REG - Kavango Resources - ZIM: Bill’s Luck Resource Drilling Commences
11/08/2025 07:00
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RNS Number : 7685U Kavango Resources PLC 11 August 2025
PRESS RELEASE
11 August 2025
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
ZIM: Bill's Luck Resource Drilling Commences
Kavango Resources plc (LSE:KAV), the Southern Africa focused metals
exploration and gold production company, is pleased to announce the start of
resource drilling at the Bill's Luck Gold Mine ("Bill's Luck" or the "Mine")
on the Hillside Project ("Hillside"), Zimbabwe.
The drill programme is designed to accelerate the Company's strategy to
increase gold production, in what is increasingly believed to be a significant
gold mineralised system at Bill's Luck.
The multiphase resource drilling programme has the aim of defining a maiden
mineral resource estimate ("MRE") that can inform future mine planning and
scheduling at Bill's Luck. The programme will comprise an initial wider spaced
diamond drill programme followed by infill diamond drilling and a separate
reverse circulation ("RC") drill programme along strike to the northwest and
southeast.
Highlights:
· The primary objective of the drilling is to define a gold resource
that is mineable for a minimum of three years.
o Kavango believes there is significant future upside potential at Bill's Luck
beyond the initial targeted maiden gold resource.
· The initial diamond drilling will consist of 1,400 metres ("m") and
will aim to define an economic mineable resource in the vicinity of the Main
Shaft and Roscor Shaft. The drilling seeks to confirm and extend upon
mineralised zones already identified from previous exploration.
o This first phase of diamond drilling is designed to identify and
characterise the multiple shear hosted gold zones along a 200m strike of the
Bills Luck Mine area.
· The infill RC drilling will focus on supporting future life of mine
planning by testing lateral continuity of the shear hosted gold zones along
strike immediately to the northwest and southeast with potential down dip
depth extensions. The initial phase will include 10 drill holes planned for a
total of 1,400m.
· Data from the drilling programme is expected to support resource
modelling and detailed mine planning.
Ben Turney, Chief Executive of Kavango Resources, commented:
"Kavango's strategy in Zimbabwe is to discover new gold mines, in known
producing areas, and bring these into production as quickly as we can. Our
investment model is based on initial three-year mineable resources because
we're anticipating payback periods in the region of 18 months.
"Now that we are making the progression from gold exploration to production,
it is an exciting time to be involved in this business, especially given the
speed at which we are moving. Our resource drill campaign at Bill's Luck is
strategically designed to give us a clear path to three years of production.
This has the potential to generate sufficient free cash flow to fund our
operations and drill out larger reserves.
"In the case of Bill's Luck, our team is of the firm belief that this mine has
the capacity to deliver much more gold production over a significantly longer
time period.
"Our work suggests the gold mineralised strike at Bill's Luck hosts a series
of west plunging ore shoots. Kavango is now targeting the main shoot at Bill's
Luck Main Shaft and will also test potential ore shoots at Roscor and West
Shaft. Roscor and West Shaft are currently being mined by local contract
miners and their ore is being processed at our Hillside milling centre. This
has provided useful exploration intelligence, ahead of drilling, and increases
our confidence.
"A successful campaign will underpin the investment case for the placement of
the 200tpd production plant at Bill's Luck, as we work to scale up to a 250tpd
gold production operation by the first half of 2026."
Resource Drilling to Advance Kavango Towards Larger-Scale Production
The phased drill programme will start with diamond drilling, comprising up to
4,000m centred on the existing mine development at Main Shaft and extending
northwest towards West Shaft and southeast towards Roscor Shaft to inform
immediate planning and development work. This will be followed by up to 4,500m
of Reverse Circulation ("RC") drilling.
FIGURE 1: Long Section looking NE of the projected ore shoots at Main Shaft
and Roscor Shaft, with overlays of current mine workings (to 3 Level), and
gold intercepts from previous exploration drilling.
The drilling program is designed to inform a resource estimation from within
the current three gold producing areas at Bills Luck (Main Shaft, Roscor
Shaft, and West Shaft) along 200m of horizontal strike and to a vertical depth
of 150m (5 Level). Multiple holes will be drilled from the same collar
positions to intercept the ore shoots at different vertical depths. Current
mining operations at Main Shaft extend to 90m vertical depth (3 Level).
The strike at Bill's Luck remains open in both directions for future
exploration. In addition, recent structural analysis at Bill's Luck (announced
>>> 28 July 2025
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w60eeqw)
) suggests the ore shoots are also open at depth.
