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Savannah Resources Plc
Summary
| Project: | Mina do Barroso | |
|---|---|---|
| Deposit: | Mina do Barroso | |
| Location: | Portugal | |
| Commodities: | Lithium-Iron | |
| Date: | 5/31/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-5-2019: Savannah Resources Plc announces a Resource Estimation report for its Mina do Barroso deposit at the Mina do Barroso project. Updated mineral resource estimatte. Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) (‘Savannah’ or the ‘Comp | |
| Resources: | (Resource, Total): 27.0Mt @ 1.06% Li2O, 0.8% Fe2O3 | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV) (‘Savannah’ or the ‘Company’), the resource development company, is pleased to announce a significant increase in the JORC (2012) Compliant Measured, Indicated and Inferred Mineral Resource Estimate, with an additional upgrade in Exploration Target at the Company’s flagship asset, the Mina do Barroso Lithium Project (‘Mina do Barroso’ or the ‘Project’), located in northern Portugal (Figure 1 and Table 1-2). Savannah’s CEO, David Archer said: “We continue to be encouraged by our extensive resource drilling programme which is increasing the mine life of the Project, in addition to providing an inventory of highergrade material. This 15% increase in overall Mineral Resource Estimate to 27Mt at 1.06% Li₂O for 285,900t of contained Li₂O represents the fifth major mineral resource increase in just 15 months at Mina do Barroso. With the Project’s development and commissioning targeted for next year, Mina do Barroso is moving closer to meeting its objective of becoming a key strategic supplier of lithium spodumene for the fastgrowing European lithium ion battery and electric vehicle industries - by the year 2025, European lithium ion batteries are expected to represent a market worth €250bn annually. Mina do Barroso has the potential to supply c.40% of the forecast lithium demand from Europe’s automotive industry in 2025, and this latest resource and exploration target upgrade supports this potential. “It is evident that Mina do Barroso could support the development of a mineral conversion plant with the required tonnages of the lithium raw material inputs of spodumene concentrates to act as a base load for a major lithium hydroxide production plant and a new industry for Portugal. Through the ongoing work and development programme we are gaining a firmer understanding of Mina do Barroso’s outstanding potential. As we continue to make progress on site, I look forward to updating shareholders with all key developments.” Savannah’s corporate presentation, published on the | |
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