26 February 2024
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')
Barroso Lithium Project: Phase 1 Resource Drilling Completed
Savannah Resources Plc, the developer of the Barroso Lithium Project (the 'Project') in Portugal, Europe's largest spodumene lithium deposit, is pleased to announce the completion of the resource-related drilling in the first phase of its current two-phase drilling programme. The first set of assays from holes drilled at the NOA and Reservatorio orebodies have also been received showing excellent grades and continuity of mineralisation. These results, along with those still to be received, will be used to finalise plans for the second phase of drilling and will be fed into new resource estimates for the orebodies as part of the Project's ongoing Definitive Feasibility Study ('DFS').
Highlights:
· First phase of DFS-related resource drilling at the Project has been completed. Phase 1 drilling for metallurgical and geotechnical purposes, will be completed during March 2024
· The resource infill drilling programme was designed to upgrade existing Indicated and Inferred resources at NOA, Reservatorio, Pinheiro and Grandao to both Measured and Indicated categories so that it can be used to define a maiden JORC (2012) compliant Reserve as part of the DFS study.
· In total 3188.5m were drilled across 39 Reverse Circulation ('RC') holes (3 with diamond tails) and 3 diamond drill holes
· Results have now been received from 25 holes with the best assays reported including:
o 41m @ 1.21% Li2O from 159m in 23RESRC038
o 40m @ 1.17% Li2O from 70m in 23RESRC045
o 11m @ 1.22% Li2O from 13m in 23NOARC040
o 13m @ 1.12% Li2O from 31m in 23NOARC041
o 8m @ 1.34% Li2O from 21m in 23NOARC036
· Initial results received from two holes at Reservatorio show the lithium mineralised pegmatite continuing at depth and have returned 40m widths with excellent lithium mineralisation grades.
· Results received to date from the NOA deposit confirm the continuity of the lithium mineralisation and have highlighted that the pegmatite continues to the northwest on the Mining Lease area, beyond the current envelope of the resource.
· Diamond tails drilled at Reservatorio to access deeper parts of the pegmatite have returned notable pegmatite intersections, logging and sampling of these is currently underway.
· Geotechnical diamond drilling has begun at NOA and Reservatorio, to aid in finalising the mine designs.
· Geologia e Geotecnia Consultores Lda., a geological consulting firm from Portugal, has been appointed to carry out the preliminary geotechnical assessment.
Next steps:
· Further assay results will be released as they are received.
· Completion of phase 1 geotechnical and metallurgical drilling.
· Planning for the second phase of drilling to be completed once all results are in hand.
The Company still expects to begin updating the JORC resource estimates on a deposit-by-deposit basis later this quarter
https://www.savannahresources.com/investors/rns-feed/rns-announcements/?rid=4469826