REG - Kavango Resources - ZIM – Extensive anomalous gold in soils Prospect 4

Kavango ResourcesAnnouncement

19/08/2024 07:00

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RNS Number : 8965A  Kavango Resources PLC  19 August 2024

PRESS RELEASE

19 August 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM -- Extensive anomalous gold in soils Prospect 4

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals
exploration company is pleased to announce the receipt of gold assay results
for its recent soil sampling programme at Prospect 4, Hillside Project
("Prospect 4") in Matabeleland, southern Zimbabwe.

The soil sampling programme returned anomalous gold in soil values over an
area of 1.5km², which is underlain by greenstones and granites offset by a
regional shear with multiple quartz-vein complexes producing gold from
artisanal surface workings.

Highlights

·    Kavango has received 582 assay results for soil samples collected
over 1.5km², with anomalous values received across much of the gridded area.

·    The soil samples were assayed for gold using a bottle roll cyanide
leach technique at Performance Laboratories in Zimbabwe in conjunction, with
handheld pXRF readings for other elements carried out by the Company.

·    Anomalous gold values appear to be closely associated both with the
E-W trending shears favoured by the artisanal and historical miners, and also
the SSW - NNE trending structures interpreted from geophysics.

·    Gold values appear across the whole grid and are open to the W and E.

·    These assay results confirm a larger mineralised system presently
being worked only locally by the artisanal miners. They also indicate the
possible presence of additional potential gold bearing structures not yet
tested or worked.

·    Kavango previously announced results for a scoping hole targeting a
steeply dipping shear zone below artisanal workings that intersected multiple
broad zones of geochemically anomalous gold values thought to relate to
additional shears. (announced >>>15
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rgglo3r)
(th
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rgglo3r)
) April 2024)
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rgglo3r)

·    Best results* in this hole, SKDD001, included:

-     2.53 m @ 29.08 g/t gold from 97.47 m, associated with visible gold
(average peak grade of 212.07 g/t over 0.34 m).

-     1.32 m @ 1.80 g/t gold from 214.46 m.

·    An Induced Polarisation ("IP") survey identified three further
potential shear zones, parallel to the one being worked by artisanal miners.

·    Kavango intends to mobilise the drill rig to Prospect 4, after
completing current drilling at Prospect 3.

*All quoted thicknesses are apparent down hole intersection thicknesses

Ben Turney, Chief Executive of Kavango Resources, commented:

"As more results come in from Hillside, Kavango's exploration is increasingly
focussed on defining potential resources for mining.

We were already enthusiastic about the chances of near-term mining at Prospect
4, when Hole SKDD001 intersected 2.53m @ 29.08g/ t gold from 97.47m depth.
Today's soil sample assays confirm the wider potential for a possible minable
gold ore body around this target.

We will now follow up with an Induced Polarisation survey to see if we can
identify further concealed shear zones that have not previously been uncovered
by local artisanal mining. If such structures exist, which the soil assays
suggest is probable, this will increase our confidence ahead of further
drilling.

We look forward to bringing the drill rig back to Prospect 4 in the coming
weeks."

Results and Interpretation

A soil sampling programme undertaken at Prospect 4, in the Hillside Project
area, returned anomalous gold in soil values across an area of 1.5km² that is
underlain by greenstones and granites offset by a regional shear with multiple
quartz-vein complexes producing gold from artisanal surface workings. See
Figure 1 below:

Figure 1: Prospect 4 geological mapping, with structural features, historic
mine locations and artisanal surface workings together with gold in soil
values.

The anomalous gold values appear to be closely associated with the E-W
trending shears favoured by the artisanal miners but also with SSW - NNE
trending structures interpreted from the geophysics and clearly displayed on
the Digital Terrain Map ("DTM"), shown in Figure 2. Anomalous trends of gold
values linked to interpreted structures appear to extend beyond the grid to
both the W and E.

Figure 2: Prospect 4 DTM, with structural features, historic mine locations
and artisanal surface workings together with gold in soil values.

