Kavango Resources PLC Kalahari Copper Belt - Joint Venture signed (1312D)
17 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMKAV
RNS Number : 1312D
Kavango Resources PLC
17 February 2020
PRESS RELEASE
17 February 2020
KAVANGO RESOURCES PLC
("Kavango" or "the Company")
Kalahari Copper Belt - Joint Venture signed
Kavango Resources plc (LSE: KAV), the exploration group listed
on the Standard Listing Segment of the main market of the London
Stock Exchange and targeting the discovery of mineral deposits in
Botswana, is pleased to announce that, following the announcement
of a signing of a Memorandum of Understanding on 2 September 2019
between the company's 100% owned Botswana subsidiary Kavango
Minerals Pty Ltd and the Botswana registered company LVR
GeoExplorers (Pty) Ltd ("LVR"), the Company has now signed a Joint
Venture Agreement ("JVA") in respect to two Prospecting Licences
(PLs) situated in the Botswana section of the Kalahari Copper Belt
("KCB").
PL 082/2018 lies 30km north of MOD Resources' T3 mine
development and is completely surrounded by MOD/Metal
Tiger/Sandfire PLs including their T5, T6, T9, T10, T14 and T15
targets. The PL lies astride the main Ghanzi - Maun tarred highway.
PL 083/2018 is close to the Namibian border south of the
Trans-Kalahari Highway and adjacent to a block of PL's held by
Kopore Metals Limited.
The JVA provides for a staged Earn-In, which will give Kavango
the right to earn up to a 90% interest in both or either of the
PLs. The principal terms of the JVA are:
-- In the first 12 months following the signing of the JVA,
Kavango will be obliged to spend BWP1.25m (circa GBP92,000) on each
of the licences to acquire a 25% interest.
-- Kavango's interest in either of the PLs can be extended by
further expenditure in 3 stages to earn a maximum of 90%.
-- Kavango will be the managers of the exploration and
development but will have the option to withdraw at any time
following a two month notice period.
-- Exploration of these licences will commence shortly.
Michael Foster, Chief Executive Officer of Kavango Resources,
commented:
"The signing of the JVA with LVR represents an excellent
opportunity for Kavango to acquire an interest in some highly
prospective ground in the KCB area, which is now regarded as one of
the world's most promising under-explored copper provinces. Our
exploration programme will start shortly. We believe that the JVA
with LVR represents excellent value for shareholders, who now have
the prospect of acquiring an interest of up to 90% in these PLs. We
will continue to consider other opportunities in this exciting
copper province 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.
Notes for Editors:
Sedimentary copper deposits are attractive to mineral
exploration companies because they can form orebodies that compete
with porphyry deposits on tonnage but are generally of higher
grade. Examples include the Polish Lubin deposit with 2.6Bt @ 2% Cu
and the Congolese Kamoa-Kakula deposit with 2.6Bt @ 2.6% Cu. They
can also contain 'pockets' of several hundred million tonnes at
over 4% Cu. A compilation of all sediment-hosted copper deposits
globally shows that 19 of the 28 known giant deposits, defined as
>2Mt of contained copper, occur within Southern Africa. The most
recent deposit to join the giant category is Cupric Canyon's Zone 5
discovery in the Kalahari Copper Belt in Botswana, along strike of
MOD's T3 deposit. It establishes the Ghanzi-Chobe basin as only the
seventh basin globally to host a giant sediment-hosted copper
deposit. To date, the Ghanzi-Chobe belt holds 7Mt contained Cu in
several deposits, with resource grades ranging from 0.9%-2.2% Cu at
an average 1.4% Cu grade, well above the average (<1% Cu) feed
grade of copper mines globally. Of the well-endowed belts globally,
the Kalahari Copper Belt is the only one with an accelerating
discovery rate. Of note, the belt shows potential for both open-pit
and underground mineable resource styles.
For further information please contact:
Kavango Resources plc +44 20 3651 5705
Michael Foster
mfoster@kavangoresources.com
SI Capital Limited (Joint Broker) +44 1483 413500
Nick Emerson
Turner Pope Investments (TPI) Limited (Joint Broker) +44 20 3657
0050
Andy Thacker / Zoe Alexander
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