Savannah Resources Plc (LON:SAV) CEO David Archer chats with DirectorsTalk about the significance of 10 to 30 million tonne target, 2016 Targets & Investor Sentiment, plans for 2016, and investor sentiment.
Savannah Resources Plc announced earlier this week 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. The company is a growth oriented, multi-commodity, exploration and development company. Savannah has agreed to acquire 100% of Matilda Minerals Limitada which currently operates the Jangamo exploration project, and has agreed with Rio Tinto to form a joint venture in Mozambique to develop the combined Mutamba/Jangamo Project. On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals (“THM”) at a 2.5% cut-off grade for Jangamo. The Mutamba, Dongane and Chilubane deposits have a combined exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008). Savannah has interests in three 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 additional gold upside potential, 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.
