TIDMSAV
RNS Number : 9272E
Savannah Resources PLC
12 May 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
12 May 2017
Savannah Resources Plc
Mahab 4 and Maqail South Copper Mine Licencing and Studies
Update
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'),
the AIM quoted resource development company, announces that it has
now lodged the Environmental Impact Assessment ('EIA') for the
Mahab 4 copper mine development. This completes the final
permitting submission requirement for Mining Licence applications
at both its Mahab 4 and Maqail South deposits, which are located in
Block 5. Savannah is a 65% shareholder in the Omani company Al
Fairuz Mining, the holder of the Block 5 licence. To view the press
release with the illustrative maps and diagrams please use the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/9272E_-2017-5-11.pdf
HIGHLIGHTS:
-- All regulatory applications for copper mine development at
both Mahab 4 and Maqail South now made
-- Final EIA applications submitted to the Ministry of
Environment and Climatic Affairs ('MECA'), fulfilling final
permitting requirements in Mining Licence applications
o Maqail South EIA lodged on 28 March 2017 and Mahab 4 EIA
lodged on 4 May 2017
o EIA approval process expected to take around three months
assuming there are no delays or requests for additional information
by the government; and
-- Targeting open-pit mining at Maqail South and underground mining at Mahab 4
-- Preparation of an Economic Study on copper mine development
continues to progress well with work expected to be completed
during July 2017*
-- Additional metallurgical test work and the development of a
detailed mine design and production plan for the two mines being
undertaken
*Being undertaken by Independent Metallurgical Operations Pty
Ltd ('IMO') who are well experienced in copper mine studies,
process flow sheet designs and metallurgical test work - clients
include Oz Minerals, Sandfire Resources and Xstrata Copper.
Savannah's CEO, David Archer said: "We have completed the fourth
and final stage of the environmental application process with the
lodging of our EIA permit applications. Accordingly, all regulatory
applications for copper mine development at both Mahab 4 and Maqail
South have now been submitted. Whilst we await the granting of our
Mining Licences, I am pleased to report that we remain highly
active in order to ensure the timely delivery of these copper
mines. This includes appointing IMO to undertake an Economic Study,
auditing the resources at both deposit areas, conducting additional
metallurgical test work including tailings thickening, and
developing a detailed mine design and production plans. We are also
assessing several processing plant turn-key solutions.
"This is undoubtedly set to be an exciting year for Savannah,
which should see us transition from a development company, to a
mining company and we are keen to lead the way and deliver the
first new copper mine development that Oman will have seen for
several years."
Figure 1. Project Location Map - see PDF link
Competent Person and Regulatory Information
The information in this announcement that relates to exploration
results is based upon information compiled by Mr Dale Ferguson,
Technical Director of Savannah Resources Limited. Mr Ferguson is a
Member of the Australian Institute of Mining and Metallurgy
(AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in
the report of the matters based upon the information in the form
and context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20
plc 7117 2489
David Hignell / Gerry Northland Capital Tel: +44 20
Beaney (Nominated Partners Ltd 3861 6625
Adviser)
Jon Belliss / Elliot Beaufort Securities Tel: +44 20
Hance Ltd 7382 8300
(Corporate Broker)
Charlotte Page / St Brides Partners Tel: +44 20
Lottie Brocklehurst Ltd 7236 1177
About IMO
Independent Metallurgical Operations Pty Ltd (IMO) has extensive
experience in the development of process flowsheets for a wide
range of oxide and sulphide base metals. The IMO team has proven
capabilities in the design and management of base metal test work
programs, project development, commissioning and operations
throughout Australia and worldwide. IMOs scope of services ranges
from sample selection, ore characterisation and mineralogy, through
to management of metallurgical test work, process aspects of
scoping and feasibility studies and client representation onto
plant commissioning, ramp up and process plant optimisation.
About Savannah
Savannah Resources Plc (AIM: SAV) is a growth oriented,
multi-commodity, development company.
Mozambique
Savannah operates the Mutamba heavy mineral sands project in
Mozambique in collaboration with Rio Tinto, and can earn a 51%
interest in the related Consortium, which has an established
initial Indicated and Inferred Mineral Resource Estimate of 4.4Bt
at 3.9% THM over the Jangamo, Dongane and Ravene deposits*. Under
the terms of the Consortium Agreement with Rio Tinto, upon delivery
by Savannah of the following, Savannah will earn the corresponding
interest in the Mutamba Project: scoping study - 20%;
pre-feasibility study - 35%; feasibility study - 51%. Additionally,
the Consortium Agreement includes an offtake agreement on
commercial terms for the sale of 100% of production to Rio Tinto
(or an affiliate).
Oman
Savannah has interests in two copper blocks in the highly
prospective Semail Ophiolite Belt in Oman. The projects, which have
an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper
and high-grade intercepts of up to 56.35m at 6.21% Cu, with gold
credits, provide Savannah with an excellent opportunity to
potentially evolve into a mid-tier copper and gold producer in a
relatively short time frame. Together with its Omani partners,
Savannah aims to outline further mineral resources to provide the
critical mass for a central operating plant to develop the deposits
and in December 2015 outlined exploration targets of between
10,700,000 and 29,250,000 tonnes grading between 1.4% and 2.4%
copper.
Finland
Savannah has Reservation Permits over two new lithium projects,
Somero and Erajarvi, covering an area of 159km(2) in Finland.
Savannah holds a 100% interest in these projects through its
Finnish subsidiary Finkallio Oy. Geological mapping has highlighted
the presence of seven pegmatites across the licence areas - two on
Somero and five on Erajarvi - with key lithium minerals petalite,
spodumene and lepidolite all identified in hand specimens. Follow
up work to further expand and define the pegmatites in readiness
for drilling is being planned for the second quarter of 2017 (after
winter).
*The information in this document that relates to the resource
estimation in Mozambique is based upon information compiled by Mr
Colin Rothnie, an independent consultant. Mr Rothnie is a Member of
the Australian Institute of Mining and Metallurgy (AusIMM) and has
sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the December 2012 edition of the "Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves" (JORC Code). Mr Rothnie consents to the inclusion in the
report of the matters based upon the information in the form and
context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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