Kavango Resources PLC (LSE:KAV, OTC:KVGOF) has completed a strategic review involving exploration, financing and expansion with regard to its portfolio of assets in Botswana.
“We have built a team at Kavango that is ready to make economic metal discoveries,” said Kavango chief executive Ben Turney in a statement.
“In the last four months, we’ve completed a major strategic financing at Kavango, strengthened our board, and significantly sharpened our technical capabilities. We’ve developed innovative methods for using modern surveying technologies and have recruited expert exploration geologists to guide our programmes. It is vital that we now build on this strong foundation by delivering success in the field,” he added.
Following the review, Kavango’s technical team will execute the company’s updated exploration plan in Botswana, with the support of external expert exploration geologists. Over 2023, Kavango will conduct focused exploration on the Great Red Spot in the Kalahari Suture Zone, which will include drilling the B Conductors.
Kavango will also continue further fieldwork and drilling in the Kalahari Copper Belt across its Karakubis block and investigate the Iron Oxide Copper Gold model for the Great Red Spot and the precious metal potential at Ditau.
In parallel with the Botswana exploration plan, Kavango’s commercial team will seek direct project funding to finance two-year exploration programmes for the company’s KSZ, KCB and Ditau projects.
Kavango has advanced all three projects to the point where direct finance will enable the company to pursue much more extensive exploration. It believes securing one or more project finance partners would significantly increase the chances of success in Botswana.
Kavango said it will also seek to acquire prospective metal exploration projects, with the potential for near-term economic discoveries in Southern Africa.
Following the completion of its sizeable financing in the fourth quarter of 2022, Kavango noted that it is well-positioned to take advantage of liquidity weakness in the global exploration sector.
