Kavango Resources plc said it had renewed its prospecting licences PL082/2018 and PL083/2018, known as the LVR project, in the Kalahari Copper Belt (KCB), Botswana.
ANALYSIS
The joint venture between the company and local company LVR GeoExplorers (Pty) Ltd (LVR) has to date seen Kavango complete stage 1 of an earn-in to acquire 25% of the project.
The LVR project covers 1,091km2 of prospective ground in the KCB.
Chief executive Ben Turney said that the LVR project was quietly gaining momentum.
“We think PL082 is particularly interesting.
“Analysis and fieldwork so far suggest this licence could contain a mirror of Cupric Canyon’s Banana Zone South Limb on the other side of the Ghanzi Ridge.”
LVR JV
Kavango has the right to acquire a 90% interest in the LVR project through stages over seven years from 2 June 2021.
Three stages remain in the earn-in agreement, which require Kavango to spend up to 27.5 million BWP (£1.8m) in exploration to earn its 90% interest.