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Savannah Resources reports further potential at Oman blocks

The latest assays are from six holes, and one intersection hit 23.47% copper over 0.4 metres, the company said.

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The latest assays are from six holes, and one intersection hit 23.47% copper over 0.4 metres, the company said.

Savannah Resources Plc (LON:SAV) shares went higher as it reported further positive results from Oman, where it has uncovered the potential to further expand high grade copper areas.

The latest assays are from six holes, and one intersection hit 23.47% copper over 0.4 metres, the company said.

High grade zones were found at both the Mahab 4 and Maqail South areas in Block 5.

Meanwhile, at Block 4, further drilling suggested a larger tonnage, lower grade deposit target.

A broad mineralised zone with 33.4m at 0.69% copper and 0.1g/t gold from 87m, including 4m at 1.56% copper and 5.1m at 1.22% copper, was hit in one hole.

Chief executive David Archer said: "The broad, high grade copper intersections outlined by the drilling underscore the very appealing, early development potential of the Block 4 and 5 licences in Oman.

"The Mahab 4 and Maqail South deposits in Block 5 already have a current indicated and inferred mineral resource of 1.7Mt at 2.2% copper and these recent drill results further underpin our confidence in their potential."

Drilling continues and is expected to be completed before the end of the third quarter, 2016, while a  new resource estimate for both Maqail and Mahab 4 will be released in the fourth quarter of 2016.

Savannah has rights to three blocks - four, five and six, covering 1,270 sq km in the copper-rich, Semail Ophiolite Belt in Oman.

Savannah is earning a 65% stake in Al Thuraya LLC, which owns the Block 4 project, and is a 65% shareholder in Al Fairuz Mining, the holder of the Block 5 licence.

Savannah shares added 5.71% in early deals, to stand at 4.625p.

Quick facts: Savannah Resources PLC

Price: 2.35 GBX

AIM:SAV
Market: AIM
Market Cap: £30.49 m
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