Savant Expands Frazier Creek property
27 Gennaio 2014 - 2:30PM
Marketwired
Savant Expands Frazier Creek property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2014) -
Savant Explorations Ltd. (TSX-VENTURE:SVT) ("Savant") is pleased to
announce that it has increased the size of its Frazier Creek
Property through staking of additional mineral claims. The new
claims, which extend the property a further 1.8 kilometres to the
south, were acquired in order to protect an area of
hydrothermally-altered limestone discovered to the south of the
main area of alteration and mineralization. The new alteration zone
occupies a small knoll within a large area of alluvial cover and
may indicate that either the main zone extends more than a
kilometre further to the south than previously thought, or that
there is a second mineralized centre along the same regional
structure.
The Frazier Creek property is located approximately 40
kilometres north of the town of Eureka Nevada. With the addition of
the new claims, the property now consists of 131 lode mineral
claims covering 1,071 hectares. The property covers moderately to
intensely silicified and hydrothermally dolomitized Silurian and
Devonian limestone. Historical exploration identified widespread
anomalous copper and molybdenum values in silicified and
dolomitized bedrock over a 1.8 km x 0.8 km area. The highest copper
and molybdenum mineralization occurs within areas of intense
silicification and narrow sulphide mineralized structures. In a
shallow historical working, a grab sample containing 0.8% copper
and 0.008% molybdenum was collected from a sericitically altered
feldspar porphyry dyke which may suggest the presence of a larger
mineralized porphyry body at depth. The only known drilling within
this target area is a shallow churn drill hole drilled in the
mid-1960s.
The presence of anomalous copper and molybdenum within a large
area of strong to intense silicification, dolomitization and an
altered porphyry dyke suggests that there is potential to find a
copper - molybdenum bearing porphyry deposit within a few hundred
metres of surface. Limestone would be an excellent host rock for
the formation of copper skarn mineralization and increases the
probability of higher grade copper mineralization in any primary
copper porphyry. The results from the churn drill hole are
unknown.
The original Frazier Creek property was acquired by Savant as
part of a three property earn-in agreement between Savant and
Eurasian Minerals Inc. (EMX.TSX-V, EMXX.NYSEMKT) through its wholly
owned subsidiary Bronco Creek Exploration Inc. The other two
properties, Buckhorn and Jasper Canyon, are located in neighbouring
Arizona. The agreement provides Savant the right to earn up to a
100% interest in each of the three properties, subject to certain
retained royalties for Eurasian Minerals. Together, the three
properties represent the start of an aggressive regional copper
exploration and discovery strategy by Savant. The details of this
strategy, the agreement terms for the three properties, and summary
property descriptions can be found in the Company's news release
dated October 30, 2013 and at www.savantexplorations.com.
Initial Work
Program
Over the next several months, Savant plans on conducting
detailed geological mapping, grid-based geochemical sampling and
preliminary geophysical assessment on all three properties in order
to prioritize areas for subsequent detailed geophysical surveying
and drill testing.
Stock Options
The Board of Directors have approved the granting of stock
options to directors, officers and consultants for the purchase of
1,525,000 common shares of Savant. The options are granted pursuant
to the Savant's Stock Option Plan and have an exercise price of
$0.05 per share, a term of five years and are fully vested.
About Savant
Savant is an exploration and development stage company focused
on generating and exploring high quality precious and base metal
properties in stable jurisdictions. Savant has recently initiated a
new exploration and discovery strategy in Southwest United States
with the acquisition of the Buckhorn, Jasper Canyon, and Frazier
Creek properties. Savant's other properties and assets are 100%
owned with combined annual holding costs of approximately $30,000.
Savant has a partner funding the Yuby Gabriela copper property in
Chile with the next option payment of US$1,000,000 due to Savant at
the end of April 2014. Savant also owns two other high-quality
properties, Blue Moon and Yava that Savant's management is seeking
to monetize for maximum value to Savant and its shareholders.
About Eurasian Minerals
Eurasian is a global gold and copper exploration company
utilizing a partnership business model to explore the world's most
promising and underexplored mineral belts. Eurasian generates
wealth via grassroots prospect generation, strategic acquisition
and royalty growth.
John McClintock, P. Eng. CEO of Savant 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.
Savant Explorations Ltd.John McClintockPresident and CEO(604)
568-5817info@SavantExplorations.comwww.SavantExplorations.com
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