Kavango Resources PLC on Tuesday said it has signed an exclusive six-month option to acquire two gold exploration projects in southern Zimbabwe.
The London-based, Botswana-focused metals exploration company said one of the projects, Hillside, contains 40 contiguous gold claims and a historic underground mine which reportedly produced 18,000 ounces of gold at 7.7 grammes per tonne over a strike length of more than 350 metres.
The other, Leopard, is made up of 44 contiguous claims, and has supported historical production from two mines, one of which produced 2,000 ounces at 3.5 grammes per tonne, while the other produce 1 million ounces of gold at 0.5 grammes per tonne.
Kavango said it believes the projects have ‘potential to host bulk mineable gold deposits’.
Chief Executive Ben Turney said: ‘I’m very pleased to announce that we have already been able to expand our footprint in Zimbabwe after signing the Nara project last month. The Hillside and Leopard projects both contain historically producing mines and have been underexplored with modern-day exploration techniques.’
‘We look forward to carrying out a thorough assessment of their commercial gold potential during our 6-month option period, as we continue to build on our first-mover advantage in Zimbabwe.’
In a separate release, Kavango said it has placed a contract for 30 kilometres of induced polarisation survey lines over its Karakubis group of licences, as it aims to identify sulphide bodies as future drilling targets.
The firm said that if the survey identifies drill targets, it will adopt a two-phase drill programme to test the area.
Turney said: ‘Kavango is focussing its efforts in the Kalahari Copper Belt on the Karakubis project.We believe the Karakubis licences are particularly prospective due to the known mineral potential in the surrounding geology. Karakubis sits on the same regional structural trends that have yielded a number of major discoveries. So far, our airborne [electromagnetic], [Controlled Source Audio Magnetotelluric] surveys and surface soil geochemistry have given us encouraging results.’
Kavango shares closed up 5.3% to 0.61 pence each on Tuesday afternoon in London.
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