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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Savannah Resources Plc | AQSE:SAV.GB | Aquis Stock Exchange | Ordinary Share | GB00B647W791 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.35 | 3.20 | 3.50 | 3.35 | 3.35 | 3.35 | 0.00 | 06:56:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSAV
RNS Number : 2224J
Savannah Resources PLC
07 September 2016
The following amendment has been made to the 'Anomalous Lithium Identified on Finland Projects' announcement released on 7 September at 7.00 a.m. under RNS No 1302J.
In the announcement, the appendix included was incorrect. The correct appendix has now been added in to the announcement below.
All other details remain unchanged.
The full amended text is shown below.
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
7 September 2016
Savannah Resources Plc
Anomalous Lithium Identified on Finland Projects
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, announces that reconnaissance rockchip sampling over its new lithium projects in Finland, Somero and Erajarvi, has returned anomalous lithium results. To view the press release with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/2224J_-2016-9-7.pdf
HIGHLIGHTS:
-- 4 weeks of an 8-10 week reconnaissance geological mapping and rockchip sampling programme has been completed
-- A total of 70 rockchip samples have been collected to date and submitted to the laboratory for analysis, with 3 assay results returned to date
-- Initial analysis, geological mapping and rock chip sampling has highlighted:
o Somero Project has prospective pegmatites up to 1,200m long and 50m wide with an initial rockchip assay of 4% lithium oxide ('Li(2) O')
o Erajarvi Project has prospective pegmatites up to 800m long and 30m wide with an initial rockchip assay of 1.29% Li(2) O
-- Key lithium minerals petalite, spodumene and lepidolite were all identified in hand specimens
-- The remaining assays are expected to be received over the next four to six weeks and the results will be announced as soon as practicable thereafter
-- Finland is one of the most prospective countries on mainland Europe for potential lithium discoveries. Both project areas have excellent access to high quality infrastructure and are located close to potential final customers
David Archer, Savannah's Chief Executive Officer said today, "We are very pleased that this early work is already confirming both encouraging grades and defining significant pegmatites at surface containing key lithium minerals. Finland is a lithium focus for a number of companies, both because of its excellent mining legislation and its infrastructure endowment. These initial results are promising and we keenly await the next set of results."
Figure 1. Location map showing position of new lithium projects in Finland - see PDF link
Summary Table of Rock Chip Results
Hot Features
Premium
SAMPLE Northing Easting Fe203 Li2O Cs (ppm) Nb (ppm) Rb (ppm) Sn (ppm) Ta (ppm)
(%) (%)
-------- --------- -------- ------ ----- --------- --------- --------- --------- ---------
FIN001 6732953 314874 0.64 4 21.7 <5 43.9 <5 4.9
-------- --------- -------- ------ ----- --------- --------- --------- --------- ---------
FIN002 6733042 314481 1.16 0.02 39.3 69 163.5 16 31.6
-------- --------- -------- ------ ----- --------- --------- --------- --------- ---------
FIN003 6829974 376485 1.12 1.29 1540 67 3020 356 162
-------- --------- -------- ------ ----- --------- --------- --------- --------- ---------
Datum: ETRS-TM35FIN
---------------------------------------------------------------------------------------------------
SOMERO LITHIUM PROJECT
Savannah's Somero Reservation (Figure 2) is located less than 2km south of TSX listed Nortec Minerals' Kietyonmaki and Hirvikalio lithium deposits, which were drilled by the GTK (Finnish Government Department). Historical geological mapping of the area has confirmed the presence of 56 pegmatites, some with the lithium minerals petalite and spodumene, but no geochemical sampling had been completed to date. Recent work completed by Savannah focusing on these pegmatites has highlighted a series of pegmatites up to 1.2km in length and 50m wide, with some of the pegmatites like the Torkkomaki prospect containing massive zones of petalite, which has returned a high-grade lithium assay result of 4% Li(2) O (Figure 3). A total of 70 rock chip samples were collected and submitted for analysis and to date three assays have been returned.
Figure 2. Somero Project Tenement boundary/local geology highlighting pegmatite swarm - see PDF link
Figure 3. Pegmatite outcrop at the Torkkomaki Prospect showing massive occurrences of the lithium mineral Petalite (FIN001: 4% Li(2) O) - see PDF link
ERAJARVI LITHIUM PROJECT
The Erajarvi Project (Figure 4) reservation covers a swarm of at least 61 known pegmatites that have been mapped in the area, but to date no geochemical sampling has been conducted. Preliminary mapping indicates that the potential lithium bearing pegmatites are in the contacts of the granite plutons or in the schists close to the contacts, with larger pegmatites over 10m wide generally not encountered farther than 1.5km from the granites.
