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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.05 | -1.43% | 3.45 | 3.40 | 3.50 | 3.50 | 3.45 | 3.50 | 744,569 | 09:06:30 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.86M | -0.0016 | -21.56 | 63.07M |
From May 2019 to May 2024
TIDMSAV
RNS Number : 1749G
Savannah Resources PLC
25 May 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
25 May 2017
Savannah Resources Plc
Strategic Lithium Project Acquisition with Near-Term Production Potential, Portugal
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), is pleased to announce that it has entered into an agreement with a consortium of vendors led by Slipstream Resources Investments Pty Ltd ('Vendors' or 'Slipstream') to acquire a series of highly prospective lithium projects with near-term production potential in the north of Portugal (the "Transaction"). To view the press release with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/1749G_-2017-5-24.pdf
TRANSACTION HIGHLIGHTS
-- Strategic opportunity to become the first significant lithium producer in Europe having acquired the Mina do Barroso prospect in northern Portugal;
Hot Features
Premium
-- Approved Mining Plan ('MP'), Environmental Impact Assessment ('EIA') and a 30-year mining concession/Mining Licence ('ML') means that with a defined JORC resource a development decision could be made by the end of 2018;
-- Significant exploration results include:
o Due diligence rock chip sampling identifying desirable spodumene pegmatites >70m wide with Li(2) O grades > 3.12%
o Continuous rock chipping returning broad zones of lithium mineralisation including 30m at 1.18% Li(2) O, 30m at 1.35% Li(2) O and 35m at 1.67% Li(2) O
o High-grade drill results which commence from at or near surface including 32m at 1.16% Li(2) O from 20m, 12m at 1.6% Li(2) O from 1m and 16m at 1.35% Li(2) O from surface;
-- Preliminary metallurgical test work has indicated that a high-grade (over 6% Li(2) O), clean, low iron, lithium concentrate can be produced;
-- Further exploration underway including mapping and rock chip sampling with drilling expected to commence in around two weeks with the initial focus on defining a JORC resource at Mina do Barroso to support a potential mine development;
-- Acquisition is part of an enlarged acquisition that included a 75% interest in four project areas covering up to 1,018km(2) of tenure with proven high-grade lithium mineralisation offering additional upside potential;
-- Secured Portuguese operating partner Mineralia Minas, Geotecnia e Construcoes, Lda., which has commissioned over 11 quarries and mines in Portugal;
-- Portugal has consistently ranked highly in the world for desirability for investment (2016 Fraser Institute study) and is in the top 7 lithium-producing countries (linked to the ceramics industry); and
-- Consideration for the Transaction will comprise of initial cash consideration of AUD$1.0million plus the issue of 20,000,000 ordinary shares of 1p each in Savannah ('Ordinary Shares') to the Vendors.
-- Additional milestone based, conditional consideration, as summarised below, which could lead to an aggregate consideration of AUD$10.1m (GBP5.8m) (cash and shares) based on Savannah's closing share price on 24 May 2017.
Savannah's CEO, David Archer said: "This transaction provides Savannah with a unique opportunity to secure what we believe to be one of the most advanced lithium mining concessions in Europe, in a low-cost and stable political environment. With an approved Mining Plan, Environmental Impact Assessment, Mining Licence and the potential to produce high grade lithium product, we believe the Mina do Barroso prospect could transform the European lithium / Electric Vehicle ('EV') industry by becoming the first producer of battery quality lithium in Europe.
"Mainland Europe currently consumes around 25% of the world's lithium and is an early adopter of EVs and battery storage solutions. With battery production by major European manufacturers rapidly expanding, any potential local supplies from mainland Europe are being keenly sought and we believe the Mina do Barroso, together with our enlarged portfolio of lithium assets in Portugal, is ideally situated to address this strategic need. Work is now underway to define a JORC resource at Mina do Barroso so that we may be in a position to make a development decision by the end of 2018. This is undoubtedly a highly strategic and valuable growth opportunity for Savannah."
FURTHER INFORMATION
Savannah is acquiring a 75% interest in actual and contingent assets spread over four project areas with over 1,018km(2) of tenure including: one granted mining concession (5.42km(2) ), and nine pending exploration licence applications (the 'Projects').
Of the 1,018km(2) Project area relating to the pending applications: 348km(2) is on track for government approval and 670km(2) is currently subject in part to overlapping exploration licence applications from third parties.
1) TECHNICAL INFORMATION ON THE PROJECTS
The advanced nature of the Mina do Barroso prospect, with an approved ML, MP and EIA means that with the definition of a JORC resource, a development decision could potentially be made by the end of 2018. Mina do Barroso is part of the enlarged Covas do Barroso Project area.
Figure 1. Mining Licence Details
Region Concession Name Area Expiry* --------- ---------------- ---------- ----------- Covas do C-100: 'Mina 5.42km(2) 12/05/2036 Barroso do Barroso' --------- ---------------- ---------- -----------
*Mining licence may benefit from a contract extension of 20 years at agreement of licence holder and Portuguese State.
Figure 2. Exploration Licence Applications Details
Region Tenement Area Approximate % Economic
Name (km(2) Overlap Interest
) by Other Held by
Applications Slipstream
(km(2) Resources
) Unipessoal
Lda
------------------ ----------- -------- -------------- ------------
Covas do Barroso Vilar 99 79 100%
------------------ ----------- -------- -------------- ------------
Beça 21 Nil 100%
------------------------------ -------- -------------- ------------
Reigoso 83 Nil 100%
------------------------------ -------- -------------- ------------
Serra D'Arga Calvelo 73 Nil 100%
------------------ ----------- -------- -------------- ------------
Ponte
de Lima 294 147 100%
------------------------------ -------- -------------- ------------
Caminha 193 174 100%
------------------------------ -------- -------------- ------------
Barca D'Arga Meda 171 Nil 60%
------------------ ----------- -------- -------------- ------------
Almendra 57 17 100%
------------------------------ -------- -------------- ------------
Tâmega Caramos 29 26 100%
------------------ ----------- -------- -------------- ------------
Figure 3. Country Map for the Projects - see PDF link
Figure 4. Location of the Projects - see PDF link
(i) Covas do Barroso Project
The presence of swarms of known 'lithium-bearing pegmatite dykes' has made this region a key focus for Savannah. The initial emphasis is on the Covas do Barroso area, which includes:
1) the advanced 'Mina do Barroso' prospect with approved mining licence; 2) the highly prospective Vilar (223km(-) -(2) ), and Beca prospects; and 3) Reigoso which contains extensive un-explored spodumene bearing pegmatites.
