Savannah Resources (LON:SAV) – CORP*: Oman update
Market Cap: £5.4m; Current Price: 1.9p
Drilling commences at Block 5
- Savannah Resources has commenced a 4 hole (570m) diamond drill programme targeting high grade copper zones around the Mahab 4 deposit on the Block 5 permit, located in Oman.
- The drill programme is targeted at increasing the current mineral resource estimate of 31,500t of contained copper at a grade of 2.1% Cu.
NORTHLAND CAPITAL PARTNERS VIEW: The Block 5 drilling is a resource extension programme with two sections planned to the north of the defined mineralisation. Two holes will be drilled in each section, one above and one below, the defined mineralisation. As such, the drilling should represent a relatively easy win for Savannah Resources to increase the size of the 1.5mt at 2.1% Cu mineral resource estimate. With two drill programmes in Oman underway, Savannah is highly active while other peers are subdued.
Rambler Metals and Mining (LON:RMM): Thundermin acquisition
Market Cap: £5m; Current Price: 3.5p
From yesterday: Definitive agreement signed for amalgamation
- Rambler Metals and Mining has entered into a definitive agreement with Thundermin Resources (TSX-V:THR) in which Thurndermin will amalgamate with a wholly-owned subsidiary of Rambler.
- The holders of 116,598,059 shares in Thundermin will receive 7,142,857 shares in Rambler. This represents around 4.7% of Rambler.
- The completion of the deal remains subject to regulatory and shareholder approval, with a special meeting for the shareholders of Thundermin called for 21/12/15.
NORTHLAND CAPITAL PARTNERS VIEW: The definitive agreement between Rambler Metals and Mining and Thundermin Resources is a positive development for both companies that combines the ownership of the project under one entity. Rambler and Thundermin are currently 50:50 partners on the Little Deer-Whalesback copper project that is located in close proximity to Rambler’s existing Ming Mine and could potential be exploited using Rambler’s existing processing infrastructure at the Nugget Pound Mill. The Little Deer-Whalesback Project has a total mineral resource estimate of 145,000t of contained copper at a grade of 2.11%.