REG - Kavango Resources - ZIM: Hillside Prospect 3 Assay Results

Kavango ResourcesAnnouncement

16/09/2024 07:00

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RNS Number : 2342E  Kavango Resources PLC  16 September 2024

PRESS RELEASE

16 September 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Hillside Prospect 3 Assay Results

ZIM: Multiple zones confirmed at Hillside

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals
exploration company, is pleased to announce further positive assay results
from Prospect 3 ("Prospect 3") at the Hillside Gold Project ("Hillside") in
Matabeleland, southern Zimbabwe.

Highlights

·    Hole NSDD002 was a follow-up hole sited to target mineralisation
approximately 200m along strike from gold mineralisation intersected in
NSDD001 (announced >>> 10 May 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/x4j5odx)
).

o Highlights from NSDD001 included 40m of gold mineralisation grading >0.5
g/t over multiple shear zones.

·    NSDD002 was drilled to a total depth of 358.40m and successfully
intersected multiple shear zones hosting sets of gold bearing quartz veins and
associated sulphide mineralisation, totalling more than 20m grading > 0.5
g/t gold.

o Gold mineralisation starts from surface and may be open-pit mineable.

·    NSDD003 was drilled as an infill hole between NSDD001 and NSDD002 to
a total depth of 352.40m. NSDD003 also intersected multiple zones of
mineralisation associated with quartz veins, totalling a similar mineralised
width.

·    Best results* in the holes include:

-     8.20m @ 2.93 g/t gold from 66.69m in NSDD002

o And includes 0.35m @ 13.82 g/t gold from 68.39m in NSDD002.

-     5.00m @ 1.80 g/t gold from 104.40m in NSDD003

o And includes 0.40m @ 5.79 g/t gold from 104.40m in NSDD003.

·    Induced Polarisation (IP) anomalies suggest the shears extend to
depth.

·    Results provide further confirmation of what Kavango believes to be a
likely extensive mineralised system, with an open strike >200m.

*All quoted thicknesses are apparent down hole intersection thicknesses.

Ben Turney, Chief Executive of Kavango Resources, commented:

"These results take us a step closer to defining a first bulk minable target
at Hillside. The widths and grades at Prospect 3 are encouraging, as is the
proximity of gold mineralisation to surface.

Hole NSDD002 was designed to test the strike extension of gold mineralisation
200m from the gold we previously intersected in Hole NSDD001. NSDD003 was
designed to infill between the two holes before additional drilling is carried
out for a future resource. We are delighted to have achieved success in all
three holes. These positive results confirm the apparent extension of
mineralisation between NSDD001 and NSDD002, the presence of gold
mineralisation from surface in NSDD002, and of mineralised packages totalling
40m down the length of NSDD001 and 20m down the length of both of holes
NSDD002 and NSDD003.

Our drill rig will now test further targets at Prospects 1, 4, & 6. Once
this work is complete, we expect to return to Prospect 3 for drilling aimed at
establishing a mineral resource. Our goal will be to define a maiden minable
gold resource at Hillside that Kavango can bring into production in H1 2025."

Holes NSDD002 & NSDD003

Drill hole NSDD001 successfully tested the geology underneath current active
artisanal workings at Prospect 3. Drill hole NSDD002 was then aimed at
extending this along strike, and NSDD003 was drilled to infill the gap between
the two holes. Geology was comparable with NSDD001, with units including
diorite with meta-sediment xenoliths and at depth garnet rich meta-sediments.
Gold mineralisation across the area is hosted within multiple shear zones,
which appear to be related to dominant WNW trending structures.

Prospect 3 Open Pit Potential

Kavango is encouraged by multiple zones of gold mineralisation encountered in
NSDD002 and NSDD003, within 100m vertical depth, at grades of >0.5 g/t
gold. The Company plans to examine the potential for a possible open pit
mineable deposit.

The assay results received to date demonstrate  a mineralised strike extent
of 200m. Kavango's technical team believes this may extend further.

Best results* in the holes in order of sequence include:

Hole NSDD002

-     3m @ 0.66 g/t gold from 0m (surface)

-     2m @ 1.21 g/t gold from 6m depth

-     1m @ 1.77 g/t gold from 13m depth

-     6m @ 0.51 g/t gold from 21m depth

-     8.20m @ 2.93 g/t gold from 66.69m depth

o And includes 0.35m @ 13.82 g/t gold from 68.39m depth.

Hole NSDD003

-     1.50m @ 0.78 g/t gold from 6.50m depth

-     2m @ 0.75 g/t gold from 13m depth

-     1m @ 2.08 g/t gold from 28m depth

-     2.76m @ 0.69 g/t gold from 62.50m depth

-     5.00m @ 1.80 g/t gold from 104.40m depth

o And includes 0.40m @ 5.79 g/t gold from 104.40m depth

Prospect 3 Assay Results

A table of significant results (>0.5 g/t Au) is provided below, up to 2m
internal dilution has been allowed in reporting intercepts, consistent with
the identified broad mineralised packages, and which Kavango is targeting for
open-pit potential. All the hole was assayed.

