Kavango Resources (KAV.L) KSZ Hukuntsi -A2 Target Depth & Drilling Expansion

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce successful completion of the first geological borehole in Target Area A (“Hole TA2DD001”) in the Hukuntsi (northern) section of the Company’s Kalahari Suture Zone (“KSZ”) Project. Hole TA2DD001 was drilled to a depth of 578m.

Following completion of Hole TA2DD001, the Company is pleased to announce it has signed an addendum to the current drill contract with Equity Drilling & Mindea Exploration and Drilling Services (Pty) (“Mindea”), which will now see the Company drill up to six geological holes in the current campaign in the KSZ (the “Campaign”).

Highlights

Ø Hole TA2DD001:

– Drilled to a total depth of 578m

– Drilling operations halted 10m below final contact with the Karoo gabbro

– Primary objective fullfilled, with core samples successfully extracted throughout the entire hole

– Visual inspection of cores confirms presence of sulphides

– Coal seams encountered, confirming presence of potential source of sulphur for formation of magmatic sulphides

– Core cutting expected to take 3-4 weeks to enable full sweep analysis of all core samples

– Downhole electromagnetic (“EM”) survey to commence immediately

Ø Full sweep analysis of core samples to include:

– Assay testing

– Fire assay testing for gold and Platinum Group Elements (“PGEs”)

– Whole rock geochemical analysis

– Petrology analysis

Ø Further expansion of the Campaign:

– Up to six boreholes now planned in the Campaign, targeting Target Areas A and C (the “A-C Corridor”) and Target Area B

– Immediate mobilisation of rig to site of Hole TA2DD002 in Target Area A

– On completion of Hole TA2DD002, rig to mobilise to Target Area B to drill the Company’s primary exploration target (“Target B1”, announced 2 July 2021)

Ø Final results to be announced on completion of the Campaign.

Ø Hole TA2DD002:

– Located 1km west of Hole TA2DD001

– Hole to test deeper Karoo gabbro “keel” (est. up to 800m), believed to be connected to the same gabbro encountered at Hole TA2DD001

– Additional objective is to test potential contact between Karoo and Proterozoic gabbros, which might represent a possible volcanic ‘feeder’ zone

– Hole to target the same >1km geophysical anomaly drilled at Hole TA2DD001 (announced 20 April 2021)

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

“Our strategic objective in the KSZ in 2021 is ‘proof of concept’. If we can achieve this, the prize on offer is considerable.

The successful completion of Hole TA2DD001 will hopefully prove to be a significant step forward in that direction.

This is the deepest hole Kavango has drilled and I would like to thank Equity Drilling and Mindea for the exceptional engineering effort they have accomplished on our behalf. The quality of core samples is superb and provides us with exactly the raw materials we need to perform detailed rock analysis to test the KSZ’s potential to host magmatic sulphide ore bodies.

Although we must remain measured, we are sufficiently encouraged by what we have seen so far geologically and operationally, to expand our current drill programme in the KSZ to up to six holes.

The drill rig is mobilising 1,000m from its current location to test a deeper ‘Norilsk-style keel’ formation, on the western edge of the A2 conductive anomaly. This next hole should really take us into the guts of the KSZ and will hopefully provide us with the most valuable geological data recovered yet in this region.

Following completion of drilling operations in Target Area A, we will then move the drill rig to Target B1. This is our current primary exploration target. The conductive anomaly is approximately 475m by 550m, with a verified conductance reading of 8,200Siemens.

Once we have completed drilling Target Area B our intention is to bring the rig back to Target Area C, to test the potential of the ‘A-C Corridor’.

We now move forward with confidence to the next hole. ”

Operational Update

Drilling operations at Hole TA2DD001 commenced on 21 July 2021 and finished on 15 August 2021. Mindea, the drill rig operator, drilled to a total depth of 578m. The original target depth was 500m, but contact with the Karoo gabbro lasted until 568m.

The Company chose to drill a further 10m below this formation before halting operations to allow for preparation of an immediate downhole EM survey by Spectral Geophysics (“Spectral”). Spectral expects to complete the downhole EM survey over the coming days.

Mindea successfully retrieved high quality core samples throughout Hole TA2DD001 in 3-meter runs. These samples are currently being cut, ready for shipment for laboratory analysis. The Company intends to test all gabbroic samples collected and plans to release full results on completion of the Campaign.

Kavango is confident that all of the gabbro samples collected from Hole TA2DD001 are Karoo-age. The presence of Karoo sediments above and below the gabbro samples appears to confirm the stratigraphic relationship, with clearly defined contacts at the chilled margins.

Laboratory testing will include standard assay testing for base metals, fire assay testing for gold and PGEs, whole rock geochemical analysis and petrology analysis of thin sections.

Mindea will now mobilise the drill rig to the site for Hole TA2DD002, 1,000m from its current location.

Hole TA2DD002 targets a deeper ‘Norilsk-style keel’ Karoo gabbro, as well as the western edge of the A2 conductor (targeted by Hole TA2DD001). Kavango expects to drill up to 800m at Hole TA2DD002, with the goal of testing the potential contact between the Karoo and Proterozoic gabbros. Kavango believes this could represent a possible Karoo-age feeder zone.

The Company will make a further announcement when drilling operations commence at Hole TA2DD002.

Following completion of Hole TA2DD002, Mindea will then move the rig to Target Area B and is expected to drill two holes here. Target Area B is roughly 16km from Target Area A.

The first of geological hole in Target Area B will target the conductive anomaly of the Target B1 (announced 02 July 2021). Target B1 is 475m by 550m, with a conductance of approximately 8,200Siemens. The decay constant is estimated to be in excess of 350ms. This is currently Kavango’s primary exploration target in the KSZ.

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


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