Savannah Resources Confirms Lithium Continuity At Portuguese Project

LONDON (Alliance News) - Savannah Resources PLC on Monday said further drilling has confirmed the ...

Alliance News 11 February, 2019 | 12:10PM
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LONDON (Alliance News) - Savannah Resources PLC on Monday said further drilling has confirmed the continuity of lithium mineralisation at its Mina do Barroso lithium project in Portugal.

Drilling at the Pinheiro, Reservatorio and Grandao deposits at Mina do Barroso have confirmed the continuity of mineralisation in the tested areas at Mina do Barroso.

Key intersections noted by the miner include: 46 metres at 1.0% lithium oxide from 157 metres in hole 18GRARC125 at Grandao; 36 metres at 1.2% lithium oxide from 62 metres in hole 18RESDD008 at Reservatorio; and 15 metres at 1.0% lithium oxide from 81 metres in hole 18PNRRC019 at Pinheiro.

"We believe we have a project that is potentially ideally positioned both in terms of geography and development path to become a leading supplier of lithium spodumene product to the rapidly emerging European electric vehicle market. This scale of this market was recently highlighted by [Volkswagen AG] pledging to spend circa EUR80 billion on mass-producing electric vehicles and purchasing batteries," said Savannah Resources Chief Executive David Archer.

"We have a significant amount of work being conducted across the project, a strong balance sheet and look forward to regularly communicating progress as we look to fulfil our rapid development strategy," Archer added.

Shares in Savannah Resources were up 2.0% at 5.00 pence on Monday.

By Anna Farley; annafarley@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Savannah Resources PLC 5.00 GBX -2.91 -
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