Business
Acquisition of Omani Copper Projects Completed
Acquisition of Omani Copper Projects Completed.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4199M Savannah Resources PLC 16 July 2014 \n \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n16 July 2014\nSavannah Resources Plc\nAcquisition of Strategic Omani Copper Projects Completed\n \nSavannah Resources plc (AIM: SAV) announces that it has completed the acquisition of interests in the highly prospective Block 5 and Block 6 copper projects (the 'Projects') in the Sultanate of Oman from TSX-V listed Gentor Resources Inc. (TSX-V: GNT) ('GRI'). The acquisition of these Projects forms part of Savannah's growth strategy of building a globally diverse, multi-commodity exploration and development company. \n \nOverview:\n· Completed acquisition of 100% of GRI's subsidiary, Gentor Resources Limited ('GRL') , which has a 65% interest in Block 5 and the right to earn up to a 70% interest in Block 6 \n· Projects cover 870km² of the highly prospective copper-rich Seminail Ophiolite belt in the Sultanate of Oman - proven to host clusters of moderate to high grade copper deposits with gold credits and metallurgically simple ores\n· First round re-processing of geophysical data completed and eight Priority 1 and 12 Priority 2 exploration targets identified at both Block 5 and 6\n· Projects have an Indicated and Inferred Mineral Resource of 1.7Mt at 2.2% Cu (including a high-grade zone of ~0.5Mt at 4.5% Cu) \n· Opportunity to significantly increase resource potential:\nHigh grade intersections reported to date include 56.35m at 6.21% copper from 63.15m in B5MH4071 from Block 5, Mahab 4 prospect\no Priority exploration targets targeted for future exploration include Maqail South (6.68m at 7.42% copper), Hara Kilab (5.54m at 3.96% copper) and Mahab 2 (5m at 2.81% copper) \n· Exploration programme being designed to commence drilling late 2014 - focussed on evaluating potential open-pittable targets\n· Proven team in place to ensure rapid implementation of the exploration programme - based out of the port city of Sohar near Blocks 5 and 6\n \nSavannah's CEO, David Archer said, \"The acquisition of two highly prospective copper projects with multiple high priority targets is a key strategic development for Savannah. The Project...