Chronicle Editor
Nqobile Bhebhe, [email protected]
LONDON Stock Exchange-listed mineral exploration company, Kavango Resources, which has mining interests in Zimbabwe, has said the latest assay results from the diamond drilling programme at the Nara Gold Exploration Project confirm the existence of a gold mineralising system.
This supports the potential for a substantial system of gold-bearing shears at the project. The results are for six initial scoping holes recently drilled totalling 1 364,4 metres.
According to the firm, which is pursuing a secondary listing on the Victoria Falls Stock Exchange, the assay results confirm that five out of six holes succeeded in intersecting the quartz vein shear structures worked by artisanal miners.
The higher-grade assays at depth offer compelling evidence for the continuation of structures, along with shallow structures under thick cover not yet found or worked by artisanal miners, it said.
Kavango now expects the work to identify further drill targets aimed at expanding the footprint of existing deposits at the project and testing new structures.
Chief executive of Kavango Resources, Mr Ben Turney, said Kavango’s exploration team is increasingly focussed on exploration for mining.
“Our first phase of exploration at the Nara Project confirms the potential for a large-scale gold-bearing system here. We believe this is shaping up to be an underground opportunity for Kavango Mining to pursue. We are encouraged both by the grades we have encountered and widespread gold mineralisation.
“We will now complete our analysis of data we have gathered to design the next phase of drilling,” he said in a recent statement.
Kavango’s initial drilling focused on old mine workings and abundant artisanal workings along parallel structural features consisting of anastomosing quartz veins in shears with sulphides and arsenopyrite.
The Nara Claims area contains five historical gold mines that were mined between 1904 and the 1960s, with production from four of the mines totalling over 93,000 Oz gold.
Kavango intends to commence drilling at Nara, once it has completed this analysis. Kavango is an exploration company targeting world-class base and precious metal discoveries in Botswana and Zimbabwe.
On its planned secondary listing, Kavango Resources views this as a significant opportunity for Zimbabwe-based investors to engage in its exploration and mining development activities.
The company has appointed Inter Horizon Advisory (Private) Limited as the lead financial advisor to facilitate the transaction, including obtaining regulatory approvals and preparing key documents and the proposed transaction pre-listing statement.
Online Reporter