REG - Kavango Resources - ZIM: Hillside Prospect 4 Assay Results

Kavango ResourcesAnnouncement

15/04/2024 07:00

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RNS Number : 5319K  Kavango Resources PLC  15 April 2024

PRESS RELEASE

15 April 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM: Hillside Prospect 4 Assay Results

ZIM: 29g/t gold intercepted over 2.5m at Hillside

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals
exploration company, is pleased to announce the first assay results from the
Hillside Prospect 4 gold project ("Prospect 4") in Matabeleland, southern
Zimbabwe.

·    Hole SKDD001 was a scoping hole sited to target mineralisation in a
steeply dipping shear zone below artisanal workings (announced >>> 25
January 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/x81op5w)
).

·    SKDD001 was drilled to a total depth of 247.40 m and intersected the
targeted shear zone being worked by the artisanal miners.

·    Best results* in the hole include:

-     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.

·    The hole contains multiple further broad zones of geochemically
anomalous gold values thought to relate to additional shear zones.

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

·    Results are pending on four other holes drilled across three other
Hillside prospects.

·    Kavango Mining to examine near surface gold mining potential at
Prospect 4, based on intersected grades and ongoing artisanal mining in the
area.

*All quoted thicknesses are apparent down hole intersection thicknesses

Ben Turney, Chief Executive of Kavango Resources, commented:

"This result far surpasses our expectations at Prospect 4.

Prospect 4 is our fourth-ranked target at Hillside. These results underline
the Hillside Project's overall potential to host over 1 million ounces of
mineable gold.

We sent the cores from Hole SKDD001 for immediate fire assay testing at a
SADCAS accredited laboratory in Zimbabwe because of the visible gold. The
near-term potential for possible mining at Prospect 4 was apparent as soon as
we saw the core. We now need to test this potential with swift and methodical
follow-up exploration. We are particularly looking forward to testing the
additional three shear zones we believe we've identified here.

In terms of the results, we have pursued rigorous quality assurance and
quality control. We also retested the high-grade gold zone.

We are delighted that the initial fire assays include one particularly
significant gold intersection grading at 29.08 grams per tonne (g/t) over 2.53
m at a depth of 97.47 m. The secondary zone of 1.8 g/t over 1.32 m at 214 m
depth is also encouraging. Given that we encountered anomalous gold throughout
Hole SKDD001, we now need to return to Prospect 4 to assess further its
commercial potential.

While we continue drilling at the Nara Project, we will send the SKDD001 pulps
for multi-element testing at an internationally accredited laboratory in
Johannesburg. We have confidence in the data we've published today and the
tests in Johannesburg will help guide future drilling.

Having brought Kavango Mining into production in March, we are set up
operationally to bring any new discovery into production with relative speed.
While more drilling is needed to evaluate the scale of the opportunity, this
is a highly promising start."

Prospect 4 Assay Results and Geology

The host rock intersected in diamond drill hole SKDD001 consists of felsic
gneiss and schists, thought to be of Archean age. These feature extensive
quartz veining and locally contain a visually estimated up to 5% pyrite with
arsenopyrite and chalcopyrite. Visible gold was observed at a downhole depth
of 97.68 m. (See figure 1), and was further confirmed at assay, with an
average peak grade of 212.07 g/t over 0.34 m. Five assays were run on the
sample to confirm this grade, with AAS finish returning grades of 172.29 g/t,
214.38 g/t and 250.89 g/t gold, and gravimetric finish returning grades of
211.79 g/t and 210.99 g/t.

True thickness will be evaluated once additional holes are available to
determine final geometry. The hole is inclined at 60° towards the target,
which is understood to dip towards the drillhole at a steep angle (actual
geometry is expected to be confirmed by a second hole in the future).

Analysis for gold in diamond drill hole SKDD001 was carried out as a 25g fire
assay with AAS fusion on halved core samples. Analysis was carried out by a
Zimbabwe based laboratory accredited by SADCAS. Kavango inserted 20%
standards, duplicates, and blanks as additional quality control measures.

