Savannah Resources (LON:SAV) – CORP*: Oman update
Market Cap: £4.0m; Current Price: 1.4p
From yesterday: Completion of historic data compilation and Exploration Target potential
- Savannah Resources has completed data compilation and the estimation of an exploration target for Blocks 4 and 5, located in Oman.
- The exploration target is between 150,000t of contained copper and 60,000oz of contained gold, and 700,000t of contained copper and 360,000oz of contained gold. The grade of this exploration target ranges between 1.4% and 2.4% for copper, and 0.2ppm and 0.4ppm for gold. The grade and size of the exploration target is conceptual in nature and it is uncertain if a mineral resource estimate will be established from further drilling.
- Savannah estimates that the cost of completing the 100,000m of historic drilling at today’s prices would be US$20m and would take several years to finish.
NORTHLAND CAPITAL PARTNERS VIEW: Savannah Resources has put a significant amount of effort and time into locating and digitising the historic drill holes and this work has now paid off giving it access to drilling data that would have cost US$20m and taken several years to complete. The Company has established an exploration target of between 150,000t and 700,000t of contained copper at a high grade of between 1.4% and 2.4% Cu. Drilling is now underway at both Block 5 and Block 4 as part of the Company’s plan to convert this target into a compliant mineral resource estimate.
Motif Bio plc (LON:MTFB) – BUY*: Manufacture of Trial Supplies
Market Cap: £43m; Current Price: 39.5p; Target Price: 114p
Iclaprim Clinical Trial Supplies Manufactured
- Motif Bio announced that clinical trial supplies in the form of sterile ampoules of iclaprim have been manufactured.
- Following Quality Assurance release, these supplies will be shipped to clinical trial sites.
- The group was able to utilise commercial-scale batches of the API (Active Pharmaceutical Ingredient) that it acquired earlier in the year as part of its merger with Nuprim Inc.
- This API was reprocessed to generate new material and can now be used to manufacture further sterile ampoules for clinical trial supplies.
NORTHLAND CAPITAL PARTNERS VIEW: The reprocessing of this acquired API will save Motif considerable time and money, representing an important milestone for the business. As such, we are confident that the company is on target to complete its two planned Phase III skin trials by the end of 2017.