29th Jun 2015 07:13
LONDON (Alliance News) - Savannah Resources PLC on Monday said testing at the Block 4 Oman Copper-Gold Project has identified volcanic massive sulphides at the site, as it said it would raise GBP0.55 million via a share placing.
Savannah said a total of ten priority 1 and 33 priority 2 versatile time domain electromagnetic survey anomalies were identified at the block, with three major potential volcanic massive sulphide clusters defined.
"The VTEM survey over Block 4 has allowed us to dramatically shorten the process of identifying high priority massive sulphide copper targets, both brownfield and greenfield. We have moved much closer to our objective of discovering copper orebodies which, either in aggregate or individually, can be mined in this very favourable infrastructure setting," said Chief Executive David Archer.
In addition to the test results, Savannah also said it has raised GBP0.55 million via a share issue for the Mutamba/Jangamo joint venture the group is involved in with FTSE 100-listed Rio Tinto PLC.
Savannah raised GBP0.55 million via the issue of 21.9 million shares at 2.5 pence per share. Shares in the company were down 7.9% to 2.625 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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