Savant Explorations Ltd. Analysis of Drill Core Confirms Discovery of Two Buried Copper and Molybdenum Mineralized Porphyry Bodies on Gabriela Property in Northern Chile Copper District
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 15, 2008) – Savant Explorations Ltd. (TSX VENTURE:SVT) (“Savant”) is pleased to announce that analysis of core samples from the two recently completed drill holes on its 3,500 hectare Gabriela property, has confirmed the presence of porphyry copper and molybdenum mineralization beneath two barren alteration zones (lithocaps) characterized by pervasive silicification, pyritization and advanced argillic alteration. The Gabriela property is located along a major highway and power transmission lines approximately 60 kilometres north of BHP Billiton’s Spence mine (330 million tonnes at 1.08% Copper) and 40 kilometres west of Codelco’s giant Chuquicamata producing copper mine.
The initial hole was drilled on the western flank of a 1.5 by 1.5 kilometre Corobre area defined by induced polarization chargeability anomaly, widespread silicification, chloritization and pyritization in outcrops and previous shallow drill-holes. The hole, drilled easterly at an inclination of -70 degrees from the western edge of the induced polarization anomaly, commenced in relatively weakly altered rocks that became increasingly altered at depth. A transition to phyllic alteration and quartz stockwork, typical of porphyry copper mineralization, commenced at approximately 500 metres with short sections of potassically altered, porphyritic intrusive rocks occurring by 600 metres. Both copper and molybdenum mineralization show increasing grades down the hole especially from the commencement of the phyllic alteration as shown on the accompanying histograms (to view histograms please click on the following link: http://www.savantexplorations.com/i/pdf/ histograms.pdf). The hole was stopped at 661.55 metres when the depth capacity of the drilling rig was reached. Corobre Drill-Hole Summary of Results ——————————————————————– —— From:____________ To:__ Interval__Copper %__Molybdenum %__Comments: ——————————————————————– —— 150m__________568.55m______ 418m______0.04________ 0.004__Lithocap ——————————————————————– —— 568.55m______ 661.55m________93m____ 0.172________ 0.008__Phyllic, minor __________________________________________________________potassic Including________________________________________________ alteration and __________________________________________________________quartz stockwork 571.55m______ 625.55m________54m____ 0.214________ 0.009 ——————————————————————– ——
In porphyry copper deposits, the highest grades of copper and molybdenum generally occur deeper in the potassic altered part of the system. The Corobre hole was stopped short of this target and good potential exists for significantly improved grades below 662 metres.
The second hole tested the 1.5 km by 1.0 km Pinchazo lithocap as defined by altered outcrops, induced polarization chargeability anomaly and past shallow drilling. The hole was collared in the south western part of the lithocap and drilled easterly at an inclination of -70 degrees. The hole was collared in a pre mineralization diorite that shows increasingly intense alteration and copper mineralization to a depth of 270 metres. From 270 metres the hole cut at a very shallow angle, a major fault zone to a depth of 325 metres. Below the fault, the hole encountered potassically altered quartz monzodiorite porphyry with quartz stockwork. The quartz monzodiorite intrusive had not been previously recognized on the property and its dimensions are unknown; however, we interpret it to be a mid to late phase intrusive. The hole was lost at 564.5 metres when the hole encountered a second major fault.
Pinchazo Drill-Hole Summary of Results ——————————————————————– ——- Rock Type______ From:____ To:__Interval__Copper % Molybdenum % Comments: ——————————————————————– ——- Diorite__________150m__211.6m____ 61.6m____ 0.058________0.001 Lithocap ____________——————————————————– ——- ______________ 211.6m__243.1m____ 31.5m____ 0.085________0.001 Lithocap ____________——————————————————– ——- ______________ 243.1m__270.1m____ 27.0m____ 0.189________0.001 Silification ______________________________________________________________ and moderate ______________________________________________________________ phyllic ______________________________________________________________ alteration ——————————————————————– ——- Fault Zone____ 270.1m__325.6m____ 55.5m____ 0.096________0.002 Section of ______________________________________________________________ fault gouge ______________________________________________________________ mixed with ______________________________________________________________ diorite as ______________________________________________________________ above ——————————————————————– ——- Quartz________ 325.6m__564.5m____238.9m____ 0.120________0.005 Potassic Monzodiorite__________________________________________________ alteration ______________________________________________________________ and quartz ______________________________________________________________ stockwork ____________Including ______________ 535.5m____558m____ 22.5m____ 0.134________0.012 ——————————————————————– ——-
In addition to the Corobre and Pinchazo targets, a third target called the Corobre Extension remains to be drilled. This is a 2 km diameter area defined in part by an induced polarization anomaly and past shallow drilling with evidence of alteration peripheral to a porphyry deposit. The three targets are aligned in a south easterly trend which extends for a minimum of 5 km. Savant has added 2,400 hectares of new concessions to the south and east to cover any potential fourth target. These new concessions lie outside of the Xstrata earn back provision.
John McClintock, P. Eng, President, Savant Explorations Ltd., commented: “We are very pleased with the results of this round of drilling. Both holes are single tests of a 1.5 by 1.5 km and 1.6 by 1.0 km target areas. It will take a number of additional drill holes to determine the true average grade and extent of the mineralization. The results from the Corobre hole are reminiscent of when I headed the Rio Algom Exploration team during the initial drilling of the nearby Spence Mine. The first hole drilled in to what will be the outline of the eventual pit intersected a porphryritic intrusive with similar copper grades as the Pinchazo hole. Further drilling showed this drill hole had intersected a lower grade porphritic phase intrusive within the deposit.”
The drilling program at the Corobre and Pinchazo zones has been reviewed and the results approved by John McClintock, Savant’s Qualified Person under NI 43-101. The Gabriela drill program utilized an extensive QAQC (quality assurance and quality control) protocol for assaying and core sample handling that consists of the systematic insertion of blanks, standards and duplicates. Core samples are cut with a diamond saw with one half of the core placed in sealed bags and shipped directly to ACME Analytical Laboratories S.A. in Santiago, Chile for gold fire assay and ICP multi element analyses.
The technical details of the property are available in a report by Paul G. Lhotka PhD, P. Geo., filed on SEDAR and on our company website. Photographs of representative samples of core from both holes are posted on the company web site.
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, 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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