TIDMSAV
RNS Number : 4769G
Savannah Resources PLC
30 May 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
30 May 2017
Savannah Resources Plc
Completion of Mutamba Mineral Sands Project Scoping Study
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
is pleased to announce completion of the Mutamba Scoping Study*,
which concludes that there is potential for a financially robust,
long life mineral sands project that is anticipated to provide
excellent life of mine financial returns with relatively modest
capital requirements (Figure 1). The Mutamba Mineral Sands Project
('Mutamba' or 'the Project') is being developed by Savannah and Rio
Tinto as part of a consortium agreement between the two parties
(the 'Consortium'). Savannah has the right to earn up to a 51%
interest in the Project, subject to key milestones being met, and
by delivering the scoping study Savannah now holds a 20% interest.
To view the press release with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4769G_1-2017-5-29.pdf
KEY SCOPING STUDY HIGHLIGHTS:
-- Initial mine life ('LOM') of 30 years based on a resource of
451Mt at 6.0% total heavy minerals ('THM') (based on a conceptual
mine plan utilising 33% indicated resource and 67% inferred
resource);
-- Targeting first production in 2020 with average annual
production of 456,000t of ilmenite and 118,000t of non-magnetic
concentrate;
-- US$4.23 billion LOM revenue forecast based on Management Case
Two (base case revenue of US$3.53 billion forecast);
-- Pre-production capital expenditure of US$152 million plus
US$74 million of contingency, EPCM (Engineering, Procurement,
Construction Management) and spares, with identified opportunities
that may reduce capital expenditure (based on conceptual estimate
+/-35%);
-- Modelled production of 15Mtpa will be mined at LOM strip
ratio (waste/ore) of essentially zero (2:451);
-- Considerable upside potential remains through refining
costings and further resource drilling; and
-- Delivery of Scoping Study increases Savannah's interest in the Mutamba Consortium to 20%.
*The Scoping Study referred to in this report is based on
low-level technical and economic assessments, and is insufficient
to support estimation of Ore Reserves or to provide assurance of an
economic development case at this stage, or to provide certainty
that the conclusions of the Scoping Study will be realised.
-- Financial outcomes modelled on three key scenarios:
Mutamba TZMI Management Management
Base Case Case One Case Two
Prices +10% Product +20% Product
(US$/t) Price (US$/t) Price (US$/t)
----------------- ------------- --------------- ---------------
Ilmenite
Price (FOB) 185 204 222
----------------- ------------- --------------- ---------------
Nonmagnetic
Concentrate
(FOB) 250 275 300
----------------- ------------- --------------- ---------------
Pre-Tax Free US$1,007M US$1,347M US$1,686M
Cashflow
(LOM)
----------------- ------------- --------------- ---------------
Pre-Tax Average US$41M US$52M US$62M
Annual Free
Cashflow
----------------- ------------- --------------- ---------------
Pre-Tax NPV US$154M US$245M US$335M
(10% discount)
----------------- ------------- --------------- ---------------
IRR (pre-tax) 19% 23% 27%
----------------- ------------- --------------- ---------------
Payback Period 5yrs 4yrs 3yrs
(pre-tax)
----------------- ------------- --------------- ---------------
Note: FOB = Free on board (shipping), LOM = Life of Mine (30
years)
Savannah's CEO, David Archer said: "The results of the Scoping
Study outline the potential for a long life, robust project at a
time of increasing demand for titanium feedstocks and strong price
growth. Mutamba is a tier one deposit that is well placed to
provide a long-term, reliable supply of ilmenite, zircon and
rutile. With high-grades at surface, the Project shows potential
strong returns over a 30-year mine life. Our Management Case One
shows that the Project has a Pre-tax NPV of US$244m and a four year
pay-back.
"Our conceptual mine plan is based on well known, long
established mining and processing techniques and is enhanced by the
very complementary infrastructure setting, comprising local roads,
power, telecommunications, an international airport and the nearby
port of Inhambane.
"Importantly, the Project could provide major benefits to the
people of Inhambane Province and to Mozambique as a whole. Mutamba
could be a major industrial development for the region, and with an
anticipated final labour complement of 332 people and over 1,000
indirect jobs expected to be created, we are targeting 95% local
participation once the operations become established. The key
social benefits of the Project would be job creation and job
diversity which is complemented by the Consortium's current skills
development programme with the local community. The involvement of
local business and contractors in the Project would be supported
through a procurement and logistics policy. Furthermore, the
Project could provide strong capital flows into Mozambique and will
be an additional element in the country's growing levels of foreign
direct investment.
