VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 5, 2015) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("the Company" or "Savant") provides a Corporate and Property Update.
Corporate Update
Management
John McClintock has resigned as President, CEO, and Director of the Company to pursue other business interests but has agreed to stay on as a Technical Advisor to the Company. The Board of Directors wishes to thank Mr. McClintock for his dedication to the Company since its inception in 2007. David Douglas, currently CFO and Director of the Company, will be assuming the duties of President until further notice. Mr. Douglas is a Chartered Professional Accountant (CA) with over 30 years of experience in the accounting, corporate finance, and mining industries.
Stock Options
The Company has approved the granting of stock options to consultants for the purchase of 475,000 common shares of Savant. The options are granted pursuant to the Company's Stock Option Plan and have an exercise price of $0.05 per share, a term of five years and are fully vested.
Property Update
Buckhorn Copper Project, Arizona
Savant's management has concluded that Buckhorn property is a high risk exploration project and has decided to terminate further exploration and return the property to its owners.
Blue Moon polymetallic VMS Project, California
Further to the Company's news release dated April 29, 2015 Savant recently completed a full review of the historical data for its wholly owned Blue Moon deposit. Blue Moon contains a N.I.43-101 resource in excess of 3 million tons with a grade of 5.63% zinc (plus significant bi-products of copper, silver and gold) in the Indicated category and 3.1 million tons with a grade of 5.58% zinc (plus significant bi-products of copper, silver and gold) in the Inferred category. A report detailing the resource is available on the company's website and on SEDAR.
The data review confirmed that there is significant potential to expand the current resources at depth and to discover new mineralized centres along the favourable geological trend that underlies the property. Two compelling targets include the down-plunge extension to the known mineralized zones and an untested area of coincident IP chargeability and polymetallic (zinc, copper, lead and gold) soil anomalies that extend for several hundred metres along the favourable horizon south of the known deposit.
A presentation is available on the company's website that provides a summary of the resource and exploration upside, the infrastructure benefits and recent mine development activity in California.
Savant is currently reviewing various strategic options to advance the project, including 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.
John McClintock, P. Eng., Technical Advisor to the Company 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.