 Hole no.   m from  m to    Interval m  Gold g/t
 NSDD002    0.00    3.00    3.00        0.66
 NSDD002    6.00    8.00    2.00        1.21
 NSDD002    13.00   14.00   1.00        1.77
 NSDD002    21.00   27.00   6.00        0.51
 NSDD002    66.69   74.89   8.20        3.08
 including  68.39   68.74   0.35        13.82
 NSDD002    105.00  111.10  6.10        0.85
 NSDD002    152.48  153.19  0.71        1.52
 NSDD002    196.46  197.00  0.54        0.82
 NSDD002    225.87  226.87  1.00        0.63

 NSDD003    6.50    8.00    1.50        0.78
 NSDD003    13.00   15.00   2.00        0.75
 NSDD003    23.80   24.50   0.70        0.79
 NSDD003    28.00   29.00   1.00        2.08
 NSDD003    31.40   32.40   1.00        0.68
 NSDD003    37.00   37.40   0.40        0.79
 NSDD003    62.50   65.26   2.76        0.69
 NSDD003    104.40  109.40  5.00        1.80
 including  104.40  104.80  0.40        5.79
 NSDD003    123.50  125.00  1.50        0.80
 NSDD003    152.00  153.00  1.00        0.58
 NSDD003    163.00  165.00  2.00        0.87
 NSDD003    193.00  195.00  2.00        1.09
 NSDD003    198.44  199.00  0.56        0.75

*All thicknesses are apparent downhole intersection thicknesses.

The Kavango technical team interprets these results as confirming the
previously identified mineralisation in NSDD001 by some 200m along strike.

Figure 1: Map of Hillside Prospects 2 and 3, showing drillhole locations
superimposed over mapped and interpreted veins and structures, and artisanal
workings

Figure 2: A cross-sectional view looking NW through the drillholes at
Prospects 3 and 2, showing lithology and a histogram of gold grades,
superimposed over IP chargeability. The gold grades shown range from 0.01 g/t
to a maximum cut off at 10 g/t.

Next Steps

Kavango has so far completed a total of nine holes across its Hillside
prospects (see Table 1).

 Prospect    Hole no.  Initial azimuth (O) (True N)  Inclination (O)     Total depth (m)  Easting    Northing    RL       Survey
 Hillside 1  BLDD001   206                           -65       196.35                     728726.63  7733796.30  1045.69  DGPS

             BLDD002   206                           -65       160.40                     728727.75  7733803.76  1045.85  DGPS
 Hillside 2  BRDD001   212                           -60       400.40                     728009.99  7734479.72  1038.20  DGPS
             BRDD002   212                           -60       364.40                     727953     7734526     1051     GPS
             BRDD003   212                           -60       355.40                     728089     7734437     1051     GPS
 Hillside 3  NSDD001   216                           -60       301.40                     727564.07  7734104.88  1035.44  DGPS
             NSDD002   212                           -60       358.40                     727715     7734003     1040     GPS
             NSDD003   212                           -60       352.40                     727628     7734062     1040     GPS
 Hillside 4  SKDD001   008                           -60       247.40                     728954.82  7745487.45  1113.41  DGPS

Table 1: Kavango Hillside drillholes drilled to date. Co-ordinates of
drillholes are using datum Arc 1950. NSDD002 gold assays are reported here.

The three holes at Prospect 3 together indicate the potential to establish a
future resource, for which further drilling is being planned.

Drilling is presently ongoing at Prospect 1, with further drilling planned at
a new prospect, Prospect 6. This drilling will focus on IP targets, as
described below.

IP targets at Prospects 1 and 6

Kavango recently carried out a total of 18.7 line kilometres of Induced
Polarisation ("IP") survey lines over the Hillside Project.

The IP surveys were designed to identify sulphide bodies associated with high
grade gold bearing shear structures related to historic and artisanal
workings.

A positive IP anomaly was identified below the tailings dump at Prospect 1 and
is planned to be tested at depth with drillhole BLDD003, while drillhole
BLDD004 will drill almost directly into this target.

Figure 3. Section looking NE through IP anomaly below Bill's Luck tailings
dump, showing planned drillholes BLDD003 and 4 to test the IP anomaly.

Another IP anomaly is located within the southeastern corner of the Hillside
Project. This area is a new target, Prospect 6, and which is planned to be
drill tested.

 

Figure 4. IP anomaly at Prospect 6 to be tested with drillhole VLDD001.

 

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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