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Kavango Resources losses widen on higher costs

By BFN News | 08:50 AM | Monday 05 August, 2019


Kavango Resources reported wider half-yearly losses as the company forked out US$ 738,000 on its Botswana exploration. In the six months through June, the company reported a loss before tax of $295,000, compared with a loss of $36,000 a year earlier as US$ 796,000 (2018: US$52,000) of exploration expenses were capitalised by the group. 'Since my last report the drilling at the Ditau prospect has concluded. Whilst the assay results from these two holes have fallen short of expectations, the alteration and deformation in both the intrusive gabbro and the overlying sediments continues to suggest that Ditau is a prospective target for mineralisation,' said DJ Wright, Chairman. 'The Company now needs to confirm if the extensive zone of alteration is related to the carbonatites discovered nearby by Falconbridge in the 1970s. The discovery of carbonatite at Ditau would represent a major advance towards the identification of economic mineralisation at this prospect. Further geological investigation of Ditau is now being undertaken and an update will be published soon.' At 8:50am: (LON:KAV) Kavango Resources Plc Ord 0.1p share price was 0p at 1.95p Story provided by StockMarketWire.com

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