ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

SAV Savannah Resources Plc

3.35
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 Second Round of Lithium Drilling, Portugal (6325R)

25/09/2017 7:00am

UK Regulatory


Savannah Resources (LSE:SAV)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Savannah Resources Charts.

TIDMSAV

RNS Number : 6325R

Savannah Resources PLC

25 September 2017

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

25 September 2017

Savannah Resources Plc

Second Round of Lithium Drilling

Advanced Mina do Barroso Lithium Project, Portugal

Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce that the second round of reverse circulation ('RC') drilling aimed at defining a JORC resource at the Mina do Barroso lithium project in Portugal (Figures 1-2) has commenced. To view the press release with the illustrative maps and diagrams please use the following link:

http://www.rns-pdf.londonstockexchange.com/rns/6325R_-2017-9-22.pdf

HIGHLIGHTS:

   --    RC drill programme has re-started at Mino do Barroso mining lease 

-- Drilling to focus on drill testing the NOA deposit and targeting potential extensions to the significant zones of mineralisation identified at Grandao and Reservatorio in recent drilling

-- Further mapping of the mining lease area is also underway to map and define other lithium bearing pegmatites

Savannah's CEO, David Archer said: "We're looking to this next round of drilling to build on the robust drill intersections we reported last week. This has highlighted the appeal of Mina do Barroso as the best European analogue of the very successful Western Australian lithium spodumene developments. We believe that hard rock, lithium spodumene deposits like those at Mina do Barroso will play a leading role in the upstream part of the lithium value chain going into the 2020s."

Figure 1. Photograph of Drill Rig at NOA Prospect Mina do Barroso - see PDF

Figure 2. Mina do Barroso Project Summary Map - see PDF

Savannah has a 75% interest in Slipstream Resources Portugal Unipessol Lda, which is the registered holder of the Mina do Barroso mining licence.

Competent Person and Regulatory Information

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.

**ENDS**

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) 
    Christopher Raggett        finnCap Ltd             Tel: +44 20 
     / Emily Morris                                     7220 0500 
     (Corporate Broker) 
    Charlotte Page /           St Brides Partners      Tel: +44 20 
     Lottie Brocklehurst        Ltd                     7236 1177 
 

About Savannah

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, mineral 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 4.4 billion tonnes at 3.9% THM over the Jangamo, Dongane and Ravene deposits. Under the terms of the Consortium Agreement with Rio Tinto, upon delivery by Savannah of the following will earn the corresponding interest in the Mutamba Project (which currently is 20% following delivery of scoping study in May 2017): pre-feasibility study - 35%; feasibility study - 51%. Additionally, the Consortium Agreement includes an offtake agreement on commercial terms for the sale of 100% of heavy mineral concentrate 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.

Portugal

Savannah's Portuguese portfolio comprises a 75% interest in one approved mining lease and nine exploration licence applications for lithium. The project areas cover approximately 1,024km(2) of highly prospective lithium ground in northern Portugal. 348km(2) of the tenement applications are on course for government approval, with the remaining 670km(2) currently subject to overlapping exploration licence applications from third parties. The highly strategic Mina do Barroso project has in place an approved mining plan and an environmental impact assessment with a granted 30-year mining lease (expiring in 2036). Mina do Barroso represents a near-term mining opportunity for the Company and Savannah's focus upon defining a JORC compliant mineral resource estimate means that a development decision could be made as early as the end of 2018.

Finland

Savannah has Reservation Permits over two lithium projects, covering an area of 159km(2). Geological mapping has highlighted the presence of seven pegmatites with key lithium minerals petalite, spodumene and lepidolite all identified.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLLTMLTMBBTBAR

(END) Dow Jones Newswires

September 25, 2017 02:00 ET (06:00 GMT)

1 Year Savannah Resources Chart

1 Year Savannah Resources Chart

1 Month Savannah Resources Chart

1 Month Savannah Resources Chart

Your Recent History

Delayed Upgrade Clock