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6.30 -0.06 (-0.95%)

Bid:

6.20

Ask:

6.40

Spread: 0.20 (3.226%)

Market Cap: £160.71m

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Savannah Resources Completes Drilling Programme At Project In Mozambique

Thu, 14th Nov 2013 14:47

LONDON (Alliance News) - Savannah Resources PLC said Thursday that it had completed its first drilling programme at its 80%-owned Jangamo heavy mineral sands project in southern Mozambique.

The company said 27 holes were drilled, and a total of 1,812 meters of reverse drilling was completed to assess the projects prospects. Reverse circulation drilling is a lower, more expensive drilling method which achieves better penetration than others. In this method, broken bits are pumped up and out of the drill pipe.

Savannah said that geological logging from the drilling showed that all holes displayed visible signs of heavy minerals.

The company expects to receive results from its investigation in the first quarter of 2014.

"We believe that the project has the potential to generate significant value, and we look forward to reporting the assay results and the conclusions drawn in due course," said Chief Executive Officer David Archer.

Shares in Savannah were trading down 4% at 3.12 pence Thursday afternoon.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews