Proactiveinvestors United Kingdom Savannah Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Savannah Resources PLC RSS feed en Fri, 26 Apr 2019 13:27:19 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Savannah Resources to take full ownership of Mina do Barroso Lithium project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12999/savannah-resources-to-take-full-ownership-of-mina-do-barroso-lithium-project-12999.html Mon, 15 Apr 2019 11:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12999/savannah-resources-to-take-full-ownership-of-mina-do-barroso-lithium-project-12999.html <![CDATA[News - Savannah Resources moves to secure 100% control of the Mina do Barroso lithium project ]]> https://www.proactiveinvestors.co.uk/companies/news/218552/savannah-resources-moves-to-secure-100-control-of-the-mina-do-barroso-lithium-project-218552.html Savannah Resources PLC (LON:SAV) shares were higher on Monday following news the firm is to take 100% control of its flagship asset, the Mina do Barroso Lithium project in Portugal.

The 25% that Savannah doesn’t already own is to be acquired from minority shareholders in an all-share transaction valued at approximately US$11.9mln.

WATCH: Savannah Resources boosts Mina do Barroso lithium resource to 23.5mln tonnes

Savannah will issue 163mln new shares at US$0.073 each, equating to 15.6% of the enlarged issued share capital of the company.

The largest of the vendors, resource investment specialist, Slipstream, will become a 16.0% shareholder in Savannah, increasing from a 5.1% stake.

"Since acquiring our initial 75% shareholding in Mina do Barroso in 2017, we have rapidly progressed the project, including delineating a 23.5mln tonne spodumene-bearing JORC compliant resource and completing a positive scoping study,” said Savannah chief executive David Archer.

“At the same time, legislators and battery end users in the region have come to appreciate the need for Europe to have domestic sources of battery raw materials as the region seeks to reduce emissions from the transport sector via the transition to electric vehicles.

"As a result, we see great economic and strategic value in the project and we are pleased to have the opportunity to increase our stake to 100%. The company remains focused on completing the project's definitive feasibility Study and environmental impact assessment and permitting process, which will allow a development decision to be made,” he added.

In a note to clients, analysts at ‘house’ broker finncap pointed out that the around US$11.9mln valuation from the deal is at a “substantial discount to our unrisked valuation of 25% of the project.”

As a result, finnCap raised its price target for Savannah Resources to 22p, up from 20p previously, with the shares currently trading at 5.70p, up 0.9% on Friday’s close.

 -- Adds analyst comment, share price --

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Mon, 15 Apr 2019 07:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218552/savannah-resources-moves-to-secure-100-control-of-the-mina-do-barroso-lithium-project-218552.html
<![CDATA[RNS press release - Agreement to secure 100% of the Mina do Barroso ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190415070005_14040267/ Mon, 15 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190415070005_14040267/ <![CDATA[Media files - Savannah Resources boosts Mino do Barroso lithium resource to 23.5mln tonnes ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12925/savannah-resources-boosts-mino-do-barroso-lithium-resource-to-235mln-tonnes-12925.html Tue, 09 Apr 2019 10:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12925/savannah-resources-boosts-mino-do-barroso-lithium-resource-to-235mln-tonnes-12925.html <![CDATA[News - Savannah Resources boosts Mina do Barroso lithium resource by 17% ]]> https://www.proactiveinvestors.co.uk/companies/news/218209/savannah-resources-boosts-mina-do-barroso-lithium-resource-by-17-218209.html Savannah Resources PLC (LON:SAV) found gains on Tuesday as the group boosted resources at the Mino do Barroso lithium project in Portugal by 17% to 23.5mln tonnes (Mt).

Within that, the measured and indicated resource now totals 13.3mln tonnes grading 1% lithium oxide.

WATCH: Savannah Resources to broaden mine planning for Mina do Barroso after new high-grade discovery

The updated resource cements the project's place as Western Europe's most significant spodumene lithium resource.

The overall amount of lithium oxide contained in Mina do Barroso amounts to 241,000 tonnes.

What’s more, the company believes significant upside remains, and that the total resource could eventually go to over 30mln tonnes.

"This is the fourth major increase in the Mina do Barroso mineral resource and it has been achieved in less than 14 months,” said chief executive David Archer. 

“The increasing mineral resource highlights the continued growth potential for the project which is underscored by the exploration target remaining unchanged. With a potential mining inventory of over 30mln tonnes, we have a long-life asset that can become a secure, long term supply source of lithium, which is a strategic metal for the burgeoning battery and electric vehicle industries of Europe."

In a note to clients, analysts at ‘house’ broker finnCap commented: “Some 58% of the resource is now contained within the Measured and Indicated categories.”

They added: “Most of the resource is contained within the Grandao deposit, where 17.7Mt at 1.04% Li₂O containing 181,800t of Li₂O has now been identified.”

finnCap reiterated a 20p price target on Savannah Resources’ shares which in late morning trading were 2.7% higher at 5.65p.

