22nd Feb 2016 10:14
LONDON (Alliance News) - Savannah Resources PLC on Monday said results from its reverse circulation and diamond drilling programme at Blocks 4 and 5 in Oman have confirmed additional copper-gold mineralisation.
At the same time, the high-grade copper envelope of the Mahab 4 deposit in Block 5 has been extended, and gold mineralisation at Gaddamah in Block 4 has been increased, Savannah said.
Furthermore, recently compiled drill data from the historic Lasail deposit in Block 4 has highlighted both the high-grade open-cut and underground copper potential of Lasail.
The diamond drilling programme was completed December 30, and provided further encouraging results, Savannah said. This included 16 meters at 0.85% copper from a depth of 105 meters in 15B5DD006 at Mahab 4, Block 5, and 9 meters at 0.5% copper and 2 grammes per ton gold from a depth of 4 metres in 15B4RC009 at Gaddamah, Block 4.
Savannah has a 65% shareholding in Al Thuraya LLC, which is the owner of the Block 4 project, and a 65% holding in Al Fairuz Mining LLC, which owns the Block 5 licence.
Shares in Savannah were down 3.0% at 1.99 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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