"With the delivery of the Scoping Study, Savannah's interest in
the Mutamba Consortium has increased to 20%. Savannah's interest
can be further increased to 35% upon the delivery of a
Pre-Feasibility Study. We are now looking to commission a group to
undertake this study once a tender process is complete."
FURTHER INFORMATION
Figure 1. Project Location Map - see PDF link
KEY OUTCOMES OF THE SCOPING STUDY
Savannah engaged TZMI to undertake a Scoping Study on the
development of Mutamba. The purpose of this study was to utilise
the existing, very extensive data set for the Project, together
with TZMI's knowledge of the heavy mineral sands industry, to
arrive at an overall picture of the technical and economic
feasibility of the Project and identify key areas, which should be
focussed on in subsequent studies.
The Mutamba Project is located in the Inhambane province of
Mozambique about 35km south east of the city of Inhambane and 300km
north east of the Mozambique capital city of Maputo. The Scoping
Study outcome is characterised by:
-- large scale operation;
-- thick, sheet-like ore body geometry;
-- stripping ratio close to zero;
-- conventional heavy minerals processing flowsheet;
-- modest pre-production capital requirement; and
-- favourable infrastructure setting and logistics
The mining inventory that forms the basis of the Scoping Study
was derived from an optimised pit shell giving a 30 year mine life
and comprises 451 million tonnes averaging 6% THM (Indicated and
Inferred Resources).
Average annual production following ramp-up to a 15 Mtpa mining
rate is estimated to be 456,000t of roasted ilmenite and 118,000t
of non-magnetic concentrate (rutile and zircon) over an initial
mine life of 30 years, which will position the Mutamba project as a
globally significant Ilmenite producer.
Mutamba Base Case Financial Model
The Mutamba Base Case has been developed by TZ Minerals
International ("TZMI") based on the technical information provided
below.
At the assumed base case pricing of US$185/t for ilmenite
(Figure 2) and US$250 for non-magnetic concentrate (rutile and
zircon) over the project life, the Project is anticipated to
generate average pre-tax cash flows of US$40 million per annum. The
life of mine revenue is forecast to be US$3.53 billion and cash
operating costs over life of mine are US$2.16 billion.
The estimated project costs (+/-35%) pre-production capital
expenditure of US$152 million plus US$74 million of contingency,
EPCM and spares, with identified opportunities that may reduce
capital expenditure with a payback of five years.
Management Case One +10% in Product Price
Management Case One uses the same parameters as the base case
scenario but with an increased product price of 10%. This elevated
price is in line with recent market evidence suggesting ilmenite
prices in China were around US$230 to US$240t in western China
where it is produced and around US$270 to US$280t when delivered to
eastern China. Information obtained from FerroyAlloy.com who track
world ilmenite prices, further supports this view.
Figure 2. Sulfate ilmenite cross-border trade prices: March 2015
to March 2017 (according to TZMI) - see PDF link
These price projections are considered by the Savannah Board to
be a reasonable forward estimate to use at the time of writing as a
basis for the Management Case One Model.
At the assumed pricing of US$204/t for ilmenite and US$275 for
non-magnetic concentrate (rutile and zircon) over the life, the
Project is anticipated to generate average pre-tax cash flows of
US$52M per annum. The life of mine revenue is forecast to be
US$3.88 billion and cash operating costs over life of mine are
US$2.17 billion.
The estimated project costs (+/-35%) pre-production capital
expenditure of US$152 million plus US$74 million of contingency,
EPCM and Spares, with identified opportunities that may reduce
capital expenditure with a payback of 4 years.
Management Case Two +20% in Product Price
Management Case Two is the same as the Mutamba Base Case, but
with an assumed 20% increase in product price.
At the assumed pricing of US$222/t for ilmenite and US$300 for
non-magnetic concentrate (rutile and zircon) over the life, the
Project is anticipated to generate average pre-tax cash flows of
US$62 million per annum. The life of mine revenue is forecast to be
US$4.23 billion and cash operating costs over life of mine are
$2.18 billion.
The estimated project costs (+/-35%) pre-production capital
expenditure of US$152 million plus US$74 million of contingency,
EPCM and spares, with identified opportunities that may reduce
capital expenditure with a payback of three years.
