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SAV Savannah Resources Plc

3.35
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Share Name Share Symbol Market Type Share ISIN Share Description
Savannah Resources Plc LSE:SAV London Ordinary Share GB00B647W791 ORD 1P
  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 3.30 3.40 3.35 3.35 3.35 2,161,589 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 -2.86M -0.0016 -20.94 61.24M

Savannah Resources PLC 7 Lithium Bearing Pegmatites Identified, Finland (5346S)

22/12/2016 7:00am

UK Regulatory


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TIDMSAV

RNS Number : 5346S

Savannah Resources PLC

22 December 2016

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

22 December 2016

Savannah Resources Plc

Seven Lithium Bearing Pegmatites Identified on Finland Projects

Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, announces that all results have now been received from reconnaissance rockchip sampling over its new lithium projects in Finland, Somero and Erajarvi (Figure 1). The work programme has returned anomalous lithium mineralisation across both projects, leading to the discovery of seven lithium bearing pegmatites. To view the press release with the illustrative maps and diagrams please use the following link:

http://www.rns-pdf.londonstockexchange.com/rns/5346S_-2016-12-21.pdf

HIGHLIGHTS:

-- A total of 524 rockchip samples have been collected from the Somero (244 samples) and Erajarvi (288 samples) licences and submitted to the laboratory for analysis

-- Results have highlighted seven pegmatites with anomalous lithium - two on Somero and five on Erajarvi

   --    Geological mapping and rock chip sampling has highlighted: 

o Somero Project, prospective pegmatites with assays of up to 4.47% lithium oxide ('Li(2) O') at the Torkkamaki Prospect and mineralisation traced over 150m along strike and remaining open

o Erajarvi Project, prospective pegmatites with assays of up to 1.56% Li(2) O at the Viitaniemi Prospect and mineralisation traced for over 350m before it was covered by glacial till

   --    Key lithium minerals petalite, spodumene and lepidolite were all identified in hand specimens 

-- Follow up work to further expand and define the seven anomalous pegmatites in readiness for drilling is being planned for Q2 2017 (following winter)

-- Finland is one of the most prospective countries on mainland Europe for potential lithium discoveries. Both project areas enjoy 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 extremely pleased that the assaying programme has confirmed at least seven pegmatites anomalous in lithium with the Torkkomaki and Viitaniemi pegmatites looking to have potential for scale. Finland is a lithium focus for a number of companies thanks to its significant resource potential, excellent mining legislation and infrastructure endowment, and we believe the results we have received to date support our recent decision to move into this prospective region. I look forward to providing further updates on our exploration programme in the New Year as we continue to prove up the resource potential of these assets."

Figure 1. Location map showing position of new lithium projects in Finland - See PDF

ROCK CHIP SAMPLING PROGRAMME

Sampling in glaciated terrains such as Finland presents a series of unique challenges which at times make it very difficult to get a representative rock chis samples. Millions of years of glaciation has meant that most of the outcrop has been rounded making it virtually impossible to sample with a conventional hammer and softer minerals such as lithium have been stripped from the surface of the boulder. When combined, these two factors mean that moderate levels of anomalism in the rock samples are considered significant and further follow-up sampling is then required using high powered drills (Figure 2). This method of sampling tends to be largely used in follow-up sampling due to the weight of the equipment and the time taken to obtain a representative sample.

Figure 2. Boulder sampling using a high-powered masonry drill - See PDF

Source: Company Photos

A total of 532 samples were collected and sent for analysis, with 18 of them were anomalous for lithium above 0.1% Li2O. Fourteen of the samples were from Erajarvi and four from Somero, with the highest-grade sample of 4.47% Li2O from a petalite outcrop at Somero (Tables 1-3).

Table 1: Summary samples sent for analysis

 
     Savannah        No. of    No. from   No. from    Sample       Lab 
     Batch No.       Samples    Somero     Erajarvi    Method      Batch 
                                                                    No 
-----------------  ---------  ---------  ----------  ----------  ------- 
 SAV-2016-FIN-01    67         67         0           Peroxide    501629 
-----------------  ---------  ---------  ----------  ----------  ------- 
 SAV-2016-FIN-02    184        7          177         Four Acid   501640 
-----------------  ---------  ---------  ----------  ----------  ------- 
 SAV-2016-FIN-03    107        0          107         Four Acid   501649 
-----------------  ---------  ---------  ----------  ----------  ------- 
 SAV-2016-FIN-04    174        170        4           Four Acid   501669 
-----------------  ---------  ---------  ----------  ----------  ------- 
 Total              532        244        288 
-----------------  ---------  ---------  ----------  ----------  ------- 
 

