Botswana-focussed metals exploration company Kavango Resources has completed the acquisition of a further 65% of the LVR joint venture (JV) through the execution of a sale purchase agreement with exploration company LVR GeoExplorers.
The acquisition takes Kavango's holding in the LVR JV to 90% and it remains the operator of the JV.
The LVR JV incorporates prospecting licences PL082/2018 and PL083/2018 in Botswana, covering 809 km2 of ground that is highly prospective for copper and silver discoveries in the Kalahari Copper Belt (KCB).
Kavango entered into a memorandum of understanding with LVR GeoExplorers in November last year, which outlined the terms of the acquisition. These remain the same.
"As we move towards our maiden drill campaign in the KCB, completing the acquisition of 90% of the LVR JV is an important step forward,” Kavango CEO Ben Turney said on September 16.
He noted that PL082/2018 was one of the company’s most promising and advanced opportunities.
“Located in the heart of the KCB, this licence has two primary target areas that have returned significant in-soil copper anomalies, with a peak portable X-ray fluorescence value of 118.8 ppm copper,” Turney said.
The central zone is 27 km in strike length, while the northern zone is 8 km.
Meanwhile, PL083/2018 is located near the Namibian border.
“Sand cover here has limited historic exploration, but with the strength of our in-house geophysics team, we are working on some ground-breaking regional modelling that we expect to enable us to unlock previously unrecognised potential,” Turney said.
Kavango will carry LVR GeoExplorers’ 10% holding in the LVR JV through to bankable feasibility study. Beyond this, LVR will have to contribute on a pro rata basis or be diluted.