Kavango Resources PLC (LSE:KAV, OTC:KVGOF) said a review of neighbouring drill data suggests the mineralised banded iron formation (BIF) intercepted at its Ditau project in Botswana is wide and potentially prospective for gold.
A separate hole (X077), drilled by a diamond prospector on the same area 470m away from Kavango’s exploration, appears to have intercepted the same Mineralised BIF, it said.
As the Mineralised BIF was more than 100m thick in the DITDD004 hole drilled by Kavango, it believes this target (i10) could represent a large-scale, continuous system prospective for lode gold mineralisation.
In a statement, Ben Turney, Kavango chief executive, commented: "The initial results of our review of neighbouring exploration holes to DITDD004 are highly encouraging.
“We have been able to establish at least a 470m strike extent of the Banded Iron Formation directly from DITDD004 to Hole X077, bounded by the i10 magnetic anomaly.
“Both holes show evidence of the same mineralisation style. We've achieved this without any further drilling.
“Given that both DITDD004 and X077 remain open at depth in the Mineralised BIF, the large-scale promise of this system is strongly underlined.
“We are now in the process of cutting core to send for assay testing and look forward to receiving the results."