Business
KCB – Agreement to acquire six new PLs
KCB – Agreement to acquire six new PLs.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\n25 September 2023\nKavango Resources PLC\n(\"Kavango\" or \"the Company\")\nKCB - Agreement to acquire six new PLs\n \nKavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that it has entered an agreement with Global Exploration Technologies (Pty) Limited (\"GET\"), a wholly owned subsidiary of ENRG Elements (ASX:ENRG) (\"ENRG\") to acquire a 90% working interest in six Prospecting Licences (\"PLs\") located in Botswana's Kalahari Copper Belt (\"KCB\") (the \"Acquisition\").\nThe PLs cover ground adjacent to Kavango's existing Karakubis Block next to the Namibian border, currently the priority focus in its KCB copper/silver exploration programme. The PLs are also adjacent to the Company's South Ghanzi block in the KCB, giving Kavango a single, contiguous project area to explore.\nKavango is particularly keen to test the combined potential of PL049/2020, PL052/2020 (in the Karakubis Block) and PL203/2016 (within the area to be acquiredand satisfaction of certain other conditions). The Company believes these three PLs cover a single regional system that incorporates notable domal structures, which are key exploration targets in the search for large-scale copper/silver mineralisation.\nBen Turney, Chief Executive Officer of Kavango Resources, commented:\n\"The new licences join up our Karakubis and South Ghanzi blocks, providing us with a contiguous, highly prospective system to explore along strike from major discoveries such as Sandfire Resources' (ASX:SFR) T3 deposit and Khoemacau Copper Mining's Zone 5 deposit.\nWe now have uninterrupted control of the single system in this portion of the Kalahari Copper Belt (KCB). We believe today's acquisition significantly increases our chances of making a discovery here. We will push ahead in the KCB, by reviewing exploration data for the new licence areas and the results of our recently completed IP surveys at the Karakubis project area. Our goal is to identify high-confidence drill targets to pursue in Q1 next year. \nWith completion of the Purebond financing imminent, we are in an extremely strong position to execute our ambitious plans.\"\n\nFigure 1: Map of Kavango's KCB landholding\nNext steps in the KCB\nRecent work by Kavango has included 30km of Induced Polarisation (\"IP\") survey line...