TIDMSAV
RNS Number : 9925J
Savannah Resources PLC
04 July 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
4 July 2017
Savannah Resources Plc
Phase 1 Mapping and Drill Programme Planning Complete at Mina do
Barroso
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
the AIM quoted resource development company, is pleased to announce
that the first phase of the exploration programme aimed at defining
a JORC resource at the Mina do Barroso lithium project, located in
northern Portugal ('Mina do Barroso' or the 'Project') (Figure 1)
has now been completed. Savannah has a 75% interest in Slipstream
Resources Portugal Unipessol Lda, which is the registered holder of
the Mina do Barroso mining licence. To view the press release with
the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9925J_-2017-7-3.pdf
HIGHLIGHTS:
-- Completed the first phase of geological mapping targeted at
defining the extent of the lithium bearing pegmatites at Mina do
Barroso in preparation for drilling
-- Mapping undertaken across three primary target areas -
Grandao, Reservatorio and NAO - which have been shown to have
relatively high grades of lithium oxide ('Li(2) O') with drill
results up to 1.67% Li(2) O over significant widths
-- Mapping has expanded the surface footprint of the known pegmatites:
o Reservatorio, over 600m in strike with a maximum width of 85m
and the potential for a stacked sequence with some thinner 10m-15m
wide parallel bodies
o Grandao, series of at least 3 stacked sub-horizontal pegmatite
bodies 10m-30m width with a strike of 400m in a North-South and
200m in an East-West direction
o NOA, potentially three stacked moderately dipping pegmatites
5m-30m in width which can be traced for at least 300m in strike
-- 3,000m-5,000m reverse circulation ('RC') drill programme is
scheduled to start during the week commencing 17 July 2017 due to
drill rig availability, focusing on defining a JORC mineral
resource estimate to support a potential mine development
-- Further mapping is also planned at Mina do Barroso to define
other lithium bearing pegmatites within the enlarged project area,
this work is expected to be completed during Q3 2017
Savannah's CEO, David Archer said: "We're pleased that our
mapping, as a preliminary to drilling, has extended the surface
expressions of three major lithium bearing pegmatites at Mina do
Barroso. This will help us in our drill hole targeting for our
upcoming drill programme as we look to ultimately define a JORC
resource to support mine development. Based on previous drilling
and channel sampling, the three pegmatites mapped have been shown
to have relatively high-grades of Li(2) O and we look forward to
converting this into a commercial resource."
Figure 1. Project Location Map - see PDF
Technical Data
A brief high-level simplified description of the information
collected is provided below.
Reservatorio
Mapping at Reservatorio has identified a relatively large
pegmatite body, which has been traced for over 600m along strike in
a NE-SW direction with the pegmatite body reaching up to 85m in
width at its widest point. It is difficult to determine from
outcrop, but combining this information with the historical drill
holes the body appears to dip at around 30 degrees to the NW.
Mapping has also indicated the possible presence of at least one
parallel pegmatite between 10m-15m in width which could indicate
that the pegmatite bodies may be part of a stacked sequence, but
drilling will be able to confirm this. It is important to note that
due to the low angle of the dipping pegmatites the surface
expression could potentially overestimate the true width of the
body.
Rock chip sampling by Savannah during April 2017 targeting
spodumene bearing pegmatites has confirmed the prospectivity of the
Reservatorio Lens as the samples ranged from 0.87% Li(2) O to 2.7%
Li(2) O and averaged 1.6% Li(2) O and significant past drilling
results include:
-- 32m at 1.16% Li(2) O from 20m in RES019
-- 12m at 1.6% Li(2) O from 1m in RES030
-- 10m at 1.5% Li(2) O from 2m in RES01 (EOH)
Drilling currently planned at Reservatorio will include 14-32
angled RC holes varying from 50m-120m in depth depending on results
on a nominal 80m line spacing and 40m hole spacing along each line
(Figure 2).
Figure 2. Summary map of Reservatorio showing new mapping, past
exploration results (previously released 25/05/2017) and planned RC
Drilling with selected significant historical drill results - see
PDF
Grandao
The Grandao area contains some of the most extensive pegmatite
outcrop in the Mina do Barroso project area with mapping defining a
series of sub-horizontal stacked lenses, with at least three
pegmatites in the stack ranging from 10m-30m in width. It is
difficult to determine due to the angle of the outcrop and the
hills in the area but mapping suggests the bodies could strike as
much as 400m in a North-South direction and over 200m in an
East-West direction.