The Barroso-Alvão region is characterised by the presence of a large field of several dozen pegmatite and aplite-pegmatite dykes of granitic composition. Pegmatite dykes are mainly intruded in the granitic rocks of the region whilst aplite-pegmatite dykes are hosted by low- to medium-grade metasedimentary rocks of Silurian age that are strongly deformed (B. CHAROY et al.,1992). The thickness of these dykes ranges from less than 1m up to 70m with the primary focus on lithium rich spodumene-rich aplite-pegmatite dykes.
Mina Do Barroso Prospect
Based on the work Savannah has undertaken to date, the Directors believe that the Mina Do Barroso prospect is arguably one of the most advanced lithium development projects in Europe with the potential to be fast tracked into production.
Past Exploration
Previous work on the prospect has focused on the production of ceramics and not lithium. As a result, the lithium work is largely unstructured but points to significant potential in a relatively underexplored series of pegmatites that have not had their strike, width or down dip potential defined. Work has included reconnaissance geological mapping, trenching, drilling and preliminary metallurgical test work.
Geology and Rock Chip Sampling
The Mina do Barroso Prospect comprises a series of well-defined pegmatites up to 50m in width and 400m in length, with past exploration confirming the presence of lithium within the pegmatites. A series of high priority opportunities have been defined within the prospect area (Savannah Rock Chips Appendix 2A, Vendor Rock Chips Appendix 2B), these include:
NOA
Rock chip sampling by Savannah during April 2017 including continuous rock chips and scattered rock chips average 1.5% Li O. The continuous rock chipping outlined significant widths of mineralisation including:
- 30m at 1.18% Li(2) O in NOA 1 - 30m at 1.35% Li(2) O in NOA 2 - 35m at 1.67% Li(2) O in NOA 3
This sampling confirms the prospectivity of the NOA area with a series of pegmatites in the area which require further detailed and systematic exploration.
Reservatorio
Rock chip sampling by Savannah during April 2017 targeting spodumene bearing pegmatites has confirm the prospectivity of the Reservatorio Lens as the samples ranged from 0.87% Li2O to 2.7% Li2O and averaged 1.6% Li2O. Significant potential exists in the Reservatorio area with the potential for the pegmatite to extend over 400m in strike length.
Grandao
The Grandao area contains some of the most extensive pegmatite outcrop in the Mina do Barroso prospect area. Recent rock chip sampling by Savannah in April 2017 in the area returned results of 1.41% Li O to 2.07% Li O with an average 1.79% Li2O, the highest average grade for any of the Mina do Barroso aplo-pegmatites. However, it should be noted that there is only limited sampling to date and further work is required to determine the potential of the area.
Figure 5. Two zones of pegmatites within the metasedimentary sequence in the Minas do Barroso area - see PDF link
Figure 6. Below Left: Coarse-grained Lithium bearing pegmatites from the Mina do Barroso tenement.
Below Right: Close-up of coarse-grained spodumene from the Mina do Barroso tenement - see PDF link
Figure 7. Mina Do Barroso Prospect exploration results summary map - see PDF link
Trenching
A programme of 26 trenches was completed during 2002 ranging from 10m to 125m in length has identified a series of pegmatites ranging from 10-50m in width and up to 400m in length. The trenching was focused on identifying the pegmatites and testing the near surface material for ceramics properties, no lithium sampling was completed.
Figure 8. 2002 trenching being conducted - see PDF link
Drilling
Exploration work by past explorers has included a series of shallow drill holes (115 holes ranging from 7m to 84m in depth, with 75 holes confirmed to contain anomalous lithium) targeting near surface ceramic material (refer to Appendix 1). Lithium analysis has highlighted significant anomalies including:
* 10m at 1.1% Li(2) O from surface in CB2 (EOH) * 19m at 1.03% Li(2) O from 21m in RES01C
* 7m at 1.22% Li(2) O from surface in CB2 (EOH) * 8.5 at 1% Li(2) O from 2m RES06 (EOH)
* 16m at 1.35% Li(2) O from surface in GRA05 * 14m at 1.04% Li(2) O from surface in RES07
* 17m at 1% Li(2) O from 7m GRA15 * 32m at 1.16% Li(2) O from 20m in RES019
* 8m at 1.43% Li(2) O from 32m in GRA028 * 11m at 1.1% Li(2) O from 43m in RES023
* 22m at 1.1% Li(2) O from 3m in NOA01 (EOH) * 12m at 1.6% Li(2) O from 1m in RES030
* 15m at 1% Li(2) O from 7m in NOA13 * 12m at 1.22% Li(2) O from 16m in SAC01 (EOH)
* 10m at 1.5% Li(2) O from 2m in RES01 (EOH) * 13m at 1.24% Li(2) O from surface in SP2(EOH)
Note: Intercepts calculated using a 0.7% Li(2) O cut-off with no more than 1m of internal dilution and a minimum mineralised width of 7m and an average grade of over 1% Li(2) O.
Preliminary Metallurgy
Initial preliminary metallurgical test work has been completed by past explorers which indicates that a clean, high quality spodumene product (over 6% Li(2) O) can be produced from the mineralised rock. The mineralisation at Mina do Barroso compares very favourably to the mineralisation at the Pilgangoora deposits of both Altura and Pilbara Minerals in Australia, and a simple comparison is provided below.
-- Altura, Pilgangoora: Resource Grade 1.15% Li(2) O, 1.7% Fe(2) O(3) ; concentrate grade >6% Li(2) O
-- Pilbara Minerals, Pilgangoora: Resource Grade 1.29%Li(2) O, 1.19% Fe(2) O(3) ; concentrate grade >6% Li(2) O
-- Mina do Barroso: Mineralisation Grade approximately 1.1% Li(2) O, 0.5%Fe(2) O(3) ; concentrate grade >6%Li(2) O
Approved 30 Year Mining Licence, Mine Plan and Environmental Impact Assessment
One of the significant advantages of the Mina do Barroso project is the approved Environmental Impact Assessment and Mine Plan to remove approximately 7Mt of lithium, quartz and feldspar from seven pegmatites within the approved mining licence. The term of the current licence is 30 years: commencing in 2006 and expiring in 2036.
The approvals would need to be modified for the extraction of additional material and to build a plant specific to lithium processing, with this process expected to take in the order of 6-8 months as the changes are an amendment to the existing approvals.