FIGURE 2: Oblique Long Section looking north through Bill's Luck, showing
mined out areas around Main Shaft, Roscor Shaft and West Shaft, together with
surface artisanal workings along the open strike. Also displayed are the
recently announced two significant intersections from underground diamond
drilling demonstrating an increase of width and grade below 3 Level.
The start of both diamond and RC drilling is aimed at establishing a maiden
MRE capable of supporting commercial mining and processing operations for a
minimum of three years. This work is a key step toward a near-term investment
decision to install a 200tpd pilot scale production plant, with the goal of
increasing ore processing capacity to 250tpd by the first half of 2026.
Kavango's technical team, through careful interpretation of recent structural
mapping and analysis, has recognised the possibility for a series of
high-grade ore shoots along the mineralised strike at Bill's Luck, including
the Main Shaft, Roscor Shaft and West Shaft zones. The Company believes that
successfully defining these ore shoots could not only confirm the viability of
a three-year mine life but also open up targets for future exploration and
development.
The initial phase of the diamond drilling programme will comprise
approximately 1,400m focused on confirming the structure, width and continuity
of the gold mineralisation around the Main Shaft and between Roscor and West
Shafts. This will be complemented by an initial RC drilling campaign of up to
1,400m, aimed at testing near-surface mineralisation along strike to support
future mine life planning and resource growth.
Should these campaigns deliver positive results, Kavango has the option to
expand the programmes through additional infill drilling. This would enhance
confidence in resource estimates, support detailed mine planning, and
potentially justify a much larger production profile and extension of mine
life in the future.
Kavango's confidence in Bill's Luck is underpinned by recent underground
drilling, which yielded two high-grade gold intercepts and confirmed that
mineralisation continues from the current mining level (3 Level) to at least 4
Level. These results suggest that the deposit could host a much larger gold
system than initially anticipated and support the Company's belief that Bill's
Luck has the potential to sustain gold production far beyond the initial
three-year resource target.
With the commencement of this resource drilling programme, Kavango is
positioning itself to take full advantage of Bill's Luck's emerging potential
and to create a strong, cash-generative platform for future growth.
Bill's Luck Area - Structural and Mineralisation Overview
The Bill's Luck area, situated in the southern portion of the Balmoral
Magmatic Complex within the Upper Greenstone Belt of the Filabusi region, is
structurally complex and highly prospective for gold exploration with several
historic mines. The area forms part of a polymetamorphic terrane affected by
multiple deformation phases, with the D2 tectono-metamorphic event playing a
dominant role in shaping the current structural architecture.
During the D2 tectono-metamorphic event, the Balmoral Complex underwent
greenschist facies metamorphism and intense folding, resulting in a
characteristic fabric of intersecting foliations and NE-plunging lineations.
Strain during the later D2 phase became strongly partitioned into a network of
dextral oblique shear zones trending parallel to regional-scale fold axial
planes.
These D2 shear zones are the primary structural controls for gold
mineralisation and are associated with transpressional deformation.
Bill's Luck Mine
Kavango's Bill's Luck Mine hosts a major shear zone with several minor
parallel and splay structures, which the Company's technical team interprets
as containing numerous mineralised reefs. The main structure changes
orientation from ESE to SSE in its eastern segment, forming a trailing
imbricated termination suggestive of a favourable dilation zone for mineral
deposition and the location of at least one inferred "ore shoot".
Gold mineralisation at Bill's Luck is structurally and hydrothermally
controlled, predominantly occurring within and along the margins of these
shear zones. Alteration is characterised by quartz-sericite-chlorite
assemblages with disseminated sulphides, often vein-controlled and associated
with syntectonic quartz-sulphide veins.
Zones of higher vein density and alteration coincide with areas of stronger
deformation, with quartz boudinage, pressure shadows, and mylonitic veins
serving as key mineral traps. Late stage mineralised veins also crosscut the
earlier mylonitic fabric, indicating prolonged and possibly multi-phase
mineralisation.
The structural complexity, combined with the presence of high-strain domains,
linking shear structures, and favourable vein-hosting environments, makes the
Bill's Luck area a high-potential target for structurally-controlled gold
exploration within a dextral transpressional regime.
Kavango's Operations in Zimbabwe
Kavango is exploring for gold deposits in Zimbabwe that have the potential to
be developed into commercial scale production quickly through modern
mechanised mining and processing. The Company is targeting both open-pit and
underground opportunities.
Kavango has two projects on the Filabusi greenstone belt, Hillside and Nara.
