LONDON (Alliance News) - Savannah Resources PLC Thursday said it has completed three targeted gravity surveys on its Block 4 and 5 properties in Oman, and it continues to target commercial production in late 2017.
The company said the three areas are high priority exploration areas, and all three were drill tested during 2015, showing they contained encouraging alteration systems suggesting a proximity to volcanogenic massive sulphide mineralisation.
"The gravity surveys provide another layer of information to assist in the discovery of volcanogenic massive sulphide orebodies in this highly prospective region. The three areas surveyed exhibit excellent geological and geophysical characteristics that make them prospective targets for further refinement using gravity surveys. We look forward to keeping shareholders updated with the results not only from this survey, but also our current drilling activity," said Chief Executive Officer David Archer in a statement.
Shares in Savannah Resources were down 2.5% at 3.29 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Savannah Resources (SAV)