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London based Kavango set to acquire two gold-rich projects in Zimbabwe
26 Jul 2023 at 01:35hrs | Views
LONDON-based Botswana-focused metals explorer Kavango Resources PLC has signed an exclusive six months option which will see the reputable miner acquiring two lucrative gold exploration projects in Zimbabwe.
The miner said of the two projects, Hillside, contains 40 contiguous gold claims and a historic underground mine that reportedly produced 18,000 ounces of gold at 7.7 grams per tonne over a strike length of more than 350 metres.
The second one, Leopard, is made up of 44 contiguous claims and has supported historical production from two mines, one of which produced 2,000 ounces at 3.5 grams per tonne, while the other produced 1 million ounces of gold at 0.5 grams per tonne.
Kavango Resources PLC chief executive officer, Ben Turney expressed gratitude for expanding its footprint in the minerals rich country of Zimbabwe after signing the Nara project recently.
"I'm very pleased to announce that we have already been able to expand our footprint in Zimbabwe after signing the Nara project last month. The Hillside and Leopard projects both contain historically producing mines and have been underexplored with modern-day exploration techniques.
"We look forward to carrying out a thorough assessment of their commercial gold potential during our 6-month option period, as we continue to build on our first-mover advantage in Zimbabwe," he said.
The miner also announced that it had placed a contract for 30 kilometers of induced polarisation survey lines over its Karakubis group of licences, as it aims to identify sulphide bodies as future drilling targets.
The firm said that if the survey identifies drill targets, it will adopt a two-phase drill program to test the area.
"Kavango is focussing its efforts in the Kalahari Copper Belt on the Karakubis project. We believe the Karakubis licences are particularly prospective due to the known mineral potential in the surrounding geology.
Karakubis sits on the same regional structural trends that have yielded a number of major discoveries. So far, our airborne [electromagnetic], [Controlled Source Audio Magnetotelluric] surveys and surface soil geochemistry have given us encouraging results."
Kavango Resources PLC shares rose to 5,3% to 0.61 pence each on Tuesday afternoon in London.
The miner said of the two projects, Hillside, contains 40 contiguous gold claims and a historic underground mine that reportedly produced 18,000 ounces of gold at 7.7 grams per tonne over a strike length of more than 350 metres.
The second one, Leopard, is made up of 44 contiguous claims and has supported historical production from two mines, one of which produced 2,000 ounces at 3.5 grams per tonne, while the other produced 1 million ounces of gold at 0.5 grams per tonne.
Kavango Resources PLC chief executive officer, Ben Turney expressed gratitude for expanding its footprint in the minerals rich country of Zimbabwe after signing the Nara project recently.
"I'm very pleased to announce that we have already been able to expand our footprint in Zimbabwe after signing the Nara project last month. The Hillside and Leopard projects both contain historically producing mines and have been underexplored with modern-day exploration techniques.
The miner also announced that it had placed a contract for 30 kilometers of induced polarisation survey lines over its Karakubis group of licences, as it aims to identify sulphide bodies as future drilling targets.
The firm said that if the survey identifies drill targets, it will adopt a two-phase drill program to test the area.
"Kavango is focussing its efforts in the Kalahari Copper Belt on the Karakubis project. We believe the Karakubis licences are particularly prospective due to the known mineral potential in the surrounding geology.
Karakubis sits on the same regional structural trends that have yielded a number of major discoveries. So far, our airborne [electromagnetic], [Controlled Source Audio Magnetotelluric] surveys and surface soil geochemistry have given us encouraging results."
Kavango Resources PLC shares rose to 5,3% to 0.61 pence each on Tuesday afternoon in London.
Source - NewZimbabwe
