KCB - CSAMT Kronos calibration & drill expansion

About this update from Kavango Resources Plc

PRESS RELEASE   16th December 2022 KAVANGO RESOURCES PLC ("Kavango" or "the Company")   KCB - CSAMT Kronos calibration & drill expansion Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") is pleased to announce the Company has interpreted inversion results from the Controlled-Source Audio Magnetotelluric ("CSAMT") Line 4A survey ("Line 4A"), which extended over Sandfire Resources' (ASX:SFR) Kronos copper target zone ("Kronos"). Kavango successfully identified the D'Kar/Ngwako Pan contact at Kronos from surface using CSAMT. By using a known copper occurrence in the vicinity of PL082/2018, Kavango has developed an important control in its calibration of its CSAMT technology in the KCB. Subsequent interpretation of the Line 4A CSAMT data has encouraged the Company's technical team to expand the current drill programme beyond the1,250m originally planned. Further updates on progress and upgraded targeting will be made in the New Year. Highlights · Line 4A CSAMT results overview § Kronos occurrence identified clearly as sedimentary beds that dip shallowly to the northwest across the PL082/2018 licence border § Key D'Kar/Ngwako Pan formational contact pinpointed <200m from surface at Kronos § The key D'Kar/Ngwako Pan contact can be traced onto Kavango's licence, where is follows a syncline and dips back towards surface near the northwest edge of the licence. § Kavango is confident similar results can be replicated across the KCB § Results reviewed by an independent third party with regional KCB geology experience § Results shared with Sandfire Resources and positively received · Drilling programme update § Drill programme to be extended, final meterage to be confirmed § Drill programme to continue to Christmas break and recommence in New Year § Cores and rock chip samples currently being logged and interpreted to assess potential vectors indicating the proximity of a potential mineralising system § Kavango to use newly acquired CSAMT and Airborne Electromagnetic ("AEM") data to refine next phase of drill targets Jeremy S. Brett, Senior Geophysical Consultant to Kavango Resources, commented: " The Line 4A CSAMT results represent a technical breakthrough for Kavango. The successful imaging of the D'Kar/Ngwako Pan contact at the Kronos occurrence should allow us to develop CSAMT as a powerful exploration tool ...

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