Savannah Goldfields Limited (ASX:SVG) Announces New Gold Exploration Target at Georgetown Project
New Exploration Target Identified
Savannah Goldfields Limited (ASX:SVG) has identified a new gold exploration target at its wholly-owned Georgetown Project. The Electric Light Deposit exploration target is estimated between 100,000 and 200,000 tonnes with gold grades ranging from 2.0 g/t Au to 5.0 g/t Au.
Strategic Significance
Located approximately 30 km from the company’s Georgetown Processing Plant, the Electric Light Deposit offers potential extensions down dip and along strike from previous mined zones. This contributes to Savannah’s “Hub and Spoke” strategy, aiming to provide multiple sources of feed into the processing plant.
Future Exploration Plans
Savannah plans to advance this exploration target with further drilling and assaying to potentially convert the target into a JORC-compliant Mineral Resource. Additional exploration targets are also anticipated at Phily’s, Jubilee Plunger, and Big Reef deposits.
Executive Comments
CEO Brad Sampson stated, “This new Exploration Target builds on our geological knowledge of the Georgetown area and contributes to our planning as we shape the exploration programme to extend the processing life at the Georgetown processing plant. As we continue to progress towards the recommencement of gold mining and processing operations, it is pleasing to also in parallel to be able to identify opportunities to grow our existing Mineral Resources.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
