Savannah Goldfields Limited (ASX:SVG) has announced highly encouraging results from rock chip samples collected at the Big Reef and Big Reef Extended Prospects, located near Forsayth in North Queensland, part of the Georgetown Gold Project. Savannah Goldfields is focused on the exploration and development of gold projects in North Queensland. The company aims to create value for shareholders through discovery, development, and operation of gold deposits.
A total of 20 rock chip samples were collected from surface outcrops along the north-western strike extensions of the gold mineralised Big Reef Deposit and the Big Reef Extended Prospect. Assay results revealed significant gold concentrations, with the best results including 26.1 g/t Au, 21.9 g/t Au, and 12.7 g/t Au. Eleven of the samples returned gold assays higher than 0.5 g/t Au. The gold mineralisation is associated with gossanous quartz veins within altered metasediments and granites.
These results validate the Big Reef Exploration Target and highlight the potential to increase the existing Big Reef Inferred Mineral Resource of 107,000 tonnes at 3.0 g/t Au, containing approximately 10,000 ounces of gold. Savannah Goldfields CEO Brad Sampson stated the significant untested strike length in the Big Reef area could boost feed stocks into the Georgetown Gold Processing Plant in the short to medium term.
An initial Reverse Circulation (RC) exploration drilling program, consisting of 15 to 20 holes, is scheduled to commence this week at the Big Reef Extended Prospect. Following completion of drilling at Big Reef, the drill rig will move to the Electric Light and Red Dam Deposits for further exploration drilling.