Kavango owns 100% of the Hillside Gold Project, having exercised its option in
April 2024. Here, the Company has three high priority targets it aims to bring
into production over the next 18 months: Bill's Luck, Steenbok and Nightshift.
At Nightshift, Kavango is investigating the potential for a selective open-pit
mining operation, followed by underground mechanised mining. Meanwhile, at
Steenbok, Kavango is pursuing a high-grade mechanised underground mining
opportunity. Kavango is currently analysing the latest drill data from Bill's
Luck and will provide an update shortly.
In addition, Kavango will soon acquire 100% of the Nara Gold Project, having
exercised its option in June 2025. Here, the Company is exploring for a
large-scale, mechanisable underground gold deposit. The primary target zone is
around the historic N1 mine, where the Company is assessing the potential to
expand artisanal workings both 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 X at
@KavangoRes.
For further information please contact:
Kavango
Resources plc
Ben Turney
+46 7697 406 06
Shard Capital (Broker)
Damon Heath
+44 (0) 207 186 9952
BlytheRay (Financial PR)
Tim Blythe/Megan Ray/Said Izagaren
kavango@blytheray.com
Tel: +44 207 138 3204
Kavango Competent Person Statement
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.
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.
Kavango Resources plc Sampling Techniques and Data for Hillside Project Diamond Drilling. Zimbabwe
Last updated: 5(th) August 2025
(Criteria in this section apply to all succeeding sections)
JORC Code. 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (e.g. cut channels. random chips. or specific · The information in this release relates to the technical details from
specialised industry standard measurement tools appropriate to the minerals the Company's exploration and drilling program at Hillside Project which lies
under investigation. such as down hole gamma sondes. or handheld XRF within the Filabusi Greenstone Belt, Matabeleland, Zimbabwe.
instruments. etc). These examples should not be taken as limiting the broad
meaning of sampling. · The current planned Resource drilling programme will comprise diamond
drilling and reverse circulation (RC) drilling
· Surface Diamond drilling uses HQ & NQ size drill bits.
· Core is cut into two using a commercial core saw adjacent to the Ori
line to produce two splits as mirror images with regards to igneous textures,
sedimentary bedding where possible structural fabric.
· Sampling of the diamond drill core is carried out with half core
samples taken from the entire hole.
· Underground Diamond drilling uses AXT dill bits producing 30.5mm cores.
· Sampling of the underground core uses the whole core (which is deemed
too small to cut) and samples are taken from the entire hole.
· No orientation was possible on the underground drill core.
· All core samples are taken based on geological contacts, and/or of up
to approximately 1m in length. The minimum sample width is 30cm to cater for
distinct quartz veins which may be diluted and obscured if 1m widths were to
be maintained.
· Surface RC drilling uses 6.5"and 4.5" conventional down the hole
hammers.
· RC drill chips are sampled after splitting with a commercial 3 tier
riffle splitter.
· Reverse Circulation samples are 1m samples collected from the cyclone.
· Two samples are taken using a riffle splitter from the original 1m
sample.
· Core and RC chip samples are submitted for a 25g fire assay with AAS
finish to Performance Laboratories (Pvt) Ltd., at Harare, Zimbabwe.
· Selected samples will be sent to a check lab, ALS laboratories,
Johannesburg, for referee fire assay comparison.
· Kavango routinely takes pXRF readings along the core using an Olympus
Vanta on Geochem 3 beam mode 60 seconds.
· The pXRF readings are used only as a guide for lithological
characterisation and alteration and not for resource estimation.
Include reference to measures taken to ensure sample representivity and the · All Kavango's drill samples are geologically logged by suitably
appropriate calibration of any measurement tools or systems used qualified geologists on site.
· Sample representativity is ensured where possible by drilling
perpendicular to structures of interest, and by the sample preparation
technique in the laboratory.
· The entire borehole is sampled based on geological logging, with the
ideal sampling interval being representative of lithology for diamond core and
1m intervals for RC chip samples.
· Individual samples are weighed at the field camp.
· Upon arrival at Performance lab, the samples are dried at +/- 105 deg
Celsius for 8 to 12 hours.
· Entire sample is crushed to 100% passing 4.75mm. The crushers have
inline rotary splitters that split off 500g of sample that is pulverized.
· The 500g split is pulverized in a Rocklabs pot and puck pulveriser
with 85% passing minus 75μm.
· A standard 25g aliquot is used for Fire Assay.
· Following industry best practice. a series of certified reference
materials (CRM's), duplicates and blanks were included for QAQC as outlined
further below.
