Savant Explorations Ltd.
TSX VENTURE : SVT

Savant Explorations Ltd.

November 03, 2014 08:30 ET

Savant Provides an Update on Its Exploration Activities

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2014) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") provides an update on its Southwest U.S. copper exploration programs.

Frazier Creek, Nevada

The drilling program on the Frazier Creek Property has been temporarily suspended due to unexpectedly difficult ground conditions. Two attempts were made to complete the initial hole from two different locations on either side of the main altered zone. The holes encountered a combination of extensive faulting and swelling clays at a shallow depth.

After consultation with the drill contractor, it was decided that to avoid the risk of losing drill steel down the hole and in order to conserve capital, it was prudent to suspend the drilling, assess the situation and consider an alternative drilling approach. The maximum depth reached was 121 metres, well short of the planned target depth of 600 metres and as a result, the high-priority target remains untested (refer to the company's news releases dated January 27, 2014 and July 25, 2014 and the company's website for target details).

The timing for a re-start of the program is uncertain and will depend on the availability of equipment and the logistics of drilling in the high desert during the late fall and winter months, when drilling costs are considerably higher.

Buckhorn, Arizona

Savant is awaiting the permit to drill on its Buckhorn Property in Arizona, where two Induced Polarization chargeability anomalies warrant drill testing (please see the Company's news release dated June 17, 2014). One of the anomalies coincides directly with an exploration target that was established by the presence of key surface indicators of porphyry copper mineralization - this coincidence suggests that the anomaly may be related to a buried copper porphyry body. Further updates on the timing of the drill program at Buckhorn will be made available once the permit has been received.

The Frazier Creek and Buckhorn properties were acquired under option from Eurasian Minerals Inc. (TSX VENTURE:EMX)(NYSE MKT:EMXX), through its wholly owned subsidiary Bronco Creek Exploration. (See the company's news release dated Oct. 30, 2013.)

Generative Work

Savant's management team has worked through an extensive database of geological, structural, geochemical and historical exploration for a key area of the Southwest U.S where the potential for undiscovered buried copper porphyry deposits is considered to be the highest. Further due diligence will be undertaken this year to further prioritize these target areas.

About Savant

Savant is an exploration and discovery stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions. Savant has initiated a new copper exploration and discovery strategy in Southwest United States and is currently exploring the Frazier Creek Property in Nevada and the Buckhorn property in Arizona. Savant recently farmed out its Yuby-Gabriela (Chile) and owns two other high-quality properties, Blue Moon (U.S.) and Yava (Canada), that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.

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.

More information on the Company's activities is available at the Company's web site at www.savantexplorations.com.

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.

This news release contains forward-looking statements. 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.

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