Kavango Resources signs two year Zimbabwe gold pro...

Kavango Resources signs two year Zimbabwe gold project deal

Kavango Resources PLC - the London-based, Botswana-focused metals exploration company – has signed an exclusive two-year option to acquire a gold exploration project in Matabeleland, southern Zimbabwe.

Chief Executive Officer Ben Turney said: “Zimbabwe has a strong tradition of mining. However exploration and investment has been severely limited over recent decades. We believe this presents a significant opportunity for Kavango and a commercial discovery.”

Kavango Resources says that the Nara project has 45 contiguous gold claims, and believes it has potential to host a bulk mineable gold deposit. Says the Nara Project has generated approximately 150 000 to 250 000 tonnes of tailings, which presents a separate opportunity for near-term revenue generation.

Kavango agrees to pay the current claims holder US$4 million cash, and have agreed to pay an option fee to them of up to US$220 000 over the two-year option period, split into four individual payments of US$55 000 each payable at the start of each half year.

Kavango says that it will commit US$1 million in spending on exploration at the Nara Project in the two years, with a minimum exploration spend of US$500 000 in the first year.- Alliance News