25 July 2023

Kavango Resources PLC

("Kavango" or "the Company")

KCB - Karakubis Exploration Update

Kavango Resources plc (LSE:KAV), the Southern Africa-focussed metals exploration company, is pleased to announce an exploration update for its Karakubis Copper Project ("Karakubis") in Botswana's Kalahari Copper Belt ("KCB").

The Company has placed a contract for 30km of Induced Polarisation ("IP") survey lines over targeted areas within the Karakubis group of licences, with the goal of identifying sulphide bodies, which will be ranked as targets for future drilling.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"Kavango is focussing its efforts in the Kalahari Copper Belt on the Karakubis project.

We believe the Karakubis licences are particularly prospective due to the known mineral potential in the surrounding geology. Karakubis sits on the same regional structural trends that have yielded a number of major discoveries. So far, our airborne EM, CSAMT surveys and surface soil geochemistry have given us encouraging results.  

The aim of the 30km of IP survey lines will be to identify and rank possible sulphide bodies as future drill targets. If present, these bodies could represent an opportunity for the near-term detection of a metal-bearing alteration system."

Overview

Karakubis is located next to the Namibian border, adjacent to large landholdings held by Sandfire Resources (ASX:SFR) to the north and Rio Tinto (LSE:RIO) to the west in Namibia. The project area is also immediately along strike of the Ghanzi West project, where ENRG Elements (ASX:EEL) has identified similar geological signatures to Sandfire Resources' (ASX:SFR) Motheo Copper Mine.

Following a recent review of the Company's KCB project by David Catterall, one of the region's most experienced exploration geologists, Kavango recognised the potential for nearer surface D'Kar Formation rocks within the Karakubis block. The contact point of the lower D'Kar and Ngwako Pan Formations is one of the KCB's primary controlling structures for copper silver mineralisation.

Kavango has already completed mapping, surveying, and soil sampling over these licences, identifying a large target area for further exploration (announced >>> 31 August 2022). Subsequent interpretation of Controlled Source Audio Magnetotelluric ("CSAMT") survey data from the Karakubis project area suggests the potential presence of D'Kar/Ngwako Pan Formation contact at moderate depths, which agrees with the geological interpretation.

Further to this, inversion sections from the Airborne Electromagnetic ("AEM") surveys completed by the Company in Q4 2022 over Karakubis indicate the presence of tightly folded rocks forming a possible domal structure. Kavango is working on the theory that such structures may have brought the D'Kar/Ngwako Pan contact horizon closer to surface. Such structures are known to host mineralisation in shears and dilational trap sites in the hinge zone. 

Similar structures are understood, from public domain information, to be present on ENRG Elements' Ghanzi West Project immediately to the east of Karakubis. ENRG recently identified three domal features at Ghanzi West, similar to those discovered along strike by Sandfire Resources at its Motheo Copper Mine. It also identified the potential for near-surface D'Kar/Ngwako Pan horizon contact-associated mineralisation, which is interpreted by Kavango's team to extend into the Karakubis PLs.

IP survey data and modelling could now enable Kavango to identify similar potential structural traps and possible sulphide bodies within Karakubis, should such bodies exist within the range of investigation. This work is planned to be initially completed using Gradient Array IP on 500m spaced lines, followed up with IP Sections for drill planning.

Line cutting has commenced for the IP survey, with mobilisation of the IP equipment underway. Data will be reviewed and modelled after collection, with results expected to support future drill targeting.

Should the IP survey result in the identification of priority drill targets, Kavango intends to adopt a two-phase approach to drilling. Phase 1 will involve testing target areas with shallow Reverse Circulation ("RC") drilling to test subsurface soil geochemistry. This approach will enable the Company to refine its targets for deeper Phase 2 diamond drilling. The Company is currently working on the basis of commencing drilling in Q1 2024 and will announce results from this program as they are generated.

Further information in respect of Kavango and its business interests is provided on the Company's website at  www.kavangoresources.com  and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc   

Ben Turney

[email protected]

First Equity (Broker)

+44 207 374 2212

Jason Robertson   

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.