15th Apr 2015 08:58
LONDON (Alliance News) - Savannah Resources PLC Wednesday said a versatile time domain electromagnetics and airborne magnetic survey has been completed over the company's Block 4 copper-gold project in Oman which will hopefully identify new copper deposits in the region after similar surveys conducted in the region in the past led to significant discoveries.
Savannah said the data from the 3,667 line kilometre VTEM and airborne survey will take around six weeks to analyse, with the aim of building upon the existing 1.7 million tonne at 2.2% copper mineral resource at Block 5 on the project.
"The completion of the airborne VTEM and magnetic surveys are key milestones in the Block 4 exploration program as we continue to unlock the value potential of our Oman copper-gold projects," said Chief Executive David Archer.
The company said there has been "proven regional success" with VTEM surveys in the area, with Mawarid Mining LLC's Blocks 1 and 2 being surveyed in 2009 which led to the the discovery of over 11.0 million tonnes of new copper.
"Importantly, the region has been a prolific producer of copper," added Archer. "This strong history of production in the immediate area supports the excellent potential for the discovery of further volcanic massive sulphide deposits within Block 4 as this style of deposit is known to occur in clusters or camps."
"Once the new VTEM and magnetic data have been processed, it will be integrated with geology, ground geophysics and geochemistry to define target copper areas for field reconnaissance and targeting of drill holes to test the high priority targets for volcanic massive sulphide mineralisation," said Archer.
Savannah shares rose by 3.7% to 2.05 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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