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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% | 3.30 | 3.20 | 3.40 | 3.30 | 3.30 | 3.30 | 1,445,125 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.86M | -0.0016 | -20.63 | 60.33M |
From Apr 2019 to Apr 2024
TIDMSAV
RNS Number : 2211R
Savannah Resources PLC
20 September 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
20 September 2017
Savannah Resources Plc
Robust Lithium Intersections Support the Potential to Fast Track the Advanced Mina do Barroso Lithium Project to Production, Portugal
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce that the first part of a reverse circulation ('RC') drill programme aimed at defining a JORC compliant Mineral Resource Estimate at the Mina do Barroso Lithium Project ('Mina do Barroso' or the 'Project') in Portugal (Figure 1) has returned significant intersections of lithium mineralisation. To view the press release with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/2211R_-2017-9-19.pdf
HIGHLIGHTS:
-- Assay results from the drill programme have returned a series of robust lithium intercepts on two of the high priority targets within the C-100 Mina do Barroso mining lease
-- Reservatorio Deposit: drilling confirmed mineralisation over a 200m strike length together with good down dip extensions of at least 80m. Results include:
- 36m at 1.26% Li O from 29m in 17RESRC05 - 33m at 1.15% Li O from 16m in 17RESRC07 - 26m at 0.92% Li O from 61m in 17RESRC04 - 25m at 1.01% Li O from 36m in 17RESRC03
-- Grandao Deposit: drilling confirmed mineralisation over a 200m strike length in a large, near surface, sub horizontal pegmatite body. Results include:
- 18m at 1.27% Li O from 1m in 17GRARC06 - 17m at 1.24% Li O from 16m in 17GRARC05 - 15m at 1.08% Li O from 39m in 17GRARC04 - 14m at 1.18% Li O from surface in 17GRA07
-- Both Reservatorio and Grandao remain open along strike and down dip leaving excellent upside potential for both deposits
-- Drilling is due to commence again shortly at NOA and will be followed by further drilling at both Reservatorio and Grandao with a view to defining a JORC compliant resource by the end of 2017
-- Further mapping at five additional high priority targets, some with significant historical drill intersects, has also commenced to fast track the targets to drilling
-- Phase 2 of the Metallurgical Test Work programme is scheduled to commence shortly. This is aimed at providing the required data for a scoping study, with results of the test work expected before the end of 2017.
-- The intersection of near surface lithium mineralisation supports the potential for the Project to be fast tracked towards production via a series of open pit mines - targeting a development decision before the end of 2018.
Savannah's CEO, David Archer said: "The drilling of the first two targets at Mina do Barroso has confirmed excellent lithium grades over a series of broad intercepts. These results further highlight the appeal of the Project, which we believe is one of the most promising lithium projects in Europe, thanks to a number of key features:
ü Spodumene is the dominant lithium mineral. It has high percentages of lithium relative to other lithium minerals and is a mineral with a conventional and well understood processing path;
ü Metallurgical test work has shown very good recoveries producing a 6% Li O low iron concentrate product;
ü There is near surface mineralisation with open pit potential;
ü We have a granted mining lease with 19 years to run;
ü There is excellent existing infrastructure, including the export port of Leixoes 140km by road; and
ü It is strategically positioned in Europe.
"Taking these positive attributes into consideration, we believe Mina do Barroso could be brought into production relatively quickly to produce a Li O concentrate for the manufacture of battery grade lithium. This is within a highly favourable context as there is a clear intent on the part of governments, communities and car manufacturers to foster accelerated adoption of electric vehicles. This will bring into focus lithium mines that can be brought into production swiftly to meet growing demand.
"We believe that hard rock, lithium spodumene deposits like those at Mina do Barroso will be playing the leading role in the upstream part of the lithium value chain going into the 2020s."
Figure 1. Mina do Barroso Project Summary Map showing prospects and 2017 drilling - see PDF link
Reservatorio
Assay results from the drilling at Reservatorio has confirmed lithium mineralisation (Table 1 and Figure 2-3) in pegmatite up to 49 metres in width (down hole). Drilling intersected significant zones of lithium mineralisation along a 200m strike length and on one section to at least 80m down dip confirming the potential for good depth extensions of the lithium mineralisation. Drilling suggests that the pegmatite body has a dip of about 40 degrees to the northwest and the pegmatite remains open along strike and down dip. Importantly, the mineralisation starts from surface suggesting excellent potential for the use of open pit mining methods as part of any potential mine development.
