Kavango Resources (LON: KAV) shares rose on Friday after the company announced that it had completed an initial downhole electromagnetic (DHEM) survey to a depth of 780m on Hole TA2DD002.
The DHEM survey has identified the upper edge of a conductive anomaly, the company said.
Kavango and external consultants have completed a preliminary analysis of data collected from the DHEM survey, as well as reinterpreting existing data from prior Kavango airborne surveys.
According to the company's preliminary analysis, late-time data from 760m to 780m indicates that the conductivity anomaly exists within 300m of the completion of the DHEM survey.
The next stage for Kavango now is for Spectral Geophysics to conduct a DHEM survey to the end of TA2DD002, and once the target depth has been reached, they will conduct a survey on KSZDD001.
Ben Turney, CEO of Kavango Resources, commented: “Hard work, intelligent application of geophysics, skilled drilling and a bit of luck have brought us to this point.
“While the Proterozoic is now our primary exploration focus in Target Area A, it is important to note that the Karoo remains our main focus in Target Area B (where we are currently drilling Hole KSZDD001).
“There is still much for us to do, but we have definitive exploration leads, backed by physical core data from the ongoing drill campaign.”
Kavango shares are trading just under 5% higher at 4.95p at the time of writing. On Thursday, Kavango reported that it has been awarded an Environmental Management Plan (EMP) that covers all of its prospecting licences in the Kalahari Copper Belt.
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