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Botswana Joint Venture - Early Payment
Botswana Joint Venture - Early Payment.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7893K\n Kavango Resources PLC\n 06 January 2021\n \n \n \n PRESS RELEASE\n \n 6 January 2021\n KAVANGO RESOURCES PLC\n (\"Kavango\" or \"the Company\")\n \n Botswana Joint Venture - Early Payment\n \n Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that Power Metal Resources (LSE:POW) (\"Power Metals\") has elected to pay in full its initial $150,000 cash contribution towards exploration into the Strategic Joint Venture (the \"SJV\") immediately. This is one year ahead of schedule.\n The purpose of this payment is to accelerate progress across the SJV's prospecting licences in both the South Ghanzi Project on the Kalahari Copper Belt and the Ditau Project.\n \n Michael Foster, Chief Executive Officer of Kavango Resources, commented:\n \"This early payment by Power Metals reflects the rapid progress we are making at South Ghanzi and Ditau.\n Initial results from both projects have been encouraging and we will now bring forward plans for more extensive and intensive exploration. If results continue to impress, this will put us on a quicker path to exploratory drilling later this year.\"\n \n Early payment by Power Metals into the SJV\n On 21 September the Company and Power Metals announced the establishment of the SJV.\n The SJV is co-owned by both companies and holds:\n \n - \n Two prospecting licences in the Kalahari Copper Belt covering 1,294km2 and targeting the discovery of large-scale copper/silver deposits (the South Ghanzi Project) \n \n \n and\n \n \n - \n Two prospecting licences covering \n 1,386km2 at Ditau, exploring 10 \"ring structures\" targetting potential rare earth elements (\"REE) discoveries, hosted in carbonatites \n \n Under the terms of the SJV, Power Metals committed to paying for the first $75,000 of exploration expenditure incurred in each of Years 1 & 2 (totalling $150,000).\n Thanks to the rapid progress that the SJV has made at both South Ghanzi and Ditau in late 2020, Power Metals has elected to pay its second $75,000 a year early. Power Metals has now paid $150,000 towards the SJV's exploration budget. These funds will be used to accelerate field exploration at both projects.\n All future exploration expenditure will be incu...