14th Oct 2022 10:30
(Alliance News) - Kavango Resources PLC on Friday said it is considering next steps for drilling after the unexpected confirmation of an iron oxide copper gold system at its Ditau project.
Kavango is a London-based, Botswana-focused metals exploration company. The Ditau project covers 1,386 square-kilometres in the south-west of Botswana, and is part of a joint venture with Power Metal Resources PLC.
The company, which has held two prospecting licences at Ditau since 2020, reported the petrological confirmation of an iron oxide copper gold system at Target i10 in hole DITDD004, following analysis of 15 core samples taken from the site by an unnamed UK laboratory.
Kavango, which has previously identified 12 "ring structure" geophysical anomalies at Ditau, said it believes this to be the first confirmation of IOCG-style mineralisation in Botswana.
It added that the finding could be an important exploration lead, as these types of mineralising systems rarely occur in isolation and could be extensive.
Minor amounts of mineral bastnaesite were also identified in DITDD004, which Kavango said may provide evidence for nearby rare earth elements mineralisation. Further deeper and lateral drilling at i10 will test this potential.
Chief Executive Officer Ben Turney said these were "surprising, positive results for Kavango".
"We believe i10 would benefit from deeper and lateral drilling. However, before we send a rig back to Ditau, we need to conduct more controlled-source audio-frequency magnetotellurics and gravity surveys over all 12 targets. Results from these surveys should enhance our updated exploration plan and increase our confidence in future drill targeting", he said.
Kavango shares were trading 8.0% higher at 2.00 pence each in London on Friday morning, while Power Metal Resources shares fell 1.3% to 1.46p each.
By Holly Beveridge; [email protected]
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