Table 1. Summary of drill results for Reservatorio reported at both a 0.2% and 0.5% Li(2) O cut-off
Hot Features
Premium
Hole 0.2% Li(2) O Cut 0.5% Li2O Cut
Prospect ID Off Off
------------- ---------- ------------------- -------------------
14m at 1.12% Li(2) 5m at 0.73% Li(2)
Reservatorio 17RESRC02 O from 6m O from 6m
------------- ---------- ------------------- -------------------
7m at 1.60% Li(2)
O from 13m
------------- ---------- ------------------- -------------------
30m at 0.88% Li(2) 25m at 1.01% Li(2)
Reservatorio 17RESRC03 O from 34m O from 36m
------------- ---------- ------------------- -------------------
39m at 0.71% Li(2) 26m at 0.92% Li(2)
Reservatorio 17RESRC04 O from 59m O from 61m
------------- ---------- ------------------- -------------------
39m at 1.18% Li(2) 36m at 1.26% from
Reservatorio 17RESRC05 O from 29m 41m
------------- ---------- ------------------- -------------------
10m at 0.3% Li(2) No Significant
Reservatorio 17RESRC06 O from 2m Results
------------- ---------- ------------------- -------------------
50m at 0.85% Li(2) 33m at 1.15% Li(2)
Reservatorio 17RESRC07 O from 8m O from 16m
------------- ---------- ------------------- -------------------
26m at 0.52% Li(2) 14m at 0.73% from
Reservatorio 17RESRC08 O from 15m 19m
------------- ---------- ------------------- -------------------
Figure 2. Summary of drilling at Reservatorio, together with historical drill holes and planned drill holes. (It is important to note that may of the historical drill holes intersected only sediments as they were not drilled deep enough to intersect the underlying pegmatite body) - see PDF link
Figure 3. Reservatorio: Cross Section through 17RESRC04, 17RESRC05 and 17RES07 - see PDF link
Grandao
Assaying at Grandao has returned lithium mineralisation (Table 2 and Figure 4-5) to a maximum down hole width of 19m. Drilling intersected mineralised pegmatite along a 200m strike length and drilling has indicated that the body is close to flat or shallowly dipping to the southwest. This near surface, relatively flat body would have significant mining cost benefits for any potential development of the deposit as it could be mined using an open pit with what is likely to be a very low strip ratio. The pegmatite body remains open in all directions; further work is required to better define the full potential of the Grandao pegmatite bodies.
Table 2. Summary of drill results for Grandao reported at both a 0.2% and 0.5% Li(2) O cut-off
Hole 0.2% Li2O Cut 0.5% Li2O Cut
Prospect ID Off Off
--------- ---------- ------------------- -------------------
No Significant No Significant
Grandao 17GRARC01 Results Results
--------- ---------- ------------------- -------------------
No Significant No Significant
Grandao 17GRARC02 Results Results
--------- ---------- ------------------- -------------------
4m at 0.9% Li(2) 4m at 0.9% Li(2)
Grandao 17GRARC03 O from 36m O from 36m
--------- ---------- ------------------- -------------------
2m at 1.69% Li(2) 2m at 1.69% Li(2)
O from 45m O from 45m
--------- ---------- ------------------- -------------------
11m at 0.77% Li(2) 11m at 0.77% Li(2)
O from 51m O from 51m
--------- ---------- ------------------- -------------------
17m at 1.00% Li(2) 15m at 1.08% Li(2)
Grandao 17GRARC04 O from 39m O from 40m
--------- ---------- ------------------- -------------------
17m at 1.24% Li(2) 17m at 1.24% Li(2)
Grandao 17GRARC05 O from 16m O from 16m
--------- ---------- ------------------- -------------------
19m at 1.23% Li(2) 18m at 1.27% Li(2)
Grandao 17GRARC06 O from 1m O from 1m
--------- ---------- ------------------- -------------------
14m at 1.18% Li(2) 14m at 1.18% Li(2)
Grandao 17GRARC07 O from Surface O from Surface
--------- ---------- ------------------- -------------------
7m at 0.7% Li(2) 5m at 0.84% Li(2)
Grandao 17GRARC08 O from 10m O from 11m
--------- ---------- ------------------- -------------------
10m at 1.13% Li(2) 9m at 1.24% Li(2)
Grandao 17GRARC09 O from 7m O from 8m
--------- ---------- ------------------- -------------------
Figure 4. RC drilling at Grandao together with historical drill holes and planned drill holes. (It is important to note that many of the historical drill holes intersected only sediments as they were not drilled deep enough to intersect the underlying pegmatite body) - see PDF link
Figure 5. Grandao: Cross Section through 17GRARC0X, 17GRARC0X, 17GRARC0X - see PDF link
Drilling is now underway at NOA and with follow up drilling at both Reservatorio and Grandao to be completed following this to further define the mineralisation with a view to achieving a JORC compliant mineral resource before the end of 2017.
