21m at 2.35 g/t Gold Intercept Highlights Savannah’s Georgetown Progress

Exploration Progress at Georgetown

Savannah Goldfields Limited has provided a detailed update on its ongoing exploration activities at the Georgetown Gold Project in far north Queensland. The highlight is a diamond drill hole at the Electric Light Prospect that returned a substantial gold intercept of 21 meters grading 2.35 grams per tonne, including a higher-grade 10-meter section at 3.80 grams per tonne. This result reinforces the prospect’s potential and builds on historical drilling data.

The recent drilling campaign comprised one PQ diamond hole at Electric Light and three diamond holes at the Red Dam Prospect, alongside multiple reverse circulation (RC) holes at both sites. The diamond drilling program, designed to obtain high-quality core samples for metallurgical testing and structural analysis, has now been completed. Assay results from the Red Dam diamond holes are expected later this month, which will provide further clarity on that prospect’s resource potential.

Technical Insights and Sampling

The Electric Light diamond hole was drilled to a depth of 61 meters and was oriented using a new tool to improve structural interpretation of the mineralisation. The mineralised zone is characterised by intense silicification and sulphide minerals such as arsenopyrite, galena, and sphalerite, which are commonly associated with gold deposits in this geological setting. Half of the core from mineralised zones was reserved for metallurgical testwork, aiming to optimise gold recovery methods.

In addition to the diamond drilling, eight RC holes totaling 842 meters were drilled at Electric Light to test extensions of known mineralisation along strike and down dip. Similarly, five RC holes were completed at Red Dam. All samples have been sent to an accredited laboratory in Townsville for assay, with results pending for the majority of these holes.

Future Plans and Resource Updates

Following the receipt of all assay results, Savannah Goldfields plans to update the Mineral Resource estimate for Electric Light, which currently stands at an inferred 388,000 tonnes at 3.7 grams per tonne gold. The company also intends to undertake further drilling in 2026, including infill and step-out RC holes, to better define the resource and explore potential extensions. Metallurgical testwork will continue to refine processing strategies, which could enhance the economic viability of the deposit.

At Red Dam, the focus remains on validating historical drilling and testing down dip extensions beneath the historic open pit. The upcoming assay results will be critical in determining the next steps for this prospect.

Strategic Implications

This exploration update underscores Savannah Goldfields’ methodical approach to advancing its Georgetown Gold Project. The combination of diamond and RC drilling, coupled with detailed geological and metallurgical analysis, positions the company well to expand its resource base. The proximity of Electric Light to the company’s existing processing plant adds logistical advantages that could accelerate project development if resource upgrades are confirmed.