Reigoso Prospect
Field reconnaissance at the Reigoso Prospect highlighted an area of at least, 3 x 1.5km with many outcrops of large pegmatites rich in coarse spodumene. The larger pegmatites seem to be sub-horizontal "sills", indicating that they may have large volumes of pegmatite near surface following the down dip extension of the bodies. The main body seems to be quite extensive with at least one of the bodies with the potential to be at over 50m width and 500m in strike at surface with many other smaller pegmatite bodies. Detailed mapping and sampling of the area is now required to determine the potential of the area.
Figure 9. Reigoso main outcropping pegmatite - see PDF link
Figure 10. Reigoso Prospect, massive spodumene crystals up to 1m in size - see PDF link
(iii) Serra d'Arga Project
Savannah has pegged three tenements in the Serra d'Arga area including Calvelo, Ponte de Lima and Caminha. The Serra d'Arga project area covers a swarm of sills associated with the evolution of the diapiric Serra d'Arga granite. The sills exhibit complex associations of lithium minerals.
The spodumene-bearing bodies of aplite and pegmatite can occur intra-granitic, but are mainly found beyond the pluton. In the coastal area north of Viana do Castelo, the bodies of aplite-pegmatite are enclosed in well-exposed metasedimentary host rocks where spodumene may account for up to 20% of the volume of the bodies, and crystals may attain 30cm in length (Gomes & Nunes 1990, Gomes 1992).
The modal proportion of petalite attains 15% in some bodies in the Formigoso area. Some bodies of homogeneous aplite and pegmatite approach 8,000ppm lithium, contain disseminated spodumene-petalite, and lepidolite-bearing pegmatites in the same field may exceed 12,000ppm lithium.
From this exploration, a large pegmatite (>80m) can be seen and the surface indications for W and E indicate that it has, at least, >400m length (see Figures 11 and 12). These bodies seem to be sub-horizontal, so they may have more volume of pegmatite near the surface, following the dip. The presence of feldspar is actually very rare and the percentage of spodumene in this body seems to be around 30 - 40%.
Figure 11. Outcropping spodumene bearing pegmatite in Caminha permit - see PDF link
Figure 12. Outcropping spodumene bearing pegmatite in Caminha permit - see PDF link
Figure 13. Serra D'Agra Project exploration results summary map - see PDF link
(iv) Barca d'Alva Project
The Almendra-Souto (AS) region is a high priority for lithium resources. Surrounded by highly evolved granitoids, it is a region with metalogenic potential, known by its Sn, W and lithium mineralisation. The region is well known for the presence of pegmatite-aplite veins with the lithium minerals lepidolite, spodumene and petalite (Gaspar 1997; Charoy & Noronha 1999). Savannah has pegged two tenements in the region, Meda and Almendra, covering a number of known swarms.
The Meda project surrounds a small mining lease that covers one of the larger veins of this pegmatite-aplite field (an open pit for the ceramic industry known as Bajoca mine). This vein has an extension of 700m, with variable thickness between a few metres to more than 30m. There are many other lithium occurrences in the area but to date they have been largely explored for ceramic mate rial with little exploration directed toward the supply of lithium carbonate for the battery industry.
(v) Tâmega Project
The area contains numerous pegmatite-aplite veins and rare-element-rich granites. Lithium minerals are dominated by layered petalite, spodumene and montebraisite, hosted in NW-trending aplite-pegmatites that surround a leucogranite. Reserves of lithium as spodumene were mined from the Vieiros tin mines 10km to the NW. Slipstream has pegged the Caramos tenement.
Portuguese Operating Partner
Savannah has formed a strong working and business relationship in Portugal with Mineralia Minas, Geotecnia e Construcoes, Lda. ('Mineralia'). Mineralia is a geological and engineering firm that has commissioned over 11 quarries and mines in Portugal and has been involved in the local mining industry for over 50 years.
Current Valuation
The Projects are not currently capitalised in the financial accounts of the Vendors but costs incurred in relation to previous exploration programmes have been expensed both by the Vendors and by the previous owners of the Projects.
The Company commissioned an independent valuation report utilising the Kilburn Geosciences Rating Method indicating that the value of the Covas do Barroso tenements is between USD851,000 - USD2,240,000 in their current state. In addition, the Company understands that historical expenditure by the prior owner of the Projects prior to Slipstream's ownership (mapping, assaying, drill testing, metallurgical testwork, market studies, and activities associated in applying for and being granted mining licenses and associated environmental and technical studies) was significantly in excess of Slipstream's costs.
2) KEY COMMERCIAL TERMS OF THE TRANSACTION
Savannah has acquired the Portuguese assets through the purchase of an effective 75% shareholding in Slipstream Resources Unipessoal Lda (the registered holder of the Mina do Barroso Mining Licence and the registered applicant for the above mentioned nine pending exploration licence applications).
Savannah acquired its equity interest in Slipstream Resources Unipessoal Lda through a transaction with a consortium of vendors led by Slipstream Resources Investments Pty Ltd ('Vendors').
Savannah and the Vendors will form a joint-venture in relation to both the Mina do Barroso Mining Licence and the remaining exploration licence applications, with Savannah taking 75% controlling equity interest in Slipstream Resources Unipessoal Lda. Savannah shall fund the operations of the joint venture up until a decision to mine is made, after which funding of the joint venture shall be shared pro-rata to respective equity interests.
Consideration
The initial consideration for the Transaction is a mixture of cash and the issue of Ordinary Shares to the Vendors, being AUD $1.0m purchase price and the issue of 20,000,000 Ordinary Shares at the current market price at the time of issue. These 20,000,000 Ordinary Shares (to be held in escrow for six months from the date of issue) will be issued to the Vendors shortly and a further announcement will be made at that time.
Deferred consideration of AUD$1.5m cash and a further 20,000,000 Ordinary Shares of the Company (to be subject to orderly market provisions for six months) has also been agreed to be paid to the Vendors upon the announcement by Savannah of a JORC-compliant Indicated Mineral Resource of 7.5 million tonnes at no less than 1% Li(2) O ('Milestone 1').
In addition, upon the announcement by Savannah of a further JORC-compliant Indicated Mineral Resource of a minimum of 7.5m tonnes at no less than 1% lithium; final consideration of AUD$1.5m cash and an additional 20,000,000 Ordinary Shares (to be subject to orderly market provisions for six months) be paid to the Vendors ('Milestone 2') (together with Milestone 1, 'the Milestones').
