Savannah Resources (AIM:SAV) Drilling Intersects Broad Zones of Pegmatite

 

Drilling Intersects Broad Zones of Pegmatite at the Advanced Mina do Barroso Lithium Project, Portugal

 Savannah Resources plc (AIM: SAV) (‘Savannah’ or ‘the Company’), the AIM quoted resource development company, is pleased to announce that the reverse circulation (‘RC’) drill programme aimed at defining a JORC compliant mineral resource estimate at the Mina do Barroso lithium project in Portugal (Figures 1) has intersected broad zones of pegmatite.  

To view the press release with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5903N_-2017-8-9.pdf

HIGHLIGHTS:

·    16 RC drill holes have now been completed at Mino do Barroso;

·    All holes drilled to date have intersected massive pegmatite;

·    Drilling focused on three primary target areas – Grandao, Reservatorio and NOA:

Reservatorio: 7 holes for 605m completed over a 400m strike with pegmatite widths of 15m-39m intersected and drilling confirming potential good down dip extension of at least 80m;

Grandao: 7 holes for 565m completed over a 200m strike with pegmatite widths of 15m-27m intersected with drilling confirming a large sub horizontal body could potentially be present;

Both Reservatorio and Grandao remain open along strike and down dip;

Drilling yet to start at NOA; and

·    Further mapping of the licence area also underway to map and define other lithium bearing pegmatites.

Savannah’s CEO, David Archer said: “We are delighted that our maiden drill programme in Portugal has successfully extended the strike and depth extents of known pegmatites at the Reservatorio and Grandao deposits.  Crucially, both deposits remain open along strike and down dip, and drilling is yet to commence on our third target area, NOA.  All three targets are located on the key Mina do Barroso tenement, which has 21 years left to run on its 30-year mining licence, meaning that with a defined JORC resource a development decision could be made by the end of 2018.  The first set of mineral samples have been despatched for assay testing and analysis and I look forward to providing Savannah’s shareholders with the results of this analysis in due course, alongside updates on our ongoing drill work.”

Figure 1. Mina do Barroso Project Summary Map 

Reservatorio

To date seven holes for 605m have been completed at Reservatorio with widths of massive pegmatite between 15m-39m intersected in all holes (Table 1 and Figure 2-3). Importantly, drilling has now intersected pegmatite along a 400m strike and on one section to least 80m down dip confirming the potential for good depth extensions of the pegmatite. Drilling suggests that the pegmatite body has a dip of about 40 degrees to the northwest. The pegmatite remains open along strike and down dip and further detailed information will be reported once the results have been received.

Table 1. Summary details of Reservatorio Drilling

Figure 2. RC drilling at Reservatorio 

Figure 3. Reservatorio: 37m intercept of massive pegmatite from drill hole 17RESRC04 

Grandao

To date seven holes for 565m have been completed at Grandao with widths of massive pegmatite between 15m-27m intersected in all holes (Table 1 and Figure 4-5). Drilling intersected pegmatite along a 200m strike and drilling has indicated that the body is close to flat or shallowly dipping to the south west. This near surface, relatively flat body would have significant mining cost benefits for any potential development of the deposit. The pegmatite body remains open in all directions and further detailed information will be reported once the results have been received.

Table 2. Summary details of Reservatorio Drilling

Figure 4. RC drilling at Grandao – see PDF

Figure 5. Grandao: 27m intercept of massive pegmatite from drill hole 17GRARC02 – see PDF

Further drilling will be completed at Grandao before the rig takes a short summer break and then work will continue with drilling at NOA and other potential follow up drilling.

Savannah has a 75% shareholding in Slipstream Resources Portugal Unipessol Lda, which is the registered holder of the Mina do Barroso mining licence.

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.

**ENDS**

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