Kanye Resources has quadrupled its prospecting area with eight new licences (PLs) to 4,257km2 at the South Ghanzi copper-silver project in the Kalahari Copper Belt (KCB), Botswana.
JOINT VENTURE
The 50-50 strategic joint venture Botswana company comprises operator Kavango Resources plc and Power Metal Resources plc each with holdings through Kanye Resources plc, a UK company.
Exploration costs are equally shared and there are plans to IPO Kanye Resources plc on a recognised stock exchange.
NEW LICENCES
Kavango has been conducting due diligence since the planned acquisition of the prospecting licences (PLs) was announced during March 2021 and the transfer has now been completed.
The four South Ghanzi licence extensions cover 481km2.
Two of the new PLs are contiguous with Kanye’s existing South Ghanzi project and the other two are within the same structural zone.
Kavango said that exploration at South Ghanzi was considerably advanced, with seven major copper-silver targets identified and drill locations are currently being finalised.
The Mamuno licences are four contiguous PLs covering 2,482km2 and lie on the western boundary of the Botswana KCB.
They include visible outcropping of Ngwako Pan and D’kar formation contacts, with little to no Kalahari Sands.
The licences are served by the tarred Trans-Kalahari Highway (Gaborone-Windhoek-Walvis Bay).
An in-depth desktop analysis is underway on the recently acquired licences.
Four field teams will be deployed to the KCB to begin extensive soil sampling with plans being finalised to increase number of teams on the ground.
Final processing of the environmental management plan is also underway.
HIGH IMPACT
Chief executive of Kavango Ben Turney said that the KCB project could prove to be company makers in its own right for both SJV partners.
“The exploration model in the KCB is well established, but our team on the ground has developed a number of innovative in-house methods, which we are confident give us a strong competitive advantage.
“Refinement of these exploration methods has helped us identify what we believe is highly prospective ground and encouraged us to move swiftly to acquire the new prospecting licences.
“With the excellent progress we are making at South Ghanzi, expanding our holdings here was an obvious move.
“However, the inclusion of the Mamuno licences could prove to be very exciting.
“Our initial analysis suggests the geological model looks to be very similar to that at South Ghanzi, but the formation sizes are much bigger.”
Power Metal chief executive Paul Johnson added that the KCB joint venture with Kavango was one of Power Metal’s highest priorities.
“The progress achieved in the KCB demonstrates the value we can generate for our shareholders when we focus our financial and managerial resources on projects that deliver high-impact exploration results efficiently and effectively.”