Kavango Resources PLC (LSE:KAV, OTC:KVGOF) said a magnetic survey on a second hole at its Kalahari Suture Zone project in Botswana had identified what it believes is the tip of an EM conductor.
Hole TA2DD002 was surveyed to a depth of 780m and identified the upper edge of a conductive anomaly in the Proterozoic gabbro rock formation.
EM conductors are bodies of highly conductive minerals such as graphite, magnetite and metal sulphides, added Kavango, which conduct electricity very rapidly provided the mineral grains are in contact with each other.
Hole TA2DD002 was the second hole of the current drill campaign in the KSZ project.
Ben Turney, Kavango’s chief executive, said: “Hard work, intelligent application of geophysics, skilled drilling and a bit of luck have brought us to this point.
“While the Proterozoic is now our primary exploration focus in Target Area A, it is important to note that the Karoo remains our main focus in Target Area B (where we are currently drilling Hole KSZDD001).
“There is still much for us to do, but we have definitive exploration leads, backed by physical core data from the ongoing drill campaign.
“This data should help constrain future modelling and will hopefully significantly improve results to guide our evolving exploration strategy in the KSZ.
“Now that Spectral Geophysics has secured a winch that is long enough to carry the probe to the bottom of TA2DD002, we eagerly await the outcome of the 1,000m downhole electromagnetic survey.”
