24th Apr 2014 10:16
LONDON (Alliance News) - Savannah Resources PLC Thursday said it has received positive results from its ground magnetic survey at the Jangamo heavy mineral sands project in Mozambique.
The minerals exploration and development company said the test, which was carried out over anomalous drill holes at the site showed that it is possible to detect the geophysical signature of the heavy minerals sands deposits using an airborne system, which should rapidly advance and lower the cost of the project.
The company said the test program showed anomalies with the strongest responses from its JMRC005 and JMRC027, which are associated with relatively shallow and strongly magnetic sources.
Savannah said Heliborne magnetic and radiometric surveys are now planned to start in the first half of May to define the extend of the heavy mineral sands mineralised system.
The company also said it 2014 exploration programme is well underway with its second scout drilling programme planned for the second half of May.
The news comes a week after the company announced that further testwork at the site had defined high-grade zones of up to 5% heavy mineral sands including ilmenite, rutile and zircon.
Savannah Resources shares were up 2.1% to 5.75 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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