Figure 1: Visible gold at 97.68 m in drillhole SKDD001, confirmed by assay.
Scale is in cm and mm.

A table of significant results (>0.5g/t Au) is provided below. Full results
for the hole are presented in Appendix 1.

 Hole no.  m from  m to    Thickness* m  Gold g/t
 SKDD001   97.47   100.00  2.53          29.075
 incl      97.47   97.81   0.34          212.07
 SKDD001   108.00  109.00  1.00          0.510
 SKDD001   114.00  115.00  1.00          0.520
 SKDD001   127.00  128.00  1.00          0.730
 SKDD001   138.00  139.00  1.00          0.900
 SKDD001   140.00  140.65  0.65          0.605
 SKDD001   143.00  144.01  1.01          0.650
 SKDD001   172.34  173.00  0.66          0.970
 SKDD001   214.46  215.78  1.32          1.798
 incl      215.18  215.78  0.60          2.540

*All thicknesses are apparent downhole intersection thicknesses

The hole was drilled as a diamond core scoping hole using a combination of HQ
and NQ diameters. All core was logged in the field and cut in half using a
core saw before being sent for analysis. Samples were taken based on
geological contacts, and/or of approximately 1m length. Core recovery was
monitored closely throughout, and recovery exceeded 95% below the weathered
regolith. Any voids were noted. Core was consistently cut perpendicular to the
dominant fabric which hosts the quartz veins and associated sulphides.

The drillhole was aligned to transect a number of artisanal workings while
also crosscutting the mapped lithologies and the first of four interpreted
shear zones identified from ground IP (Figures 2, 3 & 4).

Figure 2: Prospect scale geology with drillhole trace for hole SKDD001.

Figure 3: Oblique view west through SKDD001 borehole trace showing downhole
geology and structures and gold peaks with surface IP (resistivity) on surface
and in section.

 

Figure 4: Oblique view west through SKDD001 borehole trace showing downhole
geology and structures and gold peaks with surface IP (chargeability) on
surface and in section.

Other than geological mapping and limited soil sampling in the 1980s Kavango
is not aware of any previous modern mineral exploration in the area. Kavango
has compiled historic mapping and geophysical interpretations into a series of
working maps (Figures 5 & 6).

Figure 5: District scale geology with drillhole trace for hole SKDD001.

Figure 6: District scale drone magnetic survey, Reduced to Pole 1st Vertical
Derivative (RTP_1VD) image with interpreted features, showing position of
drillhole SKDD001.

Next Steps

Kavango has completed four other holes across its Hillside prospects (see
Table 1) and is awaiting assays for previously submitted samples.

The Company has now been granted an export permit which will enable it to send
the pulps from these samples to an internationally accredited laboratory in
Johannesburg for Fire Assay and multi-element analysis. These results will
then serve as referee samples for check purposes. All results will then be
combined, and results ranked across the prospects to allow Kavango to focus
future drilling programmes on developing the most promising targets to
identify possible gold resources.

 Prospect    Hole no.  Initial azimuth (O) (True N)  Inclination (O)  Total depth (m)
 Hillside 1  BLDD001   206                           -65              196.35

             BLDD002   206                           -65              160.40
 Hillside 2  BRDD001   212                           -60              400.40
 Hillside 3  NSDD001   216                           -60              301.40
 Hillside 4  SKDD001   008                           -60              247.40

Table 1: Kavango Hillside drillholes drilled to date. SKDD001 gold assays are
reported here, remaining holes are pending analysis. Hole co-ordinates are not
published here due to confidentiality considerations pending exercise of the
Hillside Option.

Kavango Mining, which is now set up and operating, will on completion of all
assays review the results from SKDD001 and future follow up holes to see,
based on the assay data and artisanal activity if there may be a future
opportunity to develop near-surface mining on this prospect.

