19 June 2024
Kavango Resources
("Kavango" or "the
Company")
ZIM - Hillside Prospect 2 Discovery
Drilling Begins
Kavango Resources plc (LSE: KAV), the Southern
Africa focussed metals exploration company, is pleased to announce
the Company has commenced follow up discovery drilling at its
Prospect 2 target in the Hillside Gold Project ("Hillside"),
Zimbabwe.
Highlights
·
Drill rig mobilised to Hillside Project, following completion
of drilling at the Nara Gold Project
·
Next two holes planned to test the discovery potential of
Hole BRDD001 (announced>>>
23 April 2024). Best results, based on apparent
downhole widths, from BRDD001 included:
o 7.2m @ 9.95 g/t gold
from 50.64m depth and including 1.61m @ 31.57 g/t gold.
o 2.00m @ 2.12 g/t gold
from 86.00m depth.
·
Holes BRDD002 and BRD003 will test:
o The strike
continuation of the mineralisation intersected in
BRDD001
o Under an
historic gold mine and extensive local artisanal
workings
o The strike
continuation of an Induced Polarisation ("IP") chargeability
anomaly
o An area
that may lead to follow-up resource drilling to explore potential
for near-term mine production
·
Further exploration holes will be announced at
Hillside in due course
Ben Turney,
Chief Executive Officer of Kavango Resources,
commented:
"The next
phase of discovery drilling at Hillside is extremely important for
Kavango. We will follow up on the significant success we had with
Hole BRDD001 at our Prospect 2 target. This intercepted a 7.2m gold
mineralised zone that returned an average grade of 9.95g/t. This
zone has been exploited on surface and was intersected at an
approximate vertical depth of 35m, which is in line with our
exploration model searching for possible open-pit gold
deposits.
Our next two
holes will test the projected 162m strike extent that we've mapped
from surface, based on known historic and artisanal mine workings.
Hole BRDD001 tested the centre of the workings, which we believe is
potentially much larger under cover. Holes BRD002 and BRD003 will
be collared 80m either side of this to test the strike
continuation.
In the
meantime, we will also conduct more Induced Polarisation (IP)
surveys around the Prospect 2 target area and across Hillside. The
IP clearly maps the sulphide zone to the artisanal gold workings
that have also been intersected in our drill hole. This is a
powerful exploration tool that will enable us to map gold
associated sulphides both down-dip and along strike ahead of future
drilling. Results from the first two IP lines we ran indicate that
the anomaly we are targeting runs deep, and increase the potential
strike of the mineralised body in both
directions.
What is
especially exciting about this target is that if we are correct, it
presents both a long-term bulk-mining opportunity and the chance
for a near-term higher-grade open-pit.
We will
announce further holes in our Hillside campaign in due course, once
we have received the IP results and have observed the cores of
these next two holes. We plan to return with the drill rig to
Prospect 4 later this year, to test the high-grade possible
underground opportunity that is developing there. However, in the
short-term our focus is on unlocking the considerable potential at
Prospect 2."
Prospect 2
Exploration & Planned Discovery Drilling
Hole BRDD001 (announced>>>
23 April 2024) was a scoping hole sited to target
mineralisation below multiple sets of artisanal workings at
Prospect 2 on the northern margin of a broad deformation
zone.
BRDD001 was drilled to a total depth of 400.40m
and intersected an intensely deformed and well mineralised zone,
7.2m wide, hosting gold and associated sulphides in anastomosing
shears, at a relatively shallow depth.
The best results, based on apparent downhole
widths in the hole, included 7.2m @ 9.95 g/t gold from 50.64m depth
(including 1.61m @ 31.57 g/t gold) and 2.00m @ 2.12 g/t gold from
86.00m depth.
Figure 1 -
Plan view of Prospect 2, showing mapped artisanal workings, the
historic mine, the surface trace of Hole BRDD001, proposed surface
trace of Holes BRDD002 & BRDD003 and geo location of 7.2m (@
9.95g/t) high-grade gold zone
Holes BRDD002 and BRDD003 will be sited 80m
either side of Hole BRDD001, to the NW and SE. The holes are
designed to test the strike extent of the mineralised zones
encountered in BRDD001. Both holes are expected to be drilled to a
depth of 350m i]n the same direction and inclination as Hole
BRDD001.
Further
Induced Polarisation ("IP") Surveys at Hillside
Following completion of Hole BRDD001, Kavango
completed an IP survey over two 950m lines across Prospects 2 and 3
at Hillside.
Figure 2 - IP
cross-section showing apparent resistivity with artisanal workings
and recent drilling overlaid. Hole BRDD001 targeted Prospect 2 (top
of the section) and Hole NSDD001 targeted Prospect 3 (bottom of the
section). Proposed boreholes BRDD002 and BRDD003, targeting
Prospect 2, are plotted.
Figure 3 - IP
cross-section of the apparent chargeability with artisanal workings
and recent drilling. Hole BRDD001 targeted Prospect 2 (top of the
section) and Hole NSDD001 targeted Prospect 3 (bottom of the
section). Proposed boreholes BRDD002 and BRDD003, targeting
Prospect 2, are plotted.
The next phase of IP will be done using
gradient array on lines 200m apart to cover the whole of the
Hillside Project. Then a number of IP Sections will be done in
areas with interesting gradient anomalies to map their downdip
extension.
For further information please
contact:
Kavango
Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212
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.