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David Archer, boss of unloved Savannah Resources (SAV), says it could split off its heavy mineral sands operations in Mozambique after finding ‘encouraging’ gold and copper mineralisation in the Gulf sultanate of Oman. The AIM-quoted company, whose shares have tumbled from a 12-month high of 8.25p to 1.85p now, says reconnaissance mapping and rock chip sampling have identified gold and copper in Block 4 of Oman’s Semail ophiolitic (oceanic crust) belt, including one sample with 3.7 grammes of gold per tonne of ore and copper at a high grade of 5.7%.
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