Assuming the Milestones are achieved, the total consideration for the Transaction could equate to an aggregate value of AUD$10.1m (GBP5.8m) based on the deferred consideration being calculated using the Company's closing share price on 24 May 2017. The consideration is heavily geared towards the Vendors' receipt of Ordinary Shares in Savannah, which will align the respective parties Joint Venture interests and therefore further improve business cooperation in respect of the Projects.
A majority of the consideration paid pursuant to the terms of the Transaction is subject to the successful development of the Project(s) as a result of the Milestones (outlined above), thus minimising initial cost of the Transaction and linking future consideration to a successful Joint Venture and the increase in value in the Project(s).
Mr Dale Ferguson
Mr Dale Ferguson, the Company's Technical Director, is also a Director of and minority shareholder in Slipstream Resources Investments Pty Ltd (one of the Vendors).
As such, Dale Ferguson has been excluded from any of Savannah's commercial negotiations with the Vendors and is precluded from voting on any matters relating to the sale and purchase agreement between Savannah and the Vendors.
Furthermore, as part of the technical due diligence process, Savannah engaged Wardell Armstrong International to prepare a technical report on the Projects.
3) DEMAND FOR LITHIUM
The Directors believe there is a revolution underway in how we generate and use energy. As such, the demand for materials such as lithium, which is a key component in new energy storage solutions, is rising at record rates.
Respected US group, Morningstar Institutional Equity Research, made the following comments in November 2016: "Accelerating electric vehicle adoption will drive global lithium demand far beyond consensus expectations, affording attractive investment opportunities for long-term investors. We expect EV penetration to surge from less than 1% of global auto sales in 2015 to 10% in 2025, well ahead of the market view for only 4%-6% penetration by 2025. We forecast 16% annual lithium demand growth over the next decade, faster than we've witnessed for almost any major commodity over the past century."
Figure 14. Projected increasing lithium demand, Morningstar Institutional research Nov 2016 - see PDF link
Highlight Issued of the European Lithium Market:
-- apart from small Iberian production for local ceramics/glass use, the EU has no internal lithium supply;
-- the EU is a major importer of lithium consuming 24% of global market (second only to China); and
-- lithium processing sites from imported material in several EU countries.
Most of the large car manufacturers are launching models that integrate lithium ion battery technology whilst Tesla, Inc. is aiming to bring electric vehicles to the mass market by lowering costs and entering into battery manufacture with their 'Gigfactory' in Nevada which will initially produce 500,000 units per annum.
It will invariably take time for leading car manufacturers and society to adopt electric vehicles to a point which will impact the lithium market. However, there is growing concern by governments to take action to reduce global warming and pollution of cities by use of fossil fuels and the adoption of electric vehicles can play a significant role. The market for lithium ion batteries has grown markedly following the adoption by consumer technologies - and car batteries require substantially more lithium to power electric vehicles.
Increased use of lithium ion batteries for heavy duty power storage particularly linked to sources of renewable energy off-grid was also projected by Roskill. The increasing use of lithium-aluminium alloys in aircraft manufacture to lighten weight and improve fuel efficiency has good growth potential.
In global terms, China is the largest consumer of lithium - providing approximately 35% of the market's consumption, with Europe as the second largest consumer (24% consumption), and thereby followed by Japan and South Korea.
Competent Person Statement
The information in this document that relates to technical information 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, 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 3.5 billion tonnes at 3.8% THM over the Jangamo and Dongane deposits. Under the terms of the Consortium Agreement with Rio Tinto, upon delivery by Savannah of the following Savannah will earn the 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.
Portugal
Savannah holds a 75% interest one mining licence and nine prospective applications for the exploration and development of lithium, covering an area in excess of 1,018km(2) in northern Portugal. This includes the highly strategic Mina do Barroso prospect, which with an approved Mining Plan ('MP'), Environmental Impact Assessment ('EIA') and a 30-year mining concession/Mining Licence ('ML'), means that with a defined JORC resource a development decision could be made as early as Q4 2018.
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. 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.
Appendix 1. List of historical drill Holes completed by past explorers (Datum: UTM36, all holes were vertical)
SISTEMA HAYFORD-GAUSS,
Refernce DATUM 73 Altitude Depth Inclination Azimuth
---------- ------------------------- --------- -------- ------------ --------
CAM01 216985.991 28809.167 556.28 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM02 216980.717 28810.585 555.927 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM03 216899.117 28858.168 553.652 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM04 216972.627 28765.313 549.921 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM05 216898.638 28749.455 551.492 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM06 216857.849 28762.144 550.307 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM07 216774.075 28788.118 551.366 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM08 216769.360 28786.860 550.541 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM09 216864.780 28834.347 561.683 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM10 216918.505 28808.607 560.508 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CAM11 216921.391 28802.941 560.446 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CB1 216686.570 26416.650 Unknown 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CB2 216677.790 26394.560 Unknown 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CB3 216704.650 26409.830 Unknown 7 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
CB4 216703.600 26414.830 Unknown 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA01 216533.654 29735.557 590.042 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA01C 216502.759 29677.151 584.881 49.25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA02 216511.539 29701.783 589.5 25 -60 50
---------- ------------- ---------- --------- -------- ------------ --------
GRA02C 216554.377 29732.927 584.423 50.65 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA03 216492.443 29634.906 576.105 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA04 216488.371 29704.274 585.997 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA05 216433.876 29800.609 572.372 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA06 216393.432 29780.665 570.073 25 -60 135
---------- ------------- ---------- --------- -------- ------------ --------
GRA07 216421.455 29833.988 577.062 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA08 216271.482 29686.967 571.708 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA09 216301.008 29689.524 572.07 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA10 216328.960 29769.273 595.593 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA11 216327.260 29772.162 596.482 25 -60 55
---------- ------------- ---------- --------- -------- ------------ --------
GRA12 216312.061 29826.885 597.697 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA13 216127.218 29673.722 602.599 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA14 216159.632 29594.982 589.047 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA15 216465.018 29758.783 578.356 31 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA16 216496.330 29747.830 589.487 49 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA17 216574.147 29734.825 581.175 37 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA18 216532.309 29800.724 588.61 28 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA19 216593.933 29815.495 587.575 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA20 216609.605 29745.825 571.714 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA21 216630.887 29695.654 563.183 40 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA22 216625.439 29684.962 564.397 55 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA23 216565.915 29653.589 564.279 37 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA24 216521.111 29593.644 563.098 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA25 216548.923 29589.928 558.558 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA26 216472.028 29625.394 568.555 52 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA27 216560.015 29718.304 581.613 64 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA28 216543.872 29695.451 581.168 52 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA29 216593.843 29673.597 564.679 70 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
