Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
10 November 2014
Savannah Resources Plc
Potential New Copper Targets Identified in Oman
Savannah Resources plc (AIM: SAV) is pleased to announce that exploration at Block 5, one of two copper projects the Company holds in the mineral rich Oman Ophiolite belt, has identified a number of potential new copper targets, significantly enhancing the exploration potential of Block 5. To view the press release with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5315W_-2014-11-9.pdf
HIGHLIGHTS:
· Field based geological mapping over Block 5 (Figure 1) ophiolite sequence has highlighted a number of highly prospective stratigraphic positions with associated visible copper mineralisation (Figure 2-4) which have not been previously identified or explored using modern exploration techniques
· Mapping has identified mineralised umber units up to 5m wide, indicating excellent conditions for the potential development of copper bearing Volcanogenic massive sulfide ('VMS') deposits
· Many of the prospective stratigraphic positions identified by the geological mapping also have associated Versatile Time-Domain Electromagnetic ('VTEM') anomalies a technique used to map potential mineral occurrence's from the air
· Orientation geochemical programme is underway to determine the best geochemical sampling methods to explore for new VMS deposits in the region
· A more detailed report will be released at the completion of the mapping program, with a ground based electromagnetic ("EM") survey the precursor to drilling currently scheduled to commence Q4 2014
Savannah's CEO, David Archer said, "We have successfully identified a large number of new target areas within Block 5 which have the potential to host significant, copper bearing VMS mineralisation in the highly prospective Semail Ophiolite sequence. Many of these targets show all the right features for the discovery of copper mineralisation: they are in the right contact areas between the most prospective rock units, with the right indicator minerals; co-incident geophysical anomalies are present; and some are associated with visible copper oxide mineralisation.
"The results received to date have been highly encouraging and have shown that the mineralisation identified is much more widely spread through the local Ophiloite sequence than previously thought, significantly enhancing the prospectivity of Block 5. Furthermore, the Semail Ophiolite belt, is recognised as the most mineralised ophiolite belt in the world, further underpinning the potential to build a strong portfolio of advanced copper exploration projects in Oman, in line with the Company's strategy."
Exploration Programme
Savannah's multi-faceted exploration programme is continuing with a view to commencing ground based EM, the precursor to drilling on Block 5 in Q4 2014. The initial work programme includes:
· Complete a detailed targeting assessment of the geophysical data looking at subtle targets, targets under cover, and targets potentially concealed by cover along known prospective trends.
· Improve understanding through better characterisation of known deposits, inside and outside the block, especially through lithogeochemical signatures of mineralisation and alteration and a better definition of structural and lithostratigraphic control
· Further geological mapping and geochemical sampling and airborne VTEM survey
· Drill targets will be defined by a combination of VTEM conductors, ground EM follow-up, systematic surface geochemistry, geological mapping and litho-geochemical targeting
Competent Person
Dale Ferguson: The technical information related to Exploration Results contained in this Announcement has been reviewed and approved by Mr D. Ferguson. Mr Ferguson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ferguson is a Director of Savannah Resources plc and a Member of the Australasian Institute of Mining and Metallurgy. Mr Ferguson consents to the inclusion in this announcement of such 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 |
James Biddle (Nominated Adviser) Charlie Cryer (Corporate Broker) |
RFC Ambrian Limited |
Tel: +44 20 3440 6800 |
Felicity Edwards/ Charlotte Heap |
St Brides Media & Finance Ltd |
Tel: +44 20 7236 1177 |
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM1 (published in 2008).
Savannah has interests in two copper projects 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, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper 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.
In addition, Savannah owns a 21.1% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc. Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project.