FURTHER TECHNICAL INFORMATION
The following sections outline the technical information,
assumptions and key criteria used for the Mutamba Scoping
Study.
Geology
Mutamba includes three separate mineral sand deposits; Jangamo,
Dongane and Ravene. The Dongane and Ravene deposits are dominated
by the high dune topography. However, at Jangamo, high dunes only
occur to the south where it approaches Dongane. Most of Jangamo is
relatively flat where the Mutamba River and its tributaries drain
north into Inhambane Bay.
Six major geological units have been defined in the Mutamba
project area. They comprise a mixture of marine, fluvial and
aeolian sedimentary deposits. A diagrammatic representation of the
geology is shown below (Figure 3).
Figure 3. Mutamba project composite cross-section - see PDF
link
Most of the heavy mineral (HM) mineralisation is hosted in the
D2, D3 and Fluvial units. The D4 unit does host moderate grade HM
mineralisation but it is not a major component of the sequence at
either Jangamo or Dongane.
JORC 2012 reportable Mineral Resources have been defined at
Jangamo, Dongane and Ravene, and are stated below (Figure 4).
Figure 4: Mutamba Resources
Resources Category Sand HM Ilmenite Ilmenite Rutile Zircon
(Mt) (%) (% in (% in (% in (% in
HM) sand) sand) sand)
----------- ------------- -------- ------ --------- --------- ------- -------
Jangamo
1336L Indicated 1,780 3.8 62 2.4 0.06 0.11
----------- ------------- -------- ------ --------- --------- ------- -------
Jangamo
1336L Inferred 200 3.5 63 2.2 0.03 0.11
----------- ------------- -------- ------ --------- --------- ------- -------
Jangamo
3617L Inferred 65 4.2 60 2.5 0.08 0.15
----------- ------------- -------- ------ --------- --------- ------- -------
Dongane Inferred 1,400 3.8 61 2.3 0.07 0.10
----------- ------------- -------- ------ --------- --------- ------- -------
Ravene Inferred 900 4.1 56 2.3 - 0.10
----------- ------------- -------- ------ --------- --------- ------- -------
Total 4,400 3.9 60 2.3 0.05 0.11
-------------------------- -------- ------ --------- --------- ------- -------
Note: The Mineral Resource information above is extracted from
the RNS entitled "900Mt Resource Defined at Ravene, Mutamba
Project, Mozambique" released on 27/03/2017, and is available to
view on the Company's website. The company confirms that it is not
aware of any new information or data that materially affects the
information included in the original market announcement and, that
all material assumptions and technical parameters underpinning the
Mineral Resource estimates in the relevant market announcement
continue to apply and have not materially changed. The company
confirms that the form and context in which the Competent Person's
findings are presented have not been materially modified from the
original market announcement.
Mining
Several mining methods were reviewed for applicability to the
Mutamba Project. These included the dredge wet mining method as
well as the front-end loader ('FEL')/truck and dozer trap dry
mining methods. Of the dry mining options considered, dozer trap
mining is preferred over the FEL/ truck mining method (Figure
5).
Figure 5: Example of dry mining using dozer trap - see PDF
link
To assist with developing the mine plan, the Mutamba deposits
were optimised using Minemax Planner software. Various pit shells
were reviewed and modelled and specific pit shells were chosen at
each deposit that provided the balance between tonnage, grade, and
continuity.
The mine schedule developed results in 451Mt of mineralised
sands being mined at a grade of 6.0% THM (Figure 6). The mine plan
is comprised of approximately 33% Indicated Resource (Jangamo in
the first ten years) and 67% Inferred Resources (Dongane and Ravene
after year ten). The total mine life is over 30 years with a LOM
strip ratio of 2 tonnes of waste mined for every 451 tonnes of
ore.
