18th Sep 2014 08:12
LONDON (Alliance News) - Savannah Resources PLC Thursday said it has found significant zones of higher-grade heavy mineral sands (HMS) at the Jangamo project in Mozambique, sending shares in the company higher in early trade.
Savannah shares were up 6.3% to 6.375 pence Thursday morning, putting it among the best performers on the AIM All-Share.
Savannah said drilling at Jangamo confirmed five significant HMS mineralised zones within the area with the potential for higher grade HMS mineralisation ranging from 2 to 15 kilometres in strike length.
The company said much of the higher grade HMS mineralisation commences at the surface and said additional scout drilling is now underway. The new drilling will target the 15 kilometre western strandline target at the site and a grid drill out of the four eastern higher grade HMS zones.
The group said it is on track to define a potential JORC-compliant Mineral Resource by the end of this year.
"We are delighted with the results which meet our expectations - we're seeing very good grades of thick, near surface HMS mineralisation over excellent strike lengths," said Savannah Chief Executive David Archer.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Savannah Resources