Table 2. Summary of Somero anomalous samples above 0.1% Li2O

 
 SampleID    District    Easting_TM35FIN   Northing_TM35FIN   Rock_type         Li2O% 
----------  ----------  ----------------  -----------------  ----------------  ------ 
 MM20253     Somero      314874            6732953            White pegmatite   4.47 
----------  ----------  ----------------  -----------------  ----------------  ------ 
 MM20254     Somero      314874            6732953            White pegmatite   1.42 
----------  ----------  ----------------  -----------------  ----------------  ------ 
 MM20255     Somero      314874            6732953            White pegmatite   0.23% 
----------  ----------  ----------------  -----------------  ----------------  ------ 
                                                              Pale pink 
 MM20474     Somero      312926            6731461             pegmatite        0.2% 
----------  ----------  ----------------  -----------------  ----------------  ------ 
 

Table 3. Summary of Erajarvi anomalous samples above 0.1% Li2O

 
 SampleID    District              Easting_TM35FIN   Northing_TM35FIN   Rock_type         Li2O% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20154     Eräjärvi    376551            6830116            White pegmatite   0.37% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20155     Eräjärvi    376551            6830116            White pegmatite   1.56% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20156     Eräjärvi    376551            6830116            White pegmatite   0.59% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20157     Eräjärvi    376551            6830116            White pegmatite   1.07% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20159     Eräjärvi    376288            6830073            White pegmatite   0.15% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20165     Eräjärvi    376288            6830073            White pegmatite   0.22% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20167     Eräjärvi    376288            6830073            White pegmatite   0.16% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20219     Eräjärvi    368206            6827483            White pegmatite   0.14% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20237     Eräjärvi    368786            6830685            White pegmatite   0.21% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20238     Eräjärvi    368786            6830685            White pegmatite   0.13% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20247     Eräjärvi    368757            6830585            White pegmatite   0.11% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20256     Eräjärvi    376294            6830075            White pegmatite   0.21% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20262     Eräjärvi    368961            6830952            White pegmatite   0.14% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 MM20271     Eräjärvi    368930            6830737            White pegmatite   0.13% 
----------  --------------------  ----------------  -----------------  ----------------  ------ 
 

SOMERO LITHIUM PROJECT

Savannah's Somero Reservation (Figure 3) 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). Recent work completed by Savannah focused on obtaining a representative sample from all the known pegmatites within the licence. Two of the pegmatites sampled returned anomalous lithium results with the most significant of these being the Torkkomaki, which contains massive zones of petalite, with results returning a high-grade lithium assay result of 4.47% Li(2) O (Figure 3). Mapping has traced the petalite zone for over 150m which remains open along strike in both directions.

Figure 3. Somero Project showing local geology highlighting pegmatites sampled - See PDF

Figure 4. Somero Project showing local geology highlighting lithium bearing pegmatites - See PDF

Figure 5. Pegmatite outcrop at the Torkkomaki Prospect showing massive occurrences of the lithium mineral Petalite (MM20253: 4.47% Li(2) O) - See PDF

Source: Company Photos

ERAJARVI LITHIUM PROJECT

The Erajarvi Project (Figure 6) reservation covers a swarm of at least 61 known pegmatites that have been mapped in the area, and work focused on sampling as many of these bodies as possible. Sampling confirmed that five of the bodies returned anomalous lithium with the Viitaniemi pegmatite returning the best results with assays as high as 1.56% Li2O. Mapping has traced the body for at least 350m before it was lost under glacial cover and limited outcrop confirms that the body is at least 10m in thickness and open in all directions. The prospectivity of these pegmatites was confirmed in the recent mapping and sampling program and further detailed sampling to further define the prospectivity of the lithium bearing pegmatites.

Figure 6. Erajarvi Project showing local geology highlighting pegmatites sampled - See PDF

Figure 7. Somero Project showing local geology highlighting lithium bearing pegmatites - See PDF

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       Tel: +44 20 
                                plc                      7117 2489 
    David Hignell / Gerry      Northland Capital        Tel: +44 20 
     Beaney (Nominated          Partners Ltd             3861 6625 
     Adviser) 
    Jon Belliss / Elliot       Beaufort Securities      Tel: +44 20 
     Hance                      Ltd                      7382 8300 
     (Corporate Broker) 
    Charlotte Page /           St Brides Partners       Tel: +44 20 
     Lottie Brocklehurst        Ltd                      7236 1177 
 

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, 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 3.5 billion tonnes at 3.8% THM over the Jangamo and Dongane deposits. Under the terms of the Consortium Agreement with Rio Tinto, Savannah must deliver the following to earn corresponding interest in the Mutamba Project: scoping study - 20%; pre-feasibility study - 35%; feasibility study - 51%. Additionally, the Consortium Agreement includes an offtake agreement on commercial terms for the sale of 100% of 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.

Finland

Savannah has Reservation Permits 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. Follow up work to further expand and define seven identified anomalous pegmatites in readiness for drilling is being planned for the second quarter of 2017.

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

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December 22, 2016 02:00 ET (07:00 GMT)

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