Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report first results from its H1 2022 AC drilling program at the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit in Malawi.
The results confirm that rutile mineralisation is continuous in many pit areas from surface down to the top of saprock, normally between 20m and 30m from surface. Results reveal the potential for mining pits to be extended at depth to the top of saprock in numerous areas.
KASIYA AIR-CORE DRILLING INDENTIFIES HIGH-GRADE MINERALISATION AT DEPTH
- First drilling results from the Company’s deeper air-core (AC) program confirm rutile mineralisation extends at depth beneath previous drilling in most of the targeted areas
- Results demonstrate the growth potential of Kasiya at depth and confirm that extensive rutile mineralisation remains outside of the current Mineral Resource Estimate (MRE) and pit shells
- Core areas of the previously designed pit shells averaged about 15m depth with new drilling commonly extending mineralisation to between 20m and 30m depth
- The new deeper and thicker rutile intercepts highlight the potential to increase the mineral resource at depth
- Identification of high-grade mineralisation at depth is expected to contribute to the MRE update targeted for Q1 2023
- Kasiya’s Pre-Feasibility Study (PFS) and Environmental and Social baseline workstreams are advancing with all major project and consultant teams appointed with a scheduled completion date in Q2 2023
Sovereign’s Managing Director Dr Julian Stephens commented: “The early results from this deeper drilling re-asserts the truly remarkable Tier 1 nature of Kasiya in terms of size, grade and mineralisation consistency. We have now answered the question on the potential to deliver additional tonnes for the mineral resource at depth. Kasiya continues to grow and will likely become a multi generational project capable of supplying a reliable and sustainable source of high-purity titanium as natural rutile.”
Dr Julian Stephens (Perth)
+61(8) 9322 6322
Sam Cordin (Perth)
+61(8) 9322 6322
Sapan Ghai (London)
+44 207 478 3900
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