Kavango Resources Completes Prospect 3 Drilling at Hillside Gold Project
Why we think this is neutral
This RNS provides a positive update on Kavango Resources' exploration activities at the Hillside Gold Project in Zimbabwe, with the successful completion of a 34-hole, 2,109m diamond drilling program at Prospect 3. The drilling has provided geological information and sample material to conduct further test work, with the aim of informing an initial mining plan for the area. However, the RNS does not contain any financial or operational details, so the true potential of the project remains unclear. While the presence of artisanal gold mining activity is encouraging, more information is needed to assess the economic viability of the project.
Key Points
- Successful completion of 34-hole, 2,109m diamond drilling program at Prospect 3 of Hillside Gold Project in Zimbabwe
- Drilling has provided geological information and sample material for further test work to inform initial mining plan
- Artisanal miners were producing gold from 12 surface workings, suggesting potential for a minable resource
- Company is now focused on completing test work to allow for initial resource estimate and potential trial mining operation
Summary
Kavango Resources has successfully completed a 34-hole, 2,109m diamond drilling program at Prospect 3 of its Hillside Gold Project in Zimbabwe. The drilling has provided the company with geological information and sample material to conduct further test work, with the aim of informing an initial mining plan for the area. Artisanal miners were already producing gold from 12 surface workings in the area, indicating the presence of gold mineralization. The company is now focused on completing the test work to allow for an initial maiden resource estimate and potential trial open pit heap leach mining operation.