03:00 Tue 10 Sep 2019
Savannah Resources - Mutamba Mining Concessions Conditionally Awarded
Mutamba Project Mining Concessions Conditionally Awarded in
HIGHLIGHTS:
· Minister of Mineral Resources and Energy in
·
· Mutamba contains an Indicated and Inferred Mineral Resource of 4.4Bt, grading 3.9% total heavy minerals
· The Mining Concessions, 9735C and 9229C, are contiguous and cover ground in the districts of Inharrime and Jangamo in southern
· The Project benefits from high quality established transport infrastructure, these being:
o the country's main North/South EN1 highway runs through the Project area
o the port of Inhambane is in close proximity to the Project area
o a daily air service runs to the nearby city of Inhambane
· Reliable grid power already installed and available in close proximity to the Concessions
· Mining License application 9228C, in the name of
To view the press release with the illustrative maps and diagrams, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/7368L_1-2019-9-9.pdf
"The Project area covered by the Mining Concessions contains an Indicated and Inferred Mineral Resource of 4.4Bt at 3.9% total heavy minerals and constitutes one of the largest remaining mineral sands deposits in the world that is yet to be developed.
"With the approval for award of Concession 9228C now in the final stage and given that the demand for global titanium feedstocks remains very strong, these Mining Concessions hold the potential as a significant global project within the sector.
"Finally, once these Mining Concessions are formalised, they will enable the Joint Venture to progress the PFS towards completion. Upon delivery of the PFS, our interest in this world-class heavy mineral project will rise from 20% to 35%."
Further Information:
Three of the Mining Concession applications (9228C, 9229C, 9230C) were submitted in
The Mining Concessions have been conditionally awarded to
The Mining Concessions are very well served by road and air transport and are situated near the port of Inhambane. A 30MVA electricity substation was inaugurated in
Mining License application 9228C in the name of Mutamba Mineral Sands S.A was recently upgraded to "Award Pending" on the
Savannah is the operator of the Mutamba Project Joint Venture with an existing 20% interest in a Consortium Agreement with Rio Tinto, which covers the Project area. Savannah is able to increase its equity to 35% upon delivery of the Pre-Feasibility study, which is currently underway, and ultimately to 51% upon delivery of a Feasibility study.
Table 1. Summary of Mining Concessions Awarded
Mining Concession ID |
Mining Concession Name |
Area (Ha) |
Square Kilometre (km²) |
Date Expires |
9735C |
Jangamo |
11,948 |
119.48 |
|
9229C |
Dongane / Ravene |
16,126 |
161.26 |
|
Figure 1. Mutamba Mineral Sands Project Map - Mining Concession
Competent Person and Regulatory Information
The information in this announcement that relates to exploration results is based upon information compiled by Mr.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com or contact:
|
|
Tel: +44 20 7117 2489 |
Bouverat (Nominated Adviser) |
|
Tel: +44 20 3470 0470 |
|
finnCap Ltd |
Tel: +44 20 7220 0500 |
|
|
Tel: +44 20 7659 1225 |
Akerman (Financial PR) |
|
Tel: +44 20 7236 1177 |
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in
The Company is listed and regulated on AIM and the Company's ordinary shares are also available on the Quotation Board of the
This information is provided by RNS, the news service of the
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE