6th Mar 2023 14:20
(Alliance News) - Kavango Resources PLC on Monday touted a review of its Ditau project in Botswana, which has identified further gold potential at the site.
Kavango is a London-based, Botswana-focused metals exploration company. The Kalahari copper belt, which runs for nearly 1,000 kilometres from northeast Botswana to western Namibia, is a focus in the company's exploration plans.
The review was conducted by Hamid Mumin, a professor and former chair of the Department of Geology at Brandon University in Manitoba, Canada.
Kavango told investors that Mumin has identified the likely presence of a large alteration system within a very thick banded iron formation, which he said had excellent gold potential.
The intersecting structure, which is the source of fracturing, brecciation, sulphidisation, gold, silver, copper, and arsenic, also appears to be large.
"Dr Mumin's report represents a significant potential breakthrough for Kavango on the Ditau project. We didn't find carbonatites as we had intended, but we are certainly delighted with the potential for a large banded iron formation hosted lode gold system. Such systems can be capable of hosting a multimillion-ounce gold deposit," said Executive Directors Brett Grist and Jeremy Brett.
"Encouragingly, the BIF we encountered in Hole DITDD004 ran from 293 metres to end of hole at 393 metres. This is a very wide intersection that is open at depth. This suggests potential for a possible large-scale Lode Gold system. We look forward to verifying this ore deposit model with Dr Mumin on the Ditau project, via the prudently recommended detailed drill core re-logging, petrology and geochemistry."
Kavango shares were trading 13% higher at 1.24 pence each in London on Monday afternoon.
By Holly Beveridge; Alliance News reporter
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