1st Sep 2014 09:53
LONDON (Alliance News) - Savannah Resources PLC Monday said it has received positive results from the recent reprocessing of a versatile time domain electromagnetic airborne survey at the Seminail Ophiolite Belt project in northern Oman.
New survey anomalies identified around known volcanic massive sulphide (VMS) copper deposits and mineralisation indicates a strong potential for VMS clusters, Savannah said.
The group said the results underpin the potential to increase the current indicated and inferred mineral resource of 1.7 million tonnes at 2.2% copper.
Savannah said it is on track to start drilling at the site before the end of 2014, with exploration activity to focus on evaluating potential open-pittable copper targets at Block 5 in the first two years of exploration.
"These early results underscore Savannah's strategy, that through the application of systematic exploration, an excellent opportunity exists in Oman to build a significant mid-tier copper producer around the development of clusters of moderate to high grade copper deposits utilising a central processing facility," said Savannah Chief Executive David Archer.
Savannah shares were flat on Monday at 4 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Savannah Resources