22 July 2024
Kavango Resources
("Kavango" or "the
Company")
BOTS Karakubis Copper Mineralised System
Confirmed
Kavango Resources plc (LSE: KAV), the Southern
Africa focussed metals exploration company, is pleased to announce
successful completion of drilling the first high priority target
(the "First Target") at the Karakubis Copper Project in Botswana's
Kalahari Copper Belt ("KCB"). Field analysis of drill cores taken
from this target confirms the presence of a copper-silver
mineralising system at Karakubis, as well as further indicators of
structural trap sites.
This result validates Kavango's modelling of
the KCB and confirms the prospectivity of the Karakubis Copper
Project for large-scale copper/silver deposits. The Company now
anticipates an increased chance of discovery over the remainder of
its 5,000m diamond drill campaign at Karakubis (the "Drill
Campaign").
Progress
Overview
·
Kavango commenced the 5,000m Drill Campaign on 17 June
(see
announcement >>> 17 June 2024).
· The
primary objectives of the Drill Campaign were to confirm copper
mineralising fluids passed through the Karakubis Block and that
structural trap sites for potential large-scale copper/silver
deposits are present.
·
Kavango met both objectives drilling the First
Target.
· Two
holes were drilled into the First Target:
·
Hole KCBDD001 was drilled to a depth of 243.95m at no cost to
the Company and abandoned due to technical issues.
·
Hole KCBDD002 was successfully completed to a depth of
514.38m.
·
Kavango has logged and made pXRF readings on core taken from
both holes.
·
Core from both holes validates Kavango's interpretations
applying geophysical data to model the KCB. This increases the
Company's confidence in future drill targeting.
·
Spot readings taken from handheld pXRF indicate the presence
of copper, silver, zinc and lead, suggesting the
mobilisation of copper sulphides in mineralising fluids within a
large system. This may provide a vector towards
larger-scale mineralisation.
The drill rig mobilised to the second
high-priority target. Hole KCBDD003 is currently at
232.58m.
Ben Turney,
Chief Executive Officer of Kavango Resources,
commented:
"We started
drilling at Karakubis to confirm the presence of a copper-silver
mineralising system. Results from our first target have surpassed
our expectations. The validate our geological model and confirm the
potential to discover a large-scale copper/silver
deposit.
Our original
goal in the drill campaign was to prove the presence of a copper
mineralising system and structural regional traps within Karakubis.
We've met this objective within our first 500m. This speaks to our
team's meticulous preparations prior to drilling. I would like to
thank everyone involved for all they have
contributed.
The core from
the two holes validates the interpretations we've applied to
modelling the Kalahari Copper Belt (KCB). In particular, the core
highlights rock sequences consistent with and comparable to
descriptions of lower D'Kar Formation sequences to the west in
Namibia and along strike towards Sandfire Resources' (ASX:SFR)
Motheo Mine to the northeast. The contact position between the
D'Kar Formation and Ngwako Pan Formation is one of the main
regional controls for large-scale copper/silver deposits and will
be tested by other holes in the programme.
The
intersection of pathfinder elements and pyrite, along with copper
values in our pXRF readings, provides an encouraging indicator of
the presence of structural trap sites. Such traps have enabled the
accumulation of economic copper deposits elsewhere in the
KCB.
Kavango looks
forward to building on these results as our drilling continues.
This is our most ambitious drill programme to date. Preparations
took two years to maximise our chances of discovery
success.
Now that we
have received such strong confirmation that our modelling appears
to be correct, we move forward in eager anticipation. With a
further 4,300m of drilling planned over our remaining 14
high-priority targets, we believe our chances of discovery success
have increased significantly."
Drill
Objective
Kavango's exploration and drilling strategy at
Karakubis is to validate the interpretations made to date from
modelling of geological and geophysical data and to establish the
stratigraphic position in the system, verify the presence of
structural trap sites and confirm the presence of a copper/silver
mineralising system through identification of pathfinder
minerals.
Technical
Overview
·
Hole KCBDD002 was completed to a depth of 514.38m. Hole
KCBDD001 was drilled to a depth of 243.95m and abandoned at no cost
to the Company. Kavango has retained the core from both
holes.
·
Kavango has interpreted the lithologies intersected as being
part of the lower D'Kar Formation of the Ghanzi Group, which is
known to host the majority of the KCB's copper
mineralisation.
