12th Jan 2016 09:19
LONDON (Alliance News) - Savannah Resources PLC on Tuesday said has completed its initial reverse circulation and diamond drilling programme over Blocks 4 and 5 in Oman, which are prospective for both copper and gold.
The company said 16 holes for 1,766.85 metres were completed, with 10 of those under reverse circulation drilling for 933 metres and diamond drilling for the remainder at 833.85 metres.
Results have been received for nine holes so far.
They include: 9 metres at 4.86% copper, 1.54% zinc, 1.3 grams per tonne gold and 37.3 grams per tonne silver; and 6.6 metres at 6.92% copper, 5.6% zinc, 0.3 grams per tonne gold and 23.8 grams per tonne silver.
"The results reported from the first part of the drilling programme have been very encouraging and point towards the expansion of the existing resource base of 1.5Mt at 2.1% copper within our Block 4 and 5 projects," Chief Executive David Archer said.
"Importantly, the results also support our strategy of commencing high-grade, low cost copper production within 24 months, with additional gold upside opportunity. We look forward to updating the market on the results of the remaining 7 holes later this month," Archer added.
Shares in Savannah Resources were up 2.5% at 1.64 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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