13.60g/t gold intercepted over 10.40m Bill’s Luck
In brief · summary, not quotable
Hole BLDDUG006 intersected 13.60g/t gold over 10.40m at Bill's Luck Mine, Zimbabwe.
- Gold grade intercept 13.60g/t over 10.40m
- Vertical depth 111.50m
- High-grade sub-intercept 98.74g/t over 0.77m
- Planned pilot production plant capacity 50tpd
- Target production scale by H1 2026 250tpd
Full announcement
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Kavango Resources plc (LSE:KAV), the Southern Africa focused metals exploration and gold production company, is pleased to announce a second high-grade gold intercept at the Bill's Luck Gold Mine ("Bill's Luck" or the "Mine") on the Hillside Project ("Hillside"), Zimbabwe.
Hole BLDDUG006 intersected a gold-bearing structure at a vertical depth below surface of 111.50m, with confirmed repeat assay grades of 13.60 grams a tonne ("g/t") over 10.40 metres ("m")* from 64.00m to 74.40m (including 48.50g/t over 2.81m and 1.10g/t over 3.10m).
This is the latest result from Kavango's ongoing underground drilling at Bill's Luck.
Highlights
- Hole BLDDUG006 was collared on 2 Level (995m above sea level("ASL")) and drilled to a depth of 75.48m (935m ASL). Highlights include:
- 13.60g/t over 10.40m from 64.00m depth (including 98.74g/t over 0.77m, 42.90g/t over 0.80m and 46.07g/t over 0.56m) (the "First Intersection").
- 1.10g/t over 3.10m from 71.30m depth (including 1.32g/t over 0.78m and 2.80g/t over 0.50m) (the "Second Intersection").
- This result follows that of Hole BLDDUG004 (announced >>> 7 July 2025) which intersected 11.79g/t over 4.36m from 47.36m depth.
- The First Intersection appears to be the down dip continuity of the Bill's Luck Main Reef
- The Second Intersection appears to be a parallel reef that lies further into the hanging wall. This appears coincidental with intersections in BLDDUG003 (announced >>> 24 June 2025) and BLDDUG004B)
- These results appear to confirm the presence of at least one high-grade "ore shoot" at Bill's Luck that is open at depth.
* All intersection lengths are measured down hole, modelling of the Bill's Luck Mine is currently underway, and once complete, true width intersections will be announced
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
"The ongoing underground drill programme at Bill's Luck continues to deliver impressive results. This is the second high grade intercept we've encountered, a short distance below our current mining level.
Hole BLDDUG006 intersected gold mineralisation grading at 13.6g/t over 10.40m, with two distinct reefs, after Hole BLDDUG004 intersected mineralisation grading at 11.79g/t over 4.36m.
This result confirms that the main Bill's Luck ore shoot remains open at depth and appears to be increasing in grade. Our team is highly encouraged by this, having demonstrated such strong potential with relatively limited drilling. We will now move forward confidently into the next phase of surface exploration.
The objective of the surface drilling will be to define a gold resource large enough to support mining and processing operations for a minimum of three years. We will seek to confirm the width of the main Bill's Luck ore shoot and test the next inferred ore shoot at Roscor. If successful, this work will underpin the investment case for the 200 tonne per day (tpd) pilot production plant.
In parallel, we will continue underground drilling at Bill's Luck for near-term mine planning. Construction of our 50tpd test production plant is already underway, with commissioning expected later this year.
If all goes to plan, our goal is to scale gold production capacity at Bill's Luck to 250tpd in the first half of 2026."
Underground Drilling at Bill's Luck
Hole BLDDUG006 was drilled from Level 2 (995m ASL) at -55° to a length of 75.37m. It intersected a gold-bearing structure, with confirmed repeat assay grades of 13.60 g/t over 10.40m from 64.00m to 74.40m (including 48.50g/t over 2.81m and 1.10g/t over 3.10m). The intersected structure appears to be the down dip continuity of the Bill's Luck Main Reef.
Figure 1: Oblique view of Main shaft showing Levels 1, 2 and 3, with BLDDUG006 collar position on Level 2 and gold grade in red at 111.5m vertical depth
Announcing Future Drill Results
Moving forward, Kavango will announce future drill results in aggregate after full phases of drilling have been completed. This will allow the Company to present more comprehensive interpretation.
