Company Announcements

PRESS RELEASE

16 September 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Hillside Prospect 3 Assay Results

ZIM: Multiple zones confirmed at Hillside

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce further positive assay results from Prospect 3 ("Prospect 3") at the Hillside Gold Project ("Hillside") in Matabeleland, southern Zimbabwe.

Highlights

·    Hole NSDD002 was a follow-up hole sited to target mineralisation approximately 200m along strike from gold mineralisation intersected in NSDD001 (announced >>> 10 May 2024).

o Highlights from NSDD001 included 40m of gold mineralisation grading >0.5 g/t over multiple shear zones.

·    NSDD002 was drilled to a total depth of 358.40m and successfully intersected multiple shear zones hosting sets of gold bearing quartz veins and associated sulphide mineralisation, totalling more than 20m grading > 0.5 g/t gold.

o Gold mineralisation starts from surface and may be open-pit mineable.

·    NSDD003 was drilled as an infill hole between NSDD001 and NSDD002 to a total depth of 352.40m. NSDD003 also intersected multiple zones of mineralisation associated with quartz veins, totalling a similar mineralised width.

·    Best results* in the holes include:

-     8.20m @ 2.93 g/t gold from 66.69m in NSDD002

o And includes 0.35m @ 13.82 g/t gold from 68.39m in NSDD002.

-     5.00m @ 1.80 g/t gold from 104.40m in NSDD003

o And includes 0.40m @ 5.79 g/t gold from 104.40m in NSDD003.

·    Induced Polarisation (IP) anomalies suggest the shears extend to depth.

·    Results provide further confirmation of what Kavango believes to be a likely extensive mineralised system, with an open strike >200m.

*All quoted thicknesses are apparent down hole intersection thicknesses.

Ben Turney, Chief Executive of Kavango Resources, commented:

"These results take us a step closer to defining a first bulk minable target at Hillside. The widths and grades at Prospect 3 are encouraging, as is the proximity of gold mineralisation to surface.

Hole NSDD002 was designed to test the strike extension of gold mineralisation 200m from the gold we previously intersected in Hole NSDD001. NSDD003 was designed to infill between the two holes before additional drilling is carried out for a future resource. We are delighted to have achieved success in all three holes. These positive results confirm the apparent extension of mineralisation between NSDD001 and NSDD002, the presence of gold mineralisation from surface in NSDD002, and of mineralised packages totalling 40m down the length of NSDD001 and 20m down the length of both of holes NSDD002 and NSDD003.

Our drill rig will now test further targets at Prospects 1, 4, & 6. Once this work is complete, we expect to return to Prospect 3 for drilling aimed at establishing a mineral resource. Our goal will be to define a maiden minable gold resource at Hillside that Kavango can bring into production in H1 2025."

Holes NSDD002 & NSDD003

Drill hole NSDD001 successfully tested the geology underneath current active artisanal workings at Prospect 3. Drill hole NSDD002 was then aimed at extending this along strike, and NSDD003 was drilled to infill the gap between the two holes. Geology was comparable with NSDD001, with units including diorite with meta-sediment xenoliths and at depth garnet rich meta-sediments. Gold mineralisation across the area is hosted within multiple shear zones, which appear to be related to dominant WNW trending structures.

Prospect 3 Open Pit Potential

Kavango is encouraged by multiple zones of gold mineralisation encountered in NSDD002 and NSDD003, within 100m vertical depth, at grades of >0.5 g/t gold. The Company plans to examine the potential for a possible open pit mineable deposit.

The assay results received to date demonstrate  a mineralised strike extent of 200m. Kavango's technical team believes this may extend further.

Best results* in the holes in order of sequence include:

Hole NSDD002

-     3m @ 0.66 g/t gold from 0m (surface)

-     2m @ 1.21 g/t gold from 6m depth

-     1m @ 1.77 g/t gold from 13m depth

-     6m @ 0.51 g/t gold from 21m depth

-     8.20m @ 2.93 g/t gold from 66.69m depth

o And includes 0.35m @ 13.82 g/t gold from 68.39m depth.

Hole NSDD003

-     1.50m @ 0.78 g/t gold from 6.50m depth

-     2m @ 0.75 g/t gold from 13m depth

-     1m @ 2.08 g/t gold from 28m depth

-     2.76m @ 0.69 g/t gold from 62.50m depth

-     5.00m @ 1.80 g/t gold from 104.40m depth

o And includes 0.40m @ 5.79 g/t gold from 104.40m depth

Prospect 3 Assay Results

A table of significant results (>0.5 g/t Au) is provided below, up to 2m internal dilution has been allowed in reporting intercepts, consistent with the identified broad mineralised packages, and which Kavango is targeting for open-pit potential. All the hole was assayed.

*All thicknesses are apparent downhole intersection thicknesses.

The Kavango technical team interprets these results as confirming the previously identified mineralisation in NSDD001 by some 200m along strike.

Figure 1: Map of Hillside Prospects 2 and 3, showing drillhole locations superimposed over mapped and interpreted veins and structures, and artisanal workings

Figure 2: A cross-sectional view looking NW through the drillholes at Prospects 3 and 2, showing lithology and a histogram of gold grades, superimposed over IP chargeability. The gold grades shown range from 0.01 g/t to a maximum cut off at 10 g/t.

Next Steps

Kavango has so far completed a total of nine holes across its Hillside prospects (see Table 1).

Table 1: Kavango Hillside drillholes drilled to date. Co-ordinates of drillholes are using datum Arc 1950. NSDD002 gold assays are reported here.

The three holes at Prospect 3 together indicate the potential to establish a future resource, for which further drilling is being planned.

Drilling is presently ongoing at Prospect 1, with further drilling planned at a new prospect, Prospect 6. This drilling will focus on IP targets, as described below.

IP targets at Prospects 1 and 6

Kavango recently carried out a total of 18.7 line kilometres of Induced Polarisation ("IP") survey lines over the Hillside Project.

The IP surveys were designed to identify sulphide bodies associated with high grade gold bearing shear structures related to historic and artisanal workings.

A positive IP anomaly was identified below the tailings dump at Prospect 1 and is planned to be tested at depth with drillhole BLDD003, while drillhole BLDD004 will drill almost directly into this target.

Figure 3. Section looking NE through IP anomaly below Bill's Luck tailings dump, showing planned drillholes BLDD003 and 4 to test the IP anomaly. 

Another IP anomaly is located within the southeastern corner of the Hillside Project. This area is a new target, Prospect 6, and which is planned to be drill tested.

Figure 4. IP anomaly at Prospect 6 to be tested with drillhole VLDD001.

Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

+46 7697 406 06

First Equity (Broker)

+44 207 374 2212

Jason Robertson             

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.