Aspects of the determination of mineralisation that are Material to the Public
Report.
In cases where 'industry standard' work has been done this would be relatively
simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from
which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other
cases. more explanation may be required, such as where there is coarse gold
that has inherent sampling problems. Unusual commodities or mineralisation
types (e.g. submarine nodules) may warrant disclosure of detailed information.
Drilling techniques Drill type (e.g. core. reverse circulation. open-hole hammer. rotary air · The surface diamond drill holes were drilled using a diamond drill
blast. auger. Bangka. sonic. etc) and details (e.g. core diameter. triple or operated by Equity Drilling Limited.
standard tube. depth of diamond tails. face-sampling bit or other type.
whether core is oriented and if so. by what method. etc). · Equity use HQ and NQ diameter conventional core barrel.
· The underground diamond drill holes were drilled by DHB drilling,
Zimbabwe
· The RC drill holes were drilled by Spartan Drilling.
· Spartan routinely use conventional DTH of 6.5"and 4.5"
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results · Core recovery was monitored closely throughout.
assessed.
· Recovery in rock was >95%.
· RC sample recovery is monitored through weighing of samples prior to
splitting.
· Weight and volumes recovered are noted and recovery is generally very
good.
· Any voids are noted.
Measures taken to maximise sample recovery and ensure representative nature of · Samples prepared for assay are taken consistently from the same side of
the samples. the core cutting line to avoid bias.
· Geologists frequently check the core cutting procedures to ensure the
core cutter splits the core correctly in half.
· Underground diamond drill cores were not split and the whole core was
sampled and submitted for assay
· Core samples for assay are selected within logged geological,
structural, mineralisation and alteration constraints.
· Samples are collected from distinct geological domains with sufficient
width to avoid overbias.
· RC samples are split using a commercial 3 tier riffle splitter to
provide 2 representative samples of 1kg from each 1m sample
Whether a relationship exists between sample recovery and grade and whether · For Diamond drilling sample recovery was generally very good and as
sample bias may have occurred due to preferential loss/gain of fine/coarse such it is not expected that any such bias exists.
material.
· For RC drill sample recovery was generally very good and as such it is
not expected that any bias exists.
Logging Whether core and chip samples have been geologically and geotechnically logged · Kavango's Diamond drill core and RC drill chips are logged by a team
to a level of detail to support appropriate Mineral Resource estimation. of qualified geologists using predefined lithological, mineralogical, physical
mining studies and metallurgical studies. characteristic (colour, weathering etc) and logging codes.
· Diamond drill core was marked up on site and Geotechnical logging was
completed at the rig to ensure recoveries were adequately recorded.
· Lithological, structural, alteration and mineralisation are logged at
camp.
· The core and chip samples are securely stored at the base camp.
· The geologists on site follow industry best practice and standard
operating procedure for both diamond core and RC drilling.
· The core is photographed wet and dry.
· pXRF and magnetic susceptibility data are also captured at consistent
intervals on both diamond drill core and RC drill chips. This data is only
used as a guide for lithological and alteration mapping and interpretation.
· Density measurements for drill core were determined by Archimedes
density measurements i.e. using a precision balance to weigh sample in air and
in submerged in water. A representative piece of core was selected from each
sample for density measurement.
· The QA/QC compilation of all logging results are stored and backed up
on a data cloud.
Whether logging is qualitative or quantitative in nature. Core (or costean. · All logging is conducted in accordance with Kavango's SOP and
channel. etc) photography. standard published logging charts and classification for grain size,
abundance, colour and lithologies to maintain a qualitative and
semi-quantitative standard based on visual estimation.
· Magnetic susceptibility readings are also taken every metre and/or
half metre using a ZH Instruments SM-20/SM-30 reader.
· All core drilled was photographed wet and dry according to industry
best practice.
The total length and percentage of the relevant intersections logged. · 100% of all recovered intervals are geologically logged.
Sub-sampling techniques and sample preparation If core. whether cut or sawn and whether quarter. half or all cores taken. · Selected diamond core intervals are cut in half with a commercial
core cutter. using a 2mm thick blade
· One half is sampled for analysis while the other half is kept for
reference.
· Some of the retained half core is submitted for metallurgical test
work.
· For selected petrographic samples core is quartered.
· Underground diamond drill cores are not cut and the whole core is
sampled and submitted for assay.
For all sample types. the nature. quality and appropriateness of the sample · Field sample preparation is suitable for both core and RC samples.
preparation techniques
· RC samples are weighed at site as they come off the cyclone and every
effort is made to ensure each metre sample is representative of the length
drilled, with proportional volume and weight recorded.
