Savannah Resources Plc (LON:SAV) has told investors that every one of sixteen new drill holes at the Mino do Barroso lithium project in Portugal has encountered massive pegmatite mineralisation.
The present drill programme is targeting three main areas - Grandao, Reservatorio, and NOA - with work so far focussing on the first two.
At Reservatorio, seven holes have been drilled so far, for a total of 605 metres. It has covered a 400-metre strike length with pegmatite widths between 15 metres and 39 metres. The company also highlighted that there was potential for good down dip extensions (at least 80 metres).
Grandao has also seen seven holes for a total of 565 metres over a 200-metre strike length, with pegmatite widths between 15 metres and 27 metres.
Drilling hasn’t yet begun at NOA.
“We are delighted that our maiden drill programme in Portugal has successfully extended the strike and depth extents of known pegmatites at the Reservatorio and Grandao deposits,” said chief executive David Archer.
“Crucially, both deposits remain open along strike and down dip, and drilling is yet to commence on our third target area, NOA.”
He added: “All three targets are located on the key Mina do Barroso tenement, which has 21 years left to run on its 30-year mining licence, meaning that with a defined JORC resource a development decision could be made by the end of 2018.
“The first set of mineral samples have been despatched for assay testing and analysis and I look forward to providing Savannah's shareholders with the results of this analysis in due course, alongside updates on our ongoing drill work."