REG - Savannah Resources - Commencement of 2023/24 Drilling Programme

Savannah ResourcesAnnouncement

23/10/2023 07:15

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RNS Number : 8826Q  Savannah Resources PLC  23 October 2023

 

 

 

23 October
2023

Savannah Resources Plc

(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah', or the 'Company')

 

2023/24 Drilling Programme Underway at the Barroso Lithium Project

 

Savannah Resources Plc, the European lithium development company, is pleased
to announce that its 2023/24 drilling programme at the Barroso Lithium Project
(the 'Project') is now underway.

 

Highlights:

·    The two phase drilling programme encapsulates all the resource,
reserve, hydrogeological (water bores) and geotechnical related drilling
required for the Project's Definite Feasibility Study ('DFS')

·    The first phase of the programme is expected to take approximately 2
months, with 60 holes to be drilled from 49 drill pads, totalling
approximately 3,235m

·    Phase 2 of the programme will be further defined following the
receipt and analysis of the results of the first phase of work, but is
expected to take around 6 months and include c. 10,200m of drilling from
approximately 166 holes located on 75 drill pads

·    Data from the programme will be used to upgrade significant portions
of the 21.4Mt of Indicated and Inferred resources, which feature in the
Project's overall existing 28Mt at 1.05% Li(2)O JORC (2012) Compliant
spodumene resource

·    The upgraded resources will then provide the basis for the Project's
first JORC reserve estimate

·    Savannah expects to complete the DFS in the second half of 2024 and
will provide regular news flow from its DFS-related field programme, including
assay results from the drilling, over the coming months.

 

Savannah's Chief Executive Officer, Emanuel Proença said, "We are entering a
busy and exciting period for Savannah as we progress the Barroso Lithium
Project towards development and I was pleased to be with the Project team in
the Boticas Municipality as we started our 2023/24 drilling programme. The
drilling is a critical part of the work required to allow Savannah to complete
the Definitive Feasibility Study on the Project, so the beginning of the
programme is a key milestone for the Company. Our drilling contractors, EDASU
S.L and SPI S.A, have both worked on the Project before so are highly familiar
with the terrain and geology, and we have recently added more personnel to our
field team so we have the capacity to log, analyse and store samples as
efficiently as possible.

 

"In parallel with our efforts to restart drilling, we have also been
progressing with other aspects of the DFS including starting work on the
RECAPE phase of the environmental licencing process after the appointment of
key contractors over the summer. In addition, Community Insights Group will be
back in the local area soon to begin the next phase of community engagement,
as part of our efforts to finalise the Project's benefit sharing plan with our
stakeholders.

 

"Away from the work on the ground, we are now reinforcing  our engagement
with other key local and national stakeholders including the relevant
government ministries and agencies. We are also maintaining our efforts on the
plan to identify commercial partners for the Project who are willing to assist
with the financing of the Project's construction and bring complementary
skills or additional opportunities to a long-term partnership with Savannah.

 

"We look forward to providing updates on the drilling campaign and the many
other work streams we have underway over the coming months."

 

Figure 1: EDASU S.L's Reverse Circulation rig drilling the first hole in the
2023/24 drilling programme

 

 

Regulatory Information

This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").

 

Savannah - Enabling Europe's energy transition.

 

**ENDS**

Follow @SavannahRes on Twitter

Follow Savannah Resources on LinkedIn

 

 

For further information please visit www.savannahresources
(http://www.savannahresources) .com or contact:

 

 Savannah Resources PLC                                                 Tel: +44 20 7117 2489

 Emanuel Proença, CEO

 SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker)      Tel: +44 20 3470 0470

 David Hignell/ Charlie Bouverat (Corporate Finance)

 Grant Barker/Abigail Wayne (Sales & Broking)

 RBC Capital Markets (Joint Broker)                                     Tel: +44 20 7653 4000

 Farid Dadashev/ Jamil Miah

 Camarco (Financial PR)                                                 Tel: +44 20 3757 4980

 Gordon Poole/ Emily Hall / Fergus Young

 LPM (Portugal Media Relations)                                         Tel: +351 218 508 110

 Herminio Santos/ Jorge Coelho

 

 

About Savannah

 

Savannah Resources is a mineral resource development company and sole owner of
the Barroso Lithium Project in northern Portugal.

Savannah is focused on the responsible development and operation of the
Barroso Lithium Project so that its impact on the environment is minimised and
the socio-economic benefits that it can bring to all its stakeholders are
maximised. Through the Barroso Lithium Project, Savannah can help Portugal to
play an important role in providing a long-term, locally sourced, lithium raw
material supply for Europe's rapidly developing lithium battery value chain.
Production is targeted to begin in 2026, producing enough lithium for 0.5m
vehicle battery packs per year.

 

The Company is listed and regulated on AIM and the Company's ordinary shares
are also available on the Quotation Board of the Frankfurt Stock Exchange
(FWB) under the symbol FWB: SAV, and the Börse Stuttgart (SWB) under the
ticker "SAV".

 

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