11th Sep 2014 11:36
LONDON (Alliance News) - Savannah Resources PLC Thursday said it has identified high-quality drill targets within the vicinity of its Sarami prospect in Oman, with the intention of fast-tracking its exploration toward drilling by the end of the year.
A versatile time-domain electromagnetic survey that targeted its Block 5 copper project has "highlighted three high priority VTEM anomalies located on the key Geotime/Lasail geological contact, the most mineralised contact within the Oman Ophiolite Belt," Savannah said.
Data has identified three high-priority VTEM anomalies within the Sarami West Prospect area - SW1, SW2 and SW3
"The SW3 anomaly at the Sarami West Prospect is large and of similar intensity to the nearby Mahab 4 copper deposit anomaly, which has an existing indicated and inferred mineral resource of 1.7 million tonnes at 2.2% copper," it added. SW1 and SW2 showed moderate intensities.
Reverse circulation drilling is due to commence before the end of 2014 at the Sarami prospect.
"We are continuing to build our in-country exploration team and operational capabilities with the major focus of the team for the remainder of 2014 to progress a number of the high priority targets to drill ready stage," said Chief Executive David Archer.
Savannah's shares were down 6.4% to 5.50 pence per share Thursday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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