Kavango has the Hillside Project under option until 23 April 2024 (announced
>>> 23 January 2024
(https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9n84dr)
). The Company intends to exercise the option before this date.

 

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 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.

 

 

APPENDIX 1

 

APPENDIX 2

Full Assay Results - HILLSIDE DRILLHOLE SKDD001

 Hole no.  m from  m to    Thickness* m  Gold g/t
 SKDD001   1.50    3.00    1.50          0.060
 SKDD001   3.00    4.00    1.00          0.100
 SKDD001   4.00    5.00    1.00          0.060
 SKDD001   5.00    5.85    0.85          0.060
 SKDD001   5.85    6.91    1.06          0.030
 SKDD001   6.91    8.00    1.09          0.120
 SKDD001   8.00    9.00    1.00          0.040
 SKDD001   9.00    10.00   1.00          0.070
 SKDD001   10.00   11.00   1.00          0.050
 SKDD001   11.00   12.00   1.00          0.030
 SKDD001   12.00   13.00   1.00          0.060
 SKDD001   13.00   14.00   1.00          0.100
 SKDD001   14.00   15.00   1.00          0.120
 SKDD001   15.00   16.00   1.00          0.020
 SKDD001   16.00   17.00   1.00          0.030
 SKDD001   17.00   18.00   1.00          0.020
 SKDD001   18.00   19.00   1.00          0.070
 SKDD001   19.00   20.00   1.00          0.020
 SKDD001   20.00   21.00   1.00          0.030
 SKDD001   21.00   22.00   1.00          0.055
 SKDD001   22.00   23.00   1.00          0.080
 SKDD001   23.00   24.00   1.00          0.030
 SKDD001   24.00   25.00   1.00          0.010
 SKDD001   25.00   26.00   1.00          0.070
 SKDD001   26.00   26.76   0.76          0.030
 SKDD001   26.76   27.00   0.24          0.020
 SKDD001   27.00   28.00   1.00          0.080
 SKDD001   28.00   29.00   1.00          0.020
 SKDD001   29.00   30.00   1.00          0.090
 SKDD001   30.00   31.00   1.00          0.070
 SKDD001   31.00   32.00   1.00          0.190
 SKDD001   32.00   33.00   1.00          0.120
 SKDD001   33.00   34.00   1.00          0.340
 SKDD001   34.00   35.00   1.00          0.160
 SKDD001   35.00   36.00   1.00          0.100
 SKDD001   36.00   36.99   0.99          0.290
 SKDD001   36.99   38.00   1.01          0.140
 SKDD001   38.00   39.00   1.00          0.210
 SKDD001   39.00   40.00   1.00          0.110
 SKDD001   40.00   41.00   1.00          0.330
 SKDD001   41.00   42.00   1.00          0.220
 SKDD001   42.00   43.00   1.00          0.240
 SKDD001   43.00   44.00   1.00          0.240
 SKDD001   44.00   45.00   1.00          0.160
 SKDD001   45.00   46.00   1.00          0.110
 SKDD001   46.00   47.00   1.00          0.125
 SKDD001   47.00   48.00   1.00          0.250
 SKDD001   48.00   49.00   1.00          0.170
 SKDD001   49.00   50.00   1.00          0.370
 SKDD001   50.00   51.00   1.00          0.360
 SKDD001   51.00   52.00   1.00          0.440
 SKDD001   52.00   53.00   1.00          0.220
 SKDD001   53.00   54.00   1.00          0.210
 SKDD001   54.00   55.00   1.00          0.080
 SKDD001   55.00   56.00   1.00          0.120
 SKDD001   56.00   57.00   1.00          0.095
 SKDD001   57.00   58.00   1.00          0.050
 SKDD001   58.00   59.00   1.00          0.080
 SKDD001   59.00   60.00   1.00          0.040