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. Significant results from past drilling
include:
-- 16m at 1.35% Li(2) O from surface in GRA05
-- 17m at 1% Li(2) O from 7m GRA15
-- 8m at 1.43% Li(2) O from 32m in GRA028
Drilling currently planned at Reservatorio will include 12-30
vertical RC holes varying from 50m-120m in depth depending on
results on a nominal 80m line spacing and 40m hole spacing along
each line (Figure 3).
Figure 3. Summary map of Grandao showing new mapping, past
exploration results (previously released 25/05/2017) and planned RC
Drilling with selected significant historical drill results - see
PDF
NOA
Preliminary mapping at NOA has identified what looks to be a
stacked sequence of pegmatites ranging from 5m-30m in width, with
at least three parallel bodies being defined. Mapping and
historical drilling suggest the bodies dip between 30-50 degrees to
the north and outcrop can be traced for at least 300m making this a
priority target.
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:
-- 22m at 1.1% Li(2) O from 3m in NOA01 (EOH)
-- 15m at 1% Li(2) O from 7m in NOA13
Figure 4. Summary map of NOA showing new mapping, past
exploration results (previously released 25/05/2017 and planned RC
Drilling with selected continuous rock chips (green box's) and
historical drill results (orange boxes) - see PDF
Drilling currently planned at NOA will include 8-20 angled RC
holes varying from 50m-120m in depth depending on results on a
nominal 80m line spacing and 40m hole spacing along each line
(Figure 4).
Ongoing Mapping and Exploration Programme
Further mapping and sampling of the area will be conducted
initially focused on the over 20 existing pegmatite bodies followed
by grid mapping of the remainder of the tenement in a search for
any new pegmatite bodies.
Competent Person and Regulatory Information
The information in this announcement that relates to exploration
results is based upon information compiled by Mr Dale Ferguson,
Technical Director of Savannah Resources Limited. Mr Ferguson is a
Member of the Australian Institute of Mining and Metallurgy
(AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in
the report of the matters based upon the information in the form
and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**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)
Christopher Raggett finnCap Ltd Tel: +44 20
/ Emily Morris 7220 0500
(Corporate Broker)
Charlotte Page / St Brides Partners Tel: +44 20
Lottie Brocklehurst Ltd 7236 1177
About Savannah
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented,
multi-commodity, mineral development company.
Mozambique
Savannah operates the Mutamba heavy mineral sands project in
Mozambique in collaboration with Rio Tinto, and can earn a 51%
interest in the related Consortium, which has an established
initial Indicated and Inferred Mineral Resource Estimate of 4.4
billion tonnes at 3.9% THM over the Jangamo, Dongane and Ravene
deposits. Under the terms of the Consortium Agreement with Rio
Tinto, upon delivery by Savannah of the following will earn the
corresponding interest in the Mutamba Project (which currently is
20% following delivery of scoping study in May 2017):
pre-feasibility study - 35%; feasibility study - 51%. Additionally,
the Consortium Agreement includes an offtake agreement on
commercial terms for the sale of 100% of heavy mineral concentrate
production to Rio Tinto (or an affiliate).
Oman
Savannah has interests in two copper blocks in the highly
prospective Semail Ophiolite Belt in Oman. The projects, which have
an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper
and high-grade intercepts of up to 56.35m at 6.21% Cu, with gold
credits, provide Savannah with an excellent opportunity to
potentially evolve into a mid-tier copper and gold producer in a
relatively short time frame. Together with its Omani partners,
Savannah aims to outline further mineral resources to provide the
critical mass for a central operating plant to develop the deposits
and in December 2015 outlined exploration targets of between
10,700,000 and 29,250,000 tonnes grading between 1.4% and 2.4%
copper.
Portugal
Savannah 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 lithium projects,
covering an area of 159km(2). Geological mapping has highlighted
the presence of seven pegmatites with key lithium minerals
petalite, spodumene and lepidolite all identified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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