Kanye Resources plc announced that Morula was now the highest priority exploration target following further results in the South Ghanzi project in the Kalahari Copper Belt (KCB), Botswana.
The 50-50 strategic joint venture (SJV) involves Kavango Resouces plc (operator) and Power Metal Resources plc.
Kavango completed and analysed samples from 16km of infill soil-sampling at Morula, which confirmed that the conductor/anomaly extended along strike for at least 12km.
Morula and Acacia are identified as the highest priority targets in the short term, with drilling planned as soon as the environmental management plan (EMP) is approved.
Acacia was considered to be the highest priority target until Morula was identifIed.
Zinc is a key pathfinder element for the discovery of major copper/silver deposits within the KCB.
MORULA
At Morula, four sample lines, each 4km long, 1km apart, were sampled every 100m (using the high sensitivity deflation zone sampling method developed by Kavango).
Kavango said that anomalous levels of copper (35ppm to 68ppm) and zinc (59pmm to 111ppm) correlated closely with results from original seven soil-sampling lines
There is a clearly defined mineralised zone of 12km, on a south-westerly trend, parallel to two steep anticlinal structures
Kavango is now assessing optimal drill locations at Morula and Acacia.
Targets appear to be close to surface with minimal Kalahari sand cover and intercept depths are estimated at 120m to 200m.
“Following identification of the Acacia and Morula conductor/soil anomalies we’ve focussed our exploration efforts on the Morula target over recent weeks,” said Kavango chief executive Michael Foster.
“These initial results are highly encouraging. They emphasise the potential and scale of this 12km long mineralised zone.
“Morula is rapidly developing into one of the most exciting drill targets in our entire portfolio.”
JOINT VENTURE
The South Ghanzi prospecting licences (PLs) are held in Kavango’s name and are subject to a SJV agreement in which each company holds a 50% interest via Kanye Resources plc, and exploration costs are equally shared.
Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd.
There are plans to IPO Kanye Resources plc on a recognised stock exchange.