By Alois Vinga
KAVANGO Resources, a company listed on the London Stock Exchange with gold projects in Zimbabwe, has made a significant financial move by securing £10 million (US$13 million) as part of an increased strategic financing package.
This financing shows strong backing towards mineral exploration from major stakeholders.
Operating through its Zimbabwean subsidiary, Kavango Zimbabwe, established in July 2023, the company is targeting several historic high-grade gold mines in the Matabeleland region with a focus on economic bulk mining.
Kavango’s chief executive officer, Ben Turney confirmed substantial funding has been secured to launch the Hillside Gold Project in 2025.
“We have completed the first phase of exploration and believe we have identified two potential gold mines. One of these is an underground, high-grade opportunity that we hope to mine using a spiral decline.
“Spiral declines are a modern form of mining, developed in Australia over the last 25 years. They enable bulk mining of underground, lode gold systems. This is a relatively new approach in Zimbabwe, which we hope to pioneer.
“We have built a very strong exploration and mining team in Bulawayo. We look forward to what they can achieve next year,” he said.
Kavango also aims to use a prospectus to list its shares on the Victoria Falls Stock Exchange, signalling its intent to broaden market exposure.
Earlier this month, Kavango announced the discovery of substantial tungsten and other strategic elements at its Hillside Project. These findings stem from the initial phase of Inductively Coupled Plasma (ICP) testing on core samples from the site.
With its newly secured finance package, Kavango moves confidently into 2025 as it aims to bring modern mining practices to its Hillside Gold Project. If it is successful, this promises to be a pioneering project in the development of Zimbabwe’s extremely large goldfields.
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