Announcement Date: 2022-04-05
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Sovereign Metals Ltd.
Project name: Kasiya
Location: Malawi
Commodities: Graphite,Rutile
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce its updated Mineral Resource Estimate (MRE) for Kasiya confirming it as a Tier 1 natural rutile deposit and a potential major source of low CO2 footprint critical minerals natural rutile and graphite. The updated MRE now places Kasiya as the largest rutile deposit in the world with more than double the contained rutile as its nearest rutile peer, Sierra Rutile (Tables 1, 2 & 3, Figure 1). Additionally, the graphite by-product MRE at Kasiya places it as the second largest flake graphite deposit in the world. Overall, the new MRE shows a number of new large, but generally discrete high grade rutile zones, particularly in the southern parts and eastern parts of the resource area. The discovery and delineation of these new high grade mineralised zones has been the dominant factor in the tripling of the resource base. A Total of 662 Mt (37%) of the total MRE reports to the Indicated category @ 1.05% rutile and 1.43% TGC, with a recovered grade of 1.73% RutEq. The deposit is expansive with high-grade rutile mineralisation commonly grading 1.2% to 2.0% in the top 3-5m from surface. Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to end of hole where it remains open at depths >10m in numerous drill-defined, N to NE-striking zones.
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