Savannah Resources unveils "encouraging results" in Oman

1st Sep 2014 11:45

Savannah Resources, the Mali-focused mining and explorer, has said a re-process airborne survey of its copper project in Oman delivered encouraging results.The company said eight "priority one" targets have been identified in the proximity of known volcanic massive sulphide (VMS) deposits.The current indicated and inferred mineral resource, which stands at 1.7m tonnes at 2.2% copper, has the potential to be increased based on the results delivered by reprocessing the 2010 versatile time domain electromagnetic airborne survey (VTEM)."We are particularly pleased with these highly encouraging results from the reprocessing of the 2010 VTEM data," said group chief executive David Archer."We are buoyed by the fact that in most cases throughout the world individual VMS deposits very rarely occur by themselves and these new results point towards the real possibility that a number of clusters of VMS deposits are present within the tenements."The company said it was on track to drill the project before the end of 2014.Savannah shares traded at 4.00p at 11:19 on Monday.DC