Savant Provides an Update on Its Exploration Activities and 2015 Plans
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 29, 2015) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") provides an update on its exploration programs and 2015 plans.
Over the past year, Savant has worked diligently and efficiently to add value to its exploration assets, while conserving its treasury, remaining debt free and minimizing its overhead costs. In the continuing weak environment for junior exploration companies, Savant is fortunate to have a strong portfolio of properties and sufficient cash on hand to continue operations in the event the market malaise extends through next year and into 2017.
"We remain optimistic in our outlook for commodities and expect that more robust markets will return soon. We believe that our solid asset base and disciplined exploration approach will be keys to Savant's success going forward," stated John McClintock, president and chief executive officer of Savant.
Over the next eight months, Savant plans to complete an initial drill program on its Buckhorn copper porphyry project, either by self-funding if markets allow or through a strategic partner to share the risk on the property. In addition, Savant will continue to monitor the partner-funded activity on its Yuby-Gabriela property in Chile and will be working hard to realize value from its wholly-owned zinc-rich VMS deposit in the U.S.
Property Updates
Yuby-Gabriela Copper Project, Chile
On April 27th, Savant received a US$50,000 (approximately CDN$60,000) option payment from Quantum Pacific Exploration SpA ("Quantum Pacific"). This is the second payment made to Savant under an Option Agreement that provides Quantum Pacific the right to acquire a 100% interest in the Property by making staged cash payments totalling US$2.5 million to Savant over a five (5) year period (see the Company's news release dated October 27, 2014). The next option payment of US$100,000 is due at the end of October 2015.
Buckhorn Copper Project, Arizona
Savant expects to finalize the agreement for surface access rights with the landowner in May. This will allow Savant to carry out the initial drill program to test two chargeability anomalies outlined by the Induced Polarization ("IP") Survey completed in 2014 (see the Company's news release dated June 17, 2014). The highest priority anomaly coincides directly with an exploration target established by the presence of key surface indicators of porphyry copper mineralization - this coincidence suggests that the anomaly may be related to a buried copper porphyry body. Further updates on the timing of the initial drill program, which will cost an estimated US$100,000, will be made available once the permit has been received.
The Buckhorn property was acquired under option from Eurasian Minerals Inc. (TSX VENTURE:EMX)(NYSE MKT:EMXX), through its wholly owned subsidiary Bronco Creek Exploration (see the Company's news release dated Oct. 30, 2013).
Blue Moon polymetallic VMS Project, California
Further to the Company's news release dated December 1, 2014, Savant recently completed a full review of the historical data for its wholly owned Blue Moon deposit. Blue Moon contains a NI 43-101 resource in excess of 3 million tons with a grade of 5.63% zinc (plus significant bi-products of copper, silver and gold) in the Indicated category and 3.1 million tons with a grade of 5.58% zinc (plus significant bi-products of copper, silver and gold) in the Inferred category. A report detailing the resource is available on the company's website and on SEDAR.
The data review confirmed that there is significant potential to expand the current resources at depth and to discover new mineralized centres along the favourable geological trend that underlies the property. Two compelling targets include the down-plunge extension to the known mineralized zones and an untested area of coincident IP chargeability and polymetallic (zinc, copper, lead and gold) soil anomalies that extend for several hundred metres along the favourable horizon south of the known deposit.
A presentation is available on the company's website that provides a summary of the resource and exploration upside, the infrastructure benefits and recent mine development activity in California.
Savant is currently reviewing various strategic options to advance the project, including an outright sale or a partnership under an earn-in joint venture structured deal. However, since the property has very low holding costs, Savant is also willing to retain the asset for future development or a value-added business transaction when global metal markets improve.
Frazier Creek, Nevada
Further to the Company's news release dated November 11, 2014, and following an extensive review of the data acquired during the initial drill program, Savant's management has concluded that the project is a high risk exploration play and has decided to terminate further exploration and return the property to its owners.
Close examination of drill core including TerraSpec spectral analysis and trace element analysis, a ground magnetic survey and detailed evaluation of the surrounding area both on and off the claims, indicates the strong possibility that the observed mineralized and altered dolomitized outcrops represent a transported structural block separated from the underlying rocks by a flat-lying detachment fault. The provenance of the altered and mineralized block is problematic. Extensive search of the area west of the mineralized outcrops indicates the likely location of the roots of the system lie in the valley east of the property where historical seismic work and oil well drilling suggest gravel thickness of up to 1000 metres.
Generative Work - Copper
Savant's management team continues to work through an extensive database of geological, structural, geochemical and historical exploration for a key area of the Southwest U.S where the potential for undiscovered buried copper porphyry deposits is considered to be the highest. Further due diligence will be undertaken this year to further prioritize these target areas and to identify new prospective target areas that may be available for acquisition by low-cost mineral claim staking.
About Savant
Savant is an exploration and discovery stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions. Savant has initiated a new copper exploration and discovery strategy in Southwest United States and is currently exploring the Buckhorn property in Arizona. Savant recently farmed out its Yuby-Gabriela (Chile) and owns two other high-quality properties, Blue Moon (U.S.) and Yava (Canada), that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.
John McClintock, P.Eng., CEO of Savant is the Qualified Person, as defined by National Instrument 43-101, responsible for the technical data in this news release.
More information on the Company's activities is available at the Company's web site at www.savantexplorations.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory approvals, the failure to reach agreement on final documentation, exploration results and other risk factors that are beyond Savant's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Contact
John McClintock, President and CEO
Telephone: (604) 568-5817,
info@SavantExplorations.com
www.SavantExplorations.com