Kavango Resources said it had completed drilling of hole KSZDD001, which it said was the deepest borehole yet in the “Great Red Spot” magnetic anomaly on the company’s Kalahari Suture Zone (KSZ) Project.
Copper sulphide mineralisation and locally abundant fine-grained, interstitial magnetite were encountered from 951m to the end of hole at 1,000m.
This was consistent with the geophysical modelling of the Proterozoic gabbros, it said, which are believed to be the source of the GRS anomaly.
Ben Turney, Kavango’s chief executive, said: “Once again we’ve broken new ground in the 50-year effort to unlock the Kalahari Suture Zone’s potential to host nickel/copper ore bodies.
“We are the first company to confirm the presence of interstitial chalcopyrite (copper sulphide) in the Great Red Spot and the first successfully to drill to 1,000m in this area.
“For this, we have to thank Mindea/Equity Drilling for stepping up to the complex engineering challenge.
“We now await the results of petrology and geochemical analyses of our core samples to confirm the chalcopyrite’s origin and to tell us more about the extent to which the Great Red Spot is a favourable environment for massive sulphides.
“We are particularly interested in the strength of the magnetic readings from where we made contact with the Proterozoic. They were 3 to 23 times higher than what one would expect in common gabbros.
“We expect to complete follow-up analyses of various geophysical survey data we have available to us, to model what might be the deeper source of the underlying vast anomaly.
“A downhole electromagnetic survey of Hole KSZDD001 would have been optimal, but we now have a much clearer idea of what is in front of us for Hole KSZDD002.”
Shares rose 3% to 5.25p.