Additional Projects
Apart from Reservatorio, Grandao and NOA there are a series of five other advanced exploration opportunities which are currently being mapped and sampled to determine their order of priority for follow up drilling. All of the prospects were drilled by a small number of shallow drill holes by a previous explorer evaluating the project for potential feed for ceramic products. These initial results are very encouraging and represent what appear to be a series of walk up drill targets for future evaluation.
A summary of the key characteristics of each prospect is provided below in Table 3.
Table 3. Summary of other advanced prospects in the Mina do Barrosa tenement
Prospect Apparent Dimension Historical Results
---------------- ----------------------- ------------------------
Carvalha approx. 300m by 30m SAC1: 12m at 1.22%
da Bacora Li(2) O from 16m (EOH)
---------------- ----------------------- ------------------------
Pinheiro sporadic outcrop over SP2: 13m at 1.25% Li(2)
a 200m strike length O from Surface
---------------- ----------------------- ------------------------
Alto do Cortico approx. 300m by 30m SAC6: 5m at 1.07% Li(2)
O from 3m
---------------- ----------------------- ------------------------
Campo de 4 bodies with approx CAM1: 2m at 1.28% Li(2)
Futebol dimensions of 100m by O for 5m
20m each
---------------- ----------------------- ------------------------
Piegro Negro sporadic outcrop over PGR01: 4m at 0.9% Li(2)
a 200m strike length O from Surface
---------------- ----------------------- ------------------------
Figure 6. Small bulk sample pit on lithium bearing pegmatite on the NOA prospect - see PDF link
Figure 7. Lithium bearing pegmatite from drilling at the Mina do Barroso Project - see PDF link
Figure 8. The export port of Leixoes, located 140km by road from Mina do Barroso - see PDF link
Savannah has a 75% shareholding 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. Additional information in this announcement is based upon information compiled by Mr Colin Rothnie, an independent consultant. Mr Ferguson and Mr Rothnie are both a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and have 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 and Mr Rothnie consent 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 7117
plc 2489
David Hignell / Gerry Northland Capital Tel: +44 20 3861
Beaney (Nominated Partners Ltd 6625
Adviser)
Christopher Raggett finnCap Ltd Tel: +44 20 7220
/ Emily Morris 0500
(Corporate Broker)
Charlotte Page / Lottie St Brides Partners Tel: +44 20 7236
Brocklehurst Ltd 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 holds a 75% interest one mining licence and nine prospective applications for the exploration and development of lithium, covering approximately 1,024km(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 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.
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, * Reverse circulation (HQ size) samples were taken on
random chips, or specific specialised industry either 1 intervals for pegmatite or 4m composites in
standard measurement tools appropriate to the surrounding schist. RC samples were collected in
minerals under investigation, such as down hole gamma large plastic bags from an onboard rig splitter and a
sondes, or handheld XRF instruments, etc). These 4-6kg representative sample taken for analysis.
examples should not be taken as limiting the broad
meaning of sampling.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Include reference to measures taken to ensure sample * Drilling was conducted on a nominal 80m by 40m
representivity and the appropriate calibration of any spacing based on geological targets using RC drilling
measurement tools or systems used. technology, an industry standard drilling technique.
Drilling rods are 3m 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.
* A downhole survey for each hole was completed
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Aspects of the determination of mineralisation that * The lithium mineralization is predominantly in the
are Material to the Public Report. form of Spodumene-bearing pegmatites, the pegmatites
are unzoned and vary in thickness from 15m-39m.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse * Down hole sampling is carried out on either a 1 or 4m
circulation drilling was used to obtain 1 m samples interval from which 4-6kg of pulverized material (RC)
from which 3 kg was pulverised to produce a 30 g was pulverized to 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 * RC drilling at a diameter of 120mm is a form of
hammer, rotary air blast, auger, Bangka, sonic, etc) reverse circulation drilling requiring annular drill
and details (eg core diameter, triple or standard rods. Compressed air is pumped down the outer tube
tube, depth of diamond tails, face-sampling bit or and the sample is collected from the open face
other type, whether core is oriented and if so, by drilling bit and blown up the inner tube.
what method, etc).
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
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 * RC drilling sample weights were monitored to ensure
representative nature of the samples. 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 4-6kg.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* 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 * RC holes were logged in the field at the time of
and geotechnically logged to a level of detail to sampling.
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Each 1m sample interval was carefully homogenized and
assessed for lithology, colour, grainsize, structure
* Whether logging is qualitative or quantitative in and mineralization.
nature. Core (or costean, channel, etc) photography.