Kavango's Operations in Zimbabwe
Kavango has two projects on the Filabusi greenstone belt, Hillside and Nara.
Kavango Resources plc Sampling Techniques and Data for Hillside Project Diamond Drilling. Zimbabwe
Last updated: 17 July 2025
(Criteria in this section apply to all succeeding sections)
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | Nature and quality of sampling (e.g. cut channels. random chips. or specific specialised industry standard measurement tools appropriate to the minerals under investigation. such as down hole gamma sondes. or handheld XRF instruments. etc). These examples should not be taken as limiting the broad meaning of sampling. | · The information in this release relates to the technical details from the Company's exploration and drilling program at Hillside Project which lies within the Filabusi Greenstone Belt, Matabeleland, Zimbabwe. · Surface Diamond drilling (HQ & NQ) was carried out and half core samples were taken from the entire hole. · Core was cut into two using a commercial core saw adjacent to the Ori line to produce two splits as mirror images with regards to igneous textures, sedimentary bedding where possible structural fabric. · Underground Diamond drilling (AXT - 30.5mm) was carried out and full core samples were taken from the entire hole. · No orientation was possible on the underground drill core. · Samples were taken based on geological contacts, and/or of up to approximately 1m in length. The minimum sample width is 30cm to cater for distinct quartz veins which may be diluted and obscured if 1m widths were to be maintained. · Reverse Circulation drilling was also carried out, with representative samples split on site after individual 1m samples were collected from the cyclone. · Two samples were taken using a riffle splitter from the original 1m sample. · Core samples were submitted for a 25g fire assay with AAS finish. to Performance Laboratories (Pvt) Ltd., at Harare, Zimbabwe. · Selected samples will be sent to a check lab, ALS laboratories, Johannesburg, for referee fire assay comparison. · Kavango routinely takes pXRF readings along the core using an Olympus Vanta on Geochem 3 beam mode 60 seconds. |
| Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used | · All Kavango's drill samples were geologically logged by suitably qualified geologists on site. · Sample representativity was ensured where possible by drilling perpendicular to structures of interest, and by the sample preparation technique in the laboratory. · The entire borehole was sampled based on geological logging, with the ideal sampling interval being representative of lithology for diamond core. · Individual samples are weighed at the field camp. · Upon arrival at Performance lab, the samples are dried at +/- 105 deg Celsius for 8 to 12 hours. · Entire sample is crushed to 100% passing 4.75mm. The crushers have inline rotary splitters that split off 500g of sample that is pulverized. · The 500g split is pulverized in a Rocklabs pot and puck pulveriser with 85% passing minus 75μm. · A standard 25g aliquot is used for Fire Assay. · Following industry best practice. a series of certified reference materials (CRM's), duplicates and blanks were included for QAQC as outlined further below. |
Aspects of the determination of mineralisation that are Material to the Public Report.
| Drilling techniques | Drill type (e.g. core. reverse circulation. open-hole hammer. rotary air blast. auger. Bangka. sonic. etc) and details (e.g. core diameter. triple or standard tube. depth of diamond tails. face-sampling bit or other type. whether core is oriented and if so. by what method. etc). | · The surface diamond drill holes were drilled using a diamond drill operated by Equity Drilling Limited. · Equity use HQ and NQ diameter conventional core barrel. · The underground diamond drill holes were drilled by DHB drilling, Zimbabwe |
| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. | · Core recovery was monitored closely throughout. · Recovery in rock was >95%. · Any voids were noted. |
| Measures taken to maximise sample recovery and ensure representative nature of the samples. | · Samples prepared for assay are taken consistently from the same side of the core cutting line to avoid bias. · Geologists frequently check the core cutting procedures to ensure the core cutter splits the core correctly in half. · Underground diamond drill cores were not split and the whole core was sampled and submitted for assay · Core samples for assay are selected within logged geological, structural, mineralisation and alteration constraints. · Samples are collected from distinct geological domains with sufficient width to avoid overbias. | |
| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation. mining studies and metallurgical studies. | · Kavango's Diamond drill core is logged by a team of qualified geologists using predefined lithological, mineralogical, physical characteristic (colour, weathering etc) and logging codes. · Diamond drill core was marked up on site and Geotechnical logging was completed at the rig to ensure recoveries were adequately recorded. · Lithological, structural, alteration and mineralisation are logged at camp. · The core is securely stored at the base camp. · The geologists on site follow industry best practice and standard operating procedure for diamond core drilling. · The core is photographed wet and dry with pXRF and magnetic susceptibility data also captured. · Density measurements for drill core were determined by Archimedes density measurements i.e. using a precision balance to weigh sample in air and in submerged in water. A representative piece of core was selected from each sample for density measurement. · The QA/QC compilation of all logging results are stored and backed up on a data cloud. |
