Kavango to access two copper-prospective licences in Botswana through MoU
LSE-listed Kavango Resources has signed a memorandum of understanding (MoU) with Botswana-based LVR GeoExplorers to farm-in on two prospecting licences within the Kalahari Copperbelt in Botswana.
Kavango now has the right to earn up to a 90% interest in both or either of the licences.
Within the first 12 months of signing the farm-in agreement, Kavango has to spend about £92 000 on exploration on each of the licences to acquire a 25% interest. The 90% interest in either licence can thereafter be earned by taking a project through to bankable feasibility.
The first exploration licence lies 30 km north of Aim-listed MOD Resources’ T3 mine development, while the other licence lies close to the Namibian border and adjacent to licences held by Kapore Metals.
Kavango on Monday confirmed it would start exploration activities within four weeks of signing the farm-in agreement.
CEO Michael Foster stated that signing the MoU with LVR represented an excellent opportunity for Kavango to acquire an interest in some highly prospective ground in the Kalahari Copperbelt, which is regarded as one of the world’s most promising underexplored copper provinces.
Kavango is currently also exploring for mineralisation at the Kalahari Suture Zone project, also in Botswana.
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