Savannah Resources PLC Mina do Barroso Lithium Project Drilling Underway (1786M)
July 27 2017 - 1:00AM
UK Regulatory
TIDMSAV
RNS Number : 1786M
Savannah Resources PLC
27 July 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
27 July 2017
Savannah Resources Plc
Drilling Underway at the 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 reverse circulation ('RC') drill programme aimed at
defining a JORC resource at the Mina do Barroso lithium project in
Portugal (Figures 1-2) has now commenced. To view the press release
with the illustrative maps and diagrams please use the following
link:
http://www.rns-pdf.londonstockexchange.com/rns/1786M_-2017-7-26.pdf
HIGHLIGHTS:
-- RC drill programme has commenced at Mino do Barroso
-- Focus on defining a JORC mineral resource estimate to support potential mine development
-- Mining Licence, Mining Plan and Environmental Impact Assessment already secured
-- Drilling to focus on three primary target areas - Grandao,
Reservatorio and NOA - which have been shown to have relatively
high grades of lithium oxide ('Li(2) O') with drill results up to
1.67% Li(2) O over significant widths
-- Further mapping of the licence area also underway to map and
define other lithium bearing pegmatites
Savannah's CEO, David Archer said: "We're pleased that drilling
is now underway at Mina do Barroso, less than two months after
acquiring this highly prospective asset. This targeted drill
programme will help define the extent and grades of the multiple
lithium deposits covered by the mining licence, where grades of up
to 1.67% Li(2) O have been recovered to date. I look forward to
providing shareholders with further updates as appropriate as the
drill programme progresses."
Figure 1. Photograph of Drill Rig at Mina do Barroso
Figure 2. Mina do Barroso Project Summary Map
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 holds a 75% interest one mining licence and nine
prospective applications for the exploration and development of
lithium, covering an area in excess of 1,018km(2) in northern
Portugal. This includes the highly strategic Mina do Barroso
prospect, which with an approved Mining Plan ('MP'), Environmental
Impact Assessment ('EIA') and a 30-year mining concession/Mining
Licence ('ML'), means that with a defined JORC resource a
development decision could be made as early as Q4 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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