Multi-commodity exploration company Savannah Resources (LON:SAV) moved the activity dial up to 11 in the first half of 2014.
The company is currently executing a dual exploration programme that will focus on advancing its copper interests in Oman in tandem with working out what it has on its hands with its heavy mineral sands resource in Mozambique.
An increase in operational activities always comes at a cost and this is particularly noticeable for a pre-revenue company such as Savannah, which revealed in its interim results that the loss before tax had widened to £919,253 from £260,815 the year before.
The company has a solid cash position, with cash and cash equivalents at the end of the reporting period of £1.78mln, up from £943,848 a year earlier.
The company is set to commence a second round of drilling at the Jangamo heavy minerals sands project in Mozambique with a view to defining a maiden resource by the end of this year.
In Oman, the company is continuing to build its exploration team and operational capabilities, and the main focus for the rest of the year will be on advancing work on a number of the high priority targets to drill-ready stage and continuing the review of the 94 newly identified VTEM anomalies.
Savannah's chief executive officer, David Archer said: "Our acquisition of two highly prospective copper projects in Oman marked a transformational move into a highly prospective copper producing region. We intend to leverage our in-country advantage to ultimately become a mid-sized copper producer.
"We have an exciting exploration programme aimed at unlocking the resource potential and are planning to commence drilling at Block 5 later in the year."