Savannah Completes 15 RC Holes at Big Reef, Targets 46,000 oz at Electric Light

Exploration Progress at Big Reef

Savannah Goldfields Limited has announced the completion of a 15-hole reverse circulation (RC) drilling program at its Big Reef and Big Reef Extended prospects, located near Forsyth in North Queensland. This initial phase aimed to test shallow oxide gold potential along approximately 1,500 metres of strike extensions identified through prior rock chip sampling. Samples from these holes have been dispatched to an independent laboratory in Townsville, with initial assay results expected within four weeks.

The Big Reef deposit currently holds an inferred mineral resource of 107,000 tonnes at 3.0 grams per tonne (g/t) gold, containing around 10,000 ounces of gold. Savannah is moving towards commencing mining activities at Big Reef as early as October, contingent on receiving the necessary environmental authorisations this week. This marks a significant step towards near-term production from the Georgetown Gold Project.

Shifting Focus to Electric Light Deposit

Following the Big Reef drilling, Savannah has redirected its exploration efforts to the Electric Light Deposit, situated approximately 27 kilometres north of the Georgetown Gold Processing Plant. The current RC drilling campaign at Electric Light involves six planned holes designed to test down-dip and strike extensions of known gold mineralisation. Drilling is progressing swiftly and is expected to conclude within a week.

Electric Light boasts a substantial inferred mineral resource of 388,000 tonnes at 3.7 g/t gold, equating to roughly 46,000 ounces. Beyond this, the company has outlined an exploration target ranging between 100,000 and 200,000 tonnes grading 2.0 to 5.0 g/t gold, potentially adding 6,000 to 32,000 ounces. However, this target remains conceptual, pending further drilling and validation.

Upcoming Diamond Drilling and Metallurgical Testing

Looking ahead, Savannah plans to mobilise a diamond drilling rig to Georgetown in the first half of October. This campaign will include 4 to 8 holes at Electric Light, followed by up to 4 holes at the Red Dam Prospect. These diamond drill holes aim to deepen understanding of the mineralisation and provide samples for metallurgical testing, which is critical for assessing ore processing characteristics and extending the life of the Georgetown Gold Processing Plant.

The Red Dam Prospect itself holds an inferred mineral resource of 201,000 tonnes at 5.7 g/t gold, containing approximately 37,000 ounces, underscoring its potential significance to the project’s overall resource base.

Strategic Implications for Savannah Goldfields

CEO Brad Sampson emphasised the strategic importance of these exploration activities, highlighting their potential to expand Savannah’s gold inventory and provide near-term feedstock for the processing plant. The ongoing drilling campaigns and planned metallurgical work are poised to enhance resource confidence and potentially extend the operational life of the Georgetown facility.

While initial assay results from Big Reef drilling are awaited, the company’s methodical approach to exploration and resource validation reflects a clear pathway towards production ramp-up and resource growth. Environmental approvals remain a key milestone for mining commencement, and the market will be watching closely for assay outcomes and further drilling results.