· The laboratory sample preparation technique is considered appropriate
and suitable for the core samples and as well as for the expected grades.
Quality control procedures adopted for all sub-sampling stages to maximise · Kavango's standard field QAQC procedures for drilling samples include
representivity of samples. the field insertion of blanks, an appropriate selection of standards, field
duplicates, replicates, and selection of requested laboratory pulp and coarse
crush duplicates.
· These are being inserted at a rate of 2.5- 5% each to ensure an
appropriate rate of QAQC.
Measures taken to ensure that the sampling is representative of the in-situ · Sampling is deemed appropriate for the type of survey and equipment
material collected. including for instance results for field used.
duplicate/second-half sampling.
· Quarter diamond core duplicates are not deemed appropriate for this
type of gold mineralisation. This could potentially bias the sample due to the
nugget effect and vein hosted nature of the mineralisation and would reduce
the sample volume.
· Laboratory duplicates are produced from the crushed and milled core.
· RC samples are split to provide representative duplicate samples
using a commercial riffle splitter.
Whether sample sizes are appropriate to the grain size of the material being · On occasions gold from this project may be coarse, therefore, some
sampled. nugget effect is expected. This is minimised by using the largest diameter of
core possible with the available equipment, and by utilising halved rather
than quartered core for assay.
Quality of assay data and laboratory tests The nature. quality and appropriateness of the assaying and laboratory · A company audit was made of the assay laboratory in this case
procedures used and whether the technique is considered partial or total. Performance Laboratories before it was engaged.
· The digest and fire assay technique provide a total analysis method.
· Between 5% and 20% of submitted samples consisted of additional blank,
duplicate (lab duplicate from splitting the pulp), and standard samples.
· Round robin and accreditation results for the laboratory were reviewed
and considered acceptable.
· The company's QAQC samples, including standards, are considered to
confirm acceptable bias and precision with no contamination issues identified.
For geophysical tools. spectrometers. handheld XRF instruments. etc. the · Kavango use ZH Instruments SM20 and SM30 magnetic susceptibility
parameters used in determining the analysis including instrument make and meters for measuring magnetic susceptibilities and readings are randomly
model. reading times. calibrations factors applied and their derivation. etc. repeated to ensure reproducibility and consistency of the data.
· An Olympus Vanta C-series pXRF instrument is used in 3-beam
geochemical mode with reading times of 60 seconds in total. Measurements are
taken on clean dry core.
· For the pXRF results no user factor was applied as per Kavango's
SOP. The units are calibrated daily with their respective calibration disks.
· All QAQC samples were reviewed for precision and accuracy. Results
were deemed repeatable and representative:
Nature of quality control procedures adopted (e.g. standards. blanks. · For pXRF appropriate certified reference materials are inserted on a
duplicates. external laboratory checks) and whether acceptable levels of ratio of 1:25 samples.
accuracy (i.e. lack of bias) and precision have been established.
· Repeat readings are taken every 25 samples. and blank samples are
inserted every 25 samples.
· QAQC samples are reviewed for consistency.
· pXRF CRM values show a slight positive bias. including for Cu.
· At low levels (<10ppm) silver values in particular are scattered.
· When laboratory assay results are received blank, standard, and
duplicate values are reviewed to monitor lab performance.
· Select low, moderate and high-grade assay samples will be sent for
check analysis at an internationally accredited laboratory for referee
comparison
· Performance Lab insert their own CRM's, duplicates and blanks and
follow their own SOP for quality control.
· Performance Laboratories are locally accredited but not
internationally accredited.
· Kavango is aware of this and carries out exhaustive QAQC checks and
works with Performance to ensure accuracy and repeatability.
· Several select samples, including one entire hole from a twinned pair
have been sent to Performance in Zimbabwe and ALS Laboratories in South
Africa, with comparable and acceptable results.
· Further external referee laboratory checks will be carried out as and
when sufficient holes have been drilled to warrant.
Verification of sampling and assaying The verification of significant intersections by either independent or · All drill core intersections were verified by peer review.
alternative company personnel.
· The Company's internal CP reviewed sampling and has visited site and
the laboratory to verify protocols.
· Assay data was received as assay certificates and cross checked
against sample submission data to ensure a correct match.
The use of twinned holes. · In previous drilling at Bills Luck, one hole was abandoned, and
the follow-up hole was designed and drilled as a twin hole.
