Completed Phase 3 Drilling at Jangamo Project
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
2 October 2014
Savannah Resources Plc
Phase 3 Drilling at Jangamo Project Now Complete, Mozambique
Savannah Resources plc (AIM: SAV) announces that it has now completed the third round of scout drilling and the first round of resource drilling totalling 1,920m at its highly prospective, 180km² Jangamo heavy mineral sands ('HMS') project ('Jangamo' or 'the Project'), located in a world-class1 mineral sands province in southern Mozambique.
Highlights:
· Scout drilling targeting the 15km western strandline target and a grid drill out over two of the eastern area higher grade HMS zones has been completed
· Visual HMS mineralisation identified in many of the holes of both the resource and scout drilling programme suggests the potential to outline several major zones of HMS mineralisation
· Samples have been dispatched to the lab with analysis results expected in 6-8 weeks
· On track to define a potential JORC Mineral Resource in late 2014
Savannah's CEO, David Archer said, "The continued identification of visual signs of HMS mineralisation in the drilling programme is highly encouraging and we look forward to reporting the analysis results which we expect to start receiving in the next 6-8 weeks. The early signs from this recent drill programme continue to encourage us as we work towards defining a maiden JORC compliant Mineral Resource towards the end of the year."
Next Steps
The next steps for the Project are:
· Further scout drilling of combined magnetic and radiometric anomalies
· Detailed grid drilling and assaying of newly identified potential higher grade zones
· Potential delineation of a JORC compliant Mineral Resource
· Metallurgical test work programme on HMS
Savannah is currently on track to deliver all these outcomes during the 2014 exploration programme.
Competent Person
Dale Ferguson: The technical information related to Exploration Results contained in this Announcement has been reviewed and approved by Mr D. Ferguson. Mr Ferguson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ferguson is a Director of Savannah Resources plc and a Member of the Australasian Institute of Mining and Metallurgy. Mr Ferguson consents to the inclusion in this announcement of such information in the form and context in which it appears.
Notes
**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 Edwards/ 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 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).
Savannah has interests in two 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 21.1% 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.
This information is provided by RNS
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