Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
23 June 2016
Savannah Resources Plc Finland Lithium Initiative - Reservation Permits GrantedSavannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce that further to the announcement of 2 June 2016, its Reservation Permit Applications over two new lithium projects, Somero and Eräjärvi in Finland, have now been granted.
HIGHLIGHTS:Somero and Eräjärvi Projects have now been granted:
Somero Project, Granted Reservation Permit until 11 May 2018 - 60.5km2
Eräjärvi Project, Granted Reservation Permit until 11 May 2018 - 98.5km2
Somero Reservation permit less than 2km from Nortec Minerals
Geological mapping by the Finnish Geological Survey ('GTK') within the project areas has highlighted the presence of key lithium minerals spodumene, lepidolite and petalite
Project areas have excellent access to high quality infrastructure and are located close to potential final customers
Savannah is in the process of establishing a team, which has the capability of rapidly advancing the projects
An exploration programme is currently being finalised including data compilation, geological mapping and surface sampling with the aim of generating drill ready targets during 2016
Savannah has identified Finland as one of the most prospective lithium jurisdictions in Europe hosting some of Europe's most significant and advanced lithium projects. Finland is set to become one of the leading countries in domestic lithium supply for mainland Europe which currently consumes around 25% of the world's lithium production (second only to China) but has no current domestic production. European countries are leading the world in the uptake of electric vehicles (EV); in Norway, for example, EV's now total 22% of new car sales. Domestic consumption of lithium carbonate is expected to rise significantly in the coming years with Daimler recently announcing a new, €500m, European based, lithium ion battery Giga-factory and Volkswagen is expected to follow suit later in the year.
SOMERO LITHIUM PROJECTSavannah's Somero Reservation (Figure 4) is located less than 2km south of TSX listed, Nortec Minerals' Kietyonmaki and Hirvikalio lithium deposits which were drilled by the GTK in 1987- 88 and delivered results such as 24m at 1.3% Li₂0 including 11m at 2% Li₂O. These results provide significant encouragement to Savannah as historical geological mapping of the area by the GTK has confirmed the presence of the lithium minerals but no geochemical sampling was completed to date making these bodies a high priority for sampling.
The tenement covers a swarm of at least 56 pegmatites with some reaching up to 1.2km in length and 50m wide.
Figure 4. Somero Project Tenement boundary/local geology highlighting pegmatite swarm ERAJARVI LITHIUM PROJECTThe Eräjärvi Project (Figure 5) has no known deposits nearby but the reservation covers a swarm of at least 61 known pegmatites which have been mapped in the area, but to date no geochemical sampling has been conducted. Mapping by the GTK has confirmed that some dykes reach up to 600m in length and 50m in width, are distinctly zoned and contain lithium rich minerals including spodumene and lepidolite making these pegmatite dykes.
Figure 5. Erajarvi Project Tenement boundary/local geology highlighting pegmatite swarm Competent PersonThe information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.
**ENDS**For further information please visit www.savannahresources.com or contact:
David Archer | Savannah Resources plc | Tel: +44 20 7117 2489 |
David Hignell / Gerry Beaney (Nominated Adviser) | Northland Capital Partners Ltd | Tel: +44 20 3861 6625 |
Savannah Resources plc published this content on 22 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 June 2016 06:21:01 UTC.
Original documenthttp://savannahresources.com/news/docs/Finland Lithium Initiative Update 23.06.16.pdf
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