GRA30 216649.53 29757.155 563.571 31 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA01 217927.423 27050.364 689.929 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA01C 217949.379 26964.205 688.855 25.4 -70 180
---------- ------------- ---------- --------- -------- ------------ --------
NOA02 217922.289 26989.187 696.528 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA03 217935.442 26945.09 695.919 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA04 217930.474 26934.224 695.487 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA05 218135.9 26802.348 682.899 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA06 218130.538 26832.993 687.097 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA07 218151.273 26784.416 680.969 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA08 218140.089 26796.964 683.368 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA09 218127.363 26791.088 685.069 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA10 218051.072 26758.72 688.037 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
NOA11 217944.088 27042.307 689.131 25 -70 190
---------- ------------- ---------- --------- -------- ------------ --------
NOA12 217948.301 26989.999 689.744 31 -70 180
---------- ------------- ---------- --------- -------- ------------ --------
NOA13 217957.925 26948.318 687.655 28 -70 180
---------- ------------- ---------- --------- -------- ------------ --------
NOA14 217978.795 26916.067 682.408 37 -70 160
---------- ------------- ---------- --------- -------- ------------ --------
NOA15 218014.671 26962.206 672.857 31 -60 180
---------- ------------- ---------- --------- -------- ------------ --------
NOA16 217980.807 27028.687 680.501 31 -70 170
---------- ------------- ---------- --------- -------- ------------ --------
NOA17 217981.494 26986.163 680.54 19 -70 170
---------- ------------- ---------- --------- -------- ------------ --------
NOA18 217990.891 26941.089 680.279 34 -70 170
---------- ------------- ---------- --------- -------- ------------ --------
PGR01 217389.547 28213.799 536.804 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGR02 217419.387 28139.954 530.975 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGR03 217400.538 28130.008 532.492 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGR04 217441.822 28117.918 516.136 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGR05 217414.089 28082.582 522.014 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGR06 217377.778 28243.222 538.141 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGR09 217422.249 28211.18 528.728 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
PGRP01 217325.558 27996.046 494.211 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES01 217666.695 27797.776 585.285 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES01C 217637.252 27555.293 598.395 52.45 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES02 217698.375 27763.957 592.658 16 -60 120
---------- ------------- ---------- --------- -------- ------------ --------
RES02C 217629.294 27449.518 595.475 15.95 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES03 217692.524 27760.329 594.009 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES04 217691.466 27760.133 593.957 13 -60 120
---------- ------------- ---------- --------- -------- ------------ --------
RES05 217346.668 27516.754 573.76 22 -60 95
---------- ------------- ---------- --------- -------- ------------ --------
RES06 217308.787 27566.463 561.046 16 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES07 217482.392 27404.824 597.352 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES08 217599.126 27540.016 584.538 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES09 217609.099 27487.610 587.46 13 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES10 217592.711 27453.538 591.754 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES11 217534.765 27472.747 591.915 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES12 217553.003 27388.772 605.365 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES13 217651.212 27428.685 603.281 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES14 217644.648 27488.622 596.448 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES15 217624.603 27538.707 593.255 25 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES16 217656.975 27677.694 594.743 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES17 217506.996 27455.964 590.375 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES18 217526.417 27414.684 600.389 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES19 217673.914 27598.770 607.177 61 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES20 217658.092 27535.668 603.914 70 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES21 217687.398 27688.169 600.181 46 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES22 217698.264 27454.664 611.802 40 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES23 217689.289 27528.710 611.428 84 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES24 217651.288 27476.240 596.846 55 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES30 217688.450 27754.200 Unknown 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
RES31 217622.420 27656.500 Unknown 22 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SAC 1 216735.36 26374.39 Unknown 28 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SAC 2 216706.18 26388.29 Unknown 12 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SAC 3 216764.55 26436.96 Unknown 6 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SAC 5 217350.73 25646.71 Unknown 6 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SAC 6 217417.24 25654.78 Unknown 8 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SAC 7 218052.79 25130.53 Unknown 8 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SGA 3 213701.79 27052.94 Unknown 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SGA 4 213745.87 27052.22 Unknown 9 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SSP 2 214931.63 29274.05 Unknown Unknown -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SSP 3 214961.86 29273.24 Unknown Unknown -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SSP 4 215399.65 29199.4 Unknown Unknown -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SP1 215558.180 29397.320 Unknown 10 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
SP2 215429.860 29326.010 Unknown 19 -90 0
---------- ------------- ---------- --------- -------- ------------ --------
Appendix 2A. Rock Chip Sampling completed by Savannah during April 2017
PROJECT: Mina do
Barroso
----- ---------------------------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
UTM WGS Li(2)
29 84 Li Li O Averages Ta Ta2O5 Nb Nb2O5 Sn Be Cs
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
SAMPLE Length Field
ID Easting Northing (m) Notes ppm % % % ppm ppm ppm ppm ppm ppm ppm
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Rim of
old
open-cut
- centre
NOA 1A 599135 4609422 25 point 5030 0.503 1.07 1.07 25 31 38 55 43 134 30
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
0 block -
NOA to centre
1-01 599148 4609433 5 point 1310 0.131 0.28 52 64 71 102 631 147 115
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
5 block -
NOA to centre
1-02 599146 4609248 10 point 3280 0.328 0.70 31 37 45 65 187 119 77
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
10 block -
NOA to centre
1-03 599145 4609243 15 point 9660 0.966 2.06 1.18 17 21 29 42 30 94 21
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
15 block -
NOA to centre
N 1-04 599146 4609418 20 point 7830 0.783 1.67 5 7 15 21 27 65 35
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
20 block -
NOA to centre
O 1-05 599146 4609414 25 point 6910 0.691 1.48 11 14 24 34 31 82 36
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
25 block -
NOA to centre
A 1-06 599150 4609408 30 point 4120 0.412 0.88 17 20 41 59 39 142 25
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
0 block -
NOA to centre
2-01 599173 4609401 5 point 4550 0.455 0.97 7 9 18 25 26 94 29
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
5 block -
NOA to centre
L 2-02 599173 4609405 10 point 8860 0.886 1.89 6 7 17 24 29 79 18
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
10 block -
NOA to centre
E 2-03 599174 4609410 15 point 6620 0.662 1.41 1.35 9 11 18 26 30 88 18
