Block 4 Database Acquisition - Oman
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
14 January 2015
Savannah Resources Plc
Block 4 Database Acquisition - Oman
Savannah Resources plc (AIM: SAV) announces that it has agreed to acquire an extensive, digitised exploration database ('Database') relating to the Block 4 Copper Project (over which Savannah has an agreement to earn in up to 65%), which is located in the mineral rich Oman Ophiolite belt. Block 4 is one of three highly prospective copper projects in which Savannah has an interest in Oman, which collectively total 1,270 km².
Savannah's CEO, David Archer said, "We are pleased that we have been able to acquire the database which will save us many months' work and will help expedite the integrated exploration of this large, highly prospective copper block."
The Database comprises:
· Digital drilling data (collar, assay, survey, geology)
· Digital surface geochemistry data (stream sediment, biogeochemistry, rock chip)
· Satellite imagery
· Geophysics (aeromagnetic data)
· Digital terrain modelling data
· Digital cadastral and geology files
· Official reports and presentations
· Digitised project compilation (including of all drill hole data)
The consideration for the Database is AUD $40,000 and is to be settled by the issue of 637,381 new ordinary shares in the Company (calculated using the 10 day volume weighted average price of Savannah's ordinary shares, which is 3.3481p).
Application will be made for the new ordinary shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 19 January 2015. Following Admission, the total number of voting rights in the Company will be 223,807,095 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.savannahresources.com or contact:
|
David Archer |
Savannah Resources plc |
Tel: +44 20 7389 5019 |
|
James Biddle (Nominated Adviser) Charlie Cryer (Corporate Broker) |
RFC Ambrian Limited |
Tel: +44 20 3440 6800 |
|
Felicity Winkles/ Charlotte Heap |
St Brides Media & Finance Ltd |
Tel: +44 20 7236 1177 |
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company.
It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project. On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals at a 2.5% cut-off grade for Jangamo¹. The project is located in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM1 (published in 2008)².
Savannah has interests in three copper projects in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits.
In addition, Savannah owns a 19.7% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc. Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project.
¹http://www.savannahresources.com/news/docs/AIM%20141231%20Jangamo%20Inferred%20Mineral%20Resource%20Estimate.pdf
This information is provided by RNS
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