Savannah’s CEO, David Archer said, “We have successfully brought together and analysed a very large body of primary data and defined feasible Exploration Targets, work which underscores the potential of Blocks 4 and 5 as a possible hub for copper mine development. The availability of the historic drilling was not only highly cost-effective for the Company, with such drilling estimated to cost c.US$20million at today’s prices, but importantly significantly shortens the time required to advance the project. Following the compilation and assessment of this, we continue to work towards our 2017 mine development objective and look forward to updating our shareholders on our progress as we move towards building a mining company.”
Savannah Resources plc (AIM: SAV) has told DirectorsTalk that it has completed the historical drilling data compilation and Exploration Target estimates for the Block 4 and 5 permits in Oman, which demonstrate potential to define a significant copper resource. Savannah owns a 65% shareholding in Al Fairuz Mining LLC, the owner of the Block 5 licence, and is earning, via agreed expenditure milestones, a 65% shareholding in Al Thuraya LLC, who own Block 4. To view the press release with the illustrative maps and diagrams please use the following link:
HIGHLIGHTS:
— A database containing approximately 100,000m of historical drilling data has now been compiled over a series of potential targets (Table 1)
— Based on the drilling and other exploration factors a series of internally generated Exploration Targets (Table 2) have been calculated for each of Savannah’s high priority areas and aggregate as below*
Tonnage Grade % Cu Grade Au ppm Contained Cu Tonnes Contained Au Ounces
------------------------ ------------- --------------- ---------------------- ----------------------
Min Max Min Max Min Max Min Max Min Max
----------- ----------- ------ ----- ------- ------ ---------- ---------- ---------- ----------
10,700,000 29,250,000 1.4 2.4 0.2 0.4 150,000 700,000 60,000 360,000
----------- ----------- ------ ----- ------- ------ ---------- ---------- ---------- ----------
— Given the intensity of drilling into most of these deposits Savannah has a good degree of confidence that with appropriate drilling programmes, Mineral Resources within the stated Exploration Target ranges can be potentially defined with work under way to begin delivering the first of these during Q1 2016
*It is important to note that the above table is a summary of Exploration Targets and the potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Cu=Copper, Au=Gold
