Kavango Resources PLC (LON:KAV) gave investors confirmed details from recent drilling at the Ditau project, following the receipt of check assay results.
The company reported that the check results confirm prior results are accurate – they were re-assayed after concerns over apparent inconsistencies.
The confirmed results show lower than expected values in altered Karoo sediments in both holes, though chief executive Michael Foster believes there are technical reasons for the company to be hopeful.
WATCH: Kavango Resources looks to farm-out Ditau as it focuses on the Kalahari Suture Zone
"Whilst the assay results show that the first two holes at Ditau have not identified economic mineralization, the geochemistry generated by the laboratory supports the existence an alkaline igneous complex featuring a number of ring structures,” Foster explained.
“This would explain the large volume of alteration encountered in both holes (1.8km apart) which is possibly due to fenitization associated with the emplacement of carbonatites into the Karoo sediments.
“This is an exciting development in the continuing exploration of the Ditau Prospect. Some of the world's biggest copper and rare earth deposits are associated with such intrusives.”
Foster added: “Further ground based geophysics will be undertaken followed by drilling to advance the investigation of this intriguing prospect.
“In the meantime discussions are being held with industry partners with a view to sharing the costs of further exploration."
Kavango intends to carry out further geophysic programmes and drilling later this year, in the fourth quarter.