VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2014) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") is pleased to announce that a recently completed Induced Polarization ("IP") survey on the Buckhorn copper porphyry property in Arizona returned two strong chargeability anomalies that warrant drill testing. One of the anomalies, referred to below as Anomaly 1, coincides directly with an exploration target that was established by the presence of key surface indicators of porphyry copper mineralization which suggests that the IP anomaly may be related to a buried copper porphyry body.
IP Survey Results - Buckhorn Property
The IP survey was conducted along two lines; a main east north-east line of 4.2 kilometres in length and a northwest cross line of 2 kilometres in length. The array used should detect chargeable material to a depth of about 450 metres. The main survey line was designed to test for porphyry copper mineralization beneath younger post mineralization volcanic rocks east of basement rocks that host distal porphyry copper-type alteration and where a basal conglomerate at the contact of the younger volcanic and basement rocks contains both fragments of leached porphyry rocks and exotic copper oxide.
A graphic presentation of the IP survey results is presented on a plan map and a fence diagram of the IP chargeability section with superimposed geology. The maps can be found on Savant's website at www.savantexplorations.com and should be referred to when reading this release.
The two anomalies, referred to as Anomaly 1 and 2, are defined by chargeability levels that are at least three times background, which, in this favourable geological setting, may suggest a metallic sulphide source.
The Buckhorn property is one of three properties recently acquired under option from Eurasian Minerals Inc. (TSX VENTURE:EMX)(NYSE MKT:EMXX) through its wholly owned subsidiary Bronco Exploration Inc. (see the Company's news release dated October 30, 2013).
Anomaly 1
Anomaly 1 is a 600 metre long feature that begins east of the contact of the covering volcanic rocks. The eastern end of this anomaly may mark the end of chargeable minerals or could be caused by the easterly thickening wedge of volcanic rocks exceeding the depth limit of the IP survey array. The north-westerly cross line indicates that the anomaly is at least 600 metres wide. To the southeast on this cross line, the anomaly may be offset by a fault that down-drops the zone beneath the detection depth of the survey.
John McClintock, President & CEO of Savant commented, "The location of Anomaly 1 east of the basement alteration is exactly where we would expect to find a porphyry copper deposit buried at a shallow depth beneath the younger volcanic rocks. The target is large, potentially open at depth and to the southeast and northeast, and represents a priority target for drill testing."
Anomaly 2
Anomaly 2 is approximately 800 metres long and occurs in an area of covering river gravels and on a slope where the bed rock is covered by talus from younger volcanic rocks. The feature is interpreted to be flat lying, extending from surface to a depth of 250 metres. There is no obvious explanation for the anomaly, but its position and associated geology make it a compelling target for a shallow drill test.
IP Survey Specifications
Savant contracted Zonge International of Tucson Arizona to carry out 6.4 line kilometres of induced polarization surveying on the Buckhorn Property in May, 2014. The survey was a frequency domain, dipole - dipole complex resistivity IP survey using a dipole spacing of 200 metres and readings from N 1 to 8. Zonge used a 30 Kw generator and a 6 channel Zonge GDP - 3224 instrument. Data was decoupled and a 2D smooth-model inversion of the data produced using Zonge's TSDIP program. Based on the 2% sensitivity level of the inversion model, the survey is conservatively looking to depths between 400 and 450 metres. IP chargeability effect can be caused by metallic sulphides as well as other minerals such as graphite, clays and magnetite.
Drill testing
Planning and permitting for a program of reverse circulation drilling to test both Anomaly 1 and Anomaly 2 has commenced.
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 recently initiated a new exploration and discovery strategy in Southwest United States with the acquisition of the Buckhorn, Jasper Canyon, and Frazier Creek properties. Savant also owns three other high-quality properties, Yuby-Gabriela, Blue Moon and Yava that management is seeking to monetize for maximum value to Savant and its shareholders. These other properties and assets are 100% owned with combined annual holding costs of approximately $30,000.
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 website 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.