Kavango Resources PLC (LON:KAV) believes it has a sizeable mineral deposit at Ditau in Botswana after the completion of initial drilling.
Michael Foster, chief executive, said: "We are extremely encouraged that the geophysics, geochemistry and the initial drilling which we have now completed at Ditau have been very successful in predicting a prospective hydrothermal system under complete cover.
“The large system displays important ingredients for mineral deposit(s), such as intrusives for heat and metal source, receptive overlying sediments with accompanying alteration and anomalous metal values. "
Ditau, which forms part of Kavango's KSZ Project, is underlain by magnetic and gravity anomalies that suggest a 7km x 5km intrusive body at depth.
Two holes have been drilled so far with the second hole (DitDDH2) finally stopped at 557.34m.