Kavango proposes acquisition of majority stake in Botswana Nickel Project

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Kavango proposes acquisition of majority stake in Botswana Nickel Project

Kavango Resources PLC said has proposed an offer to acquire the entirety of Kalahari Key Mineral Exploration Proprietary Ltd., which holds 60% of the economic interest in a nickel project in Botswana.

The provisional offer in the Molopo Farms nickel exploration project replaces a proposed deal outlined in a previous program option announcement. If the offer is accepted by holders of at least 90% of the shares in the acquired company, Kavango will publish a detailed exploration plan for Molopo Farms, potentially including immediate diamond core drilling. Kavango said the complex transaction deals with a number of minority interests, and it has agreed to a deal structure with 11 of the target’s 12 interests.

Kavango

“Molopo Farms has significant potential and Kavango has the team on the ground to accelerate exploration here rapidly. We have a drill rig ready to mobilize that we’ve waited long enough to deploy,” Chief Executive Ben Turney said.

Kavango is a mineral exploration company focused within mining friendly Botswana. Its shares are listed on the London Stock Exchange (Standard List) with ticker KAV.L. At Admission on 31 July 2018 it raised gross proceeds of £1.5m.

The Company is exploring three projects in Botswana: the Kalahari Suture Zone Project (KSZ) for Copper-Nickel, Platinum Group Metal (PGM) deposits; the Kalahari Copperbelt Project (KCB) for Copper-Silver deposits; and the Ditau Project for Copper and rare earths.

The Kalahari Suture Zone Project is located in Southwestern Botswana, targeting magmatic sulphide deposits located below kalahari sand cover within karoo-aged and proterozoic gabbroic units. Its Kalahari Copperbelt Project is located in Northeast Botswana, which is focused on the exploration for sediment-hosted stratabound copper-silver deposits. Ditau Project is located in Southwestern Botswana, which is prospecting licenses cover 1,386 square kilometer (km2) in the south west of Botswana. The Company is the parent company of Navassa Resources Ltd (Navassa).

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