* A representative chip sample produced from RC
* The total length and percentage of the relevant drilling was washed and taken for each 1m sample and
intersections logged. stored in a chip tray which was photographed
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * RC samples were split by the rotary splitter on the
and sample half or all core taken. drill rig and sampled dry
preparation
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* For all sample types, the nature, quality and * The sampling was conducted using industry standard
appropriateness of the sample preparation technique. techniques and were considered appropriate
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Quality control procedures adopted for all * The 4m composites were collected using a spear with
sub-sampling stages to maximise representivity of the spear inserted into the bag at a high angle and
samples. pushed across the sample to maximise representivity
of the sample
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Measures taken to ensure that the sampling is * Every effort was made to ensure that the samples were
representative of the in situ material collected, representative and not bias in anyway
including for instance results for field
duplicate/second-half sampling.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Whether sample sizes are appropriate to the grain * All samples were taken once they went through the
size of the material being sampled. onboard splitter from the drill rig. Depending on the
rock types on average a 4-6kg sample was sent to the
lab for analysis and the remaining material averaged
18-24kg and remains stored on site for any further
analysis required
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Quality
of assay * The nature, quality and appropriateness of the * Samples were received, sorted, labeled and dried
data and assaying and laboratory procedures used and whether
laboratory the technique is considered partial or total.
tests * Samples were crushed to 70% less than 2mm, riffle
split off 250g, pulverize split to better than 85%
passing 75 microns and 5g was split of for assaying
* The samples were analysed using ALS laboratories
ME-MS89L Super Trace method which combines a sodium
peroxide fusion with ICP-MS instrumentation utilizing
collision/reaction cell technologies to provide the
lowest detection limits available.
* A prepared sample (0.2g) is added to sodium peroxide
flux, mixed well and then fused in at 670degC. The
resulting melt is cooled and then dissolved in 30%
hydrochloric acid. This solution is then analyzed by
Inductively Coupled Plasma - Mass Spectrometry and
the results are corrected for spectral inter-element
interferences.
* The final solution is then analyzed by ICP-MS, with
results corrected for spectral inter-element
interferences.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* 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 * Standards/blanks and duplicates we inserted on a 1:20
standards, blanks, duplicates, external laboratory ratio for both to samples taken
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
* Duplicate sample regime is used to monitor sampling
methodology and homogeneity.
* A powder chip tray for the entire hole is completed
for both RC and RAB. A sub-sample is sieved from the
large RC bags at site into chip trays over the
pegmatite interval to assist in geological logging.
These are photographed and kept on the central
database
* Routine QA/QC controls for the method ME-MS89L
include Blanks, certified reference standards of
Lithium and duplicate samples. Samples are assayed
within runs or batches up to 40 samples. At the
fusion stage that quality control samples are
included together with the samples so all samples
follow the same procedure until the end. Fused and
diluted samples are prepared for ICP-MS analysis. ICP
instrument is calibrated through appropriate
certified standards solutions and interference
corrections to achieve strict calibration fitting
parameters. Each 40 samples run is assayed with 2
blanks, 2 certified standards and one duplicate
samples and results are evaluated accordingly.
* A QA/QC review of all information indicated that all
assays we inside reasonable tolerance levels.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * All information was internally audited by company
and assaying either independent or alternative company personnel. personnel
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* The use of twinned holes. * Several historical holes we twinned for comparison
purposes with the modern drilling
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Documentation of primary data, data entry procedures, * Savannah's experienced project geologists are
data verification, data storage (physical and supervised all process's.
electronic) protocols.
* All field data is entered into a custom log sheet and
then into excel spreadsheets (supported by look-up
tables) at site and subsequently validated as it is
imported into the centralized Access database.
* Hard copies of logs, survey and sampling data are
stored in the local office and electronic data is
stored on the main server.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
* Discuss any adjustment to assay data. * Results were reported as Li(ppm) and were converted
to a percentage by dividing by 10,000 and then to
Li2O% by multiplying by 2.153
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Location
of data * Accuracy and quality of surveys used to locate drill * The coordinate of each drill hole was taken at the
points holes (collar and down-hole surveys), trenches, mine time of collecting using a handheld GPS with an
workings and other locations used in Mineral Resource accuracy of 5m.
estimation.
* The grid system used is WSG84
* Specification of the grid system used.
