Savant Explorations Ltd. Drilling of Three Prime Targets in the Heart of the Chilean Porphyry Copper District Underway
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 2, 2008) – Savant Explorations Ltd. (TSX VENTURE:SVT) (“Savant”) is pleased to announce a diamond drill rig has started to test the first of three priority porphyry copper targets on its 3500 hectare Gabriela property located in Chile’s prolific Paleocene porphyry copper district. The Gabriela property is well located along a major highway and power transmission lines approximately 60 kilometres north of BHP Billiton’s Spence mine and 40 kilometres west of Codelco’s Chuqicamata mine.
The first hole will test the Corobre target and is centred on a 900 by 500 metre greater than 20mV/V induced polarization anomaly underlain by strongly leached, andesite volcanic rocks cut by tourmaline and hydrothermal breccias. Three holes drilled peripherally to the anomaly and prior to the induced polarization survey, cut pyritized, propylitically or clay sericite altered andesite with anomalous values of copper (greater than 125 ppm). The type of alteration exposed in outcrops within the anomaly, combined with the alteration and anomalous copper values in the peripheral drill holes indicate excellent potential for both enriched porphyry copper mineralization and high-grade hypogene mineralization within the area of the induced polarization anomaly.
The second target to be tested is the Pinchazo Zone located 2 kilometres northwest of Corobre where past shallow drilling of a 1200 by 600 metre area of poorly exposed leached capping ended in mineralization averaging over 0.1% copper with values ranging from 0.31% to 0.03% copper. The copper mineralization occurs in alteration characteristic of the upper levels of a porphyry copper system and indicates potential for higher grade, copper-molybdenum and or copper-gold porphyry deposit at depth. High-grade hypogene mineralization is known to occur elsewhere beneath similar alteration and low-grade mineralization such as BHP Billiton’s and Rio Tinto’s Resolution deposit in Arizona.
To the southeast of Corobre, the induced polarization anomaly remains open and appears to be building in strength. In this direction, there is no outcrop exposure and no geophysical survey coverage. The closest 3 hole define an untested area more than 2 by 2 kilometres. The peripheral holes are described as a variety of andesitic volcanic rocks containing pyrite and variable intensities of propylitic alteration with anomalous levels of copper. The type of alteration in the peripheral holes and the low but anomalous copper content are similar to that found in the periphery of the Spence deposit located 63 kilometres to the south. The 2 by 2 kilometre gravel covered area is a high priority target for enriched copper porphyry mineralization.
Jack McClintock, President Savant Explorations commented that we are very pleased to have secured a drill rig for the property, a process that took several months. Savant’s difficulty in contracting a drilling machine attests to the level of exploration activity in Chile where many drilling companies are fully booked well into 2009.
Savant is well funded to carry out the program. The details of the property are available in a report by Paul G. Lhotka Ph.D, P. Geo., filed on SEDAR and the company website.
The Gabriela property is 100% owned by Savant. A portion of the property, referred to as the Yuby claims is subject to Xstrata’s back-in right to earn 50% of Savant’s interest in the property by spending 2.5 times Savant’s expenditure on the property. The earn- back provision covers the Pinchazo and Corobre targets.
John McClintock, P. Eng, President of Savant Explorations Ltd. is the Qualified Persons, as defined by National Instrument 43-101, responsible for the technical data in this news release.
This press release contains forward-looking statements concerning the mineralization at and the potential of the Gabriela Project. These forward-looking statements are based upon the reasonable beliefs of Savant and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Savant. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Savant may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Savant does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.
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