TIDMSAV

RNS Number : 5812F

Savannah Resources PLC

13 November 2015

Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

13 November 2015

Savannah Resources Plc

Drilling Underway Targeting Extensions to the High Grade Copper at Mahab 4

Block 5, Semail Ophiolite Belt, Oman

Savannah Resources plc (AIM: SAV) ('Savannah' or the 'Company') announces that diamond drilling is underway targeting extensions to high grade copper zones identified around the Mahab 4 deposit on the Block 5 permit in Oman (Figure 1). Savannah owns a 65% shareholding in Al Fairuz Mining LLC, the owner of the Block 5 licence. To view the press release with the illustrative maps and diagrams please use the following link:

HIGHLIGHTS:

-- Diamond drilling programme underway focused on testing the up and down dip extensions of the high grade copper (>5%) core of the Mahab 4 deposit (Figures 2-4)

-- Historical results include: - 54.86m at 6.32% copper from 63m in B5MB4D071

   -     51.58m at 5.17% copper from 44m in GRB5D035 
   -     20.06m at 5.62% copper from 67m in GRB5D032 
   -     20.40m at 5.49% copper from 99m in GRB5D047

-- Current Mahab 4 Mineral Resource Estimate is 1.5Mt at 2.1% copper for 31,500t of contained copper

   --    Drilling targeted at increasing the contained copper of the Mahab 4 Mineral Resource

Savannah's CEO, David Archer said, "We're pleased that drilling is underway at the Mahab 4 project in Oman. We now have two drilling programmes underway in Oman, drilling a series of highly promising brown and greenfield targets.

At Mahab we are targeting the expansion of the identified high grade copper core of the Mineral Resource which has grades in excess of 5% copper. Given that the deposit is open along strike and up and down dip, and the high grade nature of this deposit there is an excellent opportunity to expand the contained copper in the deposit with limited drilling. Positive results from this drilling programme will continue to provide support to Savannah's strategy of identifying a series of small to medium sized high grade copper deposits, which will be processed at a central processing facility."

Figure 1. Project Location Map - see PDF link

http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf

Planned Drilling Programme

This initial, four hole diamond drilling programme (Table 1) at the Mahab 4 deposit is designed to test extensions to the high grade mineralisation defined in previous exploration. Two sections at the northern end of the mineralised zone will be drilled with a hole drilled above and below the mineralisation on each section (Figures 2 and 4). Holes are designed to intercept mineralisation approximately 20m from the previous drilling and confirm the extensions of the high grade (>5%) core of the deposit. Assay results will be released as they come to hand and are reviewed.

Table 1: Mahab 4 Drill Holes Summary

 
               Hole                                                  EOH 
 Project        ID       Northing   Easting   mRL   Azimuth   Dip    Depth 
---------  -----------  ---------  --------  ----  --------  ----  ------- 
 Mahab 
  4         15B5DD005     2656287    468762   219       255   -50      100 
---------  -----------  ---------  --------  ----  --------  ----  ------- 
 Mahab 
  4         15B5DD006     2656301    468786   215       255   -60      170 
---------  -----------  ---------  --------  ----  --------  ----  ------- 
 Mahab 
  4         15B5DD007     2656314    468761   215       255   -50      110 
---------  -----------  ---------  --------  ----  --------  ----  ------- 
 Mahab 
  4         15B5DD008     2656351    468794   215       255   -55      190 
---------  -----------  ---------  --------  ----  --------  ----  -------

Figure 2. Mahab 4 Planned Drill Holes Location Plan - see PDF link

http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf

Figure 3. Mahab 4 Planned Drilling Cross Section 1 - see PDF link

http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf

Figure 4. Mahab 4 Planned Drilling Cross Section 2 - see PDF link

http://www.rns-pdf.londonstockexchange.com/rns/5812F_-2015-11-12.pdf

Competent Person

The information in this announcement has been reviewed 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.

**ENDS**

For further information please visit www.savannahresources.com or contact:

 
    David Archer               Savannah Resources       Tel: +44 20 
                                plc                      7389 5019 
    David Hignell / Gerry      Northland Capital        Tel: +44 20 
     Beaney (Nominated          Partners Ltd             7382 1100 
     Adviser) 
    Jon Belliss / Elliot       Beaufort Securities      Tel: +44 20 
     Hance                      Ltd                      7382 8300 
     (Corporate Broker) 
    Felicity Winkles/          St Brides Partners       Tel: +44 20 
     Charlotte Heap             Ltd                      7236 1177

**ENDS**

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company.

Savannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project. On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade for Jangamo. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).

Savannah has interests in three 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 additional gold upside potential, 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLGGGAGGUPAGMP

(END) Dow Jones Newswires

November 13, 2015 02:00 ET (07:00 GMT)

African Min&Ex (LSE:AME)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024 Click aqui para mais gráficos African Min&Ex.
African Min&Ex (LSE:AME)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024 Click aqui para mais gráficos African Min&Ex.