10th Sep 2018 10:58
LONDON (Alliance News) - Savannah Resources PLC said Monday it discovered "significant volumes of new mineralisation" at its Grandao deposit, part of the Mina do Barroso Lithium project in Portugal.
Shares in the resource development company were trading 6% higher at 8.85 pence each on the back of the news.
The company said that the "continued resource expansion" at Mina do Barroso confirmed the project as Western Europe's largest spodumene lithium mineral resource.
Chief Executive Officer David Archer said: "Today's mineral resource estimate increase, shows that Mina do Barroso is shaping up to be Europe's most strategically significant mineral discovery in recent years. The increasing mineral resource base of the project means we have a long-life asset that can anchor the up-stream end of the European lithium value chain, with Europe being the second largest consumer of lithium in the world."
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