kavango from the AEM data fit with logged intersections in the drill core.

·    The hole intersected extensive zones of hydrothermal alteration, a
common feature of mineralisation on the KCB, from 90m downhole.

·    The hydrothermal alteration consists of bleaching, hematisation,
silicification, albitisation and patchy carbonate replacement, with some
sandstones becoming friable as cement between grains has been progressively
leached.

·    Pyrite has been logged together with fine minerals containing
pathfinder elements and carbonate-chlorite-Cu-Fe-sulphide replacement of
pyrite in all the siltstone intersections.

·    The presence of pyrite together with pathfinder elements is a
frequent indicator for the presence of a mineralised system.

·    Kavango's hand-held pXRF spot readings on the sulphides and clusters
of pyrite replacements in veins and stringers within bedding report local
values of up to 1.8% copper, 723ppm lead, 264ppm zinc and 116ppm silver¹.

·    This suggests the mobilisation of copper sulphides in mineralising
fluids within the system, and may provide a vector towards further
mineralisation.

·    The core is being cut and sampled and will be dispatched for assay in
due course.

·    Kavango's contract driller, Mitchell Drilling, is currently drilling
the company's second high priority target.

·    Further priority targets are anticipated as data processing and
interpretation are completed for survey results from Survey Blocks 1A and 1B.

¹ These are pXRF spot values and are not expected to return potentially
economic levels of mineralised intersections, rather they are considered to
provide evidence of mineralising fluid activity within the system.

Drill hole KCBDD002

This is the first hole to be completed at Kavango's Karakubis Copper Project
on the KCB. KCBDD001, adjacent, was partially drilled but abandoned and
redrilled as KCBDD002 at no additional cost to the Company.

 

Figure 1: Cross section, viewed NE, showing KCBDD002, and displaying
intersected lithology, structural features, alteration and logged sulphides in
siltstones on a backdrop of AEM Inversion image. Lithologies are
OVB=overburden, CALC=calcrete, ARK=arkose, SAK=sub-arkose, MRL=marl,
SLT=siltstone & SST=sandstone

The sedimentary units in this hole comprise arkose, sub-arkose, sandstone and
siltstone with minor marl. Several stacked, partial to complete sequences have
been logged with the basal sections of the arkose and sub-arkose units
occasionally containing siltstone rip-up clasts transitioning upwards into
units with occasional heavy mineral layers and capped by siltstone and
occasional marl units. The clastic dominated facies assemblage comprises thin
to thick-bedded arkose, sub-arkose and massive amalgamated sandstone with
thicknesses varying from meter scale to tens of meters. The siltstone,
marlstone facies assemblage comprises laminated to thinly bedded fining
upwards cyclic deposition of siltstone and mudstone in packages that vary from
1 or 2m to just over 5m in thickness.

The thickness and stacked nature of these partial to complete sequences are
consistent with and comparable to descriptions of lower D'Kar Formation
sequences to the west in Namibia and along strike towards Sandfire Resources'
(ASX:SFR) Motheo Mine to the northeast.

The degree and styles of hydrothermal alteration are considered indicative of
early metalliferous brines ascending along basin faults combining with later
multiple episodes of faulting and hydrothermal fluid flow associated with the
regional southeast vergent folding in the Ghanzi-Chobe belt.

The presence of pyrite logged together with fine galena, sphalerite and
carbonate-chlorite-Cu-Fe-sulphides replacing pyrite in all the siltstone
intersections is seen as a positive indication that the hydrothermal fluids
may be part of a larger mineralised system, and of the prospectivity of the
area.

The drilling programme will be adapted as more holes are completed and the
information assimilated into the interpretation and modelling.

The drill rig has been moved to the second high-priority target and drilling
is underway at Hole KCBDD003. Current depth is 232.58m. Further updates will
be provided in due course.

Data on the sampling techniques and data relating to the Karakubis Project
(JORC Table 1 and Table 2) is appended via the following >>> link
here
(https://www.kavangoresources.com/downloads/240721-KAV-JORC_tables-v2_1.pdf) .

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Further information in respect of the Company and its business interests is
provided on the Company's website at www.kavangoresources.com
(http://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)

Jason Robertson

+44 207 374 2212

 

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.

 

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