Kavango Resources Plc (LON:KAV) swung to a wider first-half loss due to the cost of kicking off a new wave of exploration started in Botswana.
The exploration company, which is focused on the discovery of mineral deposits in Botswana, on Thursday posted an operating loss of US$36,000 in the six months to the end of June, compared to a loss of US$2,000 in the same period a year ago.
READ: Kavango Resources to begin airborne survey of Botswana prospect
The company, which listed in July, said part of its exploration programme includes the flying of an electromagnetic survey (VTEM) to be carried out over the licences in the Kalahari Suture Zone area in at least three phases with Geotech Airborne Geophysical Surveys of Canada.
Flying phase 1 of the programme (2,000-line kms) over the northern region (Hukuntsi area) of the KSZ is underway.
KR1 said work was also expected to start shortly at the Ditau Camp project where its geological team has identified a 7 km long magnetic body above which a strong geochemical anomaly has been identified together with a coincident gravity anomaly.
Over the next six months exploration will continue from our base at Hukuntsi with local field camps within the KSZ area and at the Ditau Camp prospect, the company said.