TIDMSAV
RNS Number : 3276B
Savannah Resources PLC
20 September 2018
20 September 2018
Savannah Resources Plc
Drilling Programme in Oman Targeting Copper Resource
Extensions
HIGHLIGHTS:
-- A 12 hole, 1,065m, drill programme underway at two
prospective deposits - Bayda and Hara Kilab
-- Targeting extensions to the existing mineralisation and to
build upon current resources in line with strategy to feed a hub
and spoke mine development
o Awaiting anticipated decisions for Mining Lease applications
for Mahab 4 and Maqail South
-- Bayda: a two hole diamond drill programme, totalling 560m, to
test the area immediately below the historical intersection of
12.5m at 2.9% Cu from 185m (OMCO 32-141) in an interpreted
mineralised envelope potentially up to 50m wide
-- Hara Kilab: a 10 hole, 515m drill programme has been designed
to convert the current mineralisation into a Mineral Resource
Estimate and target potential extensions both along strike and down
dip of the existing mineralisation, including a historical drill
hole which intersected 9.15m @ 2.78% Cu and 0.39% Zn (11-4)
-- Drilling is expected to be completed in Q4 2018
Savannah Resources plc (AIM: SAV, FWB: AFM and SWB: SAV)
('Savannah' or the 'Company'), announces that a diamond drilling
programme has commenced at both the Bayda (Block 4) and Hara Kilab
(Block 5) deposits in the Sultanate of Oman. Savannah is earning a
65% shareholding in the Omani company, Al Thuraya LLC, the owner of
the Block 4 Project and is a 65% shareholder in Al Fairuz Mining,
the holder of the Block 5 licence. To view the press release with
the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3276B_1-2018-9-19.pdf
Savannah's CEO, David Archer said: "As we move closer to the
anticipated grant of Mining Leases over both the Mahab 4 and Maqail
South copper deposits, we are looking at defining further Mineral
Resources that could provide supplemently feed to a hub and spoke
mine development centered around the copper deposits located on
Blocks 4 and 5. The current programme is focussing on two of the
more promising deposits that, to date, have received only limited
contemporary drill testing."
Figure 1. Location Map showing the position of Block 4 and 5
relative to other projects and infrastructure
Bayda
The previously producing Bayda Mine is located on Block 4, just
to the north west of the larger Aarja deposit and was mined by OMCO
between 1982 and 1993 producing 1Mt @ 3%Cu of ore from a small
underground operation. Much of the old underground development has
collapsed, but a relatively complete set of historical data from
previous exploration and mining has been collated, which has
identified the potential for additional mineralisation adjacent to
and below the historical mine workings. The mineralisation at Bayda
is typical of most other mineralsation in the area, being a VMS
deposit on the contact between the Geotimes and Lasail rock
units.
An underground drill hole drilled to the east of the mine
workings completed by OMCO, 32-141, intersected 12.5m @ 2.9%Cu
from185m (OMCO 32-141) below surface together with a series of
supporting holes suggest the potential for a broad zone of dipping
mineralisation (Figure 2).
A two hole diamond drill programme totalling 560m has been
proposed to test the area immediately below the intersection from
OMCO 32-141 in an interpreted mineralised envelope potentially up
to 50m wide.
Figure 2. Simplified Geological Cross Section through the Bayda
Deposit showing the Planned Drilling
Figure 3. Diamond Drill rig on site at Bayda
Hara Kilab
The Hara Kilab deposit on Block 5 was first explored by
Prospection in the 1970's and then by JICA (Japan International
Cooperation Agency) and Gentor targeting a well exposed gossan
(Figure 4-5). Hara Kilab is defined by a 150m by 50m gossan that is
visible at surface with several slag dumps existing in the
immediate area, indicating mining in ancient times. The prospect
has had a variety of exploration testing in the past, including
detailed mapping, grab sampling, ground geophysics and drilling.
The best reported intersection at Hara Kilab is 9.15m @ 2.78% Cu
and 0.39% Zn in Hole 11-4, drilled by Prospection Ltd.
A 10 hole, 515m drill programme has been planned to convert the
current zone of mineralisation into a Mineral Resource Estimate and
target potential expansions both along strike and down dip of the
existing mineralisation.
Figure 4. Hara Kilab Resource Outline - Plan View
Figure 5. Photograph of the Hara Kilab Prospect Area
Regulatory Information Competent Persons
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 Australasian 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 the Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20 7117 2489
plc
David Hignell / Dugald J. Northland Capital Tel: +44 20 3861 6625
Carlean (Nominated Adviser) Partners Ltd
Christopher Raggett / Camille finnCap Ltd Tel: +44 20 7220 0500
Gochez (Broker)
Grant Barker (Equity Adviser) Whitman Howard Tel: +44 020 7659
1225
Charlotte Page / Lottie St Brides Partners Tel: +44 20 7236 1177
Wadham (Financial PR) Ltd
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of our staff and the
communities we work with.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: AFM, and the
Börse Stuttgart (SWB) under the ticker "SAV".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLFKCDBFBKDNCD
(END) Dow Jones Newswires
September 20, 2018 02:00 ET (06:00 GMT)
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Apr 2024 to May 2024
Savannah Resources (LSE:SAV)
Historical Stock Chart
From May 2023 to May 2024