TIDMSAV
RNS Number : 9449A
Savannah Resources PLC
30 March 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
30 March 2017
Savannah Resources Plc
Oman Copper Projects Update
Mahab 4 and Maqail South Licencing and Studies
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
announces that it has now lodged the Environmental Impact
Assessment ('EIA') scoping documents (first part of licensing) for
the Mahab 4 mine development and both the scoping EIA and the full
EIA for the Maqail South mine development (Figure 1 - See PDF link)
in Block 5, Oman. Savannah is a 65% shareholder in Al Fairuz
Mining, the holder of the Block 5 licence. To view the press
release with the illustrative maps and diagrams please use the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/9449A_-2017-3-29.pdf
HIGHLIGHTS:
-- Applied for mining licences over the Mahab 4 and Maqail South deposits
-- Eight Ministerial approvals are required for the grant of
mining licences - to date four Ministries have provided sign-off
for each of Mahab 4 and Maqail South
-- Significant progress made in the key, four-stage
environmental licencing process with the Ministry of Environment
and Climatic Affairs ('MECA') for both the Mahab 4 and Maqail South
Projects
o Stage 1: EIA Scoping documents for both Mahab 4 and Maqail
South have been lodged
o Stage 2: environmental baseline studies for both Mahab 4 and
Maqail South completed
o Stage 3: preparation of full EIA well advanced with Mahab 4
and due for lodging in April 2017 and Maqail South was lodged 28
March 2017
o Stage 4: preparation of Permit applications for both Mahab 4
and Maqail South underway
-- Licencing process and mining studies continues to advance as
Savannah moves towards a final investment decision in late 2017,
with mining targeted to commence by the end of the year
Savannah's CEO, David Archer said: "We have been making very
positive progress since the mining licence applications for our
high-grade copper Mahab 4 and Maqail South deposits were lodged
with the Public Authority for Mining ('PAM') on 30 June 2016. To
this end, I am pleased to report that we have received excellent
support from PAM and the associated Ministries, which I believe is
testament to our company and development approach. We are also
working very closely with MECA, which regulates this key
approval.
"In addition to our licensing efforts and to ensure timely
delivery of the projects, a series of parallel studies are underway
including finalising and auditing of the resources for Mahab 4 and
Maqail, additional metallurgical test work including tailings
thickening test work and the development of a detailed mine design
and production plan for the two mines. We are also assessing
several processing plant turn-key solutions.
"The granting of our mining licences will mark a major milestone
in our project's development as we continue to target the
commencement of mining by the end of 2017. We are keen to lead the
way and deliver the first new copper mine development in Oman in a
number of years."
Figure 1. Project Location Map (see PDF link)
ENVIROMENTAL LICENCING FOR MINING PROJECTS IN OMAN
The primary requirements of MECA to obtain an environmental
licence for a mining project include but are not limited to the
following:
-- Stage 1: Prepare and submit a Scoping and Strategy for Assessment Document:
o Completed for both Mahab 4 and Maqail South
-- Stage 2: Undertake baseline monitoring reflecting possible emissions and land
impacts arising from the mine development and operation:
o Completed for both Mahab 4 and Maqail South
-- Stage 3: Prepare and submit an EIA document consistent with
good Omani and international practice taking into consideration
comments (if any) on the Scoping and Strategy for Assessment
Document:
o Mahab 4 due for submission in April 2017 and Maqail South
submitted 28 March, 2017
-- Stage 4: Prepare and submit a permit application form in the prescribed manner:
o Currently in preparation for both Mahab 4 and Maqail South
MAHAB 4 AND MAQAIL SOUTH LICENCING UPDATE
Savannah is now advanced significantly with the licensing of
both the Mahab 4 and Maqail South Projects, with Table 1
summarising the current position of the licensing process.
Table 1. Summary of Licensing Progress
Project EIA Scoping Baseline Full EIA Permit Application
Study Studies
-------- ------------ ---------- ------------------- -------------------
Mahab Lodged with Completed Due for submission Under Preparation
4 MECA April 2017
-------- ------------ ---------- ------------------- -------------------
Maqail Lodged with Completed Lodged with Under Preparation
South MECA MECA 28 March
2017
-------- ------------ ---------- ------------------- -------------------
Competent Person
The information in this document that relates to exploration
results is based upon information compiled by Mr Dale Ferguson,
Technical Director of Savannah Resources Limited. Mr Ferguson is a
Member of the Australian Institute of Mining and Metallurgy
(AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in
the report of the matters based upon the information in the form
and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20
plc 7117 2489
David Hignell / Gerry Northland Capital Tel: +44 20
Beaney (Nominated Partners Ltd 3861 6625
Adviser)
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 4.4Bt
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, 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.
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 has highlighted
the presence of seven pegmatites across the licence areas - two on
Somero and five on Erajarvi - with key lithium minerals petalite,
spodumene and lepidolite all identified in hand specimens. Follow
up work to further expand and define the pegmatites in readiness
for drilling is being planned for the second quarter of 2017 (after
winter).
The information in this document that relates to the resource
estimation is based upon information compiled by Mr Colin Rothnie,
an independent consultant. Mr Rothnie 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 Rothnie consents to the inclusion in the report of the
matters based upon the information in the form and context in which
it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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