The larger pegmatites in the region include Niemelä pegmatite, which is up to 30m wide and at least 800m long) and Vitaniemi, which is at least 400m in strike, over 100m in width, 10m in thickness and open in all directions. The prospectivity of these pegmatites was confirmed in the recent mapping and sampling program with abundant lithium minerals spodumene, lepidolite, petalite identified in the Vitaniemi pegmatite and a sample collected from here assaying 1.29%Li(2) O (Figure 5).
Further detailed mapping and systematic sampling of the Erajarvi reservation is now underway, with this work expected to take at least four weeks.
Figure 4. Erajarvi Project Tenement boundary/local geology highlighting pegmatite swarm - see PDF link
Figure 5. Old pit on the Vitaniemi pegmatite and abundant lithium minerals located in the pegmatite, predominantly Petalite, Spodumene and Lepidolite (FIN003: 1.29% Li(2) O) - see PDF link
Key Reference: Geological Survey of Finland Bulletin 134 (1981) Granitic pegmatites of the Erajarvi area in Orivesi, Southern Finland
Competent Person
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
**S**
For further information please visit www.savannahresources.com or contact:
David Archer Savannah Resources plc Tel: +44 20 7117
2489
David Hignell / Gerry Beaney Northland Capital Partners Tel: +44 20 3861
(Nominated Adviser) Ltd 6625
Jon Belliss / Elliot Hance Beaufort Securities Tel: +44 20 7382
(Corporate Broker) Ltd 8300
Charlotte Page / Lottie St Brides Partners Ltd Tel: +44 20 7236
Brocklehurst 1177
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, development company:
Oman
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 at a grade of 2.2% copper and high grade intercepts of up to 56.35m at a grade of 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, 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.
Mozambique
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. Formation of the joint venture remains subject to approval by the Ministry of Mineral Resources and Energy of the Republic of Mozambique. Jangamo has a 65Mt Inferred Mineral Resource at a grade of 4.2% total heavy minerals ("THM") at a 2.5% cut-off grade. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at a grade of 3-4.5% THM (published in 2008).
Finland
Savannah has registered applications over two new lithium projects, Somero and Erajarvi, covering an area of 159km(2) in Finland. Savannah holds a 100% interest in these projects through its Finnish subsidiary Finkallio Oy. Geological mapping by the Finnish Government within the project areas has highlighted the presence of lithium minerals spodumene, lepidolite and petalite with the Government also identifying Somero and Erajarvi as one of the most prospective areas to discover lithium deposits in Finland. Savannah plans to initiate an exploration programme including data compilation, geological mapping and surface sampling with the aim of generating drill ready targets during 2016.
APPIX 1 - JORC 2012 Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Assay results obtained relate to rock chip sampling
random chips, or specific specialised industry
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma * All rock chip samples were random in nature to ensure
sondes, or handheld XRF instruments, etc). These that they were representative
examples should not be taken as limiting the broad
meaning of sampling.
* Total sample of around 1kg was pulverized for
assaying
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. * Samples were geologically logged on site and there
AMG co-ordinates recorded.
* Aspects of the determination of mineralisation that
are Material to the Public Report. * Samples are then dispatched to ALS Laboratories in
Perth for analysis using the following process route.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse * Whole sample is dried at 85degC, Crush to 70% -10
circulation drilling was used to obtain 1 m samples mesh (2mm), 100% pulverize to 85%passing -200 mesh
from which 3 kg was pulverised to produce a 30 g (75 m).
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * Al2O3, As, CaO, Co, Cr2O3, Cu, Fe2O3, K2O, Li2O, MgO,
Unusual commodities or mineralisation types (eg MnO, Ni, Pb, S, SiO2, TiO2, Zn all assayed via
submarine nodules) may warrant disclosure of detailed inductively Coupled Plasma - Atomic Emission
information. Spectroscopy (ICP - AES). A prepared sample (0.2g) is
added to sodium peroxide flux (2.6g), mixed well and
then fused in a 670degC furnace. The resulting melt
is cooled and then dissolved in 30% hydrochloric
acid. This solution is then analysed by ICP-AES and
the results are corrected for spectral inter-element
interferences.
