14th Dec 2015 09:35
LONDON (Alliance News) - Savannah Resources PLC on Monday said new drilling results for the Blocks 4 and 5 sites in the Semail Ophiolite Belt in Oman have shown the potential for a significant copper resource.
The company said the drilling at the site has show grades of up to 2.4% copper and up to 0.4% gold mineralisation.
Savannah said that with these drilling results, it has a good degree of confidence that mineral resources within the exploration target ranges can be defined and said work is now underway to start further test work in the first quarter of 2016.
"We have successfully brought together and analysed a very large body of primary data and defined feasible exploration targets, work which underscores the potential of Blocks 4 and 5 as a possible hub for copper mine development," said David Archer, Savannah's chief executive.
Shares in Savannah were up 4.7% to 1.57 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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