Documentation of primary data. data entry procedures. data verification. data · All data is electronically stored with peer review of data
storage (physical and electronic) protocols. processing and modelling.
· Data entry procedures are standardised in SOP data checking and
verification routine.
· Data storage is on a cloud storage facility with access controls
and automatic backups.
Discuss any adjustment to assay data. · No adjustments were made to assay data.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and · Kavango's surface drill collar coordinates are captured by using
down-hole surveys). trenches. mine workings and other locations used in handheld Garmin GPS and verified by a second handheld Garmin GPS.
Mineral Resource estimation.
· Drill holes are routinely re-surveyed with differential DGPS at
regular intervals to ensure sub-metre accuracy as and when sufficient holes
warrant.
· Downhole surveys of drill holes are done using an AXIS Champ Mag tool
or the Champ Gyro (for DTH).
· Underground drill holes are surveyed by a qualified underground
surveyor using measured in pegs.
Specification of the grid system used. · The grid system used is UTM 35S Arc 1950. All reported coordinates
are referenced to this grid.
Quality and adequacy of topographic control. · Topographic control is based on satellite survey data collected at
30m resolution. Quality is considered acceptable.
Data spacing and distribution Data spacing for reporting of Exploration Results. · Data spacing and distribution of all survey types is deemed
appropriate for the type of survey and equipment used.
Whether the data spacing. and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource · The drilling programs are designed to target the multiple
and Ore Reserve estimation procedure(s) and classifications applied. interpreted parallel auriferous veins at the Bills Luck Mine on the Prospect
Claims.
Whether sample compositing has been applied. · No composite sampling have been done
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible · Drill spacing is currently variable but is considered appropriate
structures and the extent to which this is known. considering the deposit for this stage of exploration.
type.
· Hole orientation is designed to intersect the target structures
as perpendicular as is practical.
· This is considered appropriate for the geological setting and for
the known mineralisation styles.
If the relationship between the drilling orientation and the orientation of · Existence, and orientation of preferentially mineralised
key mineralised structures is considered to have introduced a sampling bias. structures is not yet fully understood but current available data indicates
this should be assessed and reported if material. mineralisation occurs within steep. sub-vertical structures, with the
possibility of plunging "ore-shoots".
· The drillholes are inclined towards the target, which is
understood to dip towards the drillhole at a steep angle (actual geometry to
be confirmed by a second hole on section in the future).
· The relatively short sample length (typically 1 m) allows for
relatively accurate localization of mineralisation.
· No significant sampling bias is therefore expected.
Sample security The measures taken to ensure sample security. · Diamond core and RC drill chips are stored together in a secure
facility at the field office.
· Sample bags are logged, tagged, double bagged and sealed in plastic
bags stored at the field office.
· Samples are stored in a locked company compound at site and in a
locked container in Bulawayo. They are shipped onwards to the analytical
facility by a reliable commercial courier.
· Sample security includes a chain-of-custody procedure that consists
of filling out sample submittal forms that are sent to the laboratory with
sample shipments to make certain that all samples are received by the
laboratory.
· Prepared samples are transported to the analytical laboratory in
sealed bags that are accompanied by appropriate paperwork. including the
original sample preparation request numbers and chain-of-custody forms.
Audits or reviews The results of any audits or reviews of sampling techniques and data. · The CP has visited both site and the laboratory utilised and considered
practices and SOPs at both as acceptable.
· The CP reviewed all data, and spot-checked significant values versus
certificates.
JORC Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type. reference name/number. location and ownership including agreements or · The Hillside Project consists of 44 gold claims.
material issues with third parties such as joint ventures. partnerships.
overriding royalties. native title interests. historical sites. wilderness or · Kavango entered into an option agreement with the vendors, dated 25
national park and environmental settings. July 2023.
The security of the tenure held at the time of reporting along with any known · This was exercised on 23 April 2024 with respect to Hillside and
impediments to obtaining a licence to operate in the area. Leopard South.
· Leopard North remains subject to a call option valid to June 2025.
· Transfer of the Claims is presently underway.
· More details are provided here
https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9nq44r
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9nq44r)
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. · The project contains a historic high-grade mine Bills Luck, which has
a history of intermittent gold production from 1916 to 1950, yielding 17,000
oz at an average grade of 7.7g/t. After 1950, the mine saw only small-scale
sand retreatment and surface workings.
· It is currently being mined by artisanal miners, who are under
contract, milling the ore at Bill's Luck stamp mill.
Geology Deposit type. geological setting and style of mineralisation. · Bills Luck lies near the southern contact of the Filabusi gold belt
and the Bulawayan Basement Schists. Younger intrusive granites bound it to the
north.
