Proactive Investors - Run By Investors For Investors

Savannah Resources takes up option on Aldeia lithium prospect in Portugal

The Aldeia mining lease application consists of three blocks located adjacent to Mina do Barroso
car
Electric vehicles will use a lot of lithium

Savannah Resources PLC (LON:SAV) has exercised its option to acquire more land adjacent to its Mina do Barroso lithium project in Portugal.

The Aldeia mining lease application consists of three blocks located adjacent to Mina do Barroso.

A maiden JORC mineral resource estimate of 3.5Mt at 1.3% Li2O (lithium oxide) on just one of these blocks, Block A, was published in May.

Savannah will pay for the acquisition in stages that start once the mining lease application has been granted and mining rights have been transferred.

David Archer, chief executive, said the excellent exploration results from Block A encouraged it to take up the Aldeia option.

"Furthermore, the payment structure of the deal is attractive for Savannah, as the company will pay for the acquisition via instalments over a 6-year period.”

In afternoon trading, shares in Savannah Resources were 2% higher at 5.00p, with analysts at ‘house’ broker finncap reiterating a 23p target price on the stock.

 -- Adds share price, target --

View full SAV profile View Profile

Savannah Resources PLC Timeline

Related Articles

Mina do Barroso
June 07 2019
The firm’s portfolio encompasses both assets with near-term production potential and longer-term development opportunities
1534333583_Thunderstruck---Bryce-Bradley.jpg
August 15 2018
Thunderstruck has an attractive and diverse portfolio of assets in Fiji
mineral sands
June 27 2019
Dundas currently has a resource estimate of 117mln tonnes at 6.1% ilmenite in-situ.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use