Kavango Resources PLC (LON:KAV) said its early drilling programme in Botswana has “demonstrated the effectiveness of the company's exploration methodology”.
As predicted by its geophysical surveys, one hole has uncovered 53 metres of gabbro from surface. This is a coarse grained magma that has the potential to be mineralised.
Where sulphides are present, the magma, when originally molten, might have combined with copper, zinc, nickel, lead and the platinum group of metals.
Kavango is looking to find this sort of mineralisation at the Kalahari Suture Zone Project, which it believes has the potential to be a world-class discovery similar to the Norilsk mine in Siberia.
"Our multi-hole drill program on the KSZ progresses well, with the hunt being on for massive sulphides,” said chief executive Michael Foster.
“The intersection of a gabbroic sill at exactly the depth and location predicted by Kavango's geophysical surveys demonstrates the effectiveness of the company's exploration methodology.
“We look forward to identifying sulphide mineralisation in at least some of the proposed drill holes.
“This would be consistent with Kavango's prediction that the KSZ has the potential to host world class magmatic sulphide deposits similar to those found at the giant [copper-nickel-platinum group] deposits at Norilsk in Siberia.”