Savannah Goldfields Advances Electric Light Resource with First Indicated Category

Electric Light Resource Upgrade Boosts Georgetown Project

Savannah Goldfields Limited (ASX:SVG) has delivered a significant update to its Electric Light Mineral Resource within the Georgetown Gold Project in far North Queensland. The total Mineral Resource now stands at 364,000 tonnes at 3.9 g/t gold, containing approximately 46,000 ounces, with the notable inclusion of an Indicated Mineral Resource category for the first time. This upgrade reflects a meaningful step forward in the company's efforts to extend feed to the Georgetown Gold Processing Plant and potentially prolong the operation’s life.

The updated resource incorporates 14 reverse circulation and one diamond drill hole completed by Savannah in late 2025, alongside improvements in geological modelling and bulk density understanding. The Indicated category, accounting for 64,000 tonnes at 5.4 g/t gold and 4.5 g/t silver, marks a shift from the prior solely Inferred classification and signals increased confidence in parts of the deposit.

Addressing Historical Data Challenges

Electric Light’s historical drilling data, predominantly from Sedimentary Holdings between 1990 and 1993, has posed challenges due to suspected assay biases and sample smearing, particularly in hanging wall and footwall stringer zones. Savannah has mitigated these concerns by excluding some suspect drill holes, halving the estimation weights of older data, and applying manual trimming to low-grade halos inconsistent with geological logging. These adjustments have refined the resource model, defining a central zone dominated by more reliable recent drilling.

Despite these quality concerns, previous mining reconciliation at Electric Light’s oxide zone, which produced ore averaging 8.7 g/t gold, suggests the historical data may have understated the high-grade core. Savannah’s pragmatic approach balances these factors, resulting in a robust resource estimate that supports future mine planning.

Mining and Metallurgical Prospects

Mining at Electric Light has historically been limited to a shallow open pit, with oxide ore extracted in 2010-2011. Savannah is now investigating both open pit and underground mining scenarios to access the sulphide mineralisation that constitutes the majority of the updated resource. This will require an additional mining lease beyond the existing ML3548, with no anticipated impediments to approval.

Metallurgical test work on sulphide mineralisation is underway using core from the 2025 drilling program, with earlier studies indicating promising recoveries: gravity recovery exceeding 30%, flotation recovery around 90%, and cyanide leach recovery near 70%. These results, combined with the historical success processing oxide ore at Georgetown, provide a foundation for processing sulphide ores once mining recommences.

Exploration and Resource Expansion Plans

The Exploration Target announced in May 2025, ranging between 100,000 and 200,000 tonnes at 2.0 to 5.0 g/t gold, remains unchanged. Savannah plans further drilling in 2026 to infill and extend the resource down dip and along strike, aiming to convert additional Inferred material to Indicated status and potentially expand the resource base.

This resource update complements Savannah’s broader Georgetown portfolio, which includes deposits like Jubilee Plunger and Red Dam, and ties into the company’s ongoing operational developments. Recent operational updates include the Georgetown plant restart in April 2026 and capital raises to support mining and exploration activities at Agate Creek and Georgetown funding initiatives earlier in May 2026.

Geological and Technical Foundations

The Electric Light deposit is structurally controlled along the Delaney Fault zone, with mineralisation hosted in a siliceous rhyolitic breccia exhibiting porphyry-style alteration. The mineralised zone extends approximately 400 metres along strike and dips steeply to the southeast. Drilling density varies, with up to 15-metre spacing near surface and wider spacing at depth, informing the classification of Indicated and Inferred resources.

Recent drilling by Savannah employed industry best practice with face sampling hammers and high recovery diamond core, enhancing confidence in sample representivity. Bulk density measurements from both recent and historic core average around 2.88 t/m3, an improvement from earlier assumptions, which supports more accurate resource tonnage estimates.