 -- Adds analyst comment, share price --

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Tue, 09 Apr 2019 08:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218209/savannah-resources-boosts-mina-do-barroso-lithium-resource-by-17-218209.html
<![CDATA[RNS press release - Resource Update at Mina do Barroso Lithium Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190409070012_14033367/ Tue, 09 Apr 2019 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190409070012_14033367/ <![CDATA[RNS press release - Implementation of New Long-Term Incentive Plan ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190306070007_13991503/ Wed, 06 Mar 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190306070007_13991503/ <![CDATA[Media files - Savannah Resources to broaden mine planning for Mina do Barroso after new high grade discovery ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12431/savannah-resources-to-broaden-mine-planning-for-mina-do-barroso-after-new-high-grade-discovery-12431.html Mon, 04 Mar 2019 15:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12431/savannah-resources-to-broaden-mine-planning-for-mina-do-barroso-after-new-high-grade-discovery-12431.html <![CDATA[News - Drilling boosts potential size of Savannah’s Mina do Barroso lithium project ]]> https://www.proactiveinvestors.co.uk/companies/news/215698/drilling-boosts-potential-size-of-savannahs-mina-do-barroso-lithium-project-215698.html Savannah Resources PLC (LON:SAV) has identified a new higher-grade lithium-bearing pegmatite body at Aldeia, about two kilometres to the south-east of the Grandao deposit in Portugal.

Key lithium intersections include: 21 metres at 1.50% lithium oxide (Li₂O), 20 metres at 1.36% Li₂O, 21metres at 1.24% Li₂O, and 14 metres at 1.41% Li₂O.

The pegmatite was consistently intersected over a strike length of over 200 metres and has been traced down dip for a distance of over 200 metres, confirming the potential for the presence of a significant mineralised body.

Drilling is continuing. Both the Aldeia and the newly discovered Pinheiro deposits will now be incorporated in an expanded and fully-funded definitive feasibility study, the completion of which will now extend into the second half of the year.

Savannah’s wider Mina do Barroso project currently boasts a 20mln tonne resource and has been billed as Western Europe's most significant new spodumene lithium discovery. 

 "The discovery of this new higher grade Aldeia Block A pegmatite is likely to add further tonnage to the overall mineral resource inventory of the Mina do Barroso project,” said Savannah chief executive David Archer.

“These excellent results mean we will now look to incorporate these deposits as part of the early mining schedule of a potential mine development.”

In a note to clients, analysts at ‘house’ broker finnCap commented: “The new drilling programme has returned some excellent results, with high grades encountered over significant widths.

“The Mina do Barroso lithium project is already by some way the largest and most significant spodumene lithium project in Western Europe and looks set to become larger.

finnCap repeated a 20p price target on Savannah Resources shares, which in afternoon trading were 0.9% higher at 5.35p.

 -- Adds analyst comment, share price --

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Mon, 04 Mar 2019 08:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215698/drilling-boosts-potential-size-of-savannahs-mina-do-barroso-lithium-project-215698.html
<![CDATA[RNS press release - New Higher-Grade Discovery at Mina do Barroso ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190304070004_13988172/ Mon, 04 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190304070004_13988172/ <![CDATA[Media files - Metallurgical testwork highlights potential for lithium production ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12159/metallurgical-testwork-highlights-potential-for-lithium-production-12159.html Mon, 11 Feb 2019 08:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12159/metallurgical-testwork-highlights-potential-for-lithium-production-12159.html <![CDATA[News - Drilling on Savannah’s Mina do Barroso project confirms continuity of lithium mineralisation ]]> https://www.proactiveinvestors.co.uk/companies/news/214338/drilling-on-savannahs-mina-do-barroso-project-confirms-continuity-of-lithium-mineralisation-214338.html Follow-up drilling work undertaken by Savannah Resources PLC (LON:SAV) has confirmed continuity of lithium mineralisation at the Grandao, Reservatorio and Pinherio deposits on the Mina do Barroso lithium project in Portugal.

Key lithium intersections at Grandao include 46.11 metres at 1.04% Li₂O, 19.7 metres at 1.28% Li₂O, and 15.27 metres at 1.37% Li₂O. Key intersections at Reservatorio include 36 metres at 1.15% Li₂O, while key intersections at Pinheiro include 15 metres at 0.97% Li₂O.

WATCH: Metallurgical testwork highlights potential for lithium production

Drilling has focused on building confidence in the continuity of mineralisation at Grandao and Reservatorio, with recent results confirming the geological model for these deposits.

The results underpin the company's strategy of aiming to become Europe's most significant producer of lithium spodumene concentrates in response to the growing demand from the expanding European electric vehicle market. 

"The impressive continuity of lithium mineralisation revealed by these results continues to underpin the true potential of the Mina do Barroso lithium project,” said Savannah chief executive David Archer. 

“While much of the recent drilling has been focused on increasing the mineral resource categories for the definitive feasibility study that is currently underway, the drilling programme at Mina do Barroso continues to deliver expansions to the mineralised zone at Grandao, extensions in depth at Reservatorio and further encouraging results from the Pinheiro deposit. In particular, Pinheiro is shaping up well as a further spodumene lithium deposit and is set to augment the three main deposits that have been defined to date.”

In late morning trading, shares in Savannah Resources were 2% higher at 5p.

In a note to clients, analysts at ‘house’ broker finnCap commented: “The drilling programme continues to return significant intersections of lithium mineralisation as Savannah aims to increase the current Mineral Resource Estimate of 20.1Mt at 1.04% Li₂O containing 209,000t of Li₂O.

