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Savannah Resources PLC shares climbed on Thursday as it said it was encouraged by a final batch of results which confirm the grade and consistency of lithium mineralisation. The lithium development company reported the fourth batch of assay results from phase two of its definitive feasibility study drilling programme at the Barroso lithium project in Portugal. Based on the design of the completed drilling and the assay results recorded, Savannah said it expects the new resource ‘will represent both an upgrade and expansion’ on its current resource of 28 megatonnes at 1.1% lithium oxide. The new estimate will form the basis of the project’s maiden estimate which will underpin the definitive feasibility study mine plan and support future financing. Savannah Resources said a total of 103 holes have been drilled to date for 12,490 metres. The fourth batch of assays come from the last 23 holes drilled. ‘We are particularly encouraged by this latest batch of results which continue to confirm the grade and consistency of the lithium mineralisation in all the deposits. We now turn our attention to updating the JORC resource estimates for these important orebodies and the existing additional exploration targets for the Grandao, Reservatorio and Aldeia deposits,’ said technical director Dale Ferguson. ‘To this we will be adding maiden exploration target estimates for Pinheiro and NOA as well as a first regional exploration target to help show the true potential of the project area.’ Ferguson said additional exploration targets ‘should reinforce the market’s understanding that this project has great long-term potential too’. Shares in Savannah Resources closed up 7.1% at 3.77 pence in London on Thursday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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