2nd Jul 2014 09:17
LONDON (Alliance News) - Savannah Resources PLC Wednesday said it is expecting to get the results from a now complete scout drilling programme at its Jangamo heavy mineral sands project in southern Mozambique in coming weeks.
It said the programme targeted eastern and western dune systems, with 96 drill holes for a total of 3,990 metres. Visual estimations of the drill spoils suggests that the drilling has defined six major anomalous zones within the project area, it said.
"Further analysis based on the recently acquired airborne magnetic data suggests in excess of 20 significant, multi-kilometre long strandlines could be present within the highly prospective eastern and western dune systems," it added.
It is expecting final airmagnetic results this month.
"With our second scout drilling programme at Jangamo now complete we are pleased to report that these fast-paced and well executed exploration programmes mean we remain on target to define a potential maiden, JORC compliant Mineral Resource by the end of 2014. The lead up to this will be a close spaced grid drilling programme scheduled to start in August," Savannah Chief Executive David Archer said in a statement.
Savannah Resources shares were up 2.2% at 4.6 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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