PRESS
RELEASE
12 April
2024
KAVANGO RESOURCES PLC
("Kavango" or "the
Company")
ZIM: Nara Project Ground Magnetic Survey
Completed
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is
pleased to announce the completion of a ground magnetic survey over
the Nara Gold Project in Southern Zimbabwe.
Highlights
·
A total of 85km of ground magnetic survey lines
were completed over the project area (the "Survey").
·
The objective of the Survey was to identify
geological structures and contacts that may be associated with gold
mineralisation.
·
The Survey has defined a 200m wide interpreted
shear corridor along 5km of strike within the
property, hosting a number of magnetic low
lineaments interpreted as shear zones.
o Shear
zones are commonly associated with gold mineralisation. This
corridor provides a prospective zone for follow up.
o Historical and
artisanal gold mine workings are located within the shear corridor
and are closely related to magnetic low
lineaments.
·
The magnetic survey has identified a number of
additional exploration targets including:
o Several
previously unknown magnetic low lineaments
parallel to the historical workings.
o Areas of magnetic
disturbance possibly representing hydrothermal alteration of
magnetic rocks which may be related to gold
mineralisation.
o Jogs and flexures
along the interpreted shear zone within the claims.
Ben
Turney, Chief Executive of Kavango Resources,
commented:
"Kavango's exploration for large-scale, bulk-minable gold
deposits in Zimbabwe is moving at pace. The progress we are making
at the Nara Project illustrates how well our team is performing in
country.
We've been operational in Zimbabwe for only 10 months and in
this time have taken great strides forward in exploring our two
main projects; Hillside and Nara.
Now that we have the export permit in place for our Hillside
cores, we look forward to receiving the multi-element test results
later this quarter from the 1,400m of diamond drilling we completed
there.
In
meantime, we've mobilised the rig to our Nara Project in March and
have just completed our fifth diamond hole here. We will provide an
update on drilling in the coming weeks but based on visual
observations of core we decided to push ahead with a ground
magnetic survey of the project area. Our goal was to learn more
about the structure we are drill testing.
We
recently upgraded our goal at Nara to find 2 million ounces of
gold. Today's survey results are particularly encouraging because
we appear to have identified a 200m wide shear corridor along 5km
of strike. Given this corridor is associated with historic
high-grade mining and more contemporary small-scale mining, this
suggests this geological structure is associated with gold
mineralisation.
We
will complete the first phase of drilling at Nara over the next 6
weeks and send the cores for testing. Everything will then depend
on the laboratory results, but we are pleased with progress so
far."
The
Magnetic Survey and results
The aim of the ground magnetic
survey was to map lithology and structure to advance exploration
ahead of the current scope diamond drilling programme.
The Survey was carried out by 3D
Earth Exploration, a Botswana based geophysical contract company
owned by Kavango Director Hillary Gumbo, using two G856AX proton
precession magnetometers. A total of 85.45-line kilometres of
survey was completed at a 50m spacing with an estimated 17,204
readings taken on 5m stations.
The data collected was subjected to
QAQC and any magnetic readings that may have resulted from cultural
sources were removed prior to processing. The final gridded
products have been processed to produce the usual array of images
for interpretation. A structural and lithological
interpretation of the project area was then completed using a
combination of these various products. The Total Magnetic
Intensity (TMI) is shown in Figure 1 along with this
interpretation.
A large regional WNW trending shear corridor
approximately 200m in width is interpreted from the magnetic data.
This shear corridor appears to have exploited the contact between
the meta basalts and the meta sediments. The historical and
artisanal mine workings are located within the main shear corridor
and appear to be closely related to magnetic low lineaments. There
is an apparent flexure in the main shear at the intersection of a
large North trending structure which is interpreted to have been
exploited by a later dyke (evident as a mag high). To the east of
the flexure the main shear zone appears to bifurcate with the
northern limb orientated more east - west, this limb is mineralised
and has been exploited by artisanal miners.
Figure 1:
Ground Total Field Magnetic map with interpreted
geology
The interpreted shear corridor extends over 5km
of strike within the property hosting six zones of mine workings
along a total of 1,400m of strike. The known mine workings appear
to be bounded by a series of NNW trending faults. A number of
additional potential targets have been identified for future
exploration, which in order of priority include the following
interpreted features:
· The
faulted strike extent of the mineralised zones and several magnetic
low lineaments parallel to the historical workings.
·
Jogs and flexures along the large shear corridor within the
claims.
·
Areas of choppy disrupted magnetic response possibly
representing hydrothermal alteration of magnetic rocks and which
could relate to gold mineralisation.
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)
+44 207 374 2212
Jason
Robertson
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.
The technical information contained
in this announcement pertaining to geophysics have been
read and approved by Mr. Jeremy S.
Brett, M.Sc., P.Geo., Senior Geophysical
Consultant, Jeremy S. Brett International Consulting
Ltd. in Toronto, Canada. Mr. Brett is a
member of the Professional Geoscientists of Ontario,
the Prospectors and Developers Association of Canada,
the Canadian Exploration Geophysical Society, and
the Society of Economic Geologists. Mr.
Brett has sufficient experience that is relevant to geophysics
applied to the styles of mineralization and types of deposits under
consideration to act as a Qualified Person as defined under
the Canadian National Instrument 43-101, Standards of Disclosure
for Mineral Projects.