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 ('Li2O') with drill results up to 1.67% Li2O 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% Li2O 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 plc |
Tel: +44 20 7117 2489 |
David Hignell / Gerry Beaney (Nominated Adviser) |
Northland Capital Partners Ltd |
Tel: +44 20 3861 6625 |
Christopher Raggett / Emily Morris (Corporate Broker) |
finnCap Ltd |
Tel: +44 20 7220 0500 |
Charlotte Page / Lottie Brocklehurst |
St Brides Partners Ltd |
Tel: +44 20 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 1,018km2 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 159km². Geological mapping has highlighted the presence of seven pegmatites with key lithium minerals petalite, spodumene and lepidolite all identified.
