StockMarketWire.com - Savannah Resources said it had increased the mineral resource estimate at the Mina do Barroso lithium project in Portugal by 17%.

The estimate now stood at 23.5m tonnes at 1.02% lithium oxide for 241k tonnes of contained lithium oxide, the company said.

It also reported a 28% increase in measured and indicated resource to 13.3m tonnes at 1.0% lithium oxide, representing 58% of the total mineral resource.

The exploration target for Mina do Barroso remained unchanged, calculated at 9-15m tonnes at 1.0-1.2% lithium, giving a potential mineral inventory of over 30m tonnes for the project.

'This is the fourth major increase in the Mina do Barroso Mineral Resource and it has been achieved in less than 14 months,' chief executive David Archer said.

'The increasing mineral resource highlights the continued growth potential for the project which is underscored by the exploration target remaining unchanged.'

'With a potential mining inventory of over 30m tonnes, we have a long-life asset that can become a secure, long term supply source of lithium which is a strategic metal for the burgeoning battery and electric vehicle industries of Europe.'






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