Savannah Resources (LON:SAV) – CORP: Oman update
Market Cap: £12.7m; Current Price: 3.3p
Resource drilling commenced in Oman
Savannah Resources has commenced a 2,390m diamond drill programme on the Block 4 and 5 properties located in Oman.
The programme is planned to increase the size of the current resource base and upgrade the category of the resources to measured at Maqail South and Mahab 4. It will also test the resource potential at Dog’s Bone and Bayda targets.
The drilling will also assist the initial geotechnical and metallurgical studies, feeding into the feasibility studies for the project with production targeted for late 2017.
NORTHLAND CAPITAL PARTNERS VIEW: This latest drill programme at Savannah Resources copper-gold projects in Oman is planned to both increase the size of the current mineral resource estimate for the project (1.7mt at a grade of 2.2% Cu) and also increase the category to measured. The upgraded categorisation will form an important part of determining the reserves defined in the feasibility studies.
Sunrise Resources (LON:SRES) – CORP*: Issue of Equity
Market Cap: £1.2m; Current Price: 0.14p
Issue of shares in lieu of Directors fees
Sunrise Resource has issued 1,840,771 shares at 0.14p to Francis Johnstone in lieu of net fees outstanding from 01/01/16 to 10/05/16, following his retirement.
Following the issue Mr Johnstone will hold 11,646,683 shares in Sunrise representing 1.34% of the Company.
Following admission to trading the Company will have 866,204,440 shares in issue.