Kavango Resources PLC (LSE:KAV) (LSE:KAV) said it has been awarded two new prospecting licences on its flagship copper-nickel-PGM Kalahari Suture Zone (KSZ) project in Botswana.
“With the award of 1,258km2 of new prospecting licences and working capital over £3million, Kavango is well-positioned to take full advantage of its strategic hold over this highly prospective region," said chief executive Ben Turney.
It also provided an update on its six-hole drilling programme in the Hukuntsi section of the KSZ. Double shift drilling has started on its second hole, which yesterday reached a depth of 137 metres of its anticipated target depth of 400-450 metres.
"I'm very pleased at how quickly we've progressed to double shift drilling at Hole TA2DD002,” said Turney. “Core recovery continues to be consistent and of the highest standard."
However, it added that the results of a downhole electromagnetic (EM) survey of its first hole was inconclusive as the signal could not penetrate the steel casing that was used due to the broken ground conditions. It is looking at alternative options for future hole design and possible downhole EM surveys.
“The inconclusive results of the downhole EM survey of Hole TA2DD001 emphasise some of the engineering challenges we face," said Turney.