“This is the largest known spodumene deposit in Western Europe. We maintain our 20p price target.”

 -- Adds share price, analysts comment --

 

 

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Mon, 11 Feb 2019 07:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214338/drilling-on-savannahs-mina-do-barroso-project-confirms-continuity-of-lithium-mineralisation-214338.html
<![CDATA[RNS press release - Continuity of Lithium Mineralisation Confirmed ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190211070004_13964047/ Mon, 11 Feb 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190211070004_13964047/ <![CDATA[News - Metallurgical testwork at Mina do Barroso continuing to highlight potential for battery-grade lithium production ]]> https://www.proactiveinvestors.co.uk/companies/news/213478/metallurgical-testwork-at-mina-do-barroso-continuing-to-highlight-potential-for-battery-grade-lithium-production-213478.html Metallurgical test work from the Mina do Barroso project owned by Savannah Resources PLC (LON:SAV) continues to show that a conventional 6% Li₂O low-impurity concentrate can be produced with high recoveries.

Drill core samples taken from the Grandao deposit have produced concentrates containing 6%-6.5% Li2O, with corresponding lithium recoveries in excess of 80%.

WATCH: Savannah Resource s 'building a world-class team' as it advances Mina do Barroso towards feasibility

The Grandao deposit currently represents the first five years of mine production.

The lithium concentrates produced have low iron and impurity levels, with market research and initial customer discussions indicating that such concentrates should be suitable for conversion to either lithium carbonate or lithium hydroxide for use in lithium-ion batteries.

Planning is now underway to run a pilot programme on a bulk sample of ore to define the process flow sheet to a level suitable for final plant design.

"To see such excellent results from the metallurgical test work is encouraging as it continues to validate Mina do Barroso as a conventional lithium project in terms of the process flow-sheet and the product produced,” said chief executive David Archer. 

“Ongoing test work will continue to help refine our understanding of the behaviour of the produced material and I look forward to continuing to update our shareholders over the coming months.''

In late morning trading, shares in Savannah Resources were 1% higher at 4.95p.

In a note to clients, analysts at ‘house’ broker finnCap commented: “This is a major step forward for the project, as not all spodumene deposits are suitable for the production of high-grade saleable concentrates. We maintain our 20p price target.”

 -- Adds share price, analyst comment --

 

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Tue, 29 Jan 2019 07:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213478/metallurgical-testwork-at-mina-do-barroso-continuing-to-highlight-potential-for-battery-grade-lithium-production-213478.html
<![CDATA[RNS press release - Mina do Barroso Project, Met Test Work Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190129070004_13949496/ Tue, 29 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20190129070004_13949496/ <![CDATA[RNS press release - Change of NOMAD ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181224070007_13914237/ Mon, 24 Dec 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181224070007_13914237/ <![CDATA[Media files - Savannah Resources 'building a world class team' as it advances Mina do Barroso towards feasibility ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11648/savannah-resources--building-a-world-class-team--as-it-advances-mina-do-barroso-towards-feasibility-11648.html Tue, 18 Dec 2018 09:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11648/savannah-resources--building-a-world-class-team--as-it-advances-mina-do-barroso-towards-feasibility-11648.html <![CDATA[News - Savannah teams up with two “prestigious” organisations to help progress Portuguese lithium project ]]> https://www.proactiveinvestors.co.uk/companies/news/211381/savannah-teams-up-with-two-prestigious-organisations-to-help-progress-portuguese-lithium-project-211381.html Savannah Resources PLC (LON:SAV) has formalised its relationship with a university research team led by Professor Noronha – the man who first discovered lithium near the company’s Mina do Barroso project in northern Portugal 30 years ago.

As well as the team from the University of Porto, Savannah has also teamed up with the Laboratorio Nacional de Energia e Geologia (LNEG) – a governmental research and development institution with “significant experience” in lithium processing technologies.

IN-DEPTH: Savannah expects ‘significant revenues’ from Mina do Barroso

So far, the trio has completed a preliminary mineralogy study and a first draft processing flowsheet for the treatment, recovery and concentration of spodumene from samples of Grandao and NOA deposits at MdB.

“We were delighted to enter into this agreement with these two prestigious organisations within Portugal,” said Savannah’s technical director Dale Ferguson.

“This agreement formalises the work that has been undertaken to date and we believe notable benefits so far have been achieved for the Project such as the noteworthy metallurgical outcomes that have been attained.

“The Portuguese government supports the development of the lithium industry in Portugal as evidenced by the recent government approval in the Council of Ministers of the 'strategic guidelines for the valorisation of the potential of lithium minerals in Portugal’.”

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Tue, 18 Dec 2018 07:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211381/savannah-teams-up-with-two-prestigious-organisations-to-help-progress-portuguese-lithium-project-211381.html
<![CDATA[RNS press release - Cooperation Agreement with Porto University & LNEG ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181218070004_13907015/ Tue, 18 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181218070004_13907015/ <![CDATA[News - Savannah Resources reports significant lithium intersections from drilling at Mina do Barroso ]]> https://www.proactiveinvestors.co.uk/companies/news/211309/savannah-resources-reports-significant-lithium-intersections-from-drilling-at-mina-do-barroso-211309.html Savannah Resources PLC (LON:SAV) said drilling at the Grandao and Pinheiro deposits within its Mina do Barroso project in Portugal has returned a series of significant lithium intersections.

