SVT

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

Savant Explorations Ltd. (TSXV:SVT)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Savant Explorations Ltd. (TSXV:SVT)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024