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Kavango Resources secures prospecting licences in Kalahari copper belt

The licence terms are for an initial period of three years, however, they can be extended to seven, with Kavango adding that the acquisition of further licences is currently underway

Kavango Resources PLC - Kavango Resources secures prospecting licences in Kalahari copper belt

Kavango Resources PLC (LON:KAV) said it has been granted two prospecting licences in the Botswana section of the Kalahari copper belt.

The explorer said the two licences are located southwest of Sandfire Resource’s T3 and A4 Dome copper-silver discoveries and cover around 1,294 square kilometres.

READ: Kavango says poring over data to identify drilling targets as coronavirus (COVID-19) pandemic affects fieldwork

The licence terms are for an initial period of three years, however, they can be extended to seven, with Kavango adding that the acquisition of further licences is currently underway.

The firm also said that Botswana is expected to ease its coronavirus lockdown restrictions from early June and that it is planning to reinitiate field exploration “as soon as possible”.

"We are delighted to have secured these two new prospecting licences. It is thanks to our in-country presence and knowledge that Kavango has been able to add to its portfolio of strategic exploration assets in the highly prospective Kalahari Copper Belt”, Kavango chief executive Michael Foster said in a statement.

“Given the positioning of these two new licences, in such close proximity to major copper-silver discoveries, we are eager to commence exploration here as lockdown restrictions are loosened in Botswana", he added.

Kavango’s shares jumped 4.8% to 1.1p in early deals on Wednesday.

Quick facts: Kavango Resources PLC

Price: 1.1 GBX

LSE:KAV
Market: LSE
Market Cap: £2.07 m
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