VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 1, 2014) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is currently reviewing various strategic options to advance its wholly-owned Blue Moon zinc-copper-silver advanced resource project, located in Mariposa County, California. The Blue Moon deposit contains a polymetallic massive sulphide resource prepared under NI 43-101 guidelines in excess of 3 million tons with a grade of 5.63% zinc and also containing significant bi-products of copper, silver and gold in the indicated category and 3.1 million tons with a grade of 5.58% zinc and significant bi-products of copper, silver and gold in the inferred category.
Savant is currently focusing on its copper exploration strategy in the Southwest U.S., but considers Blue Moon to be a valuable portfolio asset that has potential to bring considerable value to the company and its shareholders.
"There is an overall view within the industry that there will be a pending zinc supply deficit in the coming years and demand will increase amongst zinc producers for near-term supply opportunities. Blue Moon is an advanced high-grade resource with favourable metallurgy and significant upside for expansion that could fit the bill," states John McClintock, President and CEO of Savant.
Savant's preference would be to leverage the Blue Moon asset through either 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.
Highlights
- High-grade polymetallic volcanogenic massive sulphide deposit containing NI 43-101 Resources of:
- Indicated - 3.02 Mt @ 5.63% Zn, 0.64% Cu, 1.36 oz/t Ag, 0.04 oz/t Au, and;
- Inferred - 3.1 Mt @ 5.58% Zn, 0.39% Cu, 1.56 oz/t Ag, 0.04 oz/t Au.
- High precious metal values (> 1 ounce per ton silver)
- Good exploration potential to expand existing resource and develop new targets at depth and along strike.
- Secure tenure
- Valid NPDES Water discharge permit in place
- Favourable metallurgical results with recoveries of up to 95% zinc, 93% copper, 70% silver, 65% gold
- Historical production
Location and Description
The property is accessible by a five kilometre gravel road off a nearby paved highway. There is an irrigation reservoir and hydroelectric power generation facility two kilometres north of the property and the main transmission line passes one kilometre to the north.
The Blue Moon deposit is a Kuroko-type, polymetallic, volcanogenic, massive sulphide deposit hosted by the Upper Jurassic Gopher Ridge Formation of the Western Block of the Sierra Foothills Metamorphic Belt. This belt extends for 300 kilometres along the western foothills of the Sierra Nevada Mountains and is approximately 9.5 15 kilometres wide. Clusters of zinc-copper rich, polymetallic, massive sulphide deposits occur along the length of the belt at approximately 40 kilometre intervals.
Resource Table (2008)
In 2008, a review, verification and analysis of the historical data provided a National Instrument 43-101 resource estimate of the deposit. The technical report was coauthored by Moose Mountain Technical Services (MMTS) and Giroux Consultants Ltd. (GCL).
Blue Moon Mineralized Portion of Blocks - Classed Indicated
Cutoff
GRV
US$ |
Tons > Cutoff
(tons)
|
Grade > Cutoff |
Contained Metal |
| Zn |
Cu |
Ag |
Au |
Pb |
Mlbs |
Mlbs |
Mlbs |
Mozs |
Mozs |
| (%) |
(%) |
(oz/t) |
(oz/t) |
(%) |
Zn |
Cu |
Pb |
Ag |
Au |
| $75 |
3,020,000 |
5.63 |
0.64 |
1.36 |
0.04 |
0.26 |
339.93 |
38.41 |
15.52 |
4.11 |
0.109 |
| $85 |
2,620,000 |
6.01 |
0.67 |
1.41 |
0.04 |
0.27 |
314.77 |
35.21 |
14.10 |
3.69 |
0.100 |
| $95 |
2,270,000 |
6.38 |
0.71 |
1.42 |
0.04 |
0.28 |
289.79 |
32.05 |
12.62 |
3.23 |
0.089 |
Blue Moon Mineralized Portion of Blocks - Classed Inferred
Cutoff
GRV
US$ |
Tons > Cutoff
(tons)
|
Grade > Cutoff |
Contained Metal |
| Zn |
Cu |
Ag |
Au |
Pb |
Mlbs |
Mlbs |
Mlbs |
Mozs |
Mozs |
| (%) |
(%) |
(oz/t) |
(oz/t) |
(%) |
Zn |
Cu |
Pb |
Ag |
Au |
| $75 |
3,120,000 |
5.58 |
0.39 |
1.56 |
0.04 |
0.39 |
348.00 |
24.15 |
24.21 |
4.85 |
0.122 |
| $85 |
2,680,000 |
5.98 |
0.41 |
1.63 |
0.04 |
0.40 |
320.37 |
21.71 |
21.65 |
4.37 |
0.107 |
| $95 |
2,190,000 |
6.47 |
0.43 |
1.75 |
0.04 |
0.42 |
283.25 |
18.79 |
18.57 |
3.83 |
0.090 |
The cut-off grades used were calculated on the basis of all five metals based on the Gross Recoverable Value ("GRV") assumptions and the range of expected mining, processing and administrative costs based on costs associated with underground mining of known, similar sized deposits. A gross recoverable value "GRV" was chosen making use of reasonable metal prices and estimated recoveries. The parameters used were as follows: Zinc - $0.75/lb, 95% Recovery; Copper - $2.00/lb, 93% Recovery; Lead - $0.78/lb, 95% Recovery; Silver - $8.50/oz., 65% Recovery; Gold - $600/oz, 70% Recovery.
Recoveries used in the calculation are based on metallurgical testing of drill core undertaken by Lakefield Research on behalf of Westmin Resources Limited on samples of mineralization.
For resource calculations purposes, it was assumed that the deposit would likely be mined by underground methods. A total of 82 drill holes (111,250 ft. with 1,540 assays) were used for calculating the resources. All drill-hole collars were surveyed and most 1980-2000 drill holes have down-hole survey information.
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 Frazier Creek Property in Nevada and 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.