Kavango Resources PLC signed a memorandum of understanding with LVR GeoExplorers (Pty.) Ltd. for the right to earn in up to a 90% interest in two prospecting licenses in the Botswana section of the Kalahari copper belt.
In the first 12 months after signing the agreement, Kavango will have to spend 1.25 million Botswanan pula on each of the licenses to acquire an initial 25% stake.
The company said Sept. 2 that it can earn a 90% interest in either license by taking the project through to bankable feasibility.
Kavango will act as the manager for exploration and development, and plans to start exploration within four weeks of signing the agreement.
Kavango CEO Michael Foster commented that the company will continue to consider other opportunities in this copper province, while its main focus remains the Kalahari Suture Zone nickel-copper project in Botswana.
As of Aug. 30, US$1 was equivalent to 11.10 Botswanan pula.
