Kavango Resources (LON:KAV) Ditau drilling and AMT update

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) has successfully completed hole DITDD005 on the “i1” target (“Target i1”) at the Ditau Camp Project (“Ditau”).

The Company has now moved the drill rig to the “i8” target (“Target i8”), Hole DITDD006, following the completion of a Controlled Source Audio-Magnetotelluric (CSAMT) ground geophysical survey and inversion model.

The CSAMT survey has provided enhanced resolution of the bedrock beneath the Kalahari sands and sediments of Target i8. As a result of the upgrade in Target i8, based on this newly acquired data, drilling has commenced here.

Kavango has provided an inversion of the Target i8 Aeromagnetic data with an CSAMT section overlay on its website:

https://www.kavangoresources.com/media-library/news-release-media/rns15june2022

Meanwhile, Kavango has also shipped the first batch of samples from Hole DITDD004 for testing at a certified laboratory in South Africa, with ‘rush analyses’ requested.

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW)

Highlights

– Drillhole DITDD006 has commencement on target i8.

– Enhanced CSAMT survey completed that has provided additional bedrock resolution, resulting in prioritisation of this drillhole on the i8 target

– Target i8 is a ~4km diameter ring structure interpreted from airborne magnetic survey data

– This target has been the subject of 5.5-line km of CSAMT surveying, using both high and low frequency configurations

– Interpretation of the inversion of the CSAMT for Target i8, by an external geophysical consultant, has shown bedrock signatures that are significantly different from the surrounding flat lying signatures, which are interpreted to be sedimentary country rock.

– The CSAMT survey has detected signatures that appear disturbed in dip and vertical position, inferring a phase of an intrusive. These signatures are significantly different from that interpreted from preliminary CSAMT data for targets i10 and i1.

– Hole DITDD006 will target the ring/magnetic high, coincident with the upwards protruding resistivity highs, at the edge of the i8 target

– Drillhole DITDD005 completed; final depth 343.90 m

– This targeted Target i1

– DITDD005 intersected extensive conglomerate with a measurable magnetic mineral content

– Interpretation is to be aided by an expanded CSAMT programme

– Drillhole DITDD004 update

– DITDD004 intersected extensive high magnetic mineral content confirmed via magnetic susceptibility readings, possible breccias and overprinting hydrothermal alteration

– First batch of samples has been cut and shipped for multi-element analyses, including some fire assays, to a certified laboratory in South Africa, with ‘rush’ analysis requested

– Further batch will be dispatched during June

– Separate batch of petrology samples are in preparation

– Low frequency AMT survey underway aimed at augmenting existing high frequency CSAMT data, to assist interpretation of the range of lithologies identified at this target

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

“I would like to thank our team and our drillers, ,Equity Drilling/Mindea, for making rapid progress at Ditau, which has enabled us to begin drilling the fourth hole of this campaign in fewer than two months since we started.

All our hard work to improve the company over the last 18 months is paying off handsomely. We are seeing this both in the acceleration of our work programmes and our deployment of enhanced technology in the field.

Our recent CSAMT surveys illustrate perfectly how much progress Kavango has made.

Our team has identified a possible intrusive body at i8 using CSAMT. This development has guided our exploration in real-time. We will now test the i8 Target by drilling hole DITDD006.

Kavango has proven the effectiveness of the CSAMT technique at Ditau. As such, we have decided to perform further surveys on the recently drilled i10 and i1 targets. We are hopeful this data, together with what we learn from the drill cores, will sharpen future targeting in our hunt for economic mineralisation.”

Background to targeting

Kavango has identified 12 geophysical structures/targets at Ditau (targets i1 through i12), which the Company believes could be possible carbonatites and/or intrusive complexes that may host carbonatites. 9 of these targets are particularly well defined.

There are two target types at Ditau:

1) Discrete kilometre-scale carbonatite pipe targets, and

2) Larger multi-kilometre scale intrusive complex targets that may also be host to carbonatite intrusives.

The 12 Ditau geophysical targets are not known to have been tested for REEs, historically. Kavango identified these targets, which range in size from ~2km to ~18km in diameter, using modern geophysical interpretative techniques. Kavango has used combined and integrated Airborne Magnetics, Ground Magnetics and Controlled Source Audio-Magnetotelluric (“CSAMT”) surveys in the exploration of the property and for drill targeting.

Recently completed and inverted CSAMT surveying of Target i8, using both high and low frequency configurations, has resulted in high resolution of the basement below the Kalahari sand and sediment cover, providing target definition. As a result, Kavango is now running both high and low frequency CSAMT surveys over Target i1 and Target i10 to enhance the interpretation of these, post drilling.

Target i8

A combination of inversions from CSAMT and Aeromagnetic data has lead Kavango to conclude that Target i8 could represent an intrusive body, approximately 4 km in diameter.

Interpretation of the inversion of the CSAMT for Target i8, by an external geophysical consultant, has shown bedrock signatures that are significantly different from the surrounding flat lying signatures, which are interpreted to be sedimentary country rock.

The CSAMT survey has detected signatures that appear disturbed in dip and vertical position. There is also possible trust faulting.

The area of disturbance is radially symmetric with the aeromagnetic ring structure and is interpreted to be a possible intrusion. Further, there are CSAMT signatures that are coincident with the outer magnetic ring, that are protruding high into the resistivity section, inferring a phase of an intrusive. This signature is significantly different from that interpreted from preliminary CSAMT data for targets i10 and i1.

The target conforms to an idealized model for a intrusive. The composition of this is now being tested by drilling of hole DITDD006, planned to a depth of 400m.

Completed holes

A table summarising the holes completed at Ditau under the 2022 program is provided below. Analytical results will be provided once assays are complete.

The POW/KAV Joint Venture at Ditau

Ditau is held in a 50/50 Joint Venture (“Kanye Resources”) with Power Metal Resources plc (LSE:POW) (“Power Metal”). Kavango is the operator. Mindea Exploration and Drilling Services (Pty) (“Mindea”) is conducting the drilling, on a part-cash, part-equity basis.

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

+46 7697 406 06


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