| ||January 11, 2010|
Savant acquires prime gold exploration property along the prolific Cadillac Break
| ||Vancouver, BC, January 11, 2010, -- Savant Explorations Ltd. (SVT.TSX-V) ("Savant") is pleased to announce that it has reached agreement with Globex Mining Enterprises Inc, a TSX and Frankfurt listed public trading company to acquire an option for a 100% interest in the 220 ha Parbec Gold Property located along the prolific Cadillac Break, 20km east of the Cadillac Gold Camp, Quebec's largest gold producing district, and 5km west and along strike from the historic Malartic Gold Camp where Osisko Mining is currently developing the large open pittable Canadian Malartic Gold Project estimated to contain a total in-pit measured and indicated resource of 9.17 Million ounces(Osisko December 14, 2009 press release).|
Savant will acquire a 100% interest in the Parbec Property through cash option payments totalling $525,000 payable over 4 years, work commitments totalling $3,850,000 over 4 years and the issuance of 750,000 Savant common shares to the vendor over a period of 3 years. A gross metal royalty (GMR)on gold production, will be payable to the vendor as follows: 1.0% GMR when gold is US$1,000 per ounce or less;1.5% GMR when gold is greater than US$1,000 per ounce but less than US$1,200 per ounce and 2.0% GMR when gold is greater than US$1,200 per ounce. The initial option payment is $25,000 and issuance of 100,000 common shares. The acquisition of an interest in the Parbec Property by Savant is subject to receipt by the parties of required regulatory approvals and to completion of final documentation.
The Parbec Property, covers a 1.3km strike length of vertically dipping units within the Cadillac Deformation Zone (CDZ),a 150 to 250m wide zone comprised of locally intensely deformed mafic and komatiitic flows (talc-chlorite-biotite schists)of the Piche Group intruded by mafic and felsic feldspar porphyry sills and dikes hosting sulphide bearing auriferous quartz-carbonate vein systems.
Historic exploration drilling within the CDZ at Parbec with few exceptions has been confined to a vertical depth of 200m. To this depth and across nearly the full width of the Property, previous drilling has encountered various, generally narrow, multiple sub parallel gold bearing vein systems. At one locality on the property referred to as the Camp Zone, based on the results of the drilling from1986 to 1988, Ste. Genevieve Resources Ltd reported a historical mineral resource estimate for the Camp Zone of 400,000t grading 4.6 gpt gold. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
The lithologic, structural and alteration features associated with the gold mineralization described at Parbec are notably similar to those described at Agnico-Eagle's newly producing, deep seated (below 400m depth),high-grade underground Lapa Mine(3.8Mt @ 8.8 gpt Au: 1.1 million ounces: Agnico-Eagle web page under "Operating Mines:Lapa", January 4, 2010),located 10km NW of Parbec along the CDZ. Osisko Mining's potentially open-pittable East Amphi deposit(43-101 compliant in-pit inferred resource of 1.4Mt @ 1.47 gpt Au: Osisko's Canadian Malartic Project of the "Geology & Location of main Mineralized Zones with Priority Drill Targets" Map, November 23, 2009)),located 2.5km SE and along strike from Parbec, is hosted by the same lithologies and deformation zone as the Parbec Camp Zone.
The resurgence of the Rouyn-Cadillac-Malartic gold districts located along the regional Cadillac Break, is credited to the recognized exceptional vertical continuity of many of the ore bodies including:
At Parbec, Savant will assess the potential for the discovery of a gold deposit similar to the Lapa Mine setting by undertaking systematic exploration drilling to locate high grade gold mineralization at depth in the down plunge extensions of the known near surface gold zones as well as other areas within and peripheral to the Cadillac Deformation Zone on the Property.
- LaRonde II,Quebec's largest and deepest gold producer, which also has the largest gold reserve of any operating mine in Canada (35.8Mt grading 4.3 gpt Au (5.0 Million ounces) to a depth of 3,000m:Agnico Eagle's web page under "Operating Mines:La Ronde", January 4, 2010 ),
- the Lapa Mine (3.8Mt grading 8.8 gpt Au from a depth of 400m and extending vertically for over 1,300m) and
- the more recently recognized potential for large, bulk minable (open pit) gold resources such as the Canadian Malartic deposit.
Richard Cote ing. Vice President of Savant Explorations Ltd. is the Qualified Person, as defined by National Instrument 43-101, responsible for the technical data in this news release.
This news release contains forward-looking statements concerning the Parbec Property. 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.
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.
For more information contact:
John McClintock, President and CEO
Telephone: (604) 801 7240
Facsimile: (604) 689-8355
You can view the Next News Releases item: Wed Jan 27, 2010, Savant Obtains TSX Venture Approval for Parbec Property Acquisition
You can view the Previous News Releases item: Wed Nov 18, 2009, Savant Explorations Ltd. Announces Induced Polarization Survey on Gabriela Property in Northern Chile Porphyry Belt to Start November 23, 2009
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