Business
Option to acquire further Zimbabwe gold projects
Option to acquire further Zimbabwe gold projects.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n25 July 2023\nKAVANGO RESOURCES PLC\n(\"Kavango\" or \"the Company\")\nOption to acquire two further Zimbabwe gold projects\n \nKavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce that it has signed an exclusive 6-month option to acquire two gold exploration projects in Matabeleland, southern Zimbabwe (the \"Option\").\nThe Hillside Project comprises 40 contiguous gold claims and contains a historic high-grade underground mine. This is reported to have produced historically 18,000 ounces (\"oz\") of gold at a grade of 7.7 grams per tonne (\"g/t\") over a strike length of more than 350m.\nThe Leopard Project comprises 44 contiguous gold claims and has supported historical gold production from two underground mines. One of these (\"Site One\") is reported to have produced more than 2,000oz from ore grading 3.5g/t gold, while the second (\"Site Two\") is reported to have produced historically more than 1Moz from ore at an average grade of more than 0.5g/t gold.\nKavango believes Hillside and Leopard (the \"Projects\") each have the potential to host bulk mineable gold deposits.\nHillside is located on the same greenstone belt as the Nara Project, where Kavango is currently completing due field diligence after signing an exclusive 2-year purchase option (announced >>> 26 June 2023). Hillside is about 20km from Nara. Leopard is located on a separate greenstone belt to the north.\nBen Turney, Chief executive of Kavango Resources, commented:\n\"I'm very pleased to announce that we have already been able to expand our footprint in Zimbabwe after signing the Nara project last month. The Hillside and Leopard projects both contain historically producing mines and have been underexplored with modern-day exploration techniques.\nWe look forward to carrying out a thorough assessment of their commercial gold potential during our 6-month option period, as we continue to build on our first-mover advantage in Zimbabwe.\"\nThe Hillside Project\nKavango has identified multiple zones with the potential for scheelite and gold production parallel to the trend responsible for the Hillside Project's historical production.\nThe Company has designated three priority prospects within these zones with near-surface, bulk mining potential.\nKavango has prepared an ex...