Serval Resources has confirmed copper grades of up to 37.8% and silver grades of 573 grams per tonne from laboratory analysis of surface samples collected at its Kaoko Basin project in north-western Namibia, strengthening its exploration targets ahead of a maiden diamond drilling programme planned for the fourth quarter of 2026.
The results, announced on 7 October, come from six prospects within Exclusive Prospecting Licence (EPL) 7081, where geological mapping has identified copper mineralisation extending across approximately five kilometres of strike.
The highest-grade sample, collected at Otjozongombe West, returned 37.8% copper and 573g/t silver, equivalent to 45.49% copper equivalent when the value of both metals is combined using prevailing metal prices.
However, the result comes from an individual surface grab sample selected during geological mapping and does not represent the average grade of a deposit or establish the existence of an economically mineable resource.
Serval collected 114 surface samples during its mapping programme, selecting 68 for laboratory analysis at ALS Laboratories. The samples were taken from different types of copper mineralisation, including quartz veins, disseminated mineralisation and copper occurring along fractures.
The laboratory results provide independent analytical confirmation of copper and silver mineralisation previously identified using a handheld X-ray fluorescence instrument during fieldwork.
The company had reported preliminary readings ranging from 10% to 50% copper in September, but those readings were indicative and had not undergone the preparation and analytical procedures used by a commercial laboratory.
The latest results therefore provide a stronger technical basis for determining which prospects should receive priority during the forthcoming drilling campaign.
At Otjozongombe West, 15 samples returned an average grade of 6.17% copper and 122.9g/t silver, while another sample from the same prospect contained 13.15% copper and 104g/t silver.
The averages relate only to the selected samples submitted for analysis and should not be interpreted as representative grades across the prospect.
Omatapati also returned encouraging results, with six analysed samples averaging 2.78% copper and 194.5g/t silver. Its highest copper-equivalent sample contained 5.29% copper and 468g/t silver.
At Horseshoe, one sample returned 13.55% copper and 451g/t silver, equivalent to 19.60% copper equivalent, while 15 samples from the prospect averaged 3.05% copper and 59.5g/t silver.
The Okozonduno prospect produced an individual result of 10.70% copper and 108g/t silver, while sampling at Otjozongombe East returned a maximum individual copper grade of 5.21%.
The results also confirmed copper mineralisation at a newly identified prospect named Okamborombonga, increasing the number of confirmed copper prospects within Serval’s Kaoko Basin portfolio from 12 to 13.
Ten samples from Okamborombonga averaged 2.68% copper and 91.5g/t silver, with the highest-grade individual sample returning 7.06% copper and 228g/t silver.
The discovery is particularly interesting to the company because the mineralisation occurs within the Nosib Group, a geological formation that has not traditionally been associated with copper mineralisation in the area.
Serval believes the occurrence could indicate additional exploration opportunities beyond the geological settings that have previously attracted most of the attention in the Kaoko Basin.
Chief executive Robin Birchall said the laboratory results had provided useful information for determining where the company’s next exploration work should be concentrated.
“This is an excellent set of results from our first systematic sampling campaign, whereby surface grab samples were collected quickly and cost-effectively during routine geological mapping. It is encouraging that the samples have returned grades of this quality across multiple prospects and over a significant strike length, showing us signs of a large fertile mineralised system, rather than an isolated occurrence.”
Birchall said the results would directly influence the selection of targets for the company’s first diamond drilling campaign, which is scheduled to begin before the end of the year.
Serval’s Kaoko Basin portfolio comprises four exploration licences, EPLs 6998, 7079, 7081 and 7082, covering approximately 789 square kilometres.
The project was previously explored by Kalahari Copper Limited, which completed more than 9,000 metres of drilling across several campaigns and identified copper mineralisation at a number of prospects.
Historical drilling included an intersection of 13 metres grading 4.57% copper and 34g/t silver at Otjozongombe West, equivalent to 5.03% copper equivalent.
Another historical intersection at Omatapati returned 13 metres grading 1.82% copper and 109.8g/t silver, equivalent to 3.32% copper equivalent.
Unlike the latest surface samples, those historical results were obtained from drilling and provide information about mineralisation below the surface, although additional drilling will be required to establish its continuity, dimensions and potential economic significance.
The company intends to use the new laboratory results alongside historical drilling information, geological mapping and further exploration work to determine where the mineralised zones extend and whether they connect at depth.
Serval has also indicated that it wants to progress towards a maiden mineral resource estimate in 2027, subject to the results of drilling and the availability of additional funding.
The company announced separately on 7 October that it intended to undertake a fundraising exercise through the London Stock Exchange’s AIM Capital Access Window.
The proposed fundraising would supplement existing funds of approximately £1.6 million and is expected to support a large-scale drilling programme across its Kaoko Basin licences.
The company has not yet disclosed the final amount to be raised or the precise number of metres to be drilled under the expanded programme.
For now, the significance of the laboratory results lies in confirming high-grade copper and silver occurrences across several prospects and providing a clearer basis for selecting drilling targets.
The next stage will determine whether those surface occurrences form continuous mineralised zones at depth and whether the Kaoko Basin project can support a resource estimate capable of advancing towards mine development.
