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).

·    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.

A close-up of a metal object Description automatically generated

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). 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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