· Gold mineralization appears to be associated with multiple sub
parallel quartz veins that occur in fine grained massive, sheared granite.
· The general azimuth of the auriferous veins is 110(o) TN (dipping
steeply to the NNE)
· Bills Luck, which has a history of intermittent gold production from
1916 to 1950, yielding 17,000 oz at an average grade of 7.7g/t. After 1950,
the mine saw only small-scale sand retreatment and surface workings.
Drill hole Information A summary of all information material to the understanding of the exploration · A summary table of all planned Kavango drill holes that form the focus
results including a tabulation of the following information for all Material of the current program are presented below and will be updated in future
drill holes: announcements..
easting and northing of the drill hole collar · The holes will be surveyed and sited using a handheld GPS
elevation or RL (Reduced Level - elevation above sea level in metres) of the · Upon completion of drilling a DGPS survey will be completed by
drill hole collar professional surveyors.
dip and azimuth of the hole · Position format: UTM UPS; Map datum Arc 1950 Zone 35S.
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that the
information is not Material, and this exclusion does not detract from the
understanding of the report. the Competent Person should clearly explain why
this is the case.
Plan_ID East North RL Dip Azimuth Depth Status Type Claims
BLDD-PL009 728576 7733900 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL010 728576 7733900 1050 -65 213 250.000 Planned DD Bills Luck
BLDD-PL011 728552 7733911 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL012 728552 7733911 1050 -60 213 250.000 Planned DD Bills Luck
BLDD-PL013 728592 7733879 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL014 728592 7733879 1050 -60 213 250.000 Planned DD Bills Luck
BLDD-PL015 728530 7733921 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL016 728530 7733921 1050 -60 213 250.000 Planned DD Bills Luck
BLDD-PL017 728613 7733865 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL018 728613 7733865 1050 -60 213 250.000 Planned DD Bills Luck
BLDD-PL019 728514 7733932 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL020 728514 7733932 1050 -60 213 250.000 Planned DD Bills Luck
BLDD-PL021 728633 7733850 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL022 728633 7733850 1050 -60 213 250.000 Planned DD Bills Luck
BLDD-PL023 728650 7733839 1050 -55 213 250.000 Planned DD Bills Luck
BLDD-PL024 728650 7733839 1050 -60 213 250.000 Planned DD Bills Luck
Plan_ID East North RL Dip Azimuth Depth Status Type Claims
BLRC-GC001 728642 7733791 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC002 728642 7733791 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC003 728642 7733791 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC004 728670 7733770 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC005 728670 7733770 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC006 728670 7733770 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC007 728698 7733749 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC008 728698 7733749 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC009 728698 7733749 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC010 728477 7733909 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC011 728477 7733909 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC012 728477 7733909 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC013 728437 7733939 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC014 728437 7733939 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC015 728437 7733939 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC016 728396 7733967 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC017 728396 7733967 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC018 728396 7733967 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC019 728656 7733781 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC020 728656 7733781 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC021 728656 7733781 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC022 728684 7733760 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC023 728684 7733760 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC024 728684 7733760 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC025 728457 7733924 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC026 728457 7733924 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC027 728457 7733924 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC028 728416 7733953 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC029 728416 7733953 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC030 728416 7733953 1050 -55 213 150.000 Planned RC Bills Luck
Plan_ID East North RL Dip Azimuth Depth Status Type Claims
BLRC-GC001 728642 7733791 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC002 728642 7733791 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC003 728642 7733791 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC004 728670 7733770 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC005 728670 7733770 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC006 728670 7733770 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC007 728698 7733749 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC008 728698 7733749 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC009 728698 7733749 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC010 728477 7733909 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC011 728477 7733909 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC012 728477 7733909 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC013 728437 7733939 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC014 728437 7733939 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC015 728437 7733939 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC016 728396 7733967 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC017 728396 7733967 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC018 728396 7733967 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC019 728656 7733781 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC020 728656 7733781 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC021 728656 7733781 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC022 728684 7733760 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC023 728684 7733760 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC024 728684 7733760 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC025 728457 7733924 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC026 728457 7733924 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC027 728457 7733924 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC028 728416 7733953 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC029 728416 7733953 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC030 728416 7733953 1050 -55 213 150.000 Planned RC Bills Luck
Data aggregation methods In reporting Exploration Results. weighting averaging techniques. maximum · Outstanding results will be reported as and when they are available
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off and have been reviewed for QAQC and used for interpretation
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and
longer lengths of low-grade results. the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration · Down hole intersection widths will be used throughout until such time
Results. as enough data is available to provide true width intersections.
