Kavango Resources plc (LSE:KAV), the Southern Africa focused metals exploration and gold production company, is pleased to announce a second high-grade gold intercept at the Bill’s Luck Gold Mine (“Bill’s Luck” or the “Mine”) on the Hillside Project (“Hillside”), Zimbabwe.
Hole BLDDUG006 intersected a gold-bearing structure at a vertical depth below surface of 111.50m, with confirmed repeat assay grades of 13.60 grams a tonne (“g/t”) over 10.40 metres (“m”)* from 64.00m to 74.40m (including 48.50g/t over 2.81m and 1.10g/t over 3.10m).
This is the latest result from Kavango’s ongoing underground drilling at Bill’s Luck.
Highlights
· Hole BLDDUG006 was collared on 2 Level (995m above sea level(“ASL”)) and drilled to a depth of 75.48m (935m ASL). Highlights include:
· 13.60g/t over 10.40m from 64.00m depth (including 98.74g/t over 0.77m, 42.90g/t over 0.80m and 46.07g/t over 0.56m) (the “First Intersection”).
· 1.10g/t over 3.10m from 71.30m depth (including 1.32g/t over 0.78m and 2.80g/t over 0.50m) (the “Second Intersection”).
· This result follows that of Hole BLDDUG004 (announced >>> 7 July 2025) which intersected 11.79g/t over 4.36m from 47.36m depth.
· The First Intersection appears to be the down dip continuity of the Bill’s Luck Main Reef
· The Second Intersection appears to be a parallel reef that lies further into the hanging wall. This appears coincidental with intersections in BLDDUG003 (announced >>> 24 June 2025) and BLDDUG004B)
· These results appear to confirm the presence of at least one high-grade “ore shoot” at Bill’s Luck that is open at depth.
* All intersection lengths are measured down hole, modelling of the Bill’s Luck Mine is currently underway, and once complete, true width intersections will be announced
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“The ongoing underground drill programme at Bill’s Luck continues to deliver impressive results. This is the second high grade intercept we’ve encountered, a short distance below our current mining level.
Hole BLDDUG006 intersected gold mineralisation grading at 13.6g/t over 10.40m, with two distinct reefs, after Hole BLDDUG004 intersected mineralisation grading at 11.79g/t over 4.36m.
This result confirms that the main Bill’s Luck ore shoot remains open at depth and appears to be increasing in grade. Our team is highly encouraged by this, having demonstrated such strong potential with relatively limited drilling. We will now move forward confidently into the next phase of surface exploration.
The objective of the surface drilling will be to define a gold resource large enough to support mining and processing operations for a minimum of three years. We will seek to confirm the width of the main Bill’s Luck ore shoot and test the next inferred ore shoot at Roscor. If successful, this work will underpin the investment case for the 200 tonne per day (tpd) pilot production plant.
In parallel, we will continue underground drilling at Bill’s Luck for near-term mine planning. Construction of our 50tpd test production plant is already underway, with commissioning expected later this year.
If all goes to plan, our goal is to scale gold production capacity at Bill’s Luck to 250tpd in the first half of 2026.”
Underground Drilling at Bill’s Luck
Hole BLDDUG006 was drilled from Level 2 (995m ASL) at -55° to a length of 75.37m. It intersected a gold-bearing structure, with confirmed repeat assay grades of 13.60 g/t over 10.40m from 64.00m to 74.40m (including 48.50g/t over 2.81m and 1.10g/t over 3.10m). The intersected structure appears to be the down dip continuity of the Bill’s Luck Main Reef.
Figure 1: Oblique view of Main shaft showing Levels 1, 2 and 3, with BLDDUG006 collar position on Level 2 and gold grade in red at 111.5m vertical depth
Announcing Future Drill Results
Moving forward, Kavango will announce future drill results in aggregate after full phases of drilling have been completed. This will allow the Company to present more comprehensive interpretation.
Kavango’s Operations in Zimbabwe
Kavango is exploring for gold deposits in Zimbabwe that have the potential to be developed into commercial scale production quickly through modern mechanised mining and processing. The Company is targeting both open-pit and underground opportunities.
Kavango has two projects on the Filabusi greenstone belt, Hillside and Nara.
Kavango owns 100% of the Hillside Gold Project, having exercised its option in April 2024. Here, the Company has three high priority targets it aims to bring into production over the next 18 months: Bill’s Luck, Steenbok and Nightshift. At Nightshift, Kavango is investigating the potential for a selective open-pit mining operation, followed by underground mechanised mining. Meanwhile, at Steenbok, Kavango is pursuing a high-grade mechanised underground mining opportunity. Kavango is currently analysing the latest drill data from Bill’s Luck and will provide an update shortly.
In addition, Kavango owns 100% of the Nara Gold Project, having exercised its option in June 2025. Here, the Company is exploring for a large-scale, mechanisable underground gold deposit. The primary target zone is around the historic N1 mine, where the Company is assessing the potential to expand artisanal workings both at depth and along strike.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on X at @KavangoRes.
For further information, please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
