5th August 2024
Kavango Resources
("Kavango" or "the
Company")
ZIM - New structures identified at Nara
by IP surveys
Kavango Resources plc (LSE: KAV), the Southern
Africa focussed metals exploration company, is pleased to announce
the interpretation of several new structures, as well as extensions
to structures associated with old mines, in recent Induced
Polarisation ("IP") survey work at its Nara Gold Exploration
Project ("Nara") in Zimbabwe.
Kavango holds an option to acquire Nara until
June 2025.
Progress
Overview
· Six
scoping holes were completed to test the gold bearing potential
underneath artisanal surface workings totalling 1,364.4m, samples
have been submitted for assay and results are expected
imminently.
·
Gradient array ground IP has been completed over the Nara
option area, with 7 lines of Stacked Schlumberger Sections
completed for 6,600m over selected target areas. The data from this
is being inverted and modelled to provide further drill
targets.
·
Several new, previously unknown IP zones have been
identified, in addition to further extensions of existing
structures already hosting mines and artisanal workings.
·
Kavango plans to work closely with a mining consultant to
evaluate the economic viability of different mining approaches at
Nara.
· In
parallel, metallurgical and economic studies are continuing on both
tailings from the Nara dumps and on potential feed material from
underground mines.
Ben Turney,
Chief Executive Officer of Kavango Resources,
commented:
"Modern
exploration can transform Zimbabwe's mining economy. Technologies,
such as Induced Polarisation, have not been widely deployed here.
This despite the enormous potential for undiscovered, large-scale
gold deposits.
As one of the
first companies to pursue modern exploration in Zimbabwe's
greenstone belts, Kavango has a significant first mover
advantage.
The latest
results from our Nara Gold Exploration Project underline the
strength of our position. We've now identified a number of
previously unrecognised structures that have potential to be
gold-bearing. With the success we are having at Hillside, using the
same exploration methods, we feel confident in what we are seeing
here.
Our current
bottleneck is drilling capacity. The rig we are using at Hillside
is booked to run there continuously for the rest of year, so we now
making a plan to bring a second rig into the
country.
We will
provide a further update on this shortly."
Results and
interpretation
The Nara Project extends from the western
sheared margin of the greenstone belt across to the eastern
boundary, with a core comprised of metavolcanics bordered by banded
iron formations, transected by basic dykes occupying dilational
structures.
Figure 1: Location map of Nara options (outlined by Magnetic
Analytical Signal image), backdrop is the geology of the area.
Kavango's drill hole collar positions are marked along with old
mine workings.
Kavango's initial drilling focused on old mine
workings and abundant artisanal workings along parallel structural
features consisting of anastomosing quartz veins shears with
sulphides and arsenopyrite.
Six scoping holes were completed, totalling
1,364.5m and shown in Table 1, to test the gold bearing potential
underneath the old mine workings and artisanal surface workings.
All six holes have been logged, cut and sampled with samples
submitted for assay and results are expected imminently.
Table 1: List of boreholes
with details
Gradient array ground IP was completed over the
Nara Project area, shown in Figure 2, with seven lines of Stacked
Schlumberger Sections, shown in Figure 3, completed for 6,600m over
selected target areas. The data from these surveys is being
inverted and modelled to provide further drill targets.
Figure 2: Location map of Nara option area showing drill holes
together with structural features (black dashed lines = faults and
shears interpreted from magnetics while those interpreted from
regional air photographs are red), Artisanal workings are grey, and
backdrop is Gradient Array IP Chargeability.
Several new IP zones have been identified as
targets for prospective shear zones in addition to further
extensions of existing known gold bearing quartz vein shear
structures already hosting mines and artisanal workings.
The IP data has also identified several new
anomalous chargeability trends at depth which could also be
prospective for vein shear structures with no known artisanal
workings on surface due to slightly thicker cover.
Figure 3: Oblique view of Nara option area looking north
showing drill holes together with structural features (black dashed
lines = faults and shears interpreted from magnetics while those
interpreted from regional air photographs are red), Artisanal
workings are grey, and backdrop is Gradient Array IP with
Chargeability sections.
Next
steps
The completed IP Inversions and modelling data
will be integrated with the existing drill data, including the
results when received. The combined interpretation is expected to
identify further drill targets associated with both expanding the
footprint of existing deposits, as well as testing new
structures.
Guidance is being sought from a mining engineer
experienced in narrow high-grade shear hosted vein gold deposits,
to allow for input in to designing possible resource definition
drill programs and to develop an informed opinion of both bulk
minable and high-grade underground potential, enabling an advised
decision ahead of the option exercise due date of June
2025.
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.