Assay Results confirm High-Grade Copper-Silver Mineralisation across Multiple Prospects at Serval's Kaoko Basin Project in Namibia

Serval confirms high-grade copper-silver over 5 km at Namibia’s Kaoko Basin, drilling set for Q4.

What the company is saying

Serval Resources Plc (AIM:SRVL) is reporting assay results from surface grab samples at its Kaoko Basin Project in Namibia, highlighting high-grade copper-silver mineralisation across six mapped prospects. The company’s core message is the confirmation of multiple samples exceeding 10% copper equivalent, with a standout individual result of 37.8% copper and 573 g/t silver (45.49% Cu-Eq) from Otjozongombe West. Serval frames these results as validation of a large, fertile mineralised system, not an isolated occurrence, and emphasizes the discovery of a new prospect, Okamborombonga, bringing the total to 13 confirmed copper prospects. CEO Robin Birchall describes the results as excellent and directly links them to the prioritisation and refinement of drill targets for a maiden diamond drilling programme scheduled for Q4 2026. The announcement is confident and data-driven, with detailed breakdowns by prospect and explicit reference to the methodology and commodity prices used for copper equivalent calculations. The company does not mention financial results or cash position, focusing entirely on technical progress and exploration scale.

What the data suggests

The disclosed assay data show multiple high-grade copper-silver occurrences, with the best sample returning 37.8% Cu and 573 ppm Ag (45.49% Cu-Eq) and several other samples above 10% Cu-Eq across different prospects. Average grades for prospects such as Otjozongombe West (6.17% Cu, 122.9 ppm Ag, 7.81% Cu-Eq) and Okozonduno (6.60% Cu, 69.3 ppm Ag, 7.53% Cu-Eq) indicate broad mineralisation, while even lower-average prospects like Otjozongombe East (1.93% Cu, 14.3 ppm Ag, 2.13% Cu-Eq) still yield individual samples above 5% Cu-Eq. The strike length of outcropping mineralisation is approximately 5 km, suggesting scale. The company’s technical disclosure is thorough, with 68 out of 114 collected samples submitted for multi-element analysis and copper equivalent grades calculated using USD 14,569.82/t for copper and USD 60.80/oz for silver, assuming 100% metallurgical recovery. Historical context is provided by prior drilling (over 9,000 metres) with intercepts such as 13 metres at 5.03% Cu-Eq (OGW005) and 13 metres at 3.32% Cu-Eq (OPR002). The data support the claim of a multi-style, high-grade system and provide a solid foundation for the planned Q4 2026 drilling campaign. There are no resource estimates or economic studies yet, but the technical results are robust for this exploration stage.

Analysis

The announcement is a detailed exploration-stage update, providing extensive and specific assay results from surface sampling, including grades, sample counts, and prospect details. The majority of claims are realised and supported by disclosed numerical data, such as the best individual sample (37.8% Cu, 573 g/t Ag, 45.49% Cu-Eq) and multiple samples above 10% Cu-Eq. Forward-looking statements are limited to the planned maiden diamond drilling programme in Q4 2026, which is a logical next step and not presented with exaggerated language. There is no evidence of narrative inflation or overstatement; the tone is positive but proportionate to the technical results. No large capital outlay is disclosed in this update, and the benefits (drilling) are expected within the next 6-12 months, making the execution distance near-term. As this is a pre-revenue exploration-stage company, the absence of financial metrics is not a deficiency.

Risk flags

• ●Operational risk remains high as the current results are from surface grab samples, which may not be representative of subsurface continuity or economic viability; only systematic drilling can confirm the true extent and grade of mineralisation.
• ●Execution risk is present with the maiden diamond drilling programme scheduled for Q4 2026; delays in permitting, mobilisation, or technical setbacks could push this timeline out, impacting near-term catalysts.
• ●Disclosure risk exists as no resource estimates, metallurgical testwork, or economic studies have been completed or disclosed; investors have no visibility on potential project scale, recoveries under real-world conditions, or capital requirements.
• ●Commodity price risk is inherent, as copper equivalent grades are calculated using spot prices (USD 14,569.82/t for copper and USD 60.80/oz for silver); any significant price movement could alter project economics or the perceived value of the mineralisation.
• ●Exploration-stage funding risk is implied, as the company provides no information on cash position or funding for the planned drilling programme; further capital raises may be required to advance the project.

Bottom line

Serval Resources has delivered credible, high-grade copper-silver assay results from surface sampling at its Kaoko Basin Project in Namibia, confirming mineralisation over a 5 km strike and across 13 prospects. The technical disclosure is detailed and robust, with grades up to 37.8% copper and 573 g/t silver, and multiple samples exceeding 10% copper equivalent. These results justify the planned maiden diamond drilling programme, which is scheduled to begin in Q4 2026 and represents the next critical catalyst for investors. The announcement does not address funding, resource size, or economic viability, so the investment case remains tied to exploration success and future drill outcomes. The most important takeaway is that Serval has demonstrated a large, high-grade mineralised system at surface, but the real test will come with drilling—investors should focus on execution of the Q4 2026 programme and subsequent resource definition.

Announcement summary

(AIM: SRVL) Serval Resources Plc announced assay results confirming high-grade copper-silver mineralisation across multiple prospects at its Kaoko Basin Project in Namibia. The best individual result was 37.8% copper and 573 g/t silver (45.49% copper equivalent) from surface samples submitted to ALS Laboratories. Multiple samples returned grades in excess of 10% copper equivalent, collected across six prospects. Mineralisation in outcrop was confirmed to stretch over a strike length of approximately 5 km. A new copper mineralisation prospect, Okamborombonga, was delineated, increasing the total number of confirmed copper prospects in Serval’s Kaoko Basin portfolio to 13. The results validate and extend previously reported field portable X-ray fluorescence analyser readings, confirming copper-silver mineralisation across several distinct mineralised styles and horizons. The results will be used to prioritise and refine drill targets ahead of the company’s maiden diamond drilling programme, planned to commence in Q4 2026. Serval holds a four-licence, 789 km² package within the Kaoko Basin trend, with EPL 7081 as the priority licence hosting key targets including Omatapati, Horseshoe, and Otjozongombe West and East prospects. Over 9,000 metres of drilling was previously carried out on the Kaoko Basin projects by Kalahari Copper Limited, with notable intercepts such as OGW005 (13 metres at 5.03% Cu-Eq: 4.57% Cu and 34 ppm Ag) and OPR002 (13 metres at 3.32% Cu-Eq: 1.82% Cu and 109.8 ppm Ag). Following completion of geological mapping, 114 surface grab samples were collected, with 68 submitted to ALS Laboratories for multi-element geochemical analysis. Six prospects on EPL 7081 were mapped, and the new Okamborombonga prospect was discovered in the Nosib Group, a unit not traditionally known for copper mineralisation. Average and top three sample grades (Cu, Ag, Cu-Eq) were reported for each prospect, with the highest individual sample being K1384 from Otjozongombe West (37.80% Cu, 573.0 ppm Ag, 45.49% Cu-Eq). Copper equivalent grades were calculated using Cu = USD 14,569.82 per tonne and Ag = USD 60.80 per troy ounce, with 100% metallurgical recovery and payability assumed. The results confirm high-grade, multi-style copper-silver mineralisation across several prospects within EPL 7081 and over a significant strike length. The data will be integrated with existing datasets to prioritise and refine drill targets ahead of the maiden diamond drilling programme targeted to commence in Q4 2026. CEO Robin Birchall commented that the results are excellent and provide data to inform target selection for the upcoming drilling programme.

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