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Potential Volcanic Massive Sulphide Clusters Identified – Blocks 5&6 Copper Project, Oman
Savannah Resources (LSE:SAV) has announced that it has received positive results from the recent reprocessing of a Versatile Time Domain Electromagnetic airborne survey originally completed in 2010 at its highly prospective, 870km² Block 5 and Block 6 copper project, located in the prospective, copper rich Seminail Ophiolite Belt in northern Oman. To view the release with the illustrations please use the following link:
Highlights:
· New VTEM anomalies identified in the vicinity of known Volcanic Massive Sulphide copper deposits and mineralisation indicates excellent potential for VMS clusters
· 94 prospective anomalies identified: 8 Priority 1, 12 Priority 2 and 74 Priority 3
· Results underpin potential to increase current Indicated and Inferred Mineral Resource of 1.7Mt at 2.2% Cu (including a high-grade zone of ~0.5Mt at 4.5% Cu)
· On track to drill before the end of 2014 – site office and operational base now established in Sohar, Oman
· Exploration will focus on evaluating potential open-pittable copper targets at Block 5 during the first two years of exploration
· High priority exploration targets areas include Maqail South (6.68m at 7.42% copper), Mahab 4 (Indicated and Inferred Mineral Resource of 1.7Mt at 2.2% copper), Sarami (4m at 3.3% copper), Hara Kilab (5.54m at 3.96% copper), and Mahab 2 (5m at 2.81% copper)
· The Sultanate of Oman is a modern Middle Eastern country with excellent infrastructure, low fuel costs and a favourable fiscal regime to support any potential mine development
Savannah’s CEO, David Archer said, “We are particularly pleased with these highly encouraging results from the reprocessing of the 2010 VTEM data. We are buoyed by the fact that in most cases throughout the world individual VMS deposits very rarely occur by themselves and these new results point towards the real possibility that a number of clusters of VMS deposits are present within the tenements.
“These early results underscore Savannah’s strategy, that through the application of systematic exploration, an excellent opportunity exists in Oman to build a significant mid-tier copper producer around the development of clusters of moderate to high grade copper deposits utilising a central processing facility.
“Oman is a well-developed country with excellent infrastructure and a favourable overall development setting. The Project benefits from close proximity to a major deep sea port, bitumen roads across the licence areas and adjacent power lines, low fuel and labour costs, in addition to a favourable fiscal and tax regime.”
