Shares of the mineral exploration company focused in Botswana, Kavango Resources (ASX:EEL), leaped 8.3% to 0.7p.

The company is entering an agreement with Global Exploration Technologies to purchase six new prospecting licenses.

Global Exploration Technology is a wholly owned subsidiary of ENRG Elements (ASX:EEL).

Kavango Resources announced its acquisition of a 90% working interest in the six prospecting licenses located in Botswana’s Kalahari Copper Belt.

To finalize this acquisition, Kavango Resources (ASX:EEL) will pay Global Exploration Technologies a total of AUD $2.5 million ($1.61 million) in cash.

Despite this uptick, the company’s stock price is down 48.15% for this year to this point.

Kavango Resources (ASX:EEL) is a Botswana-based mineral exploration firm with a focus on the development of its assets within the region.