REG - Kavango Resources - ZIM: Nara Project Ground Magnetic Survey Completed

Kavango ResourcesAnnouncement

12/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240412:nRSL3618Ka&default-theme=true

RNS Number : 3618K  Kavango Resources PLC  12 April 2024

 

 

PRESS RELEASE

12 April 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM: Nara Project Ground Magnetic Survey Completed

Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals
exploration company, is pleased to announce the completion of a ground
magnetic survey over the Nara Gold Project in Southern Zimbabwe.

Highlights

·    A total of 85km of ground magnetic survey lines were completed over
the project area (the "Survey").

·    The objective of the Survey was to identify geological structures and
contacts that may be associated with gold mineralisation.

·    The Survey has defined a 200m wide interpreted shear corridor along
5km of strike within the property, hosting a number of magnetic low lineaments
interpreted as shear zones.

o Shear zones are commonly associated with gold mineralisation. This corridor
provides a prospective zone for follow up.

o Historical and artisanal gold mine workings are located within the shear
corridor and are closely related to magnetic low lineaments.

·    The magnetic survey has identified a number of additional exploration
targets including:

o Several previously unknown magnetic low lineaments parallel to the
historical workings.

o Areas of magnetic disturbance possibly representing hydrothermal alteration
of magnetic rocks which may be related to gold mineralisation.

o Jogs and flexures along the interpreted shear zone within the claims.

Ben Turney, Chief Executive of Kavango Resources, commented:

"Kavango's exploration for large-scale, bulk-minable gold deposits in Zimbabwe
is moving at pace. The progress we are making at the Nara Project illustrates
how well our team is performing in country.

We've been operational in Zimbabwe for only 10 months and in this time have
taken great strides forward in exploring our two main projects; Hillside and
Nara.

Now that we have the export permit in place for our Hillside cores, we look
forward to receiving the multi-element test results later this quarter from
the 1,400m of diamond drilling we completed there.

In meantime, we've mobilised the rig to our Nara Project in March and have
just completed our fifth diamond hole here. We will provide an update on
drilling in the coming weeks but based on visual observations of core we
decided to push ahead with a ground magnetic survey of the project area. Our
goal was to learn more about the structure we are drill testing.

We recently upgraded our goal at Nara to find 2 million ounces of gold.
Today's survey results are particularly encouraging because we appear to have
identified a 200m wide shear corridor along 5km of strike. Given this corridor
is associated with historic high-grade mining and more contemporary
small-scale mining, this suggests this geological structure is associated with
gold mineralisation.

We will complete the first phase of drilling at Nara over the next 6 weeks and
send the cores for testing. Everything will then depend on the laboratory
results, but we are pleased with progress so far."

The Magnetic Survey and results

The aim of the ground magnetic survey was to map lithology and structure to
advance exploration ahead of the current scope diamond drilling programme.

The Survey was carried out by 3D Earth Exploration, a Botswana based
geophysical contract company owned by Kavango Director Hillary Gumbo, using
two G856AX proton precession magnetometers. A total of 85.45-line kilometres
of survey was completed at a 50m spacing with an estimated 17,204 readings
taken on 5m stations.

The data collected was subjected to QAQC and any magnetic readings that may
have resulted from cultural sources were removed prior to processing. The
final gridded products have been processed to produce the usual array of
images for interpretation.  A structural and lithological interpretation of
the project area was then completed using a combination of these various
products.  The Total Magnetic Intensity (TMI) is shown in Figure 1 along with
this interpretation.

A large regional WNW trending shear corridor approximately 200m in width is
interpreted from the magnetic data. This shear corridor appears to have
exploited the contact between the meta basalts and the meta sediments. The
historical and artisanal mine workings are located within the main shear
corridor and appear to be closely related to magnetic low lineaments. There is
an apparent flexure in the main shear at the intersection of a large North
trending structure which is interpreted to have been exploited by a later dyke
(evident as a mag high). To the east of the flexure the main shear zone
appears to bifurcate with the northern limb orientated more east - west, this
limb is mineralised and has been exploited by artisanal miners.

Figure 1: Ground Total Field Magnetic map with interpreted geology

The interpreted shear corridor extends over 5km of strike within the property
hosting six zones of mine workings along a total of 1,400m of strike. The
known mine workings appear to be bounded by a series of NNW trending faults. A
number of additional potential targets have been identified for future
exploration, which in order of priority include the following interpreted
features:

·    The faulted strike extent of the mineralised zones and several
magnetic low lineaments parallel to the historical workings.

·    Jogs and flexures along the large shear corridor within the claims.

·    Areas of choppy disrupted magnetic response possibly representing
hydrothermal alteration of magnetic rocks and which could relate to gold
mineralisation.

 

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.

The technical information contained in this announcement pertaining to
geophysics have been read and approved by Mr. Jeremy S.
Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett
International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member
of the Professional Geoscientists of Ontario, the Prospectors and
Developers Association of Canada, the Canadian Exploration Geophysical
Society, and the Society of Economic Geologists.  Mr. Brett has sufficient
experience that is relevant to geophysics applied to the styles of
mineralization and types of deposits under consideration to act as
a Qualified Person as defined under the Canadian National Instrument 43-101,
Standards of Disclosure for Mineral Projects.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFZGMDZMFGDZZ