Drilling Underway Targeting High Grade Copper,Oman
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
13 November 2015
Savannah Resources Plc
Drilling Underway Targeting Extensions to the High Grade Copper at Mahab 4
Block 5, Semail Ophiolite Belt, Oman
Savannah Resources plc (AIM: SAV) ('Savannah' or the 'Company') announces that diamond drilling is underway targeting extensions to high grade copper zones identified around the Mahab 4 deposit on the Block 5 permit in Oman (Figure 1). Savannah owns a 65% shareholding in Al Fairuz Mining LLC, the owner of the Block 5 licence. To view the press release with the illustrative maps and diagrams please use the following link:
HIGHLIGHTS:
· Diamond drilling programme underway focused on testing the up and down dip extensions of the high grade copper (>5%) core of the Mahab 4 deposit (Figures 2-4)
· Historical results include: - 54.86m at 6.32% copper from 63m in B5MB4D071
- 51.58m at 5.17% copper from 44m in GRB5D035
- 20.06m at 5.62% copper from 67m in GRB5D032
- 20.40m at 5.49% copper from 99m in GRB5D047
· Current Mahab 4 Mineral Resource Estimate is 1.5Mt at 2.1% copper for 31,500t of contained copper
· Drilling targeted at increasing the contained copper of the Mahab 4 Mineral Resource
Savannah's CEO, David Archer said, "We're pleased that drilling is underway at the Mahab 4 project in Oman. We now have two drilling programmes underway in Oman, drilling a series of highly promising brown and greenfield targets.
At Mahab we are targeting the expansion of the identified high grade copper core of the Mineral Resource which has grades in excess of 5% copper. Given that the deposit is open along strike and up and down dip, and the high grade nature of this deposit there is an excellent opportunity to expand the contained copper in the deposit with limited drilling. Positive results from this drilling programme will continue to provide support to Savannah's strategy of identifying a series of small to medium sized high grade copper deposits, which will be processed at a central processing facility."
Figure 1. Project Location Map - see PDF link
http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf
Planned Drilling Programme
This initial, four hole diamond drilling programme (Table 1) at the Mahab 4 deposit is designed to test extensions to the high grade mineralisation defined in previous exploration. Two sections at the northern end of the mineralised zone will be drilled with a hole drilled above and below the mineralisation on each section (Figures 2 and 4). Holes are designed to intercept mineralisation approximately 20m from the previous drilling and confirm the extensions of the high grade (>5%) core of the deposit. Assay results will be released as they come to hand and are reviewed.
Table 1: Mahab 4 Drill Holes Summary
|
Project |
Hole ID |
Northing |
Easting |
mRL |
Azimuth |
Dip |
EOH Depth |
|
Mahab 4 |
15B5DD005 |
2656287 |
468762 |
219 |
255 |
-50 |
100 |
|
Mahab 4 |
15B5DD006 |
2656301 |
468786 |
215 |
255 |
-60 |
170 |
|
Mahab 4 |
15B5DD007 |
2656314 |
468761 |
215 |
255 |
-50 |
110 |
|
Mahab 4 |
15B5DD008 |
2656351 |
468794 |
215 |
255 |
-55 |
190 |
Figure 2. Mahab 4 Planned Drill Holes Location Plan - see PDF link
http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf
Figure 3. Mahab 4 Planned Drilling Cross Section 1 - see PDF link
http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf
Figure 4. Mahab 4 Planned Drilling Cross Section 2 - see PDF link
http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf
Competent Person
The information in this announcement has been reviewed by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
**ENDS**
For further information please visit www.savannahresources.com or contact:
|
David Archer |
Savannah Resources plc |
Tel: +44 20 7389 5019 |
|
David Hignell / Gerry Beaney (Nominated Adviser) |
Northland Capital Partners Ltd |
Tel: +44 20 7382 1100 |
|
Jon Belliss / Elliot Hance (Corporate Broker) |
Beaufort Securities Ltd |
Tel: +44 20 7382 8300 |
|
Felicity Winkles/ Charlotte Heap |
St Brides Partners Ltd |
Tel: +44 20 7236 1177 |
**ENDS**
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company.
Savannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project. On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade for Jangamo. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).
Savannah has interests in three copper blocks 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, with additional gold upside potential, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper and gold 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.
This information is provided by RNS
Latest directors dealings
- 6 hours ago ASOS
- 7 hours ago MJ Gleeson
- 7 hours ago Rolls-Royce Holdings
- 7 hours ago Crest Nicholson Holdings
- 8 hours ago Naked Wines