Savant Provides Updates on McWatters and Vinata Properties
December 29 2010 - 9:00AM
Marketwired
Savant Explorations Ltd. (TSX VENTURE: SVT) ("Savant") is pleased
to provide the following updates on its McWatters and Vinata
Projects.
McWatters Property
Prior to the Christmas break, three holes were completed on the
McWatters property. The three holes, totalling approximately 1,500
metres tested a series of parallel veins referred to as the JKL
Zone. All three holes cut sulphide mineralization and altered vein
structures as projected from historical drilling. The visual
observations of core from the current drilling are sufficiently
encouraging to warrant expanding the originally planned 2,000 metre
program to 3,000 metres. Sampling of drill core from the initial
three holes is underway and drilling will resume on the McWatters
Property in early January.
The McWatters Property covers 4.0 km of strike length along the
Cadillac-Larder Lake Break and includes the past producing
McWatters Mine (reported past production of 334,500 tonnes grading
10.8 grams/t gold), and two diluted historical resources of 235,000
tonnes grading 6.6 grams/t gold and 170,000 tonnes grading 5.0
grams/t gold referred to as the JKL and 702 Zones. A Qualified
Person has not done sufficient work to classify these historical
estimates as current mineral resources, Savant is not treating the
historical estimates as current mineral resources and the
historical estimates should not be relied upon. The historical
resources were shallowly tested to depths less than 225 metres and
remain open at depth. One of the historical resources occurs within
a broad zone of alteration in mafic volcanic rocks along the main
Cadillac-Larder Lake Break. The style and setting of the
mineralization in this historical resource is similar to that in
the high-grade, deep seated gold deposits in the Kirkland Lake
District including the Kerr Addison Mine (39.5 Mt grading 8.5
grams/t gold).
Little exploration has occurred on the property away from the
McWatters Mine and the historical resources. In these areas,
testing of the main Cadillac-Larder Lake Break and secondary
parallel structures, which host the gold mineralization on the
property, is generally limited to depths in the order of 150
metres. The historical records note encouraging drill intercepts of
2 to 6 grams/t gold over narrow intervals in a parallel structure
located north of the main Cadillac-Larder Break which warrants
additional drilling. Savant has an option to acquire a 100%
interest in the McWatters Property (See Savant press November 9,
2010 for details).
Vinata Property
Savant received notice from Selwyn Resources that it will
terminate its option on the Vinata Property located in Chihuahua
State, Mexico. The Vinata Property was acquired by Savant in 2008
for its potential to host polymetallic, carbonate mineralization.
Drilling in 2009 showed the favourable limestone units to be deeply
covered by volcanic rocks. The Vinata Property is not considered to
be a core property and will be abandoned.
John McClintock P.Eng., President of Savant Explorations Ltd. is
the Qualified Person, as defined by National Instrument 43-101,
responsible for the technical data in this news release.
This news release contains forward-looking statements concerning
the McWatters and Vinata Properties. These statements are based on
assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of failure to
obtain necessary regulatory approvals, the failure to reach
agreement on final documentation, exploration results and other
risk factors that are beyond Savant's control. There can be no
assurance that such forward-looking statements will prove to be
accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Savant Explorations Ltd. John McClintock President and
CEO (604) 801-7240, Ext. 2242 (604) 689-8355 (FAX)
info@SavantExplorations.com www.SavantExplorations.com
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