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
15 block -
NOA to centre
N 2-04 599175 4609414 20 point 4190 0.419 0.89 15 18 39 56 33 148 24
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
20 block -
NOA to centre
S 2-05 599175 4609420 25 point 9310 0.931 1.99 15 18 27 39 37 110 39
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
25 block -
NOA to centre
2-06 599176 4609425 30 point 4330 0.433 0.92 18 21 36 52 46 101 29
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
0 block -
NOA to centre
1 3-01 599200 4609427 5 point 5520 0.552 1.18 13 16 23 32 102 55 28
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
5 block -
NOA to centre
3-02 599207 4609420 10 point 6100 0.61 1.30 10 13 23 33 39 105 17
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
10 block -
NOA to centre
3-03 599200 4609423 15 point
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
15 block -
NOA to centre
3-04 599201 4609418 20 point 4930 0.493 1.05 1.67 29 35 42 60 48 127 27
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
20 block -
NOA to centre
3-05 599200 4609413 25 point 9420 0.942 2.01 8 10 18 26 25 95 17
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
25 block -
NOA to centre
3-06 599199 4609409 30 point 14400 1.44 3.07 11 13 17 24 23 52 11
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
5m x 5m
30 block -
NOA to centre
3-07 599193 4609406 35 point 6560 0.656 1.40 23 28 47 68 37 150 20
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
0
to 5m circle
NOA 4 599229 4609414 5 - radius 8710 0.871 1.86 1.85 14 17 26 37 32 99 22
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Random
chips
- 10m
NOA NOA 5 598965 4609650 - radius 9910 0.991 2.12 14 17 28 39 20 85 17
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Scattered
o/c - 25m
LENS NOA 6 599046 4609677 - length 5540 0.554 1.18 1.46 8 9 19 27 17 93 12
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Random
chips
- 10m
3 NOA 7 599059 4609649 - radius 4840 0.484 1.03 22 27 35 49 46 117 18
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Random
chips
- 10m
NOA 8 598995 4609602 - radius 7060 0.706 1.51 9 11 20 29 31 75 15
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
0
RES to 20m x 10m
1-01 600016 4609146 20 block 8100 0.81 1.73 11 14 23 32 30 89 20
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
20
RES to 20m x 10m
1-02 600000 4609163 40 block 6750 0.675 1.44 7 9 20 28 45 62 28
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
40
RES to 20m x 10m
1-03 599983 4609175 60 block 8310 0.831 1.77 7 9 21 30 39 58 17
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
60
RES to 20m x 10m
1-04 599946 4609185 80 block 7780 0.778 1.66 1.55 11 14 20 29 18 36 13
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Random
chips
RES - 20m
1-05 599601 4608962 - radius 2740 0.274 0.58 10 12 20 28 42 112 53
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Random
chips
RES - 20m
1-06 599616 4608870 - radius 8250 0.825 1.76 11 13 23 33 44 90 33
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Random
chips
RES - 10m
1-07 599727 4608836 - radius 8760 0.876 1.87 18 22 33 47 101 84 18
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Chips
round
top of
hill
GRA 1 601934 4608026 - (Peg 1) 4060 0.406 0.87 12 15 23 33 57 84 53
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Site of
Bh 005
(Peg
GRA 2 602008 4607944 - 2) 8850 0.885 1.89 16 19 29 42 43 98 43
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Chips on
isolated
outcrop
GRA 3 601915 4607767 - (Peg 2) 9710 0.971 2.07 1.79 17 21 23 33 55 98 68
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Chips on
top of
hill
GRA 4 601999 4607835 - (Peg 2) 6620 0.662 1.41 6 8 14 19 33 50 56
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- top
large
2948 599097 4609467 - dump 5280 0.528 1.13 17 20 27 39 61 121 26
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
2949 - (3m)
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
2950 - (3m) 5370 0.537 1.15 17 20 27 38 62 111 24
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
D 2951 - (3m) 5590 0.559 1.19 20 25 31 44 71 130 27
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
U 2952 - (3m) 5440 0.544 1.16 1.08 24 29 35 50 137 138 26
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
M 2953 - (3m) 5450 0.545 1.16 19 23 35 50 32 137 18
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
P 2954 - (3m) 3930 0.393 0.84 21 26 37 52 37 161 19
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
2955 - (3m) 4040 0.404 0.86 21 25 37 54 36 139 18
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
2956 - (3m) 5050 0.505 1.08 22 26 40 57 35 141 20
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
- regular
intervals
2957 - (3m) 5240 0.524 1.12 25 31 43 61 42 119 22
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Spot
sample
(coarse
2958 599072 4609479 - material) 4200 0.42 0.90 21 26 35 50 33 136 19
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
NOA 9 7060 0.706 1.51 9 11 20 29 31 75 15
----- ------- -------- --------- ------- ---------- ------ ------ ------ --------- ---- ------ ---- ------ ---- ---- ----
Appendix 2B. Rock Chip Sampling completed by Vendor during 2016
Sample Co-ord Li Li(2)
Project No Datum Type Easting Northing Comments PPM O %
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY001 WGS84 UTM 598599 4608155 CB2 7500 1.61
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Drill spoils
Imeryss IMY002 WGS84 UTM 598622 4608179 from aroud CB3 3100 0.67
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY003 WGS84 UTM 598621 4608182 CB3 5810 1.25
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite drilled
Imeryss IMY004 WGS84 UTM 597849 4608834 by SAC6 5230 1.12
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY005 WGS84 UTM 597845 4608859 Pegmatite 2450 0.53
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Large pegmatite
Imeryss IMY006 WGS84 UTM 599030 4609608 near pit 8050 1.73
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY007 WGS84 UTM 598963 4609533 mine 2600 0.56
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite from
Imeryss IMY008 WGS84 UTM 598952 4609538 small pit 3590 0.77
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite from
Imeryss IMY009 WGS84 UTM 599088 4609431 large pit 1920 0.41
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite from
Imeryss IMY010 WGS84 UTM 599110 4609434 large pit 5970 1.28
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Drill spoils
Imeryss IMY011 WGS84 UTM 599160 4609430 from aroud NOA01C 5430 1.17
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY012 WGS84 UTM 599777 4609113 Pegmatite 3290 0.71
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY013 WGS84 UTM 599956 4609180 colar of RES004 14500 3.12
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY014 WGS84 UTM 601593 4607017 colar of SP001 0.0000
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY015 WGS84 UTM 601593 4607030 Pegmatite 137.5 0.03
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Drill spoils
from colar of
Imeryss IMY016 WGS84 UTM 601553 4606948 SP002 1770 0.38
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY017 WGS84 UTM 601547 4606941 Pegmatite 9970 2.14
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY018 WGS84 UTM 601552 4606925 Pegmatite 7300 1.57
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY019 WGS84 UTM 602012 4607834 GRA006 7630 1.64
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY020 WGS84 UTM 601999 4607840 Pegmatite 9140 1.97
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY021 WGS84 UTM 601953 4608026 Pegmatite 2140 0.46
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY022 WGS84 UTM 601963 4608033 Pegmatite 138.5 0.03
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY023 WGS84 UTM 601932 4608083 Pegmatite 1340 0.29
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Imeryss IMY024 WGS84 UTM 601911 4608115 Pegmatite 295 0.06
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY025 WGS84 UTM 601374 4606885 SP2 and 3 4110 0.88
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Pegmatite near
Imeryss IMY026 WGS84 UTM 601390 4606889 SP2 and 4 7500 1.61
--------- -------- ------- -------- -------- --------- ------------------- ------ -------
Appendix 3. 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, * Information presented and referred to in this release
random chips, or specific specialised industry relate to a combination of historical rock chip
standard measurement tools appropriate to the samples, bulk samples, channel sampling, RC drilling
minerals under investigation, such as down hole gamma and diamond drilling sources from a combination of
sondes, or handheld XRF instruments, etc). These open sourced academic literature and private company
examples should not be taken as limiting the broad information and recent rock chip sampling completed
meaning of sampling. by both the vendor of the project and Savannah.
