Kavango Resources is in the final stages of negotiations for a prospective two-year exclusive option to acquire a gold exploration and development project in Zimbabwe.
The Southern Africa focussed metals exploration company said the project includes multiple adjoining gold claims along a 3.4-kilometre strike that has historically supported high-grade underground mining as well as more recent surface small-scale mining operations.
Modern methodologies and technology have never been used to investigate the project area.
The option's preliminary conditions would allow Kavango to conduct unfettered field due diligence, including exploration and drilling, before determining whether to exercise the option to acquire.
Before finalising the transaction, Kavango conducted comprehensive preliminary due diligence, including two field visits to the project region.
Parallel to the fresh purchase discussions, Kavango has been in talks with a single investor about a potential £6 million conditional equity investment in the firm via a non-brokered direct subscription.
If the conditions are formalised and agreed upon, Kavango anticipates completing the planned subscription at 1p per share.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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