30 July 2024     

Kavango Resources

("Kavango" or "the Company")

BOTS - Karakubis multiple trap sites identified

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration Company, is pleased to announce that ongoing processing and interpretation of Inversions from Airborne Electromagnetic ("AEM") data have so far identified over 90 interpreted trap-site features believed to be associated with doubly plunging anticlinal fold and fault structures at the 6,200km² Karakubis Copper Project in Botswana's Kalahari Copper Belt ("KCB").

An ongoing Induced Polarization ("IP") survey programme over a diverse selection of these features is helping to discriminate faults, folds and possible lithologies using differences in resistivity and chargeability.

The successful completion of the first two stratigraphic holes in the 5,000m Phase 1 diamond drill campaign at Karakubis (the "Drill Campaign"), has validated the exploration model with three distinct achievements; firstly, identification of lower D'Kar Formation stratigraphy, secondly the detection of a wide zone of hydrothermal alteration, and thirdly the discovery of copper sulphides and pathfinder minerals in the siltstones within the sequence.

The Company plans to assess as many of these as possible over the remainder of its 5,000m and is already planning further phases of drilling.

Overview

·    Processing of the AEM, Magnetic and Gravity data was completed during the second quarter of 2024.

·    Inversion of the AEM data was done by EMergo (Aarhus Geofisica), and supervised by Jeremy S. Brett International Consulting Ltd., This work is ongoing with data interpreted as it becomes available.

·    Previously processed Conductivity Depth Images (CDI) have been integrated into the interpretation.

·    Gradient Array IP surveys and Stacked Schlumberger Sections are underway.

·    Interpretation of the combined database has to-date identified over 90 targets with 10 priority targets selected for the Phase 1 drill programme.

·    The first 2 holes of the 5,000m Phase 1 drill programme (announced >>> 22 July 2024) have achieved:

·    Identification of what the Company believes to be lower D'Kar Formation stratigraphy.

·    The detection of a wide zone of hydrothermal alteration.

·    The discovery of copper sulphides and pathfinder minerals in the siltstones within the sequence.

·    Given the extent of the opportunity the Company is looking at the potential to expand into further phases of drilling.

·    Kavango will systematically compile all the data from its drilling programme and use the data to vector towards a possible discovery.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"We are extremely pleased with how exploration of our 6,200km² Karakubis Copper Project is progressing. This is an extremely large project that appears increasingly prospective for large-scale copper deposits.

Our first drill results last week confirmed that a copper mineralising system runs through our ground and mineralisation traps are present. This was a highly significant event for Kavango because these are the two primary elements for the formation of commercial copper deposits in the Kalahari Copper Belt.

We can now reveal the scale of the opportunity in front of us.

So far, we have only processed Airborne Electromagnetic Data over about one quarter of Karakubis. From this data we have identified 90 probable trap sites, in the correct structural setting for possible accumulation of copper mineralisation. Each of these potential trap sites represents a drill target and we are now using Induced Polarization Surveys to further prioritise these.

In response to what we have learned, our team has reprioritised the order in which we will drill the next 10 targets. Beyond that and we are putting plans in place for further phases of additional drilling. Our goal is to vector in on a major copper discovery.

This is a very exciting time to be involved in Kavango."

Results and interpretation

Processing, modelling and interpretation of the AEM, Magnetic and Gravity survey data with follow-up ground IP geophysical surveys is ongoing and systematic, with the classification and ranking of over 90 inferred trap sites believed to be associated with doubly plunging anticlinal fold and fault structures within the lower D'Kar Formation, which hosts all the mineralisation, deposits and mines found to date in the KCB.

The extent of data processed to date is shown in Figure 1.

Figure 1: Kavango KCB AEM survey areas Blocks 1A & 1B with Digital Terrain images overlaid on re-processed regional magnetic Tilt Derivative Image. The map shows the extent to which AEM data from the survey has been processed and modelled, with data for the central portion of Block 1A (green outline) inverted, modelled and interpreted, while the area outlined in red is currently being Inverted and Modelled. CDI data previously processed is being incorporated into the interpretation (hatched area).

Kavango initiated IP Surveys consisting of IP Gradient Array surveys to detect sulfide hot spots in the context of the AEM inversions.  We then conducted a series of Stacked Schlumberger Sections designed to discern alteration and sulfide mineralization signatures at depth.  These were then compared directly with the AEM inversions to develop priority targets. Ten section lines were initially planned over the highest priority areas identified from the AEM, totalling over 33-line kilometres with seven section lines completed for 25-line kilometres.

Interpretations based upon the IP Inversions appear to be comparable with those from the AEM Inversions and are supported by the logged drill data. We feel this combined method is developing into a powerful targeting tool.

Variations in the chemical and physical characteristics of the lithological units, type, continuity, and connectivity of structural features and extent of hydrothermal activity are considered to be reflected in IP response, making this an effective tool in modelling potential trap sites, and of hydrothermal alteration from fluid flow linked with mineralisation, Figure 2.

The successful completion of the first two stratigraphic holes in the 5,000m Phase 1 diamond drill campaign at Karakubis has validated the exploration model with three distinct achievements: firstly identification of lower D'Kar Formation stratigraphy, secondly the detection of a wide zone of hydrothermal alteration, and thirdly the discovery of copper sulphides and pathfinder minerals in the siltstones within the sequence.

Figure 2: Cross section looking NE and showing the borehole traces for KCBDD002 and KCBDD003. The boreholes intersected stacked sequences of units comprising arkose, sub-arkose, sandstone, siltstone and marl, displayed by grain size and colour coded (Arkose-orange brown, sub-arkose-light brown, sandstone-grey, siltstone-green & marl-blue). A fault, interpreted from the resistivity, was logged in KCBDD002 and appears to separate the different lithologies intersected in the holes. Copper sulphides and pathfinder minerals were observed in both holes, with pXRF spot readings returning values up to 1.8% copper (green left) and 0.36% lead (blue right).

The presence of copper sulphides overprinting pyrite, together with pathfinder minerals along parting planes, in the structural fabric and within more porous lithologies, is considered by Kavango to be evidence of a mineralised fluid moving through what is interpreted to be a larger mineralised system.

Kavango plans to work through as many of these targets as it can with the remainder of the current 5,000m Phase 1 diamond drill program.

Kavango will systematically compile all the data from its drilling programme and use the data to vector towards a possible discovery.

For further information please contact:

Kavango Resources plc

Ben Turney

+46 7697 406 06

First Equity (Broker)

Jason Robertson

+44 207 374 2212

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Grist is an employee of Kavango Resources plc.

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.