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Savannah Resources Plc
Summary
| Project: | Mutamba | |
|---|---|---|
| Deposit: | Jangamo, Dongane | |
| Location: | Mozambique | |
| Commodities: | Zircon-Titanium-Iron | |
| Date: | 11/8/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 8-11-2016: Savannah Resources Plc announces a Resource Estimation report for its Jangamo, Dongane deposit at the Mutamba project. JV with Rio Tinto - Initial resource estimate for 2/4 deposits in the project. Savannah Resources plc (AIM: SAV) ('Savannah' | |
| Resources: | (Maiden resource, I+I): 3500Mt @ 6.2% Ilmenite, 0.06% Rutile, 0.11% Zircon for 130Mt THM | |
| CP/QP: | [Resources]: Colin Rothnie (Independent) | |
| ABSTRACT: | Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), announces an initial resource estimation over two of the four deposits currently defined at the Mutamba project in Mozambique (the 'Project' or 'Mutamba') (Figures 1-4). Mutamba, which was previously operated solely by Rio Tinto, forms part of the larger Mutamba/Jangamo Project currently being developed under a Consortium Agreement between Savannah and Rio Tinto, as announced on 11 October 2016. Savannah holds a 10% interest in the joint project with the right to earn up to 51%, subject to key milestones being met. To view the press release with the illustrative maps, diagrams and JORC Table 1 please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5296O_-2016-11-7.pdf "The completion of our initial Mineral Resource Estimation of the Jangamo and Dongane deposits is a major milestone for Savannah and our consortium partner, Rio Tinto. The results underscore the fact that the Mutamba project is one of the largest ilmenite dominant, mineral sands accumulations on the east coast of Africa. "While we are delighted with the outcome, what it really means is that we now have an exceptional foundation for our scoping study of the Project. The scoping study will focus on the areas of mineral occurrence which are most prospective in terms of size and grade, with little to no overburden factors, which should facilitate simple, low cost mining. Savannah believes that there is an excellent opportunity to potentially define an initial phase, low capex, long life, dry mining project of around a 200Mt well graded resource, associated with a series of reworked coastal dunes. "The Project is well located with easy access to a power line, the EN1 highway, the Inhambane bay (which is naturally protected from the elements) and the Inhambane airport, providing significant advantages to any potential development. We believe that the Inhambane and Gaza Provinces, where the deposits are located, are an excellent investment destination within the country." | |
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