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KSZ Hukuntsi - Drilling to commence in June
KSZ Hukuntsi - Drilling to commence in June.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4047B\n Kavango Resources PLC\n 10 June 2021\n \n \n \n PRESS RELEASE\n \n 10 June 2021\n KAVANGO RESOURCES PLC\n (\"Kavango\" or \"the Company\")\n KSZ Hukuntsi -Drilling to commence in June\n Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce drilling will commence on two \"proof of concept\" geological holes in the northern (Hukuntsi) section of the Kalahari Suture Zone (\"KSZ\") in June.\n Kavango's primary objective is to become the first company ever to retrieve drill core from the bottom of the \"keels\" of the Karoo-age gabbros in the KSZ. The Company anticipates that drill-core from these holes will provide firm physical evidence of the KSZ's potential to host 'Norilsk-style' metal sulphide deposits.\n To this end, Kavango has awarded a contract to Mindea Exploration and Drilling Services (Pty) (\"Mindea\"), a company operated under the Botswana Citizen Economic Empowerment Policy, to design, engineer and drill a minimum of two 500m boreholes (the \"Drill Contract\"). Drilling is planned to commence by no later than 30 June 2021.\n Mindea has agreed to accept payment for the Drill Contract half in cash and half in Kavango stock (at an issue price of 4.53p per share).\n Highlights\n \n v Drill contract key terms:\n \n - Mindea to drill a minimum of two 500m \"geological\" diamond holes at Hukuntsi\n \n - Cost per metre calculated on possible depth per hole of 800m\n \n - Mindea to design and engineer all bore holes\n \n - All bore-holes to be cased from surface into the gabbro intrusive to allow for extensive testing and geophysical surveying\n \n - Bore-holes will be oriented -80° from the horizontal\n \n - Core samples (HQ and NQ size) to be recovered for geological logging, whole rock geochemistry and assaying.\n \n - Key safety protocols and COVID-security processes agreed\n \n - Mindea to accept over half its fee in equity in Kavango, to be paid through the issue of shares in the Company at an agreed price of 4.53p per share\n \n v Drill targets:\n \n - Final drill collar locations to be confirmed later this month\n \n - A minimum of one hole to be drilled into Target A2 (announced on 20 April 2020)\n \n - Analysis of ...