Jubilee Plunger Exploration Target Estimated at Up to 400,000 Tonnes of Gold Ore

New Exploration Target at Jubilee Plunger

Savannah Goldfields Limited (ASX, SVG) has revealed a fourth gold Exploration Target at its 100% owned Georgetown Project, specifically at the Jubilee Plunger Deposit. This target is estimated to contain between 100,000 and 400,000 tonnes of ore with gold grades ranging from 1.2 to 2.0 grams per tonne. The deposit lies approximately 80 kilometres from Savannah’s Georgetown Processing Plant.

Jubilee Plunger has a history of open pit mining, with Deutsche Rohstoff AG extracting 28,300 tonnes at 3.2 g/t gold in 2011. The current Inferred Mineral Resource at Jubilee Plunger stands at 87,000 tonnes at 3.2 g/t gold, indicating a solid foundation for further exploration. The newly identified Exploration Target is conceptualised as a potential down-dip and along-strike extension of these previously mined zones and the existing resource.

Strategic Importance and Project Context

This Exploration Target forms part of Savannah’s broader strategy to develop multiple ore sources feeding into the Georgetown Processing Plant, known as the “Hub and Spoke” approach. Alongside Jubilee Plunger, the company has recently announced Exploration Targets at Red Dam, Electric Light, and Big Reef, each contributing to a diversified pipeline of potential feedstocks.

CEO Brad Sampson emphasised the role of these targets in extending the processing life of the Georgetown plant as Savannah prepares to resume mining and processing activities. The company is currently reviewing historical drilling, geochemical sampling, and geological mapping to prioritise near-term ore sources within granted mining leases.

Next Steps and Exploration Plans

While the Exploration Target at Jubilee Plunger is promising, it remains conceptual with insufficient exploration to classify it as a Mineral Resource under JORC standards. Savannah plans to undertake infill and extensional drilling, updated geological modelling, structural analysis, and metallurgical testing in 2026. These efforts aim to validate the target and potentially upgrade it to a Mineral Resource, clarifying the distribution of oxide versus sulphide material and assessing processing implications.

The company is also developing exploration programs for its other targets, including Electric Light, Red Dam, and Big Reef, with further details expected as planning progresses. Savannah’s methodical approach reflects a commitment to rigorous data validation and resource growth ahead of operational restart.

Historical and Technical Context

Jubilee Plunger is characterised by a 1,200-metre-long shear zone within the Robin Hood Granodiorite, featuring quartz veining and sericitisation. Historical mining was halted upon encountering sulphidic ores at about 12 metres depth, with mineralisation continuing beyond this horizon. The Exploration Target extends to a maximum depth of 40 metres, supported by over 300 drill holes reviewed by Savannah’s geologists.

Previous metallurgical test work and processing of oxide ores in the region have demonstrated gold recoveries exceeding 80%, providing confidence in the potential economic viability of future mining at Jubilee Plunger and other targets.