Morula has now become the highest priority exploration target at South Ghanzi for two junior mining explorers.
Kavango Resources PLC and Power Metal Resources on Monday said that soil-sampling results for its South Ghanzi project confirm that the Morula copper-zinc target extends for at least 12 kilometers.
“Morula is rapidly developing into one of the most exciting drill targets in our entire portfolio,” Kavango chief executive officer Michael Foster said.
Paul Johnson, chief executive officer at Power Metal Resources added that Monday’s announcement includes significant and positive project developments.
“At Morula we have confirmed a soil geochemistry anomaly of at least 12km strike length, presenting a considerable scale target, which also remains open at both ends. The exploration datasets from South Ghanzi have delineated very strong drill targets.”
In March, the two junior miners announced a plan to list an existing joint venture in London after they signed agreements to buy eight prospecting licences in the highly prospective Kalahari Copper Belt (KCB) in Botswana.
The joint venture, Kanye Botswana, will be a Botswana based company wholly owned by Kanye Resources PLC, which has agreed to buy the eight prospecting licences for a total of £312,000 or P4.7 million in cash. Power Metal and Kavango will hold 50 percent of Kanye Resources, the listing vehicle, and have representative directors on the board and contribute to funding, the company said in a press statement.
Under the agreement, Kanye Botswana will buy four licences, currently held by Shongwe Resources (Pty) Ltd, close to Ghanzi South in the central zone of the Botswana KCB for $200,000 or P2.2 million and four on the western end of the Botswana KCB held by Vinmarsh Interprises (Pty) Ltd for $230,000 (P2.5 million).
Kanye Botswana already holds two prospecting licences on the South Ghanzi project and will seek to acquire additional exploration opportunities in the build up to listing.
Power Metal Resources, formerly known as African Battery Metals, has already carried explorations in Botswana. In September 2019, the company disclosed that it has completed exploration work that demonstrates large scale nickel sulphide targets in Botswana and Tanzania, where the projects are more advanced and progressing to the drill stage.
The company has an 18.26 percent stake in Kalahari Key Mineral Exploration Pty Ltd which owns outright a single project, the Molopo Farms Complex (MFC) focused on nickel-copper-PGM exploration.
Its new partner in the joint venture, Kavango Resources, has some existing projects in the country, with some of the preliminary results from its Kalahari project indicating presence of copper, nickel and platinum group element (PGE) metals.
In 2019, the London Stock Exchange (Standard List) listed explorer announced that the first phase of drilling on its Kalahari Suture Zone project had been completed after testing the first three of the 15 targets identified as having potential to host massive sulphide ore bodies. The company said the results were encouraging, validating their exploration strategy and progress.
The Kalahari Suture Zone and the Ditau Project cover 12 Prospecting Licences (6,928sq km) in the southwest of Botswana. The targets are nickel-copper-platinum group element deposits associated with a 450km long structural feature.
The Kavango Copper Project in the northwest of the country where Kavango is exploring for mineralisation associated with the extension of the DRC-Zambia Copperbelt.