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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 |
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.
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This information is provided by RNS
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December 22, 2016 02:00 ET (07:00 GMT)
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