PORTUGAL - Savannah Resources (LON:SAVS) Plc (AIM: SAV), the operator of the Barroso Lithium Project in Portugal, has announced the discovery of extensive new lithium mineralization across its mining licenses, which could potentially expand Europe's largest known spodumene lithium deposit. The findings are a result of recent exploration activities, including rock chip sampling and a LIDAR drone survey.
The company's exploration program has identified new mineralized pegmatites in the C-100 and Aldeia (Block B) license areas. Notable lithium mineralization results from rock chip samples include grades up to 3.01% Li₂O. Channel samples have also revealed significant lithium grades, with one trench returning 14m at 1.01% Li₂O.
In addition to the lithium findings, the LIDAR survey uncovered historical tin mining areas, suggesting a possible correlation between lithium-bearing pegmatites and tin deposits. Savannah Resources plans to investigate these areas further.
The exploration results support the potential for expanding the company's current JORC resource inventory, which stands at 28Mt at 1.05% Li2O. Savannah Resources CEO Emanuel Proença expressed optimism about the results, noting that the newly identified targets have had little to no significant prior exploration.
The Barroso Lithium Project is seen as a strategic asset for Europe's lithium battery value chain, with the potential to supply lithium for approximately half a million electric vehicle battery packs annually. Savannah Resources is focused on completing the Definitive Feasibility Study and moving towards the project's startup while continuing exploration to potentially extend the life of the mine.
The recent exploration findings underscore the Barroso region's status as a significant lithium province and Savannah Resources' position to capitalize on this resource. Further exploration and evaluation work are anticipated to assess the full potential of the new targets.
This article is based on a press release statement from Savannah Resources Plc.
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