* Key open file reports referenced include
Barroso-Alvao Aplite-Pegmatite Field. Granitic
Pegmatites: the state of the art - International
Symposium. Field Trip Book; Lima, A and Noronha, F,
1999. Spodumene-Petalite-Eucryptite: Mutual
relationships and pattern of alteration in Li-rich
aplite-pegmatite dykes from northern Portugal The
Canadian Mineralogist Vol. 39, pp. 729-746 (2001)
Charoy, Noronha and Lima, 2010 The Crystal Chemistry
of Spodumene in Some Granitic Aplite-Pegmatite Bodies
of Northern Portugal. The Canadian Mineralogist. Vol.
32, pp 223-226. and Moura, S, Leal Gomes, C, and
Lopes Nunes, J, 2010. Spatial analysis applied to the
Barroso-Alvão rare-elements pegmatite field
(Northern Portugal); David Barbose Da Silva, 2014
* Reverse circulation (HQ size) and diamond drill (NQ
size) samples were taken on either 1 intervals. Most
holes were RC holes were drilled vertically and
diamond holes angled at 60degree dip at various
azimuths. RC samples were collected in large plastic
bags from a cyclone then rifle split and a 2-3kg
representative sample taken for analysis. Diamond
samples were cut and sampled
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Include reference to measures taken to ensure sample * Drilling was conducted on a irregular spacing based
representivity and the appropriate calibration of any on geological targets using RC and drilling
measurement tools or systems used. technology, an industry standard drilling technique.
Drilling rods are 3m or 6m long and 1 sample is taken
for each rod interval.
* Collar surveys are carried using hand held GPS with
an accuracy to within 5m, and the z direction was
determined by satellite derived elevation data and is
accurate to less than a metre.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Aspects of the determination of mineralisation that * Lithium mineralisation is confined to the pegmatite
are Material to the Public Report. bodies and is predominantly spodumene with petalite.
* In cases where 'industry standard' work has been done * Down hole sampling is carried out at 1 or 2m
this would be relatively simple (eg 'reverse intervals from which 3kg of pulverized material (RC)
circulation drilling was used to obtain 1 m samples or 3kg of cut material (diamond) was pulverized to
from which 3 kg was pulverised to produce a 30 g produce a 50g charge for assaying
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Diamond drilling with hole diameter approximately
hammer, rotary air blast, auger, Bangka, sonic, etc) 81mm, and a drill rod diameter of approximately 75mm,
and details (eg core diameter, triple or standard all holes 60degrees inclined to geology which
tube, depth of diamond tails, face-sampling bit or produced a full rock core for sampling. RC drilling
other type, whether core is oriented and if so, by at a diameter of 120mm is a form of reverse
what method, etc). circulation drilling requiring annular drill rods.
Compressed air is pumped down the outer tube and the
sample is collected from the open face drilling bit
and blown up the inner tube.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Drill
sample * Method of recording and assessing core and chip * Field assessment of sample volume. A theoretical
recovery sample recoveries and results assessed. dried sample mass was estimated to be within the
range of 18 kg to 24 Kg, 70% of samples are within
the expected range. Lower than average sample
recovery is recorded only for the very top of the
drill hole due to air and sample losses into the
surrounding soil
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Measures taken to maximise sample recovery and ensure * In the case of diamond drilling, speeds and ground
representative nature of the samples. conditions were monitored to ensure good recoveries.
* In the case of RC drilling sample weights were
monitored to ensure samples were maximized. Samples
were carefully loaded into a splitter and split in
the same manner ensuring that the sample split to be
sent to the assay laboratories were in the range of
2-3kg.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Whether a relationship exists between sample recovery * No obvious releationships
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Logging
* Whether core and chip samples have been geologically * Historical RC drill logs show that all drill holes
and geotechnically logged to a level of detail to were logged in the field at the time of sampling.
support appropriate Mineral Resource estimation, Each 1m sample interval was carefully homogenized and
mining studies and metallurgical studies. assessed for lithology, colour, grainsize, structure
and mineralization.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. * The diamond drill core was logged onto paper to
geological intervals and structural measurements
taken where appropriate
* The total length and percentage of the relevant
intersections logged.
* Recent rock chip samples were geologically logged
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Records show that the diamond drilling was cut in
and sample half or all core taken. half and half the core taken for assaying.
preparation
* If non-core, whether riffled, tube sampled, rotary * Pictures and indicate that the RC samples were rifle
split, etc and whether sampled wet or dry. split and sampled dry
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* For all sample types, the nature, quality and * A review of the historical sample preparation method
appropriateness of the sample preparation technique. indicates that it was appropriate.
* For recent rockchip sampling at least 2kg of
representative rock material from a 2m radius around
the sample point was collected
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Quality control procedures adopted for all * It is not clear from the historical records what
sub-sampling stages to maximise representivity of practices were in place
samples.
* For recent sampling 1 in 25 samples were duplicated
in the field
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Measures taken to ensure that the sampling is * It is not clear from the historical records what
representative of the in situ material collected, practices were in place
including for instance results for field
duplicate/second-half sampling.