Down-slope dispersion of the gold through the soil profile was of initial
concern, however plotting of the values on the DTM and review of field data
plotted in 3D suggests there is only minimal down-slope dispersion. Kavango
believes that a degree of concentration within the soil profile has taken
place and is exploited by the artisanal miners.

Kavango has received 582 assay results for soil samples collected over
1.5km². The soil samples were assayed using a bottle roll cyanide leach
technique at Performance Laboratories (Pvt) Ltd in Zimbabwe, which used a 500g
sample, leached for 24 hours with a solution containing 0.5% sodium cyanide,
and an Atomic Absorption ('AA') finish. Additional analysis was also
undertaken with a handheld pXRF providing multielement data.

This has been used to identify trends for known associated pathfinder elements
and comparison with observed mineral associations from the artisanal workings.
Tungsten has a high correlation with gold in the soil analysis and is reported
as scheelite by the artisanal miners, while abundant visible pyrite,
arsenopyrite and chalcopyrite all correlate well with gold in soil and are
routinely observed in both hand specimens and drill core from SKDD001, Figure
3.

Figure 3: Prospect 4 geological mapping, with structural features, historic
mine locations and artisanal surface workings together with arsenic and
tungsten in soil values.

The gold bottle roll results indicate a potential larger more extensive
mineralised system that is only being worked locally by the artisanal miners,
with significant exploration potential for the discovery of further gold
bearing structures not only within the grid area but also extending beyond the
grid to the W and E. A large cluster of anomalous gold results occur around
the old Ixl mine over mapped structures but also extending north over
structures recently interpreted from the geophysics. There are some anomalous
gold values west of Sprog mine supported by arsenic and tungsten anomalies
similar to those returned around the Ixl mine. Production figures for Ixl and
Sprog are listed below in Table 1.

 Mine   Gold Kg  Gold Oz  Tonnes  Grade g/t
 Ixl    154.94   4,981.4  11,900  13.0
 Sprog  2.71     87.1     481     5.6

 Table 1: Production Figures from "The Geology of the Filabusi Greenstone
Belt and Surrounding Granitic terrane of Zimbabwe". Geological Survey Bulletin
No91.

Kavango previously announced results from a scoping hole, SKDD001, targeting a
steeply dipping shear zone below artisanal workings south of the old Ixl mine,
that intersected multiple broad zones of geochemically anomalous gold values
thought to relate to additional shears. (announced >>>15
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rgglo3r)
(th
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rgglo3r)
) April 2024)
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/rgglo3r)

·    Best results, measured as downhole intersection lengths, included:

-     2.53 m @ 29.08 g/t gold from 97.47 m, associated with visible gold
(average peak grade of 212.07 g/t over 0.34 m).

-     1.32 m @ 1.80 g/t gold from 214.46 m.

Subsequently an Induced Polarisation ("IP") survey identified three further
potential shear zones, parallel to the one being worked by artisanal miners
and transected in hole SKDD001 that has associated tungsten and arsenic
anomalies. See Figure 4 below.

Figure 4: Prospect 4 cross-section looking west, with gold in soil values
across the profile, air photo image draped on DTM and IP Chargeability
displayed below.

Next Steps

A further gradient array IP survey programme is planned, following which the
data will be modelled and inverted and then integrated with the existing data.
The combined interpretation is expected to identify further drill targets.
Holes are then planned to be designed to expand the existing footprint of
artisanal workings at depth, along strike and to test newly identified
structures.

A systematic sampling exercise is planned to collect a bulk sample from one of
the historic mine workings as well as representative samples from as many of
the gold producing artisanal workings as possible.

In order to assess the wider prospectivity of the area and compare current
artisanal gold production with historic underground mine production, the
assays from the bulk sampling programme will be compared with assays from the
drill programme.

Kavango intends to recommence drilling at Prospect 4, once it has completed
this analysis. The Company will provide a further update in due course.

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.

 

 

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