Savannah Goldfields Unveils High-Grade Gold Hits at Big Reef Extended

Exploration Success at Big Reef Extended

Savannah Goldfields Limited (ASX, SVG) has announced encouraging results from its recent Reverse Circulation (RC) drilling program at the Big Reef Extended Prospect, part of the broader Georgetown Gold Project in far North Queensland. The 15-hole campaign, totaling 372 meters, has delivered significant near-surface oxide gold mineralisation, with 13 holes intersecting mineralised zones close to the surface.

The standout intercept came from hole BE25RC10, which returned 7 meters at 5.34 grams per tonne (g/t) gold starting from just 12 meters downhole, including a high-grade 1-meter section grading 26.50 g/t. These results highlight the prospect’s potential to provide valuable oxide feedstock for the nearby Georgetown Gold Processing Plant, located approximately 50 kilometers north.

Geological Context and Drilling Details

The drilling targeted a shear zone that extends over 1,500 meters in strike length, with 600 meters tested during this program. This shear zone, dipping steeply to the northeast, is hosted at the contact between altered meta-sediments and granite. The oxide zone lies between 18 and 23 meters deep, with water encountered in only one hole, suggesting favourable conditions for mining.

Drill holes were angled between -60 and -90 degrees to intersect the mineralised shear zone effectively, despite challenging terrain. The mineralised zones varied in thickness from 1 to 7 meters, with true thicknesses calculated between 0.94 and 6.56 meters. The company used industry-standard sampling and assay techniques, ensuring reliable and representative results.

Implications for Resource Development and Mining

These assay results bolster the prospect of delineating oxide Mineral Resources at Big Reef Extended, complementing the existing Inferred Mineral Resource at Big Reef, which currently stands at 107,000 tonnes at 3.0 g/t gold, containing approximately 10,000 ounces. Savannah’s CEO, Brad Sampson, emphasized that the results validate their exploration models and support the potential for near-term oxide feedstocks to sustain processing operations.

Preparations are underway to commence mining activities at Big Reef later this month, focusing initially on the area of the existing Inferred Mineral Resource. Additionally, further shallow percussion drilling is planned for late November to test extensions of the mineralised shear zone both northwest and southeast, as well as to infill areas of significant mineralisation identified in this drilling campaign.

Broader Project Outlook

Beyond Big Reef Extended, Savannah has recently completed drilling at the Electric Light Prospect and expects assay results within the next two weeks. Drilling at the Red Dam Prospect is also scheduled for later this year, indicating a sustained exploration effort across the Georgetown Project. These ongoing activities suggest a strategic push to expand and upgrade the project’s resource base, potentially enhancing its long-term value.