Business
Licence acquisitions on the KCB in Botswana
Licence acquisitions on the KCB in Botswana.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7218T\n Kavango Resources PLC\n 29 March 2021\n \n \n \n PRESS RELEASE\n \n 29 March 2021\n KAVANGO RESOURCES PLC\n (\"Kavango\" or \"the Company\")\n \n Prospecting Licence acquisitions on the Kalahari Copper Belt, Botswana\n \n Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the signing of two agreements that would allow a 50/50 Joint Venture between Kavango and Power Metal Resources plc (LSE:POW) (\"Power Metal\") to acquire a 100% interest in eight prospecting licences (PLs) in the highly prospective Kalahari Copper Belt (\"KCB\").\n Highlights\n \n Ø \n The Joint Venture is incorporated in the Botswana registered, Kanye Resources (Pty) Ltd (\"Kanye\"), the 100% subsidiary of UK incorporated Kanye Resources Plc in which Kavango and Power Metal each hold a 50% interest.\n \n \n Ø \n Kanye has signed two separate agreements to purchase 100% of the eight PLs. This includes:\n \n \n - \n Four PLs in proximity to Ghanzi in the central zone of the Botswana KCB from Shongwe Resources (Pty) Ltd for US$200,000.\n \n \n - \n A further four PLs near the town of Mamuno on the Namibian border for US$230,000, which has been signed with Vinmarsh Interprises (Pty) Ltd. \n \n \n Ø \n Both transactions are subject to due diligence and the approval of the Botswana authorities.\n \n \n Ø \n Kanye's two existing PL's that lie immediately south of the town of Ghanzi are currently held in the name of Kavango Minerals (Pty) Ltd and are in the process of being transferred to Kanye.\n \n \n Ø \n After transfer of all ten PLs, Kanye will control 4,255km2 of exploration ground in the KCB, targeting the discovery of commercial copper/silver deposits.\n \n \n Ø \n Results from the South Ghanzi AEM surveys are expected in April.\n \n Michael Foster, Chief Executive Officer of Kavango Resources, commented:\n \"The acquisition (subject to approvals in Botswana) of eight new prospecting licences is a major step forward in the development of Kanye Resources Plc as a significant player in the exploration for copper in the highly prospective KCB. Kavango's experienced \"in country\" exploration capacity combines well with the financial expertise and assets of Power Metal. We are happy with the pr...