 SKDD001   60.00   61.00   1.00          0.040
 SKDD001   61.00   62.00   1.00          0.070
 SKDD001   62.00   63.00   1.00          0.070
 SKDD001   63.00   64.00   1.00          0.210
 SKDD001   64.00   64.60   0.60          0.090
 SKDD001   64.60   65.31   0.71          0.340
 SKDD001   65.31   66.00   0.69          0.030
 SKDD001   66.00   67.00   1.00          0.030
 SKDD001   67.00   68.00   1.00          0.020
 SKDD001   68.00   69.00   1.00          0.055
 SKDD001   69.00   70.00   1.00          0.400
 SKDD001   70.00   71.00   1.00          0.050
 SKDD001   71.00   71.66   0.66          0.040
 SKDD001   71.66   72.20   0.54          0.070
 SKDD001   72.20   73.01   0.81          0.070
 SKDD001   73.01   73.60   0.59          0.100
 SKDD001   73.60   74.27   0.67          0.050
 SKDD001   74.27   75.00   0.73          0.130
 SKDD001   75.00   76.00   1.00          0.030
 SKDD001   76.00   77.00   1.00          0.040
 SKDD001   77.00   78.00   1.00          0.020
 SKDD001   78.00   79.00   1.00          0.045
 SKDD001   79.00   79.77   0.77          0.020
 SKDD001   79.77   80.35   0.58          0.180
 SKDD001   80.35   81.00   0.65          0.080
 SKDD001   81.00   82.00   1.00          0.130
 SKDD001   82.00   83.00   1.00          0.020
 SKDD001   83.00   84.00   1.00          0.060
 SKDD001   84.00   85.00   1.00          0.205
 SKDD001   85.00   86.00   1.00          0.140
 SKDD001   86.00   87.00   1.00          0.240
 SKDD001   87.00   88.00   1.00          0.110
 SKDD001   88.00   89.00   1.00          0.040
 SKDD001   89.00   90.00   1.00          0.090
 SKDD001   90.00   91.00   1.00          0.200
 SKDD001   91.00   92.00   1.00          0.170
 SKDD001   92.00   93.00   1.00          0.020
 SKDD001   93.00   94.00   1.00          0.190
 SKDD001   94.00   95.00   1.00          0.170
 SKDD001   95.00   96.00   1.00          0.140
 SKDD001   96.00   97.00   1.00          0.080
 SKDD001   97.00   97.47   0.47          0.220
 SKDD001   97.47   97.81   0.34          212.07
 SKDD001   97.81   98.28   0.47          0.120
 SKDD001   98.28   99.00   0.72          0.430
 SKDD001   99.00   100.00  1.00          1.090
 SKDD001   100.00  101.00  1.00          0.270
 SKDD001   101.00  102.00  1.00          0.140
 SKDD001   102.00  103.00  1.00          0.080
 SKDD001   103.00  104.00  1.00          0.140
 SKDD001   104.00  105.00  1.00          0.080
 SKDD001   105.00  106.00  1.00          0.110
 SKDD001   106.00  107.00  1.00          0.130
 SKDD001   107.00  108.00  1.00          0.030
 SKDD001   108.00  109.00  1.00          0.510
 SKDD001   109.00  110.00  1.00          0.075
 SKDD001   110.00  111.00  1.00          0.170
 SKDD001   111.00  111.93  0.93          0.070
 SKDD001   111.93  112.50  0.57          0.100
 SKDD001   112.50  113.00  0.50          0.090
 SKDD001   113.00  114.00  1.00          0.400
 SKDD001   114.00  115.00  1.00          0.520
 SKDD001   115.00  116.00  1.00          0.400
 SKDD001   116.00  117.00  1.00          0.150
 SKDD001   117.00  118.00  1.00          0.280
 SKDD001   118.00  118.53  0.53          0.300
 SKDD001   118.53  119.00  0.47          0.150
 SKDD001   119.00  120.00  1.00          0.060
 SKDD001   120.00  121.00  1.00          0.060
