REG - Kavango Resources - ZIM: Prospect 3 Resource Drilling completed

Kavango ResourcesAnnouncement

04/03/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250304:nRSD2571Za&default-theme=true

RNS Number : 2571Z  Kavango Resources PLC  04 March 2025

PRESS RELEASE

04 March 2025

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM: Prospect 3 Resource Drilling completed

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals
exploration company, is pleased to announce the successful completion of its
initial resource drilling programme at  Prospect 3 ("Prospect 3") at the
Hillside Gold Project ("Hillside") in Matabeleland, southern Zimbabwe.

The drilling programme has provided Kavago with sufficient geological
information and sample material to conduct assay, metallurgical and
geotechnical test work at Prospect 3. Kavango's objective is for the test work
to inform an initial mining plan for the area.

Highlights

·    Kavango successfully completed 34 diamond drill holes for a total of
2,109.16m.

·    The holes were drilled on 25m x 25m grid centered over the initial
scoping hole NSDD002. The inclined holes (-60°) were drilled to an average
depth of 60m.

·    Artisanal miners were producing gold from 12 surface workings with at
least 2 different vein orientations, from shear zones hosting gold bearing
quartz-veins in both granodiorite and oxidized meta-sediments adjacent to
NSDD0002.

·    The company's focus is now on completing the test work to allow for
an initial maiden resource and if warranted design of a trial open pit heap
leach mining operation.

Ben Turney, Chief Executive of Kavango Resources, commented:

"We are very pleased with how quickly our team has delivered this drill
programme and are excited to receive the results. We have high hopes for our
Hillside Gold Project and, if we are able to prove there is a minable resource
at Prospect 3, we aim to bring that into production this year.

We only set Kavango Zimbabwe up in July 2023, so to be on the cusp of
hopefully moving one of our discoveries into production in such a short period
of time is a significant achievement. We look forward to providing results in
the next month or so."

Geology of Prospect 3:

Thin overburden (<1m) comprising mixed soil and regolith are immediately
underlain by diorite and granodiorite in the northern portion of the prospect
while metasediments and metavolcanics with Banded Iron Formation (BIF) occupy
the southern portion (Figure 1) where cover thickness increases (<2m) due
to the friable nature of the metavolcanics.

Drilling has confirmed the presence of shear zones hosting quartz veins below
the artisanal miners surface workings, within the diorite, granodiorite,
metasediments and metavolcanics. The mapped and interpreted shear zones
display a WNW-ESE trend, dipping generally towards the NNE. The artisanal
workings on surface appear to correlate well with the mineralised zones
observed in the logged drill cores, (Figure 2).

Figure 1: Map of Prospect 3 showing artisanal surface workings associated with
interpreted structural features. Logged downhole geology for the completed
boreholes is also shown along the borehole trace

Figure 2: Close up photograph of cut core from borehole NSDDIR023 showing
sections of core between 56.90m and 58.11m (above) and NSDDIR024,
46.00m-52.37m (below). Quartz veins, sub-parallel to fabric and cross-cutting
fabric, thought to represent different structural events host pyrite and mixed
sulphide mineralisation in granodiorite.

Further structural work is required to identify the various different vein
sets present and their relationship to the various shears, faults and
mineralisation.

The surveyed collar locations and drill hole data are tabulated in Table 1,
below.

Table 1: :  Drillhole collar data for holes at Propsect 3

 No.  Hole ID    Easting  Northing  Rl    Azimuth  Dip  EOH depth (m)  comments
 1    NSDDIR001  727694   7734017   1042  208      -60  62.64
 2    NSDDIR002  727682   7733995   1042  208      -60  61.32
 3    NSDDIR003  727670   7733975   1043  208      -60  62.68
 4    NSDDIR004  727658   7733952   1044  208      -60  61.34
 5    NSDDIR005  727646   7733926   1045  208      -60  102.00
 6    NSDDIR006  727629   7733899   1050                               Not drilled
 7    NSDDIR007  727626   7733895   1047  208      -60  101.82
 8    NSDDIR008  727670   7734029   1041  208      -60  62.93
 9    NSDDIR009  727657   7734006   1041  208      -60  59.98
 10   NSDDIR010  727644   7733985   1042  208      -60  59.93
 11   NSDDIR011  727631   7733963   1043  208      -60  61.44
 12   NSDDIR012  727618   7733940   1044  208      -60  101.84
 13   NSDDIR013  727605   7733919   1045  208      -60  27.27           abandoned
 14   NSDDIR014  727592   7733897   1045  208      -60  60.00
 15   NSDDIR015  727705   7733983   1043  208      -60  60.08
 16   NSDDIR016  727693   7733959   1044  208      -60  60.32
 17   NSDDIR017  727683   7733941   1045  208      -60  60.75
 18   NSDDIR018  727669   7733915   1046  208      -60  60.38
 19   NSDDIR019  727656   7733889   1048  208      -60  60.05
 20   NSDDIR020  727647   7733872   1049  208      -60  60.68
 21   NSDDIR021  727737   7733991   1043  208      -60  60.18
 22   NSDDIR022  727725   7733966   1044  208      -60  60.15
 23   NSDDIR023  727716   7733946   1045  208      -60  60.85
 24   NSDDIR024  727706   7733925   1046  208      -60  60.79
 25   NSDDIR025  727695   7733900   1047  208      -60  60.45
 26   NSDDIR026  727685   7733880   1049  208      -60  62.00
 27   NSDDIR027  727674   7733857   1050  208      -60  60.00
 28   NSDDIR028  727761   7733979   1044  208      -60  60.88
 29   NSDDIR029  727748   7733954   1045  208      -60  65.88
 30   NSDDIR030  727737   7733933   1046  208      -60  62.92
 31   NSDDIR031  727726   7733914   1047  208      -60  61.36
 32   NSDDIR032  727712   7733894   1048  208      -60  62.00
 33   NSDDIR033  727704   7733873   1049  208      -60  61.40
 34   NSDDIR034  727691   7733847   1052  208      -60  62.85
 Total meters                                           2109.16

~Drill collars were surveyd by DGPS

Drill hole NSDDIR006 was not drilled due to the proximity of artisanal surface
workings and drill hole NSDDIR005 was extended to compensate. NSDDIR013 was
stopped due to intersecting voids and broken ground thought to be back filled
artisanal workings and NSDDIR012 was extended to compensate. All the other
holes were successfully drilled and completed.

The Company's focus is now on completing the test work to allow for an initial
maiden resource and if warranted design of a mining plan.

Further updates will be provided as the project progresses.

Kavango's Operations in Zimbabwe

Kavango is exploring for gold deposits in Zimbabwe that have the potential to
be brought into production quickly through modern mechanised mining. The
Company is targeting both open-pit and underground opportunities.

Kavango has two projects on the same greenstone belt, Hillside and Nara.

Kavango exercised its option to acquire Hillside in April 2024. Here, the
Company has two high-priority targets it hopes to bring into production over
the next 18 months; Prospect 3 and Prospect 4. At Prospect 3, Kavango is
investigating the potential for an open-pit selective bulk mining operation
and future possible underground mechanised mining. Meanwhile, at Prospect 4
Kavango is pursuing a high-grade underground opportunity that is amenable to
mechanised mining.

In parallel to this, Kavango has an option to acquire the Nara Project that
currently runs until the end of June 2025. Here, the Company is exploring for
a large-scale, bulk-minable underground deposit at Nara. The primary target
zone is around the historic N1 mine, where the Company is assessing the
potential to expand artisanal workings 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 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 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.

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.

 

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  DRLJIMFTMTIMMLA