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Kavango Resources Acquires Six PLs in Botswana

17 November 2023 09:08

Kavango Resources PLC (LSE:KAV) has successfully acquired a 90% working interest in six Prospecting Licences (PLs) situated in Botswana’s Kalahari Copper Belt, strategically enhancing the Company’s presence in this prolific region.

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Figure 1: Kavango’s expanded, contiguous KCB land package

The Acquisition

The acquisition agreement with Global Exploration Technologies (Pty) Limited (GET), a subsidiary of ENRG Elements (ASX:ENRG), was originally announced in September, aiming to strengthen Kavango’s ongoing copper and silver exploration program and reaffirm its commitment to tapping into the region’s mineral potential.

Acquiring the PLs strategically positions Kavango, expanding its contiguous Project area adjacent to the existing Karakubis Block and South Ghanzi block, within the dynamic Kalahari Copper Belt, covering a vast expanse of 7,629 square kilometres.

With the addition of these PLs into its portfolio, Kavango has become one of the largest individual mineral rights holders in the Kalahari Copper Belt.

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Figure 2: Kavango Resources Projects in Botswana

The Company believes that the expanded project area is highly advantageous, reporting similarities in stratigraphy to that along strike of Sandfire Resources‘ (ASX:SFR) A4 deposit and Motheo Copper Mine.

The Motheo Copper Mine, currently operating at a processing rate of 3.2Mtpa, has received approval for expansion, and construction is underway to elevate the processing capacity to 5.2Mtpa.

Kavango has analysed the available exploration data from the six new PLs, indicating the potential presence of a regional system featuring domal structures with folded and sheared trap sites. These identified elements will be crucial exploration targets in the pursuit of significant copper and silver mineralisation.

Kavango aims to commence operations swiftly, with planned follow-up work in the region scheduled for later this month, and further updates on this program to ensue.

Company Comments

Kavango Resources Chief Executive Officer, Ben Turney, said that the new licences grant the Company complete control of a contiguous, prospective system in an underexplored section of the Kalahari Copper Belt.

“I’d like to thank ENRG Elements for its support during our due diligence process. The mapping, soil geochemistry and drilling data it has provided has been highly valuable,” he said.

“Kavango has strengthened its geological understanding of its new licences by mapping their lithological sequences and stratigraphy. Meanwhile, the presence of galena and sphalerite – two important pathfinder minerals for copper mineralisation – is also encouraging.”

“We will now continue to advance our understanding of the new licences’ mineral potential by investigating the potential sub-basin we have identified and interpreting their structure with satellite imagery.”

“Both of these workflows will help us to develop priority drill targets over the coming months.”

KAV’s London Stock Exchange-listed share price is currently trading at 0.73 pence (9.00am UTC+ 8 hours).

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