Kavango Resources (KAV.L) KSZ drilling update

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has successfully completed the first downhole electromagnetic (“DHEM”) survey on Hole KSZDD002 to a depth of 350m.

The measured DHEM response now indicates that the B1 Conductor Target (the “B1 Conductor”) has a conductance of 11,000 Siemens. This is an increase of 37.5% from the original modelled response, derived from a surface Time Domain Electromagnetic (“TDEM”) survey (announced 02 July), confirming this is a strong conductor.

To provide context, Kavango has provided a table on its website that presents an idealised resistivity and conductivity spectrum for rocks and mineralisation. The link to this table can be seen below:

https://kavangoresources.com/images/2021/07/02/idealized-resistivity-and-conductivity-spectrum-for-rocks-and-mineralization-kav-ksz.jpg

According to the updated DHEM model, the B1 Conductor has more elongate dimensions of 600m by 350m, however the position and dip of the plate remain the same. The drill hole is therefore still positioned optimally to intersect this target when drilling resumes in January. The estimated depth to top is 420m, and the dip continues to indicate that the B1 Conductor is cross-formational. This suggests the B1 Conductor may have been emplaced by an as yet unspecified intrusive event and is unlikely to be formational.

As originally planned, Hole KSZDD002 is oriented towards the centre of the B1 Conductor. The Company estimates it will intercept the B1 Conductor between 525m and 575m.

The stratigraphy encountered so far in Hole KSZDD002 is analogous to the stratigraphy encountered in Hole KSZDD001, 1km away.

Kavango’s strategic partner, Spectral Geophysics (“Spectral”), completed the DHEM survey and the data has been separately independently analysed and verified.

Hole KSZDD002 has now been cased off to 350m with HQ casing as part of Kavango’s updated strategy to handle the drilling conditions and maintain hole stability. Equity Drilling and Mindea Exploration and Drilling Services (Pty) have paused drilling operations for the Christmas break and are scheduled to recommence early in the New Year.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“We now have the clearest indication yet that Hole KSZDD002 is on course to intercept a major conductor. What that conductor is remains to be seen, but I am extremely grateful for the effort our partners have put into completing the first downhole EM survey.

This drilling campaign in the Kalahari Suture Zone has been a major engineering challenge. Completing downhole EM has proven to be particularly difficult, because we have had to case the boreholes to protect their integrity.

Given the importance of the B1 Conductor in testing our geophysical exploration methods, we knew we had to do everything we could to complete this first survey. Spectral went to great lengths to ensure we had equipment on site to perform the survey as soon as the drillers were ready.

This extra effort has paid off and we look forward to recommencing drilling early in the New Year.”

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc

Ben Turney

bturney@kavangoresources.com


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