The company said highlights from diamond drilling at Grandao were 2.9m at 1.05% lithium oxide (Li2O) from 84m in drill hole 18GRADD010, 0, 29.55m at 1.67% Li2O from 95.45m in hole 18GRADD011 and 20.7m at 1.21% Li2O from 41.5m in hole 18GRADD017.

Results from reverse circulation drilling at Granado included 28m at 1.17% Li₂O from 15m in drill hole 18GRARC118 and 27m at 1.41% Li₂O from 36m in hole 18GRARC120.

At Pinheiro, results included 9m at 1.05% Li₂O from 39m in drill hole 18PNRRC012 and 27m at 0.91% Li₂O from 57m in hole 18PNRRC017.

READ: Savannah Resources says successfully produced saleable quartz, feldspar products for use in ceramics industry

 "The ongoing drilling programme at Mina do Barroso continues to define excellent widths and grades of lithium mineralisation at both the Grandao and Pinheiro deposits,” said chief executive David Archer.

“Thanks to much of the resource definition work and geotechnical drilling to support the definitive feasibility study being largely complete, we anticipate a slower drilling tempo at the C-100 Mining Lease in 2019.”

Archer said in 2019 the company plans to drill test the  Aldeia ground with the reverse circulation rig while the diamond drill rig will focus on obtaining material for the ongoing metallurgical test-work programme as well as some geotechnical drilling.

A total of 295 holes for 24,723m have been drilled to date at Mina do Barroso as part of the ongoing reverse circulation and diamond drill programme, primarily focused on the Grandao, Reservatorio and NOA deposits.

"The year 2018 has been exceptional for the metres drilled and the resource defined in such a quick time and we look forward to continuing excellent progress for the project next year,” said Archer. 

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Mon, 17 Dec 2018 08:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211309/savannah-resources-reports-significant-lithium-intersections-from-drilling-at-mina-do-barroso-211309.html
<![CDATA[RNS press release - Further Zones of Lithium Mineralisation Discovered ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181217070005_13905272/ Mon, 17 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181217070005_13905272/ <![CDATA[News - Savannah Resouces expects 'significant revenues' from Mina do Barroso ]]> https://www.proactiveinvestors.co.uk/companies/news/211252/savannah-resouces-expects--significant-revenues--from-mina-do-barroso-211252.html Savannah Resources PLC (LON:SAV) expects a boost to revenues after ongoing metallurgical test work successfully produced saleable quartz and feldspar products from its Portuguese Mina do Barroso project.

The products are used in the ceramics industry with strong demand coming from the Portuguese and Spanish markets.

The company said the production of quartz and feldspar products will mean that the company will reduce the volumes of non-saleable material that will need to be emplaced on site in contoured and vegetated landforms. 

What that means is a significant proportion of the material that is mined and processed through the plant will be shipped off site as a saleable product, which will lift revenue and reduce costs.

READ: Savannah Resources says successfully produced saleable quartz, feldspar products for use in ceramics industry

Chief executive David Archer said the quartz and felspa are of “very high quality” and will therefore fetch a premium pricing.

Mina do Barroso - Europe’s biggest lithium mine – is expected to produce volumes of about 300,000 tonnes per annum of saleable feldspa and 200,000 tonnes of saleable quartz per annum.

“(The products) should be able to generate some very significant revenues and help build a dynamic, new operation in the northern part of Portugal,” he said.

The group hopes to progress its definitive feasibility study towards delivery in 2019 with the aim of first production in 2020.

Potential to increase resource estimate and mine life at Mina do Barroso

Savannah sees potential to increase the current mineral resource estimate of Mina do Barroso, which currently stands at over 20mln tonnes.

Archer said the company hopes to revisit the resource estimate in the new year after carrying out more than 25,000 metres of drilling and 250 drill holes, making it one of the most active exploration programmes in Europe in recent years.

 

“It’s been one of those fabulous projects that really gets both bigger and better with more drilling that we undertake,” he said.

“It’s one of the most intensively executed drill campaigns that I think has been undertaken in Europe in recent years.”

Savannah has already increased the mineral resource estimate by more than 500% in just over a year and the recent discovery of three new lithium pegmatites at the Pinherio deposit could add to the overall mine life.

The new discoveries covered a considerable strike of over 250 metres and depths over 100m and are expected to positively impact the feasibility study.

Meanwhile, recent drilling at its Reservatorio and NOA deposits has also confirmed the continuity and grade of the mineral resource estimate reported in February.

'Encouraging grades' at Mina do Barroso

Overall, grades at Mina do Barroso are encouraging, according to Archer.

“The grades are very encouraging indeed, we’ve got intersections of up to 34 metres of 1.6% lithium, which is regarded at the high end of the lithium grade range so it should be very accretive to the overall mine development plan or help the initial cash flows as we take the project forward into development,” he said.

“We think it will really help to enhance the feasibility study and the overall economics of the plan.”

