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KCB - completion of acquisition of 90pc of LVR JV
KCB - completion of acquisition of 90pc of LVR JV.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n \n \n \n PRESS RELEASE\n \n \n \n \n \n \n 16 September 2022\n \n \n \n KAVANGO RESOURCES PLC\n \n \n \n (\"Kavango\" or \"the Company\")\n \n \n \n KCB - completion of acquisition of 90pc of LVR JV\n \n \n \n Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (\"Kavango\") is pleased to announce completion of the acquisition of 65pc of the LVR Joint Venture (the \"LVR JV\") (the \"Acquisition\"). This takes Kavango's holding in the LVR JV to 90pc.\n \n \n The LVR JV incorporates prospecting licences PL082/2018 & PL 083/2018, which together cover 809km2 of ground highly prospective for copper/silver discoveries in the Kalahari Copper Belt (\"KCB\").\n \n \n \n Ben Turney, Chief Executive Officer of Kavango Resources, commented:\n \n \n \n \n \"As we move towards our maiden drill campaign in the Kalahari Copper Belt, completing the acquisition of 90 per cent of the LVR Joint Venture is an important step forward. The two prospecting licences in this vehicle are highly prospective for copper/silver exploration.\n \n \n \n \n PL082 is one of our most exciting and advanced opportunities. Located in the heart of the Belt, this licence has two primary target areas that have returned significant in-soil copper anomalies, with a peak pXRF value of 118.8ppm copper. The Central Zone is 27km in strike length and the Northern Zone is 8km in strike, emphasising this project's scale.\n \n \n \n \n Meanwhile, PL083 is located near the Namibian border. Sand cover here has limited historic exploration, but with the strength of our in-house geophysics team we are working on some ground-breaking regional modelling that we expect to enable us to unlock previously unrecognised potential.\n \n \n \n \n We look forward to commencing drilling here in the near future.\"\n \n \n \n \n Acquisition Details\n \n \n \n Kavango Resources plc and its Botswana subsidiary Kavango Minerals (Pty) Ltd (together \"Kavango\") have executed a sale purchase agreement (\"SPA\") with LVR GeoExplorers (Pty) Ltd (\"LVR\") to acquire a further 65pc in the LVR JV. Kavango had already earned into 25pc of the LVR JV (\n \n announced >>> 03 June 2021\n \n ).\n \n \n Kavango entered into an Memorandum of Understanding (\"MoU\") with LVR in November 2021 (\n \n announced >>> 26 November 2021\n \n ), which outlined the t...