29th Oct 2013 09:27
LONDON (Alliance News) - Savannah Resources PLC Tuesday said its initial drilling programme at the company's 80% owned Jangamo heavy mineral sands project in Mozambique has begun.
The AIM-listed minerals exploration company said it has commenced a 2,000 metre, reverse circulation drilling programme to further define the site after previous regional scout sampling found 18.1% total heavy minerals at the site including ilmenite, rutile and zircon in the mineral concentrate.
The project is located next to Rio Tinto's major Mutamba mineral sands deposit and Agua Terra has been contracted to complete the initial drill programme.
Savannah Resources shares were up 18% to 3.99 pence, putting it in the top five AIM movers in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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