11th Jun 2014 11:34
LONDON (Alliance News) - Savannah Resources PLC said Wednesday that the visual heavy metal sand mineralisation it has seen from the drilling programme at its Jangamo project in southern Mozambique have been "highly encouraging" so far.
The company has completed over half of its planned 4,000 meter scout drilling programme so far, and expects to report the first assay results in the next four to six weeks.
The mineralisation identified so far suggests the potential to outline a major heavy mineral sands deposit, the company said.
It is currently undertaking a low level airborne magnetic and radiometric survey, which it said will give it a better understanding of the prospect and help identify potential additional drill targets.
Savannah Resources said it's confident that it will get more positive results as its exploration programme is rolled out, and it works to define its maiden Joint Ore Reserves Committee compliant resource towards the end of the year.
Shares in Savannah Resources were trading up 0.4% at 4.77 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Savannah Resources