* Every effort was made to ensure that the samples were
representative and not bias in anyway
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Whether sample sizes are appropriate to the grain * The 18-24kg sample of the rig, the 2-3kg rifled lab
size of the material being sampled. samples and the 50g charge is considered appropriate
for the rock type.
* A minimum sample size of 2kg was collected for recent
rock chip sampling
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * Laboratory and procedures for historical sampling
data and assaying and laboratory procedures used and whether unknown
laboratory the technique is considered partial or total.
tests
* Fine crushing of rock chip and drill samples to 90%
nominal -2mm
* Split sample using a rotary splitter
* Pulverize entire sample up to 85% passing 75 microns.
* 48 element 4 acid digest with ICP-AES/ICP-MS finish
* REE's may not be totally soluble in this method.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Not used.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Nature of quality control procedures adopted (eg * Unknown for historical samples
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established. * Standards and duplicates we used and we off
acceptable levels of accuracy
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * Unknown for historical samples
and assaying either independent or alternative company personnel.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* The use of twinned holes. * No drill holes appear to be twinned
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Documentation of primary data, data entry procedures, * Most assays are Li2O occasionally they are Li assays
data verification, data storage (physical and and the conversion used was Li2O = Li x 2.153
electronic) protocols.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
* Discuss any adjustment to assay data. * No adjustments are made to the assay data for the
purposes of public reporting.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Location
of data * Accuracy and quality of surveys used to locate drill * The coordinate of each rockchip was taken at the time
points holes (collar and down-hole surveys), trenches, mine of collecting using a handheld GPS with an accuracy
workings and other locations used in Mineral Resource of 5m.
estimation.
* Specification of the grid system used. * The grid system used is the Portuguese national
ETRS89 - PT-TM06 datum.
* Quality and adequacy of topographic control. * Topographic accuracy was +/- 5m
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * Historical drilling was at irregular spacing and
distribution geological targets
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * Drill data is not currently at sufficient spacing to
grade continuity appropriate for the Mineral Resource define a mineral resource.
and Ore Reserve estimation procedure(s) and
classifications applied.
* Some samples were composited on a 2m basis based on
* Whether sample compositing has been applied. geological criteria
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * Unknown due to limited data
in relation sampling of possible structures and the extent to
to which this is known, considering the deposit type.
geological
structure * Unknown due to limited data
* 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. * Samples were delivered to a courier and chain of
custody is managed by Savannah.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
Audits * Internal company auditing
or reviews * The results of any audits or reviews of sampling
techniques and data.
------------- --------------------------------------------------------------- -----------------------------------------------------------------------
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 * Covas do Barroso Project: Mina do Barroso, Vilar,
and land including agreements or material issues with third Beca and Regioso
tenure parties such as joint ventures, partnerships,
status overriding royalties, native title interests,
historical sites, wilderness or national park and * Serra D'Agra Project: Calvelo, Ponte de Lima and
environmental settings. Caminha
* The security of the tenure held at the time of * Barca D'Alve Project: Almedra and Meda
reporting along with any known impediments to
obtaining a license to operate in the area.
* Tamega Project: Caramos
* Vilar, Calvelo and Ponte de Lima tenements are
subject to partial competing tenure as outlined in
the maps below
* Caramos is subject to a 100% competing tenure.
* It is Savannahs current understanding based on advice
from the DGEG that the areas subject to competing
tenure will be the subject of a closed tender between
the parties who have applied for the areas.
* It is Savannahs opinion that it is well placed to win
the tenders for the competing areas.
* Overlapping areas at the Serra D'Arga Project
* Overlapping areas at the Covas de Barroso project
--------------- --------------------------------------------------------------- ------------------------------------------------------------------
Exploration
done by * Acknowledgment and appraisal of exploration by other * include Barroso-Alvao Aplite-Pegmatite Field.
other parties parties. Granitic Pegmatites: the state of the art -
International Symposium. Field Trip Book; Lima, A and
Noronha, F, 1999. Spodumene-Petalite-Eucryptite:
Mutual relationships and pattern of alteration in
Li-rich aplite-pegmatite dykes from northern Portugal
The Canadian Mineralogist Vol. 39, pp. 729-746 (2001)
Charoy, Noronha and Lima, 2010 The Crystal Chemistry
of Spodumene in Some Granitic Aplite-Pegmatite Bodies
of Northern Portugal. The Canadian Mineralogist. Vol.
32, pp 223-226. and Moura, S, Leal Gomes, C, and
Lopes Nunes, J, 2010. Spatial analysis applied to the
Barroso-Alvão rare-elements pegmatite field
(Northern Portugal); David Barbose Da Silva, 2014
--------------- --------------------------------------------------------------- ------------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * The lithium mineralization is predominantly in the
mineralisation. form of Spodumene-bearing pegmatites which are hosted
in meta-pelitic and mica schists, and occasionally
carbonate schists of upper Ordovician to lower
Devonian age. The pegmatites are unzoned and vary in
thickness from 10m-50m. Lithium is present in most
aplite compositions.
--------------- --------------------------------------------------------------- ------------------------------------------------------------------
Drill hole * See table in main release
Information * A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill
hole collar
o elevation or RL (Reduced Level -
elevation above sea level in metres)
of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
--------------- --------------------------------------------------------------- ------------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * Significant intercepts were calculated using a
methods techniques, maximum and/or minimum grade truncations 0.7%Li2O cut off, no more than 1m of internal
(eg cutting of high grades) and cut-off grades are dilution and only results over 4m at 1% Li2O have
usually Material and should be stated. been reported in the summary table of results.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
--------------- --------------------------------------------------------------- ------------------------------------------------------------------
Relationship
between * These relationships are particularly important in the * Exploration results are reported as length weighted
mineralisation reporting of Exploration Results. averages.
widths
and intercept
lengths * If the geometry of the mineralisation with respect to * No high grade cuts have been applied to the reporting
the drill hole angle is known, its nature should be of the exploration results.
reported.
* No metal equivalent values have been used.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known'). * The drill holes are vertical and the mineralisation
is sub vertical.
--------------- --------------------------------------------------------------- ------------------------------------------------------------------
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, * The interpretation of the results is consistent with
exploration should be reported including (but not limited to): the observations and information obtained from
data geological observations; geophysical survey results; historical data collected.
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 * Rock chip sampling, channel sampling and RC drilling.
tests for lateral extensions or depth extensions or Once planning has been completed the detail will be
large-scale step-out drilling). provided
* 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
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