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Savannah Resources takes up option on Aldeia lithium prospect in Portugal

The Aldeia mining lease application consists of three blocks located adjacent to Mina do Barroso

Electric vehicles will use a lot of lithium

Savannah Resources PLC (LON:SAV) has exercised its option to acquire more land adjacent to its Mina do Barroso lithium project in Portugal.

The Aldeia mining lease application consists of three blocks located adjacent to Mina do Barroso.

A maiden JORC mineral resource estimate of 3.5Mt at 1.3% Li2O (lithium oxide) on just one of these blocks, Block A, was published in May.

Savannah will pay for the acquisition in stages that start once the mining lease application has been granted and mining rights have been transferred.

David Archer, chief executive, said the excellent exploration results from Block A encouraged it to take up the Aldeia option.

"Furthermore, the payment structure of the deal is attractive for Savannah, as the company will pay for the acquisition via instalments over a 6-year period.”

In afternoon trading, shares in Savannah Resources were 2% higher at 5.00p, with analysts at ‘house’ broker finncap reiterating a 23p target price on the stock.

 -- Adds share price, target --

Quick facts: Savannah Resources PLC

Price: 2.066 GBX

Market: AIM
Market Cap: £26.84 m

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