The latest drill results increase the drill-defined rutile mineralised envelope by 28% to 165km2
· Kasiya and Nsaru deposits have now coalesced into the Kasiya-Nsaru rutile deposit – a single, very large, coherent, high-grade body of near surface rutile and graphite mineralisation
· New drilling has encountered the highest-grade rutile results to date at Nsaru and at a new extension east of Kasiya. Highlights include:
| · | 11m @ 1.34% inc. 2m @ 3.00% rutile | · | 12m @ 1.27% inc. 3m @ 2.16% rutile |
| · | 8m @ 1.36% inc. 2m @ 2.66% rutile | · | 7m @ 1.84% inc. 4m @ 2.71% rutile |
| · | 12m @ 1.46% inc. 4m @ 2.42% rutile | · | 13m @ 1.48% inc. 5m @ 2.23% rutile |
· Discovery of numerous extensions and new blocks of mineralisation expected to add substantially to upcoming Mineral Resource Estimate update
· Results affirm the strategic and global significance of Kasiya as the largest undeveloped natural rutile project in the world and first major rutile discovery in over half a century
· Updated Scoping Study underway focused on incorporating the growing resource base
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report results from its H2 2021 drilling program at Kasiya-Nsaru, the Company’s flagship, very large, high-grade rutile deposit in Malawi.
The results, including numerous spectacular intercepts, will underpin the pending Mineral Resource Estimate (MRE) upgrade which is expected to significantly increase in both the Indicated and Inferred categories.
The most recent core and auger drilling has now expanded the total mineralised envelope to 165km2, up 28%. The previous MRE included just 49km2 of the mineralised envelope, hence significant resource tonnage growth can be expected.
Sovereign’s Managing Director Dr Julian Stephens commented: “The results of the latest drilling program have surpassed all of our expectations. Not only did we encounter the highest rutile grades to date, but the coalescing of the Kasiya and Nsaru deposits supports our belief that we have the single largest rutile deposit in the world on our hands. We are looking forward to announcing the updated Mineral Resource Estimate in the coming weeks.”
ENQUIRIES
Dr Julian Stephens (Perth)
Managing Director
+61(8) 9322 6322
Sam Cordin (Perth)
+61(8) 9322 6322
Sapan Ghai (London)
+44 207 478 3900
