Kavango Resources plc said first drill results underlined the potential for a million ounces gold at its Hillside prospect 4 in Matabeleland, southern Zimbabwe.
VISIBLE
Scoping hole SKDD001, drilled to 247.40m, targeted mineralisation in a steeply dipping shear zone below artisanal workings.
The company said that the hole intersected the targeted shear zone being worked by the artisanal miners.
Best results include 2.53m @ 29.08 g/t gold from 97.47m, associated with visible gold at an average peak grade of 212.07 g/t over 0.34m.
The company also reported 1.32m @ 1.80 g/t gold from 214.46m.
Kavango added that the hole contained “multiple further broad zones of geochemically anomalous gold values thought to relate to additional shear zones”.
“An induced polarisation (IP) survey identified three further potential shear zones, parallel to the one being worked by artisanal miners.
“Results are pending on four other holes drilled across three other Hillside prospects.”
Kavango plans to examine near surface gold mining potential at prospect 4, based on intersected grades and ongoing artisanal mining in the area.
Chief executive Ben Turney added that the results far surpassed expectations at its fourth-ranked target of prospect 4.
“The near-term potential for possible mining at prospect 4 was apparent as soon as we saw the core.
“We now need to test this potential with swift and methodical follow-up exploration.
“We are particularly looking forward to testing the additional three shear zones we believe we’ve identified here.”