* Topographic accuracy was +/- 5m
* Quality and adequacy of topographic control.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * Drilling was on a nominal 80m by 40m spacing and
distribution based on 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 4m basis based on
geological criteria, these areas were all outside the
* Whether sample compositing has been applied. pegmatite bodies where 1m sampling was completed
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Orientation
of data * Whether the orientation of sampling achieves unbiased * Drilling was orientated perpendicular to the known
in relation sampling of possible structures and the extent to strike of the pegmatites
to which this is known, considering the deposit type.
geological
structure * Drill holes we orientated at either -60 degrees or
* If the relationship between the drilling orientation -90 degrees depending on the dip of the pegmatite in
and the orientation of key mineralised structures is an attempt to get drill holes as close to true width
considered to have introduced a sampling bias, this as possible
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 * All work was completed inside the 100% owned Mina do
and land including agreements or material issues with third Barroso project C-100
tenure parties such as joint ventures, partnerships,
status overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings.
* 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 * N/A
done by * Acknowledgment and appraisal of exploration by other
other parties.
parties
--------------- ----------------------------------------------------------------- ------------------------------------------------------------------
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 15m-39m. Lithium is present in most
aplite compositions.
--------------- ----------------------------------------------------------------- ------------------------------------------------------------------
Drill
hole * A summary of all information material to the * Grid used WSG84
Information understanding of the exploration results including a
tabulation of the following information for all
Material drill holes: * No material data has been excluded from the release
Hole ID AMG AMG North Depth Azimuth Dip
o easting and northing of East
the drill hole collar ----------- ------- ---------- ------ -------- ----
o elevation or RL (Reduced 17RESRC02 599920 4609183 50m 150 -60
Level - elevation above sea ----------- ------- ---------- ------ -------- ----
level in metres) of the drill 17RESRC03 599820 4609200 110m 150 -60
hole collar ----------- ------- ---------- ------ -------- ----
o dip and azimuth of the hole 17RESRC04 599720 4609214 125m 150 -60
o down hole length and interception ----------- ------- ---------- ------ -------- ----
depth 17RESRC05 599742 4609185 105m 150 -60
o hole length. ----------- ------- ---------- ------ -------- ----
* If the exclusion of this information is justified on 17RESRC06 599584 4608968 50m 150 -60
the basis that the information is not Material and ----------- ------- ---------- ------ -------- ----
this exclusion does not detract from the 17RESRC07 599840 4609166 80m 150 -60
understanding of the report, the Competent Person ----------- ------- ---------- ------ -------- ----
should clearly explain why this is the case. 17RESRC08 599758 4609151 85m 150 -60
----------- ------- ---------- ------ -------- ----
17GRARC01 601947 4608100 100m - -90
----------- ------- ---------- ------ -------- ----
17GRARC02 601927 4608065 100m - -90
----------- ------- ---------- ------ -------- ----
17GRARC03 601907 4608031 85m - -90
----------- ------- ---------- ------ -------- ----
17GRARC04 601945 4608024 80m - -90
----------- ------- ---------- ------ -------- ----
17GRARC05 601978 4607993 80m - -90
----------- ------- ---------- ------ -------- ----
17GRARC06 601969 4607960 80m - -90
----------- ------- ---------- ------ -------- ----
17GRARC07 602008 4607946 40m - -90
----------- ------- ---------- ------ -------- ----
17GRARC08 601986 4607847 40m - -90
----------- ------- ---------- ------ -------- ----
--------------- --------------------------------------------------------------- --------------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * Low Grade Intercepts are weighted averages using a
methods techniques, maximum and/or minimum grade truncations 0.2%Li2O cut off with no more than 2m of internal
(eg cutting of high grades) and cut-off grades are dilution
usually Material and should be stated.
* High Grade Intercepts are weighted averages using a
* Where aggregate intercepts incorporate short lengths 0.5%Li2O cut off with no more than 2m of internal
of high grade results and longer lengths of low grade dilution
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 down hole
mineralisation reporting of Exploration Results. intercepts
widths
and intercept
lengths * If the geometry of the mineralisation with respect to * No metal equivalent values have been used.
the drill hole angle is known, its nature should be
reported.
* The drill holes are detailed in the table in the main
release and the pegmatite at Reservatorio appears to
* If it is not known and only the down hole lengths are dip at around 40degrees to the north west and at
reported, there should be a clear statement to this Grandao it is sub horizontal
effect (eg 'down hole length, true width not known').
--------------- --------------------------------------------------------------- --------------------------------------------------------------------
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
reporting * Where comprehensive reporting of all Exploration * All relevant results available have been reported.
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 the
data geological observations; geophysical survey results; 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 * Further rock chip sampling, channel sampling and RC
tests for lateral extensions or depth extensions or drilling. Once planning has been completed the detail
large-scale step-out drilling). will be 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
END
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