Jan 29 2014
Savant Explorations Ltd. ("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.NYSE MKT) 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.