Figure 6: Scoping Study Mining Schedule - see PDF link
Processing
The proposed process includes the following stages:
-- Mined ore is slurried and pumped to the nearby primary concentrator plant (PCP)
-- Processing in the PCP consists of desliming to remove fines
and gravity separation using spiral circuits;
-- the PCP has been sized for a nominal feed rate of 2,000tph in
order to produce approximately 800,000tpa of heavy mineral
concentrate ('HMC') with a heavy mineral grade in the order of
>90%;
-- An HMC containing more than 90% HM is separated from the
light sands, slimes and tailings;
-- The PCP tailings are pumped directly back into the mine void;
-- The HMC produced will trucked to the MSP;
-- The concentrate will be fed into the mineral separation
circuit where it will be processed to produce a magnetic roasted
ilmenite product and a zircon rich non-magnetic concentrate;
-- For the base case the MSP has been sized to process HMC at a
rate of 105tph to produce approximately 70 tph of roasted ilmenite
and 15tph of non-magnetic concentrate;
-- The products will be trucked to the export facility;
-- The ilmenite and non-magnetic concentrate products will be
stored in a shed adjacent the barge loading facility prior to being
exported.
A high-level flow diagram of the proposed process flowsheet for
producing ilmenite and zircon concentrate shown in Figure 7.
Figure 7: Conceptual process flowsheet for the base case - see
PDF link
Infrastructure
Power installed at the mine site area, including the borefield,
mining units and PCP is estimated at 6MW. Given the close proximity
of the project to the Lindela substation it has been assumed that
power for the Project will be sourced off the local grid.
The Project concept seeks to take advantage of as much of the
local infrastructure as possible to minimise capital
investment.
Key logistical infrastructure components are highlighted in the
following Figure 8.
Figure 8: Project area key infrastructure components - see PDF
link
For the Scoping Study, it has been assumed that both products
will be transported approximately 45km by road to the sheltered bay
of Inhambane where they will be stored in product sheds before
being loaded onto barges for trans-shipment into handy size vessels
moored at the entrance to the Inhambane bay.
Market review
Global demand for TiO(2) pigment tends to trend with global GDP
growth (Figure 9), driven particularly by growth in construction,
durables (specifically white goods) and manufacturing.
Figure 9: Global demand for TiO(2) pigment 2010 - 2025 expected
to continue to rise - see PDF link
TZMI's long-term price forecast for TiO(2) feedstocks and zircon
was used as a basis to estimate the likely pricing to be achieved
for the Mutamba products based on the likely quality of the
products and target markets. TZMI's base case pricing considered
the available information used for the Q1 2017 price forecast. TZMI
relies predominantly on inducement analysis of the new project
pipeline to determine long-term pricing for the period post 2021.
The long-term price is influenced by the nature, and therefore
economics, of new feedstock projects that are likely to enter the
market. The new project pipeline continues to change, and the
long-term price projection will be revised as more data and
information becomes available.
Economic evaluation
They key input assumptions or modifying factors applied to the
mineral resources for the economic analysis are shown below.
Key assumptions
Assumption description Units Assumption
value
---------------------------- ----------------- -------------
Mining
---------------------------- ----------------- -------------
Ore mined Mt 451
---------------------------- ----------------- -------------
Overburden mined Mt 2
---------------------------- ----------------- -------------
HM grade % HM 6.0
---------------------------- ----------------- -------------
Slimes grade % 7.4
---------------------------- ----------------- -------------
Ilmenite grade % of HM 62
---------------------------- ----------------- -------------
Rutile grade(1) % of HM 1.6
---------------------------- ----------------- -------------
Zircon grade % of HM 2.7
---------------------------- ----------------- -------------
Processing
---------------------------- ----------------- -------------
Ilmenite recovery to
roaster product % 80
---------------------------- ----------------- -------------
Rutile recovery to
nonmagnetic concentrate % 72
---------------------------- ----------------- -------------
Zircon recovery to
nonmagnetic concentrate % 89
---------------------------- ----------------- -------------
Revenue
---------------------------- ----------------- -------------
Ilmenite price (long
term) US$/t FOB 185
---------------------------- ----------------- -------------
Nonmagnetic concentrate
price (long term) US$/t FOB 250
---------------------------- ----------------- -------------
Capital costs
---------------------------- ----------------- -------------
Start-up US$M 226
---------------------------- ----------------- -------------
Sustaining (LOM) US$M 105
---------------------------- ----------------- -------------
Closure US$M 10
---------------------------- ----------------- -------------
Operating costs
---------------------------- ----------------- -------------
Mining and concentrating US$/t product 58.90
---------------------------- ----------------- -------------
Processing US$/t product 25.30
---------------------------- ----------------- -------------
Product transport US$/t product 5.00
---------------------------- ----------------- -------------
Product storage and
ship loading US$/t product 17.00
---------------------------- ----------------- -------------
Administration and
marketing US$/t product 9.20
---------------------------- ----------------- -------------
Royalties US$/t product 6.00
---------------------------- ----------------- -------------
Tax
---------------------------- ----------------- -------------
Tax depreciation rate % 15
---------------------------- ----------------- -------------
Corporate tax rate % 32
---------------------------- ----------------- -------------
Economic
---------------------------- ----------------- -------------
Discount rate % real 10
---------------------------- ----------------- -------------
1 - Average rutile assemblages have been assumed in some areas
of Dongane and Ravene where data is absent.
