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Savannah ups total Mutamba resources 26% with initial Ravene estimate

Savannah Resources Plc released an initial resource estimate for the Ravene deposit at its Mutamba mineral sands project in Mozambique, comprising inferred resources of 900 million tonnes grading 4.1% total heavy minerals, or THM.

The Ravene resource includes a high-grade zone of 92 million tonnes at 6.2% THM, which will be the primary focus of the company's ongoing scoping study, it said March 27.

The addition of the Ravene deposit represents a 26% increase in Mutamba's total resources, with an 8% increase in the THM grade compared to the overall resource.

Mutamba now hosts indicated and inferred resources totaling 4.40 billion tonnes at 3.9% THM, comprising the Jangamo, Dongane and Ravene deposits.

Savannah agreed to form a joint venture with Rio Tinto in mid-2015 to combine both companies' Mutamba, Dongane, Jangamo and Chilubane heavy mineral sands occurrences in Mozambique.

Under the agreement, Savannah operates the Mutamba property and can earn a 51% interest in the related consortium.