Savannah is currently in discussions with potential offtake partners and commercial partners for the project. Archer said these potential partners are “keen to see a project like this with a good mine life so I think we’ll be extending that mine life”.

Other assets

Savannah also holds the Mutamba mineral sands project in Mozambique, the Block 4 and 5 copper projects in Oman, and the Somero and Eräjärvi lithium projects in Finland.

The company’s subsidiary Matilda Minerals submitted an application for an additional mining lease in Mozambique over an area of 119 square kilometres, with a defined mineral resource estimate of 65mln tonnes.

The lease covers an area contiguous to two pending lease applications made by FTSE 100 miner Rio Tinto PLC (LON:RIO) and formed part of a consolidation of mineral sands projects under a consortium agreement between the two companies.

Once granted, the total area of the three leases will cover 399 square kilometres.

At Oman, the project is in the final stages of licensing and the group hopes to see that completed shortly. “It’s a project that’s on a fairly modest scale, but we’ve been overwhelmed by the degree of interest from copper traders," Archer said. 

Meanwhile, early work at Eräjärvi has confirmed encouraging grades and defining significant pegmatites at surface containing key lithium minerals.

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Fri, 14 Dec 2018 07:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211252/savannah-resouces-expects--significant-revenues--from-mina-do-barroso-211252.html
<![CDATA[Media files - Saleable quartz and feldspar boon for Savannah Resources ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11606/saleable-quartz-and-feldspar-boon-for-savannah-resources-11606.html Thu, 13 Dec 2018 12:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11606/saleable-quartz-and-feldspar-boon-for-savannah-resources-11606.html <![CDATA[News - Savannah Resources says successfully produced saleable quartz, feldspar products for use in ceramics industry ]]> https://www.proactiveinvestors.co.uk/companies/news/211123/savannah-resources-says-successfully-produced-saleable-quartz-feldspar-products-for-use-in-ceramics-industry-211123.html Savannah Resources PLC (LON:SAV) has announced that ongoing metallurgical test work has successfully produced saleable quartz and feldspar products for use in the ceramics industry from its Portuguese Mina do Barroso Project.

The AIM-listed resource development company - which is focused on becoming Europe's most significant producer of lithium spodumene concentrates  - said the production of quartz and feldspar products will mean that the company will reduce the volumes of non-saleable material that will need to be emplaced on site in contoured and vegetated landforms. 

It added that the test work for co-product and specifications have been independently evaluated and confirmed by ceramics industry expert, First Test Minerals Ltd

The company said: “Importantly, the potential pricing of the products which can be produced have been identified as being significantly higher, by First Test Minerals, than those conservative values used in the recent Scoping Study of US$39/tonne for feldspar and US$33/tonne for quartz.” 

The group said this is a very positive outcome and is part of Savannah's ongoing commitment to design a project which minimises any potential environmental impacts.

Savannah's CEO, David Archer commented: "The area in which we operate is a major quarrying region for ceramic materials which supply the vibrant ceramics industries in both Portugal and Spain.” 

He added: “I look forward to providing further updates as we progress our Feasibility Study towards delivery in 2019."

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Thu, 13 Dec 2018 07:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211123/savannah-resources-says-successfully-produced-saleable-quartz-feldspar-products-for-use-in-ceramics-industry-211123.html
<![CDATA[RNS press release - Saleable Co-products at Mina Do Barroso Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181213070003_13901841/ Thu, 13 Dec 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181213070003_13901841/ <![CDATA[Media files - Savannah Resources strengthens team as Mina do Barroso lithium project advances ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11363/savannah-resources-strengthens-team-as-mina-do-barroso-lithium-project-advances-11363.html Thu, 29 Nov 2018 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11363/savannah-resources-strengthens-team-as-mina-do-barroso-lithium-project-advances-11363.html <![CDATA[RNS press release - Appointment of Non-Executive Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181127070025_13881104/ Tue, 27 Nov 2018 07:00:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181127070025_13881104/ <![CDATA[News - Savannah Resources expands project team at Mina do Barroso with new consultancy appointments ]]> https://www.proactiveinvestors.co.uk/companies/news/209896/savannah-resources-expands-project-team-at-mina-do-barroso-with-new-consultancy-appointments-209896.html Savannah Resources PLC (LON:SAV) had added several Portuguese and international consultancies to the team overseeing its Mina do Barroso lithium project in Portugal.

The resource development firm said new appointments included firm Knight Piésold as the lead on geotechnical and hydrological engineering and consultancy Quadrante to consult on transport and logistics.

READ: Savannah Resources jumps as it discovers three new lithium deposits at Mina do Barroso project

Savannah had also appointed Portuguese communications firm CV&A Consultores, with firm S317 Consulting recruited to develop a stakeholder management strategy, design a community engagement plan, and source EU funding for the project.

Australian financial advisory firm Noah's Rule had also been brought on board as a funding advisor, with firm’s Nagrom and ALS continuing to provide assay and metallurgical testwork services. VISA Consultores was also continuing to work on an environmental impact statement assessment for the project.

The new appointments follow on from the recruitment of lithium consulting engineer Primero Group, which was appointed in July as the primary engineering group and lead manager for a feasibility study at the project.

