Kavango Resources (LON:KAV) Great Red Spot – strong gravity anomaly identified

Kavango Resources plc (LSE:KAV) the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce completion of a ground gravity survey (the “Gravity Survey”) over the Great Red Spot (“GRS”), in Target Area B of the Company’s Kalahari Suture Zone (“KSZ”) project.

The GRS is a previously identified large-scale ~11km diameter magnetic anomaly that has been subject to limited historic exploration.

The Gravity Survey has identified a strong gravity anomaly, which is coincident with the roughly 2250 nanoTesla positive magnetic anomaly of the GRS.

The gravity anomaly has an amplitude of approximately 30 milliGal and is roughly 7km in diameter at its widest along the North-South geophysical lines.

Gravity anomalies are due to density contrasts in rock units relative to the background geology. In mineral exploration a strong gravity anomaly can indicate the presence of an intrusion, alteration and mineralisation.

Highlights

· Visual inspection of drill core from KSZDD001 and reinterpretation of existing magnetic data encouraged Kavango to perform the Gravity Survey

· Gravity Survey was carried out over Target Area B in December, covering boreholes KSZDD001 (drilled to 1,000m) and KSZDD002 (currently at 390m)

· Scintrex CG-5 Autograv gravimeter and Leica GPS1200 RTK differential GPS were used to perform Gravity Survey

· Total of seven 13km lines of gravity data were acquired, including:

– Five North-South lines at 800m spacing

– 2 East-West tie lines at 2,000m spacing

– Stations spaced at roughly 200m along each line (460 stations)

· Strong ~30 miliGal Bouguer anomaly detected

· Kavango is now preparing an Audio-Magnetotelluric (“AMT”) survey over the GRS to futher refine its understanding of this target

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

“While it is too early to start drawing definitive conclusions, we are keen to pursue the possibility that the Great Red Spot could host stacked mineralised systems.

Although this is a relatively new geological theory for Kavango, it is interesting that it builds on our existing work. The younger, shallower Karoo gabbros over the Great Red Spot remain our primary focus, but we are increasingly aware of the potential for the deeper, much older Proterozoic gabbros to host an entirely separate system.

Reinterpretation of our existing magnetic model helped send us down this path and it is encouraging that the gravity survey results are coincident with the magnetics.

Quite what that system will prove to be remains to be seen, but we are led by the data in this. The more independent evidence we can gather that supports a new deposit, the more compelling the case will become.

This is why we are now prioritising the AMT survey as a next step. Our hope is the AMT survey will provide a third data set, which complements the results from magnetic and gravity surveys.”

Keeping an open mind in minerals exploration is crucial. We did not set out last year to find a new potential mineralizing system in the deeper Proterozoic rocks

Background

The Great Red Spot (GRS”) is a previously identified large-scale ~11km diameter magnetic anomaly that has been subject to limited historic exploration.

Thanks to significant advances in geophysical technology and analytical software over the last two decades, Kavango believes it has been able to create a more accurate geophysical model of the Great Red Spot (the “New GRS Model”). The New GRS Model combines historic data with data gathered by the Company in its exploration of the KSZ (announced 22 September 2021).

Following completion of Hole KSZDD001, which was drilled 1,000m into the GRS, preliminary visual inspection of the drill core revealed the presence of sulphides and abundant magnetite throughout the 49m intersection of the Proterozoic gabbro encountered at the bottom of the hole (announced 16 November). Kavango is currently testing the origin of the sulphide and magnetite, through detailed petrographic work and various assay techniques at internationally accredited laboratories in South Africa.

Following further internal analysis, Kavango began to investigate the possibility that the GRS might host two distinct, separate mineralised systems (announced 22 November 2021). These are:

· A younger Karoo-age system prospective for Nickel/Copper/Platinum Group Elements, which Kavango is currently testing through drilling the B1 Conductor

· An older Proterozoic-age system, which Kavango is in the process of developing a mineralisation model for

Kavango believes the coincidental source of the magnetic and gravity anomalies in the GRS may lie within the Proterozoic gabbros.

The purpose of the AMT survey will be to provide a third standalone data set, to deepen Kavango’s understanding of the geophysical anomaly in the heart of the Great Red Spot. Lines are currently being cut for the survey and results are expected in the coming months.

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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