| The total length and percentage of the relevant intersections logged. | · 100% of all recovered intervals are geologically logged. | |
| Sub-sampling techniques and sample preparation | If core. whether cut or sawn and whether quarter. half or all cores taken. | · Selected diamond core intervals are cut in half with a commercial core cutter. using a 2mm thick blade · One half is sampled for analysis while the other half is kept for reference. · Some of the retained half core is submitted for metallurgical test work. · For selected petrographic samples core is quartered. · Undergound diamond drill cores are not cut and the whole core is sampled and submitted for assay. |
| For all sample types. the nature. quality and appropriateness of the sample preparation techniques | · Field sample preparation is suitable for the core samples. · RC samples are weighed at site as they come off the cyclone and every effort is made to ensure each metre sample is representative of the length drilled, with proportional volume and weight recorded. · The laboratory sample preparation technique is considered appropriate and suitable for the core samples and as well as for the expected grades. | |
| Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. | · Kavango's standard field QAQC procedures for drilling samples include the field insertion of blanks, an appropriate selection of standards, field duplicates, replicates, and selection of requested laboratory pulp and coarse crush duplicates. · These are being inserted at a rate of 2.5- 5% each to ensure an appropriate rate of QAQC. | |
| Quality of assay data and laboratory tests | The nature. quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | · A company audit was made of the assay laboratory in this case Performance Laboratories before it was engaged. · The digest and fire assay technique provide a total analysis method. · Between 5% and 20% of submitted samples consisted of additional blank, duplicate (lab duplicate from splitting the pulp), and standard samples. · Round robin and accreditation results for the laboratory were reviewed and considered acceptable. · The company's QAQC samples, including standards, are considered to confirm acceptable bias and precision with no contamination issues identified. |
| Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. | · All drill core intersections were verified by peer review. · The Company's internal CP reviewed sampling and has visited site and the laboratory to verify protocols. · Assay data was received as assay certificates and cross checked against sample submission data to ensure a correct match. |
| Discuss any adjustment to assay data. | · No adjustments were made to assay data. | |
| Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys). trenches. mine workings and other locations used in Mineral Resource estimation. | · Kavango's surface drill collar coordinates are captured by using handheld Garmin GPS and verified by a second handheld Garmin GPS. · Drill holes are routinely re-surveyed with differential DGPS at regular intervals to ensure sub-metre accuracy as and when sufficient holes warrant. · Downhole surveys of drill holes were done using an AXIS Champ Mag tool or the Champ Gyro (for DTH). · Underground drill holes are surveyed by a qualified underground surveyor using measured in pegs. |
| Specification of the grid system used. | · The grid system used is UTM 35S Arc 1950. All reported coordinates are referenced to this grid. | |
| Data spacing and distribution | Data spacing for reporting of Exploration Results. Whether the data spacing. and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | · Data spacing and distribution of all survey types is deemed appropriate for the type of survey and equipment used. · The drilling programs are designed to target the multiple interpreted parallel auriferous veins at the Bills Luck Mine on the Prospect Claims. |
| Whether sample compositing has been applied. | · No composite samples have been done | |
| Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known. considering the deposit type. | · Drill spacing is currently variable but is considered appropriate for this stage of exploration. · Hole orientation is designed to intersect the target structures as perpendicular as is practical. · This is considered appropriate for the geological setting and for the known mineralisation styles. |
| Sample security | The measures taken to ensure sample security. | · Diamond core is stored together in a secure facility at the field office. · Sample bags are logged, tagged, double bagged and sealed in plastic bags stored at the field office. · Samples are stored in a locked company compound at site and in a locked container in Bulawayo. They are shipped onwards to the analytical facility by a reliable commercial courier. · Sample security includes a chain-of-custody procedure that consists of filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory. · Prepared samples are transported to the analytical laboratory in sealed bags that are accompanied by appropriate paperwork. including the original sample preparation request numbers and chain-of-custody forms. |
