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Option to Acquire Further Ground, Portugal
Option to Acquire Further Ground, Portugal.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9080U Savannah Resources PLC 18 July 2018 \n\n \n18 July 2018\n \nSavannah Resources Plc\nOption to Acquire Further Ground in the Highly Prospective Lithium Pegmatite Bearing Mina do Barroso Structural Corridors\n \nSavannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or the 'Company'), the AIM quoted resource development company, announces that it has entered into an exclusive due diligence and option agreement (the 'Agreement') with Aldeia & Irmão, S.A. ('Aldeia'), a private Portuguese company, with a view to acquiring a Mining Lease, once granted, over areas of land abutting the southern end of the Reservatorio Lithium Deposit (Figure 1) and adjacent areas to the Company's Mina do Barroso Lithium Project, located in northern Portugal ('Mina do Barroso' or the 'Project') (the 'Proposed Licence Area'). To view the press release with the illustrative maps and diagrams please use the following link:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/9080U_1-2018-7-17.pdf\n \nHIGHLIGHTS:\n· Savannah has entered into an exclusive due diligence and option agreement for the potential acquisition of a three block Mining Lease for lithium, feldspar and quartz (once granted) totalling 2.94 km².\n· Affords Savannah the opportunity to secure a potential extension to the Reservatorio Deposit, which has a current Mineral Resource Estimate of 3.2Mt at 1.0% Li2O for 32,000t, and to identify additional deposits with at least five known spodumene bearing lithium pegmatites occurring in the tenure area.\n· Following the completion of due diligence, Savannah may exercise an exclusive option to acquire the mining lease, once granted.\n· During the option period of approximately 12 months, Savannah can conduct exploration.\n· All payments are to be staged with payments expected to be made from anticipated revenue generated from the Mina do Barroso mine, once developed.\n· The acquisition would provide additional resource potential and further space to optimise the layout for any potential mine development.\n \nSavannah's CEO, David Archer said: \"The option over the Aldeia ground will be accretive to the overall development of Mina do Barroso as it opens the opportunity to ...