22nd Jan 2015 10:00
LONDON (Alliance News) - Savannah Resources PLC on Thursday said it has received positive results from the survey conducted at its Oman copper project blocks.
Savannah said the ground electro-magnetic survey conducted on the Block 4 and Block 5 copper prospects in Oman, in which it holds a 65% earning interest, showed a series of high-calibre anomalies in the two prospects.
The strongest anomaly was reported at the Sarami West, or Block 5 site, which has high conductance, spans more than 200 metres and remains open to the south.
The company said fieldwork on the blocks has not identified any potential sources for false anomalies, increasing the chance the anomalies are a result of copper-bearing sulphides at depth.
The group is in the process of designing a drill programme for the blocks and expects to start the work before the end of January.
"We are very pleased with the results of the recently completed ground EM survey, which has detected a number of high quality anomalies for early drill testing," said Chief Executive Officer David Archer.
Savannah shares were down 6.9% to 2.185 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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