Savannah Goldfields has announced a new gold Exploration Target at its Electric Light Deposit within the Georgetown Project, potentially extending known mineralisation and supporting its processing plant feed strategy.
- New Exploration Target estimated between 100,000 and 200,000 tonnes at 2.0–5.0 g/t gold
- Target extends down dip and along strike from previously mined zones and existing resources
- Electric Light located 30 km from Georgetown Processing Plant
- Supports Savannah’s ‘Hub and Spoke’ strategy for multiple ore feed sources
- Further drilling and metallurgical work planned to validate and upgrade the target
A New Chapter for Georgetown’s Gold Potential
Savannah Goldfields Limited (ASX:SVG) has revealed a promising new gold Exploration Target at its 100% owned Electric Light Deposit, part of the broader Georgetown Project in Queensland. This target, estimated between 100,000 and 200,000 tonnes grading 2.0 to 5.0 grams per tonne of gold, suggests potential extensions of mineralisation beyond previously mined areas and the current Inferred Mineral Resource.
Building on Historical Success
Electric Light has a mining history dating back to 2010-2011 when Deutsche Rohstoff AG extracted nearly 23,000 tonnes at a high grade of 8.7 g/t gold from shallow open pits. The current Inferred Mineral Resource stands at 388,000 tonnes at 3.7 g/t gold, containing approximately 46,000 ounces. The newly identified Exploration Target is conceptual but supported by extensive historical drilling, trench sampling, and geological mapping, indicating mineralisation remains open both along strike and at depth.
Strategic Importance to Savannah’s Operations
Located about 30 kilometres from Savannah’s Georgetown Processing Plant, the Electric Light Deposit fits neatly into the company’s “Hub and Spoke” model. This strategy aims to source ore from multiple deposits within the region to feed the processing plant efficiently, extending its operational life and optimising production. The Electric Light target complements other recent targets such as Red Dam, and further targets are anticipated at nearby deposits including Phily’s, Jubilee Plunger, and Big Reef.
Next Steps and Exploration Outlook
While the Exploration Target is promising, it remains conceptual with insufficient drilling to classify it as a Mineral Resource under JORC standards. Savannah plans to undertake infill and extensional drilling, updated geological modelling, structural analysis, and metallurgical testing to better define the deposit and assess its economic viability. These activities are expected to unfold over the coming months, with the company prioritising targets within granted mining leases to accelerate potential near-term production.
Navigating Regulatory and Community Considerations
The Electric Light tenements overlap with native title claims by the Ewamian People, with negotiations reportedly progressing without anticipated impediments to development. Additionally, renewal of key mining leases is underway, which will be critical to advancing mining operations. Savannah’s management has expressed confidence that these processes will not materially delay exploration or production plans.
Bottom Line?
Savannah’s new Exploration Target at Electric Light could be a vital piece in extending Georgetown’s gold production, but the path to resource definition and mining remains to be proven.
Questions in the middle?
- How soon will Savannah commence drilling to validate the Electric Light Exploration Target?
- What impact might native title negotiations and lease renewals have on project timelines?
- Could the new Exploration Targets significantly extend the life of the Georgetown Processing Plant?