16th Nov 2016 11:29
LONDON (Alliance News) - AIM-listed Savannah Resources PLC said Wednesday that final results from a resource drilling programme at the Mahab 4 prospect in Oman have shown "robust" zones of copper mineralisation.
Savannah said the Mahab Resource drilling programme returned a result of 14.25 metres at 3.86% copper, 0.62% zinc and 0.22 grams per tonne of gold.
The results complement previous findings and point towards robust zones of mineralisation at both its Mahab 4 and Maqail South prospects, with potential to extent the high grade portion of its current indicated and inferred mineral resource.
A new diamond drilling programme is now underway at the Dog's Bone zone within the Aarja prospect nearby.
Savannah is earning a 65% shareholding in Al Thuraya LLC, the owner of the Block 4 project containing the Maqail South and Mahab prospects, and is a 65% shareholder in Al Fairuz Mining, holder of the Block 5 licence containing the Aarja prospect.
"We continue to be encouraged by the broad high grade zones of copper mineralisation at both the Mahab 4 and Maqail South deposits. To further advance the mining studies around a potential mine development for late 2017, drilling is now underway at the Aarja prospect targeting the Dog's Bone zone. Drilling here is focused on getting this zone of mineralisation into a JORC compliant resource so that it can be considered as part of the potential mine development," said David Archer, chief executive officer.
Shares in Savannah were up 6.5% at 5.32 pence Wednesday.
By Adam Clark; [email protected]
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