Kavango Resources PLC (LON:KAV) is putting the emphasis on desktop research while travel restrictions apply in Botswana during the coronavirus (COVID-19) outbreak.
The company, which is targeting the discovery of mineral deposits in Botswana, said the country had “dealt admirably” with COVID-19 and is already easing travel restrictions.
Even so, the company’s plans to conduct exploration work in the field have been affected but its geologists will be poring over the data gathered during 2019 from drilling and surveying as well as data from third parties to identify future drilling targets at the Kalahari Suture Zone (KSZ) project.
The exploration effort is currently directed towards confirming the existence of the conditions necessary for the formation of metal sulphide orebodies during the emplacement of gabbroic intrusives associated with a major volcanic episode during the late Karoo geological era (180 million years ago), Kavango said.
The drilling programme confirmed the gabbro sills contain "primary" sulphides, which suggests that the molten magma was in a condition of "sulphur saturation" at the time of magma crystallisation, it added.
The pre-revenue company released results for 2019 that showed it made a loss before tax of US$1.47mln, compared to a loss of US$534,242 in 2018, after the group took a US$1mln non-cash impairment charge relating to the valuation of exploration, evaluation and development expenditure.
"Our mineral exploration activities on the Kalahari Suture Zone in the southwest of Botswana, where we have an area of 5,573km2 under licence, continue to show considerable potential for the discovery of world-class base metals deposits with the completion during the year of our initial drill campaign.
"In addition, we are nearing completion of our first farm-out by selling a 51% interest in the Ditau Project. We have added to our mineral portfolio with our involvement on the exciting Kalahari Copper Belt where two new copper mines are now being developed," Michael Foster, the chief executive officer of Kavango said in a statement.