* Cs, Nb, Rb, Sn, Ta, Th, U all assayed via inductively
Coupled Plasma - Mass Spectroscopy (ICP - MS). A
prepared sample (0.2g) is added to sodium peroxide
flux (2.6g), mixed well and then fused in a 670degC
furnace. The resulting melt is cooled and then
dissolved in 30% hydrochloric acid. This solution is
then analysed by ICP-MS and the results are corrected
for inter-element interferences.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * The analytical techniques used are appropriate for
data and assaying and laboratory procedures used and whether the elements and mineralization styles being explored
laboratory the technique is considered partial or total. for.
tests
* For geophysical tools, spectrometers, handheld XRF * Savannahs QAQC protocol is to industry standards with
instruments, etc, the parameters used in determining standard reference material and blanks submitted at a
the analysis including instrument make and model, minimum of 5% frequency rate.
reading times, calibrations factors applied and their
derivation, etc.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * No independent or alternative verification of the
and assaying either independent or alternative company personnel. assays has been made
* The use of twinned holes. * No adjustments have been made to the assay data
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Location
of data * Accuracy and quality of surveys used to locate drill * Holes have been located using a handheld GPS unit
points holes (collar and down-hole surveys), trenches, mine using WGS84
workings and other locations used in Mineral Resource
estimation.
* No topographic data is available
* Specification of the grid system used.
* Quality and adequacy of topographic control.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * Sample spacing was random and based on geological
distribution observations
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * Samples were collected along or on potential
grade continuity appropriate for the Mineral Resource mineralized rock types
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * Sampling has predominantly targeted pegmatite bodies
in relation sampling of possible structures and the extent to and at times the alteration halo around the
to which this is known, considering the deposit type. pegmatites into the country rock
geological
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Sample
security * The measures taken to ensure sample security. * Chain of custody is managed by Savannah. Samples are
stored on site in a locked yard. Samples are then
transported to Perth by airfreight. Savannah
personnel have no contact with the samples once they
have been dispatched.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Audits or
reviews * The results of any audits or reviews of sampling * No audits or reviews of the sampling techniques or
techniques and data. data have been completed.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
------------ ------------------------------------------------------------ ------------------------------------------------------------
Mineral
tenement * Type, reference name/number, location and ownership * Somero, 100% owned prospecting permit VA2016:0019
and land including agreements or material issues with third
tenure parties such as joint ventures, partnerships,
status overriding royalties, native title interests, * Earajarvi, 100% owned prospecting permit VA2016:0018
historical sites, wilderness or national park and
environmental settings.
* The tenement is in good standing with no known
impediment to renewal.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a license to operate in the area.
------------ ------------------------------------------------------------ ------------------------------------------------------------
Exploration
done by * Acknowledgment and appraisal of exploration by other * Key Reference: Geological Survey of Finland Bulletin
other parties. 134 (1981) Granitic pegmatites of the Erajarvi area
parties in Orivesi, Southern Finland
------------ ------------------------------------------------------------ ------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * The deposit type is LCT (Lithium, Cesium, Tantalum)
mineralisation. pegmatites are a petrogenetically defined subset of
granitic pegmatites that are associated with certain
granites. They consist mostly of quartz, potassium
feldspar, albite, and muscovite. Common accessory
minerals include garnet, tourmaline, and apatite. The
major lithium ore minerals are spodumene, petalite,
and lepidolite; cesium mainly comes from pollucite;
and tantalum mostly comes from columbite-tantalite.
------------ ------------------------------------------------------------ ------------------------------------------------------------
Diagrams
* Appropriate maps and sections (with scales) and * Relevant diagrams and maps have been included in the
tabulations of intercepts should be included for any main body of the release.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
------------ ------------------------------------------------------------ ------------------------------------------------------------
Balanced * All results have been reported.
reporting * Where comprehensive reporting of all Exploration
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
------------ ------------------------------------------------------------ ------------------------------------------------------------
Other
substantive * Other exploration data, if meaningful and material, * Further exploration work is underway and will be
exploration should be reported including (but not limited to): reported when it becomes available.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
------------ ------------------------------------------------------------ ------------------------------------------------------------
Further
work * The nature and scale of planned further work (eg * Further geological mapping and rock chip sampling is
tests for lateral extensions or depth extensions or underway to further define the areas of potential
large-scale step-out drilling). anomalism
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
------------ ------------------------------------------------------------ ------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUGUCCBUPQGPM
(END) Dow Jones Newswires
September 07, 2016 08:54 ET (12:54 GMT)
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