Kaoko finds more copper at Chalkos as drilling expands across two prospects

• Otniel drilling expanded to at least 15,000 metres
• Five holes completed and DDOT006 underway
• Donkey Hill East copper trend extended by more than 700 metres
• Selected rock chip sample returned above 50% copper
• Second diamond rig now drilling Donkey Hill

Otniel Drilling Expands to 15,000 Metres

Kaoko Metals Limited (ASX:KAO) is widening its bet on the Chalkos copper-silver project in Namibia, expanding the Otniel diamond drilling program to at least 15,000 metres after early holes showed visual copper mineralisation. Five holes are complete, with DDOT006 currently testing a down-dip extension.

The company says the expanded campaign is intended to define the mineralised system in three dimensions, including its orientation, thickness, structural controls and continuity. That remains an exploration objective rather than a resource result: assays for DDOT001 and DDOT002 are still pending and are expected in approximately two to three weeks.

Donkey Hill Surface Trend Extends 700 Metres

The more immediate discovery is at Donkey Hill East, where fieldwork has extended the mapped surface expression of copper mineralisation by more than 700 metres. The total mapped footprint now exceeds 1.5 kilometres, with two mineralised trends traced for about 600 metres and 400 metres respectively.

Selected rock-chip samples included a result above 50% copper from sample Z2516. That result exceeded the upper reporting limit for the analytical method, but it carries an important qualification: these were selectively collected surface samples and are not representative of average grades across the prospect or proof of subsurface continuity.

Kaoko also reported stockwork copper veining, relict sulphide textures and dioptase filling cavities and joint planes within quartz arkose. The company says these observations are consistent with structural and hydrothermal controls across a broad mineralising system, although drilling will be needed to test whether the surface expression continues at depth.

Second Rig Opens Two Exploration Fronts

A second diamond rig has started work at Donkey Hill, about 2.2 kilometres from Otniel, allowing both prospects to advance concurrently. The Donkey Hill drilling is designed to test the depth extent and continuity of the outcropping mineralisation and to investigate the geological structures controlling its distribution.

Kaoko also plans orientation surveys using drone-based magnetics and ground induced polarisation across the broader Chalkos project in the coming months. Those surveys are intended to help define the geophysical signature of known mineralisation and generate additional drill targets across the company's approximately 400-square-kilometre landholding.

Assays and Tenure Renewal Remain Key Tests

The next hard data point is the assay batch from DDOT001 and DDOT002. Until those results arrive, the case for the accelerated program rests on visual observations from drilling and selective surface samples rather than quantitative drill intersections.

There is also a tenure detail to keep in view. Kaoko says it has submitted renewal applications for EPL 7608 and EPL 7943, which cover the Chalkos project and were stated in the filing to expire on 30 June 2026 if not renewed. The company expects the applications to be processed through standard regulatory timelines, leaving renewal status alongside the pending assays as a practical near-term consideration.

Bottom Line?

Kaoko has increased exploration momentum, but the investment case now turns on whether Otniel assays and Donkey Hill drilling convert strong surface and visual indications into measurable continuity at depth.

Questions in the middle?

• Will DDOT001 and DDOT002 confirm meaningful copper grades and widths behind the visual observations?
• Can Donkey Hill drilling demonstrate that the 1.5-kilometre surface footprint continues below ground?
• When will the renewal applications for EPL 7608 and EPL 7943 be finalised?