Savannah Resources Plc (SAV:AIM)
Releases drill results for 19 diamond holes located on Blocks 4 & 5 in the Sultanate of Oman; results from Mahab 4 have returned some of the broadest and highest-grade results at the project to date. Savannah is earning 65% interest in Al Thuraya LLC, the owner of Block 4 and is a 65% shareholder in Al Fairuz Mining, the holder of the Block 5 licence.
- Mahab 4: 67m@4.65% Cu, 1,13% Zn and 0.3 g/t Au from 18.6m; incl. 35.4m@8.3% Cu, 2.1% Zn and 0.4 g/t Au.
- Maqail South: 5.8m@4.2% Cu and 0.2 g/t Au from 58.6m.
Highest individual assays of 32.07% copper between 19-20m and 30.69% zinc between 20-21m in 16B5DD008 (recovered from different samples)
Block 5 drilling program is now complete. The next drill programme targeting further resources definition is due to get underway at Aarja and Bayda on block 4. The drilling will also assist in the completion of initial geotechnical and metallurgical testwork for Blocks 4 and 5, which will feed into feasibility studies and ultimately ore reserves.
Expect an updated mineral resource estimate for both Mahab 4 and Maqail in Q4 2016; this will increase the current resource of 1.7Mt @2.2% copper. Both deposits remain open indicating even further upside potential.
David Archer CEO commented: With the added upside of the additional high priority targets yet to be drilled at Block 4, it is clear that the tempo of our work programmes in country are continuing to increase as we target production in late-2017 and I look forward to providing further updates along the way.”