17th Apr 2014 12:04
LONDON (Alliance News) - Savannah Resources PLC Thursday said further testwork has defined high grade zones of heavy minerals at its Jangamo heavy mineral sands project in Mozambique.
The minerals exploration and development company said further analysis of samples collected on its 1,812 metre scout drilling programme at Jangamo have confirmed high grade zones of up to 5%, including ilmenite, rutile and zircon.
The company said initial work suggests that the mineralisation is low in slimes and the total heavy minerals is ilmenite dominated with lesser magnetite, rutile/leucoxene and zircon.
Savannah confirmed in March broad zones of heavy minerals at Jangamo after follow-up analysis of samples.
The company said at the time that assay results confirm broad intersections of heavy minerals of up to 39 metres deep with total heavy minerals of up to 3.5% including ilmenite, rutile and zircon.
Savannah also announced earlier this month a ground magnetic survey at the site in order to more precisely define the extent of heavy mineral sand zones at the site.
On Thursday, the company said it has commenced its 2014 exploration programme with initial ground magnetics survey nearing completion and preparations for its May 2014 drilling programme well underway.
"The Project is now at a very exciting stage as we continue to confirm the potential for Jangamo to host a major heavy minerals system, and we look forward to further positive results as our 2014 exploration programme picks up pace and we work towards defining a JORC resource by the end of 2014," Chief Executive David Archer said in a statement.
Savannah Resources shares were up 9.0% to 6.95 pence, putting it in the top AIM risers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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