Serval Resources is preparing an expanded exploration campaign at its Kaoko Basin licences in Namibia after surface sampling returned copper grades of up to 37.8% and silver concentrations reaching 573 g/t. The company plans to test the mineralisation at depth through its first diamond drilling programme, targeted for the fourth quarter of 2026.
The highest-grade surface sample returned an estimated 45.49% copper equivalent (CuEq). Multiple samples collected across six prospects exceeded 10% CuEq, while mapped mineralisation now extends over approximately 5 kilometres of strike. Serval has also identified the Okamborombonga prospect, bringing the number of confirmed copper targets across its Kaoko licences to 13.
The reported grades come from selective surface grab samples and do not establish the average grade or overall scale of a potential deposit. Drilling will be required to determine whether the high-grade mineralisation continues beneath the surface and whether it forms part of a larger, connected system.
Historical Drilling Provides Evidence of Subsurface Mineralisation
Previous exploration work on the licences returned an intersection of 13 metres grading 4.57% copper and 34 g/t silver. The historical result indicates that at least part of the mineralised system extends below surface. Serval’s planned maiden diamond drilling campaign is intended to investigate the depth, thickness and continuity of the mineralisation across the identified targets. The programme will help establish whether the high-grade surface occurrences are isolated zones or components of a more extensive copper-silver system.
To advance the project towards resource definition, drilling will need to establish repeatable mineralised intersections at depth and demonstrate continuity across multiple prospects. Surface sample grades alone do not provide sufficient information to determine tonnage, deposit geometry or potential mineability.
Capital Raising to Support Expanded Exploration
Serval is evaluating a fundraising to finance a larger exploration programme and has entered AIM’s new Capital Access Window as it considers its funding options. The company currently holds approximately £1.6 million in cash. Additional capital would enable it to investigate a greater number of Kaoko targets and expand the scope of the planned drilling campaign.
The proposed exploration programme follows the identification of 13 copper targets and the mapping of mineralisation over approximately five kilometres of strike. Its results will determine how much of the broader target area warrants further drilling and subsequent resource-definition work. The immediate exploration focus is the maiden diamond drilling campaign planned for Q4 2026, which is intended to test whether the exceptional surface copper and silver grades are supported by mineralisation of sufficient thickness and continuity below ground.
