13th Feb 2020 12:08
(Alliance News) - Kavango Resources PLC said Thursday that drilling results from Kalahari Suture Zone in Botswana showed elevated copper and nickel values.
Kavango shares were trading 18% lower in London at 1.37 pence each on Thursday.
The company said that drilling has provided valuable geological information in order to assist in the understanding of the potential of the Kalahari Suture Zone to host large copper-nickel mineral deposits.
The assays from the core showed slightly elevated copper and nickel values against what would be expected in a non-mineralised gabbro, the company noted.
However, what was not confirmed was the ability of Kavango's controlled source audio-frequency magnetotellurics, CSAMT, geophysical system to identify massive sulphide bodies associated with the gabbro sills.
"This is almost certainly due to the presence of ground water contaminated with salt in and around the gabbroic intrusions," the company said.
Kavango said it is now in discussion with its geophysical consultants to develop a geophysical method, that will discriminate between conductors caused by saline groundwater and massive sulphide mineralization.
Michael Foster, chief executive officer, said: "There is now a large body of evidence suggesting that the accumulation of nickel and copper bearing metal sulphides occurred within the high level gabbroic intrusions of the Kalahari Suture Zone."
"The next stage is to identify and assess the value of these metal sulphide accumulations," Foster said.
By Loreta Juodagalvyte; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Kavango Resources