READ: Savannah appoints consulting engineer Primero Group to undertake Mino do Barroso feasibility study

David Archer, chief executive of Savannah, said that the “high calibre team” now in place underpinned Mina do Barroso’s “significance” in European de-carbonisation and the development of electric vehicles.

He added that the feasibility study was “progressing well” and is aimed for completion next year.

Earlier in November, the company was boosted by the discovery of three new lithium pegmatites in the Pinheiro deposit at the project, providing “significant potential” to increase the current mineral resource to its current figure of over 20mln tonnes.

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Mon, 26 Nov 2018 08:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209896/savannah-resources-expands-project-team-at-mina-do-barroso-with-new-consultancy-appointments-209896.html
<![CDATA[RNS press release - Mina do Barroso Lithium Project Team Expands ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181126070007_13879418/ Mon, 26 Nov 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181126070007_13879418/ <![CDATA[RNS press release - Exercise of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181113070007_13864193/ Tue, 13 Nov 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181113070007_13864193/ <![CDATA[Media files - Europe's biggest Lithium Mine just got bigger says Savannah ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11127/europe-s-biggest-lithium-mine-just-got-bigger-says-savannah-11127.html Wed, 07 Nov 2018 14:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11127/europe-s-biggest-lithium-mine-just-got-bigger-says-savannah-11127.html <![CDATA[News - Savannah Resources jumps as it discovers three new lithium deposits at Mina do Barroso project ]]> https://www.proactiveinvestors.co.uk/companies/news/208702/savannah-resources-jumps-as-it-discovers-three-new-lithium-deposits-at-mina-do-barroso-project-208702.html Savannah Resources PLC (LON:SAV) shares jumped in late-morning trading Wednesday after it discovered three new lithium pegmatites in the Pinheiro deposit at its Mina do Barroso project in Portugal.

The mining firm said the three new pegmatites covered a “considerable” strike of over 250 metres and depths of over 100m.

WATCH: Europe's biggest Lithium Mine just got bigger says Savannah

Savannah added that there was “significant potential” to increase the current mineral resource estimate of the project, which currently stands at over 20mln tonnes.

The key intersections at Pinheiro included:

-     23m at 1.14% Li₂O (lithium oxide) from 9m in 18PNRRC003

-     14m at 1.21% Li₂O from 18m in 18PNRRC004

-     90m at 1.23% Li₂O from 39m incl. 34m at 1.6% Li₂O from 94m in 18PNRRC005

-     69m at 1.29% Li₂O from 20m incl. 24m at 1.58% Li₂O from 48m in 18PNRRC007

-     35m at 1.19% Li₂O from 16m incl. 21mm at 1.45% Li₂O from 19m in 18PNRRC009

The company said the new discoveries were likely to positively impact the current feasibility study, with further work at Pinheiro to be fast-tracked to include the results.

The firm also said drilling at its Reservatorio and NOA deposits confirmed the continuity and grade of the mineral resource estimate reported in February.

These included:

• Reservatorio:

- 23m at 1.29% Li₂O from 24m in 18RESRC023

- 27m at 1.03% Li₂O from 24m in 18RESRC026

-  24m at 1.00% Li₂O from 26m in 18RESRC029

- 42m at 1.21% Li₂O from 51m in 18RESRC033

- 27m at 1.08% Li₂O from 58m in 18RESRC037

• NOA:

- 19m at 0.97% Li₂O from 99m in 18NOARC012

- 21m at 0.92% Li₂O from 57m in 18NOARC013

Savannah also said that phase 3 of the metallurgical test work programme was ongoing and is scheduled to be completed in the fourth quarter.

David Archer, chief executive of Savannah, said: “The drilling has outlined what is now the fourth major deposit on the mining lease and highlights the still unconstrained nature of the resource potential of the overall lease area.

He added: “Having already increased our Mineral Resource Estimate by +500% in a little over a year we are excited by the discovery of three new pegmatites at the Pinherio deposit which could further enhance the scheduling flexibility of a mine development and add to the overall mine life at Mina do Barroso."

In a note to clients, analysts at City broker Northland Capital Partners said the results "clearly hold potential" to increase the project's mineral resource estimate, adding that the discovery of a "fourth major deposit" highlighted the "unconstrained nature of the resource potential of the overall lease area".

Shares were up 4.2% at 6.2p.

-- Updates share price and adds broker comment --

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Wed, 07 Nov 2018 07:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208702/savannah-resources-jumps-as-it-discovers-three-new-lithium-deposits-at-mina-do-barroso-project-208702.html
<![CDATA[RNS press release - Portugal Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181107070004_13857552/ Wed, 07 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181107070004_13857552/ <![CDATA[RNS press release - Nominated Adviser Status ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181105070004_13854074/ Mon, 05 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181105070004_13854074/ <![CDATA[RNS press release - Notification of Substantial Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181016160807_13831117/ Tue, 16 Oct 2018 16:08:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181016160807_13831117/ <![CDATA[News - Savannah Resources commences settlement of second Mina do Barroso payment tranche ]]> https://www.proactiveinvestors.co.uk/companies/news/206642/savannah-resources-commences-settlement-of-second-mina-do-barroso-payment-tranche-206642.html Savannah Resources Plc (LON:SAV) has commenced the settlement of the second, and final, deferred consideration tranche in accordance with the terms of the acquisition of the company's portfolio of Portuguese projects, which includes the flagship Mina do Barroso lithium project.

