A London Stock Exchange (LSE)-listed resources firm that began trading on the Victoria Falls Stock Exchange (VFEX) three weeks ago, has struck a major breakthrough in the country, after reporting promising results from its latest drilling campaign.
Management said this week Kavango Resources Plc’s exploration at a claim called Bill’s Luck had exceeded expectations.
The find gives impetus to Kavango’s push to accelerate its shift from explorer to producer.
Kavango, which raised US$4,5 million in fresh capital through its VFEX listing earlier this month, reported multiple high grade intersections confirming the ore body runs deeper than previously thought.
Chief executive officer Ben Turney told investors the find represented a significant boost to the company’s Zimbabwean ambition.
“Surface diamond drilling at Bill’s Luck continues to exceed our expectations,” Turney said, sharing the results with investors this week.
“We have now confirmed that the main Bill’s Luck ore body continues to at least 160 metres vertical depth, with multiple high grade gold intersections throughout the latest two exploration holes. We are particularly encouraged by the 8,05 metres intersection at 158,62 metres depth that carries 8,09g/t gold.
“Kavango is now preparing to continue shaft sinking at Bill’s Luck to
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extend current mining operations from 3-level to 4-level. We look forward to providing further updates on our plans to increase gold production here in the near future.”
The two completed holes are part of a multiphase resource drilling programme announced on August 11, aimed at establishing a maiden mineral resource estimate to guide mine planning and production.
Both intersected the main reef at depths between 109 metres and 146 metres, while confirming parallel mineralised structures in what geologists described as the “hangingwall and footwall”.
Geologists said the intersections point to multiple parallel reefs and a “nugget effect,” indicating grade variability but also strong potential for rich ore shoots. Kavango says the findings validate its model of a significant mineralised system. They give momentum to its plans to scale up output.
The breakthrough comes at a crucial moment for the company. On September 8, Kavango’s stock began trading on the VFEX, giving Zimbabwean investors direct access to its shares for the first time. The firm disclosed it had raised US$4,5 million against an initial target of US$13,5 million, with the balance expected through further tranches on the VFEX and a follow-on subscription in London.
About 333 364 773 new ordinary shares were issued locally, bringing Kavango’s total issued share capital to over 3,38 billion shares. While Kavango retains its primary listing in London, the VFEX serves as its secondary platform to broaden investor access.
For Kavango, which holds a suite of projects across Zimbabwe, including the Filabusi greenstone belt, the listing was more than symbolic. The capital raised is earmarked for accelerating exploration and production at its key claims - Bill’s Luck, Britain, Nightshift and Steenbok all part of the Hillside project.
Bill’s Luck, where the latest results were recorded, has already yielded assays above 11g/t in earlier campaigns. With the new data confirming continuity to at least 160 metres depth, the company is preparing to deepen shafts.
The Zimbabwe Independent reported last week that the foreign currency-indexed VFEX has quietly evolved into the heartbeat of the country’s mining sector, becoming a critical channel for raising capital at a time of record gold prices and tight domestic liquidity.
In its latest Zimbabwe 2025 Mining Sector Report, Inter Horizon Securities noted that strategic mining firms had turned to the four-year-old bourse, alongside the Zimbabwe Stock Exchange, to mobilise expansion capital, reopen closed assets, and drive beneficiation efforts.
