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Kalahari Resources sign MoU with LVR GeoExplorers

Mining News - Published on Wed, 04 Sep 2019

Image Source: ukinvestormagazine.co.uk
Kavango Resources plc, the exploration group listed on the Standard List segment of the main market of the London Stock Exchange and targeting the discovery of world class mineral deposits in Botswana, announced the signing of a Memorandum of Understanding with the Botswana company, LVR GeoExplorers Pty Ltd to farm into two Prospecting Licences in the Botswana section of the Kalahari Copper Belt. Mr Michael Foster, Chief Executive Officer of Kavango Resources, commented the signing of an MOU with LVR GeoExplorers represents an excellent opportunity for Kavango to acquire an interest in some highly prospective ground in the KCB area, which is now regarded as one of the world's most promising under-explored copper provinces. We believe that the proposed Joint Venture with LVR represents excellent value for shareholders, who now have the prospect of acquiring an interest of up to 90% in these licences. We will continue to consider other opportunities in this exciting copper province, while our main focus remains the KSZ Project.

HIGHLIGHTS:

1. Earlier this year, Kavango Minerals (Pty) Ltd was approached by the Botswana registered company, LVR GeoExplorers (Pty) Ltd with a view to assisting them with the exploration of two Prospecting Licences in the highly prospective sedimentary copper province known as the Kalahari Copper Belt.

2. Following subsequent negotiations, Kavango has now signed an MOU with LVR that provides for a staged Farm-In, which will give Kavango the right to earn up to a 90% interest in both or either of the licences.

3. In the first 12 months following the signing of the Farm-In Agreement, Kavango will be obliged to spend BWP1.25m (circa £92,000) on each of the licences to acquire a 25% interest which has already been allocated within the current budget.

4.·A 90% interest in either licence can be earned by taking a project through to bankable feasibility.

5. Kavango will be managers of the exploration and development but will be allowed to withdraw at any time following a two month notice period.

6. PL 082/2018 lies 30km north of MOD's T3 mine development and completely surrounded by MOD/Metal Tiger exploration licences including their T5, T6, T9, T10, T14 and T15 targets. The PL lies astride the main Ghanzi - Maun Highway.

7.·PL 083/2018 is close to the Namibian border south of the Trans-Kalahari Highway and adjacent to the block of licences held by Kapore Metals Limited.

8. Exploration of these licences will commence within four weeks of the signing of the Farm-In Agreement.

Source :

Posted By : Rabi Wangkhem on Wed, 04 Sep 2019
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