In accordance with the agreement dated 24 May 2017, Savannah has commenced the settlement of the deferred consideration of A$1.5mln cash and the issue of 20mln new ordinary shares.

WATCH: Savannah Resources achieves several "important valuation milestones" in first half

The payment was triggered following the company's announcement on 10 September 2018, in which Savannah reported Western Europe's largest JORC-compliant spodumene lithium resource of 20.1mln tonnes at 1.04% Li2O.  

The new shares will be issued at 6.75p per share.

 

 

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Tue, 09 Oct 2018 07:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206642/savannah-resources-commences-settlement-of-second-mina-do-barroso-payment-tranche-206642.html
<![CDATA[RNS press release - Settlement of Portuguese Deferred Consideration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181009070003_13820863/ Tue, 09 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20181009070003_13820863/ <![CDATA[News - Acquisition of new ground adds further scale to Savannah Resources’ aspiration to develop Western Europe’s largest spodumene lithium mine ]]> https://www.proactiveinvestors.co.uk/companies/news/205613/acquisition-of-new-ground-adds-further-scale-to-savannah-resources-aspiration-to-develop-western-europes-largest-spodumene-lithium-mine-205613.html Savannah Resources Plc (LON:SAV) has acquired an option to buy the 2.94-square kilometre Aldeia Mining Lease application proximal to the 20mln tonne Mina do Barroso lithium project in Portugal.

Savannah’s technical and legal due diligence has highlighted excellent lithium prospectivity focusing on a large scale pegmatite in Block A.

WATCH: Savannah Resources achieves several "important valuation milestones" in first half

Among the highlights from test work was a sample grading 1.53% Li2O.

Reconnaissance geological mapping and air photography interpretation suggest a pegmatite body of up to 300m long and 25m wide is present at Aldeia, and the geometry and characteristics of the body appear to be similar to the 16.4mln tonne Grandao deposit at Mina do Barroso.

The thinking is that Aldeia could be developed into a significant resource amenable to open pit mining.

All payments under the deal are structured to be staged, with the majority of payments expected to be made from anticipated revenue generated from Mina do Barroso.

"Our technical due diligence has highlighted the lithium prospectivity of three blocks,” said chief executive David Archer.

“The blocks are highly accretive to our Mina do Barroso project, bringing the potential for further lithium resources and extra area for mine infrastructure. This new ground further strengthens an already highly attractive mine development project, which we believe has the potential to be Western Europe's largest, near-term producer of spodumene lithium."

 

 

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Tue, 25 Sep 2018 08:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205613/acquisition-of-new-ground-adds-further-scale-to-savannah-resources-aspiration-to-develop-western-europes-largest-spodumene-lithium-mine-205613.html
<![CDATA[RNS press release - Option to Acquire Mining Lease Application ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180925070013_13802868/ Tue, 25 Sep 2018 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180925070013_13802868/ <![CDATA[Media files - Savannah Resources achieves several "important valuation milestones" in first half ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10565/savannah-resources-achieves-several-important-valuation-milestones-in-first-half-10565.html Mon, 24 Sep 2018 10:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10565/savannah-resources-achieves-several-important-valuation-milestones-in-first-half-10565.html <![CDATA[News - Savannah Resources submits mining lease application in Mozambique as half year loss narrows ]]> https://www.proactiveinvestors.co.uk/companies/news/205400/savannah-resources-submits-mining-lease-application-in-mozambique-as-half-year-loss-narrows-205400.html Savannah Resources Plc (LON:SAV) has submitted an application for an additional mining lease in Mozambique while also reporting a narrowed loss in its half-year results.

The AIM-listed miner said its subsidiary Matilda Minerals had applied for a lease over an area of 119 square kilometres, with a defined mineral resource estimate of 65mln tonnes.

WATCH: Savannah Resources achieves several "important valuation milestones" in first half

The lease covers an area contiguous to two pending lease applications made by FTSE 100 miner Rio Tinto PLC (LON:RIO) and formed part of a consolidation of mineral sands projects under a consortium agreement between the two companies.

Once granted, the total area of the three leases will cover 399 square kilometres.

The Mozambique government will have six months to respond to the application from the date of submission.

In a separate announcement, Savannah reported a narrowed loss for the first half of its financial year, which stood at a £1.2mln loss compared to a £1.5mln loss a year ago.

The company reported cash and cash equivalents for the period were £786,764, down from £1.3mln in the first half of 2017.

Savannah said its cash position meant it was fully funded to deliver on the feasibility study of mine development and add to the mineral resource inventory via resource drilling at its Mina do Barroso (MdB) lithium project in Portugal.

In its outlook, Savannah’s chairman Matthew King said the firm would finalise key economic studies at MdB in the next six months to make a development decision in the second quarter of 2019, with production to commence in 2020.

King added that the company was completing due diligence “with a view to increasing the project area” via a proposed acquisition of a three-block mining lease near the MdB project.