 SKDD001   121.00  122.00  1.00          0.060
 SKDD001   122.00  123.00  1.00          0.060
 SKDD001   123.00  124.00  1.00          0.085
 SKDD001   124.00  125.00  1.00          0.100
 SKDD001   125.00  125.98  0.98          0.060
 SKDD001   125.98  127.00  1.02          0.130
 SKDD001   127.00  128.00  1.00          0.730
 SKDD001   128.00  129.00  1.00          0.090
 SKDD001   129.00  130.00  1.00          0.150
 SKDD001   130.00  131.00  1.00          0.110
 SKDD001   131.00  132.00  1.00          0.060
 SKDD001   132.00  133.00  1.00          0.190
 SKDD001   133.00  134.00  1.00          0.210
 SKDD001   134.00  135.00  1.00          0.050
 SKDD001   135.00  136.00  1.00          0.115
 SKDD001   136.00  137.00  1.00          0.050
 SKDD001   137.00  138.00  1.00          0.320
 SKDD001   138.00  139.00  1.00          0.900
 SKDD001   139.00  140.00  1.00          0.120
 SKDD001   140.00  140.65  0.65          0.605
 SKDD001   140.65  141.23  0.58          0.220
 SKDD001   141.23  141.70  0.47          0.270
 SKDD001   141.70  142.39  0.69          0.370
 SKDD001   142.39  143.00  0.61          0.150
 SKDD001   143.00  144.01  1.01          0.650
 SKDD001   144.01  145.00  0.99          0.290
 SKDD001   145.00  145.67  0.67          0.070
 SKDD001   145.67  146.56  0.89          0.060
 SKDD001   146.56  147.26  0.70          0.040
 SKDD001   147.26  148.04  0.78          0.040
 SKDD001   148.04  149.01  0.97          0.100
 SKDD001   149.01  150.00  0.99          0.060
 SKDD001   150.00  151.00  1.00          0.070
 SKDD001   151.00  152.00  1.00          0.055
 SKDD001   152.00  153.00  1.00          0.160
 SKDD001   153.00  154.00  1.00          0.030
 SKDD001   154.00  155.00  1.00          0.080
 SKDD001   155.00  155.98  0.98          0.050
 SKDD001   155.98  156.98  1.00          0.050
 SKDD001   156.98  158.00  1.02          0.165
 SKDD001   158.00  159.00  1.00          0.170
 SKDD001   159.00  160.00  1.00          0.250
 SKDD001   160.00  161.00  1.00          0.050
 SKDD001   161.00  162.00  1.00          0.100
 SKDD001   162.00  162.73  0.73          0.090
 SKDD001   162.73  163.53  0.80          0.310
 SKDD001   163.53  164.00  0.47          0.120
 SKDD001   164.00  165.00  1.00          0.090
 SKDD001   165.00  166.00  1.00          0.170
 SKDD001   166.00  167.00  1.00          0.060
 SKDD001   167.00  168.00  1.00          0.080
 SKDD001   168.00  169.00  1.00          0.120
 SKDD001   169.00  170.00  1.00          0.130
 SKDD001   170.00  171.00  1.00          0.040
 SKDD001   171.00  171.65  0.65          0.070
 SKDD001   171.65  172.34  0.69          0.090
 SKDD001   172.34  173.00  0.66          0.970
 SKDD001   173.00  174.00  1.00          0.130
 SKDD001   174.00  175.00  1.00          0.090
 SKDD001   175.00  176.00  1.00          0.030
 SKDD001   176.00  176.98  0.98          0.035
 SKDD001   176.98  178.00  1.02          0.050
 SKDD001   178.00  179.00  1.00          0.075
 SKDD001   179.00  180.00  1.00          0.040
 SKDD001   180.00  181.00  1.00          0.040
 SKDD001   181.00  182.00  1.00          0.040
 SKDD001   182.00  183.00  1.00          0.060
 SKDD001   183.00  184.00  1.00          0.050
 SKDD001   184.00  185.00  1.00          0.050
