23rd May 2014 09:45
LONDON (Alliance News) - Savannah Resources PLC Friday said it has started a new drilling programme at its Jangamo heavy mineral sands project in Mozambique.
AIM-listed Savannah Resources said a 4,000 metre reverse circulation drilling programme is underway to define the prospectivity of Jangamo and to test key dunal systems within the project area.
Jangamo is adjacent to Rio Tinto PLC's major Mutamba minerals sands deposit, which along with another licence areas in Mozambique, have an exploration target of 7-12 billion tonnes at 3% to 4.5% total heavy minerals
Chief Executive David Archer said the company is now increasing the tempo of activities with an extensive drill programme over the Jangamo project.
"The programme has been designed to expand on the highly positive results from the 2013 drill programme and test the prospectivity of the two main morphological zones identified, which are thought to be prospective for mineral sands," Archer said in a statement.
"We believe that the project has the potential to generate significant value for the company and its shareholders and look forward to reporting on this drilling programme and results in due course as we build towards defining a potential JORC compliant resource by the end of 2014," he added.
Savannah Resources shares were quoted up 2.4% at 4.99 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rio TintoSavannah Resources