Savannah Resources PLC Second Round of Lithium Drilling, Portugal (6325R)
25 September 2017 - 4:00PM
UK Regulatory
TIDMSAV
RNS Number : 6325R
Savannah Resources PLC
25 September 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
25 September 2017
Savannah Resources Plc
Second Round of Lithium Drilling
Advanced Mina do Barroso Lithium Project, Portugal
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
the AIM quoted resource development company, is pleased to announce
that the second round of reverse circulation ('RC') drilling aimed
at defining a JORC resource at the Mina do Barroso lithium project
in Portugal (Figures 1-2) has commenced. To view the press release
with the illustrative maps and diagrams please use the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/6325R_-2017-9-22.pdf
HIGHLIGHTS:
-- RC drill programme has re-started at Mino do Barroso mining lease
-- Drilling to focus on drill testing the NOA deposit and
targeting potential extensions to the significant zones of
mineralisation identified at Grandao and Reservatorio in recent
drilling
-- Further mapping of the mining lease area is also underway to
map and define other lithium bearing pegmatites
Savannah's CEO, David Archer said: "We're looking to this next
round of drilling to build on the robust drill intersections we
reported last week. This has highlighted the appeal of Mina do
Barroso as the best European analogue of the very successful
Western Australian lithium spodumene developments. We believe that
hard rock, lithium spodumene deposits like those at Mina do Barroso
will play a leading role in the upstream part of the lithium value
chain going into the 2020s."
Figure 1. Photograph of Drill Rig at NOA Prospect Mina do
Barroso - see PDF
Figure 2. Mina do Barroso Project Summary Map - see PDF
Savannah has a 75% interest in Slipstream Resources Portugal
Unipessol Lda, which is the registered holder of the Mina do
Barroso mining licence.
Competent Person and Regulatory Information
The information in this announcement that relates to exploration
results is based upon information compiled 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.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20
plc 7117 2489
David Hignell / Gerry Northland Capital Tel: +44 20
Beaney (Nominated Partners Ltd 3861 6625
Adviser)
Christopher Raggett finnCap Ltd Tel: +44 20
/ Emily Morris 7220 0500
(Corporate Broker)
Charlotte Page / St Brides Partners Tel: +44 20
Lottie Brocklehurst Ltd 7236 1177
About Savannah
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented,
multi-commodity, mineral development company.
Mozambique
Savannah operates the Mutamba heavy mineral sands project in
Mozambique in collaboration with Rio Tinto, and can earn a 51%
interest in the related Consortium, which has an established
initial Indicated and Inferred Mineral Resource Estimate of 4.4
billion tonnes at 3.9% THM over the Jangamo, Dongane and Ravene
deposits. Under the terms of the Consortium Agreement with Rio
Tinto, upon delivery by Savannah of the following will earn the
corresponding interest in the Mutamba Project (which currently is
20% following delivery of scoping study in May 2017):
pre-feasibility study - 35%; feasibility study - 51%. Additionally,
the Consortium Agreement includes an offtake agreement on
commercial terms for the sale of 100% of heavy mineral concentrate
production to Rio Tinto (or an affiliate).
Oman
Savannah has interests in two 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 gold
credits, 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
and in December 2015 outlined exploration targets of between
10,700,000 and 29,250,000 tonnes grading between 1.4% and 2.4%
copper.
Portugal
Savannah's Portuguese portfolio comprises a 75% interest in one
approved mining lease and nine exploration licence applications for
lithium. The project areas cover approximately 1,024km(2) of highly
prospective lithium ground in northern Portugal. 348km(2) of the
tenement applications are on course for government approval, with
the remaining 670km(2) currently subject to overlapping exploration
licence applications from third parties. The highly strategic Mina
do Barroso project has in place an approved mining plan and an
environmental impact assessment with a granted 30-year mining lease
(expiring in 2036). Mina do Barroso represents a near-term mining
opportunity for the Company and Savannah's focus upon defining a
JORC compliant mineral resource estimate means that a development
decision could be made as early as the end of 2018.
Finland
Savannah has Reservation Permits over two lithium projects,
covering an area of 159km(2). Geological mapping has highlighted
the presence of seven pegmatites with key lithium minerals
petalite, spodumene and lepidolite all identified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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