 SKDD001   185.00  186.00  1.00          0.150
 SKDD001   186.00  187.00  1.00          0.040
 SKDD001   187.00  188.00  1.00          0.345
 SKDD001   188.00  189.00  1.00          0.050
 SKDD001   189.00  189.72  0.72          0.030
 SKDD001   189.72  190.35  0.63          0.020
 SKDD001   190.35  190.98  0.63          0.060
 SKDD001   190.98  192.00  1.02          0.030
 SKDD001   192.00  193.00  1.00          0.050
 SKDD001   193.00  194.00  1.00          0.200
 SKDD001   194.00  195.00  1.00          0.010
 SKDD001   195.00  196.00  1.00          0.060
 SKDD001   196.00  197.00  1.00          0.040
 SKDD001   197.00  198.00  1.00          0.030
 SKDD001   198.00  199.00  1.00          0.040
 SKDD001   199.00  200.00  1.00          0.035
 SKDD001   200.00  201.00  1.00          0.060
 SKDD001   201.00  202.00  1.00          0.030
 SKDD001   202.00  203.00  1.00          0.030
 SKDD001   203.00  204.00  1.00          0.080
 SKDD001   204.00  205.00  1.00          0.020
 SKDD001   205.00  206.00  1.00          0.030
 SKDD001   206.00  207.00  1.00          0.050
 SKDD001   207.00  208.00  1.00          0.070
 SKDD001   208.00  209.00  1.00          0.040
 SKDD001   209.00  210.00  1.00          0.040
 SKDD001   210.00  211.00  1.00          0.045
 SKDD001   211.00  212.00  1.00          0.045
 SKDD001   211.00  213.00  2.00          0.060
 SKDD001   213.00  214.00  1.00          0.040
 SKDD001   214.00  214.46  0.46          0.140
 SKDD001   214.46  215.18  0.72          1.180
 SKDD001   215.18  215.78  0.60          2.540
 SKDD001   215.78  216.38  0.60          0.090
 SKDD001   216.38  217.00  0.62          0.050
 SKDD001   217.00  218.00  1.00          0.060
 SKDD001   218.00  219.00  1.00          0.030
 SKDD001   219.00  220.00  1.00          0.040
 SKDD001   220.00  221.00  1.00          0.040
 SKDD001   221.00  222.00  1.00          0.020
 SKDD001   222.00  223.00  1.00          0.070
 SKDD001   223.00  223.82  0.82          0.080
 SKDD001   223.82  224.45  0.63          0.240
 SKDD001   224.45  225.00  0.55          0.110
 SKDD001   225.00  226.00  1.00          0.090
 SKDD001   226.00  227.02  1.02          0.090
 SKDD001   227.02  228.02  1.00          0.080
 SKDD001   228.02  229.00  0.98          0.100
 SKDD001   229.00  230.00  1.00          0.095
 SKDD001   230.00  231.00  1.00          0.180
 SKDD001   231.00  232.00  1.00          0.130
 SKDD001   232.00  233.00  1.00          0.130
 SKDD001   233.00  234.03  1.03          0.090
 SKDD001   234.03  235.00  0.97          0.200
 SKDD001   235.00  236.00  1.00          0.060
 SKDD001   236.00  237.00  1.00          0.070
 SKDD001   237.00  238.01  1.01          0.055
 SKDD001   238.01  238.97  0.96          0.060
 SKDD001   238.97  240.00  1.03          0.090
 SKDD001   240.00  241.00  1.00          0.070
 SKDD001   241.00  242.00  1.00          0.035
 SKDD001   242.00  242.98  0.98          0.060
 SKDD001   242.98  244.00  1.02          0.030
 SKDD001   244.00  245.00  1.00          0.040
 SKDD001   245.00  246.00  1.00          0.050
 SKDD001   246.00  246.67  0.67          0.040
 SKDD001   246.67  247.40  0.73          0.040

*All quoted thicknesses are apparent thicknesses

 

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