Business
Strategic Lithium Acquisition, Portugal
Strategic Lithium Acquisition, Portugal.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1749G Savannah Resources PLC 25 May 2017 \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n \n25 May 2017 \nSavannah Resources Plc\nStrategic Lithium Project Acquisition with Near-Term Production Potential, Portugal\n \nSavannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), is pleased to announce that it has entered into an agreement with a consortium of vendors led by Slipstream Resources Investments Pty Ltd ('Vendors' or 'Slipstream') to acquire a series of highly prospective lithium projects with near-term production potential in the north of Portugal (the \"Transaction\"). To view the press release with the illustrative maps and diagrams please use the following link: \nhttp://www.rns-pdf.londonstockexchange.com/rns/1749G_-2017-5-24.pdf\n \nTRANSACTION HIGHLIGHTS \n· Strategic opportunity to become the first significant lithium producer in Europe having acquired the Mina do Barroso prospect in northern Portugal;\n· Approved Mining Plan ('MP'), Environmental Impact Assessment ('EIA') and a 30-year mining concession/Mining Licence ('ML') means that with a defined JORC resource a development decision could be made by the end of 2018;\n· Significant exploration results include:\no Due diligence rock chip sampling identifying desirable spodumene pegmatites >70m wide with Li2O grades > 3.12%\no Continuous rock chipping returning broad zones of lithium mineralisation including 30m at 1.18% Li2O, 30m at 1.35% Li2O and 35m at 1.67% Li2O \no High-grade drill results which commence from at or near surface including 32m at 1.16% Li2O from 20m, 12m at 1.6% Li2O from 1m and 16m at 1.35% Li2O from surface;\n· Preliminary metallurgical test work has indicated that a high-grade (over 6% Li2O), clean, low iron, lithium concentrate can be produced;\n· Further exploration underway including mapping and rock chip sampling with drilling expected to commence in around two weeks with the initial focus on defining a JORC resource at Mina do Barroso to support a potential mine development;\n· Acquisition is part of an enlarged acquisition that included a 75% interest in four project areas covering up to ...