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Fri, 21 Sep 2018 07:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205400/savannah-resources-submits-mining-lease-application-in-mozambique-as-half-year-loss-narrows-205400.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180921070003_13799262/ Fri, 21 Sep 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180921070003_13799262/ <![CDATA[RNS press release - Additional Mining Lease Application, Mozambique ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180921070002_13799224/ Fri, 21 Sep 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180921070002_13799224/ <![CDATA[RNS press release - Drilling Programme in Oman Targeting Copper ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180920070008_13797511/ Thu, 20 Sep 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180920070008_13797511/ <![CDATA[Media files - Savannah Resources reports 44% increase to resource at Mino do Barrosso ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10415/savannah-resources-reports-44-increase-to-resource-at-mino-do-barrosso-10415.html Mon, 10 Sep 2018 09:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10415/savannah-resources-reports-44-increase-to-resource-at-mino-do-barrosso-10415.html <![CDATA[News - Latest drilling confirms Savannah’s Mino do Barrosso as Western Europe’s largest spodumene lithium resource ]]> https://www.proactiveinvestors.co.uk/companies/news/204500/latest-drilling-confirms-savannahs-mino-do-barrosso-as-western-europes-largest-spodumene-lithium-resource-204500.html Savannah Resources Plc (LON:SAV) has boosted the resource base at the Grandao lithium deposit in Portugal by 64% to 16.4mln tonnes grading 1.04% Li₂O.

Total contained lithium rings in at 171,400 tonnes.

WATCH: Savannah Resources reports 44% increase to resource at Mino do Barrosso

The upgrade brings the total resource at the wider Mina do Barroso project to over 20mln tonnes, with significant scope left for further increases.

Mino do Barroso is now confirmed as Western Europe's largest spodumene lithium mineral resource.

Around 90% of the mineralisation within the Stage 1 Grandao pit has now been upgraded to the measured and indicated categories, representing the first 4-5 years of the mining inventory based on an average annual production of around 175,000 tonnes per year of spodumene concentrate at 6% Li₂O.

A feasibility study is underway and due for completion late in the first quarter of 2019 to build upon results of the June 2018 scoping study.

This study demonstrated an excellent base case pre-tax NPV of US$356mln and an internal rate of return of 63%.

In early morning trading, Savannah Resources shares were 4.8% higher at 8.75p.

In a note to clients, analysts at 'house' broker finnCap reiterated a 20p target price on Savannah Resources shares noting that Mina do Barroso is "the largest known spodumene deposit in Western Europe". 

-- Adds share price, analyst comment --

 

 

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Mon, 10 Sep 2018 07:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204500/latest-drilling-confirms-savannahs-mino-do-barrosso-as-western-europes-largest-spodumene-lithium-resource-204500.html
<![CDATA[RNS press release - 44% Lithium Resource Increase at Mina do Barroso ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180910070005_13783809/ Mon, 10 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180910070005_13783809/ <![CDATA[News - Savannah Resources unearths “outstanding” lithium drill result ]]> https://www.proactiveinvestors.co.uk/companies/news/204318/savannah-resources-unearths-outstanding-lithium-drill-result-204318.html Savannah Resources Plc (LON:SAV) has revealed what it described as “outstanding” drill results from the Mina do Barroso lithium project.

The explorer is carrying out both reverse circulation and diamond drilling at the Grandao area of the project where it has unearthed higher-grade lithium mineralisation over significant widths. Highlight results from Grandao included grades between 1.14% and 1.46%. The company told investors that drilling in the Grandao area has now defined a virtually continuous zone of shallowly westerly dipping pegmatite mineralisation.

It added that the positive results support a new mineral resource estimation which is due to be reported shortly, meanwhile, it has highlighted an “opportunity for significant further upside” as drilling operations are ongoing.

WATCH: Savannah Resources Plc begins trading on Frankfurt Stock Exchange

Elsewhere, Phase 3 metallurgical testing is ongoing and is scheduled to be completed in the fourth quarter of 2014. A feasibility study is well underway, the initial focus is on option and project optimisation work to finalise the process flowsheet to maximise project returns.

"We continue to see outstanding results from the drilling of Grandao,” said David Archer, chief executive.

“These results, together with the recent drill results announced on 26 July are being incorporated into our fourth and latest Mineral Resource study, which we hope to be in a position to announce shortly. 

“We believe this study will continue to underpin the significant value potential of our flagship Mina do Barroso lithium project as we continue to advance towards making a development decision next year.” 

Archer added: "With additional highly prospective targets now also beginning to be tested and positive progress being made as we continue to advance development aspects of the project, Mina do Barroso continues to deliver, underscoring its increasing strategic significance to the European lithium value chain as Western Europe's largest spodumene lithium deposit."

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Thu, 06 Sep 2018 08:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204318/savannah-resources-unearths-outstanding-lithium-drill-result-204318.html
<![CDATA[RNS press release - Portugal Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180906070002_13780497/ Thu, 06 Sep 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3780/LSE20180906070002_13780497/ <![CDATA[Media files - Savannah Resources Plc begins trading on Frankfurt Stock Exchange ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10327/savannah-resources-plc-begins-trading-on-frankfurt-stock-exchange-10327.html Tue, 04 Sep 2018 15:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10327/savannah-resources-plc-begins-trading-on-frankfurt-stock-exchange-10327.html