Savannah Resources (LON:SAV) – CORP: Oman Copper-Gold Project update
Market Cap: £14.6m; Current Price: 3.8p
Positive drill results from first two holes
Savannah Resources reports results from the first two holes of its latest drill programme at its copper-gold projects located in Oman. Four additional holes have been completed but the assay results are pending. Drilling to date has been slower than expected due to technical difficulties with the drill rigs and the holy month of Ramadan.
At Maqail South drilling returned 2m at 6.84% Cu and 0.3g/t Au from 47.5m (16B5DD002) confirming the dimensions and grade of the existing mineral resource estimate.
At Dogs Bone drilling confirmed the position of the mineralisation and validated historical drilling returning 5.75m at 1.84% Cu and 0.8g/t Au from 109.3m (16B4DD001).
Drilling at Mahab 4 expected to commence next week.
Updated mineral resource estimate expected for both Maqail South and Mahab 4 expected Q416
NORTHLAND CAPITAL PARTNERS VIEW: Savannah Resources continues to drive towards its production target of 2017 for its copper projects in Oman. These latest results conform to the Company’s expectations regarding grade and size. The coming months are an important time for Savannah as the Company looks to build on its existing mineral resource estimate 1.7mt at 2.2% Cu with an updated estimate expected before the year end.
Sunrise Resources (LON:SRES) – SPECULATIVE BUY: Bay State Silver Project
Market Cap: £2m; Current Price: 0.19p
From yesterday: Follow up drill programme expected to commence shortly
Three additional reverse circulation drill holes have been planned to follow up on the high-grade silver mineralisation discovered in the Phase 1 drill programme at the Bay State Silver Project, located in Nevada.
Two holes will test the Chihuahua Vein south of Mining Canyon and below the 19th and 20th Century workings.
One hole will test the Lincoln Vein System.
Archaeological clearance work is underway.
The drill programme is expected to commence at the end of the month.
NORTHLAND CAPITAL PARTNERS VIEW: Sunrise Resources’ follow up drill programme at the Bay State Silver Project is designed to follow up on the results from the Phase 1 drill programme where results included; 1,460g/t Ag over 0.2m from 164.1m (15SRDD002), 566g/t Ag over 0.5m from 70.7m (15SRDD001) and 503g/t Ag over 1.4m from 185.3m (15SRDD003). This follow up programme will seek to demonstrate the continuity of mineralisation along strike to assess if a larger resource definition drill programme is justified.