(MENAFN - ProactiveInvestors) () has increased its footprint in Oman with the acquisition of a majority stake in a block neighbouring its existing tenements.
The group will take a 65% stake in Al Thuraya which wholly owns the highly prospective Block 4 copper project in a move that expands its acreage in Oman to 1270 sq km.
Savannah will acquire its stake through teh provision of US$4.6mln of exploration and development funding over the next four years.
Block 4 which includes over 35km in strike of prospective ophiolite with multiple prospective contacts has seen very little exploration using modern techniques.
It offers a rare opportunity to apply airborne electromagnetics (VTEM) technology to a strongly mineralised underexplored area in the heart of the most mineralised ophiolite belt in the world Savannah added.
David Archer Savannah’s chief executive said the acquisition secures the core part of one of the best ophiolite belts in the world and enhances its opportunity to become a significant mid-tier copper producer in Oman.