Kavango Resources plc has created a single expanded exploration area in Botswana by adding a 90% interest in six further licences in the Kalahari copper belt (KCB).
DOMAL STRUCTURES
The licences are next to the company’s Karakubis and South Ghanzi blocks, collectively forming a contiguous exploration area next to the Namibian border.
Kavango said it would test the combined potential of PL049/2020 and PL052/2020 in the Karakubis block and PL203/2016 within the area to be acquired.
The three licences cover a single regional system incorporating “notable domal structures, which are key exploration targets in the search for large-scale copper/silver mineralisation”.
Kavango will pay vendor Global Exploration (Pty) Ltd, a wholly owned subsidiary of ENRG Elements, AU$2.5 million in three cash instalments to complete the acquisition.
DRILL TARGETS
“We now have uninterrupted control of the single system in this portion of the Kalahari copper belt,” added chief executive officer Ben Turney.
“We believe today’s acquisition significantly increases our chances of making a discovery here.
“We will push ahead in the KCB, by reviewing exploration data for the new licence areas and the results of our recently completed IP surveys at the Karakubis project area.
“Our goal is to identify high-confidence drill targets to pursue in Q1 next year.
“With completion of the Purebond financing imminent, we are in an extremely strong position to execute our ambitious plans.”
The company has also appointed Leon de Waal, who will lead the KCB work, as its new exploration manager for Botswana.