· The
measured dip and strike of the bedding is comparable with those
anticipated from Kavango's modelling of its Airborne
Electromagnetic ("AEM") data and inversions.
·
Structural features including faults interpreted and
projected by Kavango from the AEM data fit with logged
intersections in the drill core.
· The
hole intersected extensive zones of hydrothermal alteration, a
common feature of mineralisation on the KCB, from 90m
downhole.
· The
hydrothermal alteration consists of bleaching, hematisation,
silicification, albitisation and patchy carbonate replacement, with
some sandstones becoming friable as cement between grains has been
progressively leached.
·
Pyrite has been logged together with fine minerals containing
pathfinder elements and carbonate-chlorite-Cu-Fe-sulphide
replacement of pyrite in all the siltstone
intersections.
· The
presence of pyrite together with pathfinder elements is a frequent
indicator for the presence of a mineralised system.
·
Kavango's hand-held pXRF spot readings on the sulphides and
clusters of pyrite replacements in veins and stringers within
bedding report local values of up to 1.8% copper, 723ppm lead,
264ppm zinc and 116ppm silver¹.
·
This suggests the mobilisation of copper
sulphides in mineralising fluids within the system,
and may provide a vector towards further mineralisation.
· The
core is being cut and sampled and will be dispatched for assay in
due course.
·
Kavango's contract driller, Mitchell Drilling, is currently
drilling the company's second high priority target.
·
Further priority targets are anticipated as data processing
and interpretation are completed for survey results from Survey
Blocks 1A and 1B.
¹ These are pXRF spot values and are not expected to return
potentially economic levels of mineralised intersections, rather
they are considered to provide evidence of mineralising fluid
activity within the system.
Drill hole
KCBDD002
This is the first hole to be completed at
Kavango's Karakubis Copper Project on the KCB. KCBDD001, adjacent,
was partially drilled but abandoned and redrilled as KCBDD002 at no
additional cost to the Company.
Figure 1:
Cross section, viewed NE, showing KCBDD002, and displaying
intersected lithology, structural features, alteration and logged
sulphides in siltstones on a backdrop of AEM Inversion image.
Lithologies are OVB=overburden, CALC=calcrete, ARK=arkose,
SAK=sub-arkose, MRL=marl, SLT=siltstone &
SST=sandstone
The sedimentary units in this hole comprise
arkose, sub-arkose, sandstone and siltstone with minor marl.
Several stacked, partial to complete sequences have been logged
with the basal sections of the arkose and sub-arkose units
occasionally containing siltstone rip-up clasts transitioning
upwards into units with occasional heavy mineral layers and capped
by siltstone and occasional marl units. The clastic dominated
facies assemblage comprises thin to thick-bedded arkose, sub-arkose
and massive amalgamated sandstone with thicknesses varying from
meter scale to tens of meters. The siltstone, marlstone facies
assemblage comprises laminated to thinly bedded fining upwards
cyclic deposition of siltstone and mudstone in packages that vary
from 1 or 2m to just over 5m in thickness.
The thickness and stacked nature of these
partial to complete sequences are consistent with and comparable to
descriptions of lower D'Kar Formation sequences to the west in
Namibia and along strike towards Sandfire Resources' (ASX:SFR)
Motheo Mine to the northeast.
The degree and styles of hydrothermal
alteration are considered indicative of early metalliferous brines
ascending along basin faults combining with later multiple episodes
of faulting and hydrothermal fluid flow associated with the
regional southeast vergent folding in the Ghanzi-Chobe
belt.
The presence of pyrite logged
together with fine galena, sphalerite and
carbonate-chlorite-Cu-Fe-sulphides replacing pyrite in
all the siltstone intersections is seen as a positive indication
that the hydrothermal fluids may be part of a larger mineralised
system, and of the prospectivity of the area.
The drilling programme will be adapted as more
holes are completed and the information assimilated into the
interpretation and modelling.
The drill rig has been moved to the second
high-priority target and drilling is underway at Hole KCBDD003.
Current depth is 232.58m. Further updates will be provided in due
course.
Data on the sampling techniques and data
relating to the Karakubis Project (JORC Table 1 and Table 2) is
appended via the following
>>> link here.
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)
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.