The annual production profile derived for the Scoping Study is
based on the mine plan and the physical assumptions as outlined in
the table above. The resulting production for ilmenite and
non-magnetic concentrate is shown below. Total production over the
life of the mine (Figure 10) is forecast to be 14.1 million tonnes
of ilmenite and 3.6 million tonnes of nonmagnetic concentrate. The
average annual production is 456,000 tonnes of ilmenite and 118,000
tonnes of nonmagnetic concentrate.
Figure 10: Production profile - see PDF link
Development Schedule
TZMI has developed a forward work schedule (Figure 11) to take
the Mutamba project into production, assuming all studies have
positive outcomes. There are two key phases required prior to
development:
-- Pre-feasibility study (PFS) - A typical PFS is recommended
where several options are tested and the preferred option is put
forward to carry on into the DFS.
-- Definitive feasibility study (DFS) - The DFS will explore in
detail the carry forward option with the aim to remove all
significant uncertainties.
It is expected to take approximately 18 months to reach the end
of the DFS stage from the start of the PFS phase. Following this
there is typically a period of time required to raise the
appropriate funding for the project. This is followed by project
construction, commissioning and operation. Approval of the PFS, DFS
and commencement of construction will require the unanimous
approval of both Savannah and Rio Tinto.
Figure 11: Indicative project schedule - see PDF link
FORWARD LOOKING AND CAUTIONARY STATEMENTS
Some statements in this report regarding estimates or future
events are forward-looking statements. They include indications of,
and guidance on, future earnings, cash flow, costs and financial
performance. Forward-looking statements include, but are not
limited to, statements preceded by words such as "planned",
"expected", "projected" "estimated" "may", "scheduled", "intends",
"potential", "could" "nominal" "conceptual" and similar
expressions. Forward looking statements, opinions and estimates
included in this announcement are based on assumptions and
contingencies which are subject to change without notice, as are
statements about market and industry trends, which are based on
interpretations of current market conditions. Forward looking
statements are provided as a general guide only and should not be
relied on as a guarantee of future performance. Forward looking
statements may be affected by a range of variables that could cause
actual results to differ from estimated results.
The Company believes it has a reasonable basis for making the
forward looking statements in this announcement, including with
respect to any production targets, based on the information
contained in this announcement and in particular to the previously
released Mineral Resource for Mutamba, independently compiled by
Colin Rothnie, together with independent metallurgical, processing
design, engineering, mining and marketing studies, product quality
assessment, external commodity price and exchange rate forecasts
and global operating cost data determined by TZMI.
In this report, the term "mining inventory" is used to report
that part of the Mineral Resource that has been considered in the
Scoping Study. The mining inventory does not meet the requirements
of an Ore Reserve as defined under the 2012 edition of the JORC
Code and should not be considered an Ore Reserve. There is no
certainty that all or any part of the mining inventory will be
converted into Ore Reserves.
SCOPING STUDY PARAMETERS - CAUTIONARY STATEMENT
The Scoping Study referred to in this report is based on
low-level technical and economic assessments, and is insufficient
to support estimation of Ore Reserves or to provide assurance of an
economic development case at this stage, or to provide certainty
that the conclusions of the Scoping Study will be realised.
Unless otherwise stated all cash flows are in US dollars, are
undiscounted and are not subject to inflation/escalation factors
and all years are calendar years. The Scoping Study financial
analysis excludes the cost of pre-feasibility and bankable
feasibility studies, estimated to be $2M and $5M, respectively.
The Company has concluded it has a reasonable basis for
providing the forward looking statements included in this
announcement. The detailed reasons for that conclusion are outlined
throughout this announcement and in particular in the disclaimer
entitled "Forward Looking and Cautionary Statements".
Competent Person and Regulatory Information
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.
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 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
(Financial PR)
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 an area in excess of 1,018km2 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 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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