Savannah Resources identifies further high-gade gold mineralisation at Oman project

17th Sep 2015 08:20

(ShareCast News) - Savannah Resources has as identified further high grade gold mineralisation at the Salahi 1 Prospect at the Block 4 copper-gold project in Oman.The company said the results follow completion of additional rock chipping and trenching as part of the geologically mapping of Block 4.Savannah said additional sampling is now being planned to further define the extent of the mineralisation as a precursor to drilling to define its strike and depth extents.Chief executive officer David Archer said: "Further geological mapping and rock chips sampling continues to highlight the significant gold potential of the Salahi 1 prospect. With grades of up to 13.9g/t gold returned from this recent campaign, we remain confident that Block 4 has the potential to host significant gold mineralisation."With multi-commodity upside opportunity, a strategic location close to established infrastructure and a defined development path, Block 4 and our wider Omani portfolio represents a strategic investment opportunity and I look forward to the opportunities available to us."Savannah has a 65% shareholding in the Omani company, Al Thuraya LLC, the owner of the Block 4 licence project.At 0838 BST, Savanna shares were up 4.1% at 2.03p.