KAVANGO RESOURCES PLC
OPERATIONS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
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Kavango identified several high priority targets for its first phase of drilling. Drill holes were designed to check
favourable trap sites modelled from geophysical data, to confirm stratigraphy, and to assess the potential to host
large scale copper-silver mineralisation. Kavango’s high priority targets were all located above interpreted, doubly-
plunging fold structures over gravity highs where associated faulting is thought to be favourable for trap site
development.
In October, the Company released an update on the Phase 1 stratigraphic drill campaign at the Karakubis
Project on Botswana’s KCB.
Kavango's analysis of intersections from its first five holes identified the same stratigraphic sequences at Karakubis
as those believed to be present around Sandfire Resources' (ASX:SFR) Motheo Mine and similar to MMG's
(HKEX:1208) Zone 5 Deposit. Motheo and Zone 5 are two of the largest known copper deposits in the KCB.
Further, all five holes demonstrated evidence of both functioning structural "trap-sites" and substantial hydrothermal
alteration. The confirmation of these two geological "engines" is an important indicator that the ground at Karakubis
has been subjected to the correct processes for the accumulation of large-scale copper-silver deposits.
Finally, the Company, through pXRF analysis, confirmed the presence of copper, silver, lead and zinc mineralisation
in all five holes it drilled. The combination of these four metals is highly encouraging for Kavango's continued
exploration for a major commercial discovery.
In November, Kavango completed hole KCBDD007, and then initiated a new programme of ground geophysics
using IP and Controlled Source Audio frequency Magnetotellurics ("CSAMT") with the intention of resuming the
Phase 1 drilling programme after completion of the ground geophysics has been processed, modelled and interpreted.
These survey programmes have been conducted over carefully selected drill sections and were designed to test a
number of parameters to help discriminate faults, folds and possible lithologies using differences in resistivity and
chargeability to resolve the contact position between the D'Kar and Ngwako Pan Formations at depth, above
which sits the drill targeted zone. The Company completed its first orientation survey of deep IP, calibrating the
method to achieve quality data over significant depths down from 1,200m to 0m above sea level with a section of
1,200m depth extent. This data has been peer reviewed, modelled and inverted.
Ground geophysics is ongoing in the KCB, as of writing this report.
Elsewhere in Botswana, Kavango focussed on review of its exploration data at its Ditau and Kalahari Suture Zone
(KSZ) Projects. For the KSZ, the Company initiated a new NI43-101 report in H2. Work is ongoing on this, as of
writing this report.
In March, the Company published the outcome of a report from Professor Hamid Mumin on work carried out for
Kavango at Brandon University, Canada. Dr Mumin identified a possible high potential Banded Iron Formation
(BIF) hosted Lode Gold model at the Ditau Project. Dr. Mumin’s findings were based on logging of historic third-
party drill core from a previous Kimberlite Project.
Kavango considers Target i10 could represent a large-scale, continuous system. This and other models including
Iron oxide copper-gold (“IOCG”) continue to offer potential at Ditau. Moving forward, the Company will continue
to investigate this lead with a particular focus on seeking a JV partner.
In August, Kavango released a new NI43-101-standard Report for Ditau in Botswana. The report was completed by
internationally recognised mining advisor, SLR and recommends next steps for Kavango’s exploration at Ditau.
SLR concluded that Ditau is an attractive early-stage exploration project with the potential to host a variety of
mineralisation styles warranting a systematic exploration effort consisting of detailed geophysical surveying and a
significant amount of drilling. Prospective mineralisation targets include Banded Iron Formation (“BIF”)-hosted
orogenic gold, IOCG, and Rare Earth Element (“REE”)-bearing carbonatites.
Over the next 12 months, in Botswana, we will continue to focus on exploring Tier 1 copper assets. Our immediate
plan is to complete the current round of geophysics, followed by drilling two holes, each approximately 1,000 meters
deep. The results from this will guide our next steps in exploration. If feasible, we aim to secure a joint venture
partner. In Zimbabwe, the business has two main components: exploration and mining. On the exploration side, we
will continue to advance our work at Hillside and Nara, with the goal of defining mineable mineral resources. On
the mining front, we will increase production at Hillside through modern mechanized mining techniques. At Nara,
our focus will be on processing the dump, assuming we proceed with exercising the option to acquire the project.
On publishing this annual report, Kavango should be weeks away from receiving final drill results in Zimbabwe. If
all goes to plan, I look forward to reporting to shareholders next year, our successful transition from being an
exploration company to a modern mechanised miner.
Matthew Benjamin Turney
Chief Executive Officer
25 April 2025