| Audits or reviews | The results of any audits or reviews of sampling techniques and data. | · The CP has visited both site and the laboratory utilised and considered practices and SOPs at both as acceptable. · The CP reviewed all data, and spot-checked significant values versus certificates. |
JORC Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
| Mineral tenement and land tenure status | Type. reference name/number. location and ownership including agreements or material issues with third parties such as joint ventures. partnerships. overriding royalties. native title interests. historical sites. wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | · The Hillside Project consists of 44 gold claims. · Kavango entered into an option agreement with the vendors, dated 25 July 2023. · This was exercised on 23 April 2024 with respect to Hillside and Leopard South. · Leopard North remains subject to a call option valid to June 2025. · Transfer of the Claims is presently underway. · More details are provided here https://polaris.brighterir.com/public/kavango_resources_plc/news/rns/story/w9nq44r |
| Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | · The project contains a historic high-grade mine Bills Luck, which has a history of intermittent gold production from 1916 to 1950, yielding 17,000 oz at an average grade of 7.7g/t. After 1950, the mine saw only small-scale sand retreatment and surface workings . · It is currently being mined by artisanal miners, who are under contract, milling the ore at Bill's Luck stamp mill. |
| Geology | Deposit type. geological setting and style of mineralisation. | · Bills Luck lies near the southern contact of the Filabusi gold belt and the Bulawayan Basement Schists. Younger intrusive granites bound it to the north. · Gold mineralization appears to be associated with multiple sub parallel quartz veins that occur in fine grained massive sheared granite. · The general azimuth of the auriferous veins is 110 o TN (dipping steeply to the NNE) · Bills Luck, which has a history of intermittent gold production from 1916 to 1950, yielding 17,000 oz at an average grade of 7.7g/t. After 1950, the mine saw only small-scale sand retreatment and surface workings . |
| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material, and this exclusion does not detract from the understanding of the report. the Competent Person should clearly explain why this is the case. | · Summary table of all completed Kavango drill holes that form the focus of the current program is presented below. · The holes were surveyed and sited using a handheld GPS · Upon completion of drilling a DGPS survey was completed by professional surveyors. · Position format: UTM UPS; Map datum Arc 1950 Zone 35S. |
Hole ID East North RL Azimuth Dip EOH Comments BLDDUG001 728552 7733818 995 28 5 49.04 Surveyed BLDDUG002 728570 7733810 995 22 5 48.78 Surveyed BLDDUG003 728570 7733810 996 22 -45 49.5 Surveyed BLDDUG004 -55 42 Hole abandoned BLDDUG004B 728541 7733801 995 10 -55 75.48 Surveyed BLDDUG005 728513 7733790 995 20 -55 75 Surveyed BLDDUG006 728541 7733801 995 355 -55 75.37 Surveyed BLDDUG007 728570 7733810 995 342 -50 63.47 Surveyed BLDDUG010 728541 7733800 995 339 -50 Planned drill hole. BLDDUG008 728552 7733822 970 27 5 Surveyed. BLDDUG009 728570 7733810 995 65 -50 Drilling in progress. BLDDUG011 728513 7733790 995 340 -55 Planned drill hole.
| Data aggregation methods | In reporting Exploration Results. weighting averaging techniques. maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results. the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. | · Outstanding results will be reported as and when they are available and have been reviewed for QAQC and used for interpretation |
| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known. its nature should be reported. If it is not known and only the down hole lengths are reported. there should be a clear statement to this effect (eg 'down hole length. true width not known'). | · Down hole intersection widths are used throughout. · Most of the drill intersections are into steep to vertically dipping units. True thickness is presently unknown and will be determined based on additional drilling. · All measurements state that downhole lengths have been used as the true width cannot yet be established by the current drilling. · Due to the structural control on the mineralisation and the anastaomosing nature of the shears, together with an inferred plunge more drilling is required to provide accurate measurements for true thickness |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include. but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | · N/A |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable. representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | · All completed holes have been logged, sampled and dispatch. · Outstanding results will be reported as and when they are available and have been reviewed for QAQC and used for interpretation |
| Other substantive exploration data | Other exploration data. if meaningful and material. should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density. groundwater. geotechnical and rock characteristics; potential deleterious or contaminating substances. | · Geophysical work has been done previously, comprising Gradient Array IP and Stacked Schlumberger Sections · A regional structural mapping programme has been completed and included detailed structural analysis of portions of specific holes. · Further structural work is scheduled |
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