If the geometry of the mineralisation with respect to the drill hole angle is · Most of the drill intersections are into steep to vertically dipping
known. its nature should be reported. units. True thickness is presently unknown and will be determined based on
additional drilling.
If it is not known and only the down hole lengths are reported. there should
be a clear statement to this effect (eg 'down hole length. true width not · All measurements state that downhole lengths have been used as the true
known'). width cannot yet be established by the current drilling.
· Due to the structural control on the mineralisation and the
anastomosing nature of the shears, together with an inferred plunge more
drilling is required to provide accurate measurements for true thickness
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts · N/A
should be included for any significant discovery being reported These should
include. but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable. · All completed holes will be logged, sampled and dispatch as they are
representative reporting of both low and high grades and/or widths should be processed.
practiced to avoid misleading reporting of Exploration Results.
· Outstanding results will be reported as and when they are available and
have been reviewed for QAQC and used for interpretation
Other substantive exploration data Other exploration data. if meaningful and material. should be reported · Geophysical work has been done previously, comprising Gradient Array IP
including (but not limited to): geological observations; geophysical survey and Stacked Schlumberger Sections
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density. groundwater. geotechnical · A regional structural mapping programme has been completed and included
and rock characteristics; potential deleterious or contaminating substances. detailed structural analysis of portions of specific holes.
· Further structural work is scheduled
Plan_ID East North RL Dip Azimuth Depth Status Type Claims
BLRC-GC001 728642 7733791 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC002 728642 7733791 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC003 728642 7733791 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC004 728670 7733770 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC005 728670 7733770 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC006 728670 7733770 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC007 728698 7733749 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC008 728698 7733749 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC009 728698 7733749 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC010 728477 7733909 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC011 728477 7733909 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC012 728477 7733909 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC013 728437 7733939 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC014 728437 7733939 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC015 728437 7733939 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC016 728396 7733967 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC017 728396 7733967 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC018 728396 7733967 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC019 728656 7733781 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC020 728656 7733781 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC021 728656 7733781 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC022 728684 7733760 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC023 728684 7733760 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC024 728684 7733760 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC025 728457 7733924 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC026 728457 7733924 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC027 728457 7733924 1050 -55 213 150.000 Planned RC Bills Luck
BLRC-GC028 728416 7733953 1050 -70 213 150.000 Planned RC Bills Luck
BLRC-GC029 728416 7733953 1050 -65 213 150.000 Planned RC Bills Luck
BLRC-GC030 728416 7733953 1050 -55 213 150.000 Planned RC Bills Luck
Data aggregation methods
In reporting Exploration Results. weighting averaging techniques. maximum
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and
longer lengths of low-grade results. the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be
clearly stated.
· Outstanding results will be reported as and when they are available
and have been reviewed for QAQC and used for interpretation
Relationship between mineralisation widths and intercept lengths
These relationships are particularly important in the reporting of Exploration
Results.
If the geometry of the mineralisation with respect to the drill hole angle is
known. its nature should be reported.
If it is not known and only the down hole lengths are reported. there should
be a clear statement to this effect (eg 'down hole length. true width not
known').
· Down hole intersection widths will be used throughout until such time
as enough data is available to provide true width intersections.
· Most of the drill intersections are into steep to vertically dipping
units. True thickness is presently unknown and will be determined based on
additional drilling.
· All measurements state that downhole lengths have been used as the true
width cannot yet be established by the current drilling.
· Due to the structural control on the mineralisation and the
anastomosing nature of the shears, together with an inferred plunge more
drilling is required to provide accurate measurements for true thickness
Diagrams
Appropriate maps and sections (with scales) and tabulations of intercepts
should be included for any significant discovery being reported These should
include. but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
· N/A
Balanced reporting
Where comprehensive reporting of all Exploration Results is not practicable.
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
· All completed holes will be logged, sampled and dispatch as they are
processed.
· Outstanding results will be reported as and when they are available and
have been reviewed for QAQC and used for interpretation
Other substantive exploration data
Other exploration data. if meaningful and material. should be reported
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density. groundwater. geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· Geophysical work has been done previously, comprising Gradient Array IP
and Stacked Schlumberger Sections
· A regional structural mapping programme has been completed and included
detailed structural analysis of portions of specific holes.
· Further structural work is scheduled
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. END DRLUAVVRVOUWARRRecent news on Kavango Resources
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