Savant Explorations Ltd.

Savant Explorations Ltd.

October 09, 2008 12:45 ET

Savant Explorations Ltd. Third Quarter Review 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2008) - Jack McClintock, President of Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") provides the following review of the 3rd quarter of 2008 and outlook for Q4, 2008.

During Q3, 2008, Savant successfully completed the preliminary drill test of its 100% owned Gabriela property located in the world's premier copper district of the Northern Chilean Copper Belt approximately 40 km west of Codelco's giant producing Chuquicamata Mine and 60 km north of BHPB's producing Spence mine. The Gabriela property was expanded by 2400 hectares to cover an area where past shallow drilling suggests porphyry type copper mineralization may be present below the current shallow level of investigation. In Mexico, two additional properties were acquired bring Savant's holding in the silver-rich Polymetallic Replacement Belt Chihuahua State to 462.46 square kilometres.


Single drill holes into two separate high level alteration zones (lithocaps) associated with induced polarization chargeability anomalies identified along a minimum 5km length on the Gabriela property, confirmed that porphyry copper and molybdenum mineralization occurs at depth below barren to near barren exposed lithocap. In both holes, the newly encountered copper and molybdenum grades show improving grades with depth (Savant press release dated September 15, 2008). Unfortunately, both holes were lost before they reached their targeted depth of approximately 750m. These two high level zones, referred to as Corobre and Pinchazo have surface expressions of 1.5 by 1.5 km and 1.5 by 1.0 km respectively. Several more drill holes are warranted in both targets. Results of the recent drilling including photographs of representative samples of the core are available on the company's web site.

Savant took advantage of the recent dropping of ground to the south of the Gabriela property by Codelco to acquire an additional 2400 hectares of ground on which historical holes by Rio Algom interested alteration similar to that in the two lithocaps tested by the Q3 drilling. None of the recently acquired ground has been surveyed by induced polarization, which effectively map out the pyritic lithocap and this will be a priority to complete in 2009. In Q4, a NI 43-101 report on the drilling will be completed and filed on SEDAR. A portion of the property, referred to as the Yuby claims is subject to Xstrata's back-in right to earn 50% of Savant's interest in the property by spending 2.5 times Savant's expenditure on the property. The earn-back provision covers the Pinchazo and Corobre targets, but not the newly acquired ground. Savant's annual holding cost for the Gabriela property is $24,000.


Savant acquired by staking two exploration properties located in the State of Chihuahua mid way between the producing Bismark silver/zinc Mine 170 km to the NW and the producing Santa Eulalia silver/lead/zinc mining district 165 km to the SE. These wholly owned, readily accessible properties, include the La Morena concession of 218.28 square kilometres and the La Mojina concession of 121.18 square kilometres which are separated E-W by 45km along Highway 10, 150 km north of Chihuahua, the State capital. Together with the recently optioned Vinata Property, Savant now holds 462.46 square kilometres of property in the productive Chihuahua portion of the Polymetallic Carbonate Replacement District of Mexico.

La Morena Concession covers a large untested area of Tertiary andesite flows and ignimbrites on trend from a number of steeply dipping silver/lead/carbonate and manganese bearing veins hosted by Tertiary volcanic rocks located on smaller lots (70-272 ha each) held by others within the La Morena boundaries. La Mojina Concessions covers the projected covered extension of the prospective Cretaceous Aurora Formation limestone which elsewhere, hosts the large ore deposits of the producing Bismark, Naica and Santa Eulalia mines. The adjacent exposure of limestone units hosts two small past manganese/silver/lead producers known as El Socorro and La Mojina mines.

Savant's land acquisition strategy and exploration program in Mexico are designed to locate and test prospective targets specifically for large carbonate replacement deposits (CRD) comprised of limestone hosted mantos, chimneys and intrusion related mineralization similar to the producing Santa Eulalia and Naica mines (respectively 165 km SE and 250 km SE of La Mojina) where published past production figures are respectively estimated at 50 million tonnes grading 315 gpt silver, 8.5% lead, 7.5% zinc, 0.3% copper with tin and gold credits and 25 million tonnes grading 155 gpt silver, 5.5% lead, 4.3% zinc and 0.4% copper. Annual holding costs for the new concessions are less than $40,000.

In Q4, geological mapping and preparations for ground gravity and magnetic surveys on the Vinata, La Morena and La Mojina properties will be undertaken. Management will continue to look for low cost opportunities in Mexico.

John McClintock, President of Savant Explorations Ltd. commented: "Savant is in a good position for the current market conditions. With the exception of the Vinata property, all of Savant's properties are 100% owned and the only obligations are annual tax payments. The Vinata option payment due next year is modest and manageable. Savant's projects are of high quality and include large land packages in Mexico and in the Hackett River Greenstone Belt, Nunavut, two of the more prospective precious metal rich polymetallic deposit districts in North America. Savant also owns one of the very few junior company porphyry copper plays with demonstrated porphyry copper style mineralization in Chile's main copper belt. In addition, Savant has the advanced stage Blue Moon polymetallic deposit with a verified N.I. 43-101 compliant resource."

John McClintock, P. Eng, President Savant Explorations Ltd. is the Qualified Persons, as defined by National Instrument 43-101, responsible for the technical data in this news release.

This press release contains forward-looking statements concerning the mineralization at and the potential of the Gabriela, La Mojina and La Morena Projects. These forward-looking statements are based upon the reasonable beliefs of Savant and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Savant. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Savant may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Savant does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.

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