Kavango Resources PLC (LON:KAV) closed out the six months to 30 June 2019 with US$808,000 cash in the bank.
The company booked a loss of US$295,000.
During the period exploration work on the Ditau prospect fell “short of expectations”, according to chairman Douglas Wright, a seasoned campaigner in mining and mining finance.
“The alteration and deformation in both the intrusive gabbro and the overlying sediments continues to suggest that Ditau is a prospective target for mineralisation,” continued Wright.
“The company now needs to confirm if the extensive zone of alteration is related to the carbonatites discovered nearby by Falconbridge in the 1970s. The discovery of carbonatite at Ditau would represent a major advance towards the identification of economic mineralisation at this prospect. Further geological investigation of Ditau is now being undertaken and an update will be published soon.”
Meanwhile, work continues on the highly prospective Kalahari Suture Zone. The company is using 3D models to allow for the identification of mineralised zones, which have remained completely hidden until now and data processing has identified numerous conductors of interest on the KSZ, the longest of which rings in at 4.5 kilometres.
The most compelling conductors are currently being surveyed by ground-based geophysical techniques together with detailed soil geochemistry. The objective is the identification of the best looking targets so that drilling can commence next month.