Sovereign Metals Limited (ASX:SVM, AIM:SVML) (Sovereign or the Company) is pleased to report further significant results for 61 AC holes from the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit.
Highlights:
- Drilling results from the Company’s targeted deep air-core (AC) program extend substantial zones of high-grade rutile mineralisation to depth beneath initial planned open pit shells (main areas averaging ~15m depth).
- This newly defined high-grade rutile and graphite mineralisation at depths >15m is consistent and occurs in coherent blocks.
- Highlights include:
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– 28m @ 1.07% inc. 5m @ 1.52% rutile – 26m @ 1.04% inc. 5m @ 1.48% rutile – 24m @ 1.02% inc. 6m @ 1.42% rutile – 23m @ 1.05% inc. 3m @ 1.69% rutile – 23m @ 1.03% inc. 5m @ 1.26% rutile – 23m @ 1.01% inc. 5m @ 1.18% rutile |
– 22m @ 1.08% inc. 5m @ 1.68% rutile – 21m @ 1.06% inc. 5m @ 1.51% rutile – 20m @ 1.23% inc. 5m @ 1.70% rutile – 20m @ 1.22% inc. 3m @ 1.95% rutile – 20m @ 1.18% inc. 6m @ 1.58% rutile – 18m @ 1.26% inc. 8m @ 1.39% rutile |
- Kasiya’s Pre-Feasibility Study (PFS) and Environmental and Social baseline workstreams are advancing with all major project work programs already underway.
The results confirm that rutile and graphite mineralisation is continuous from surface down to the top of saprock generally at 20-25m vertical depth in key mineralised areas. Results highlight the potential for the mining pits to be extended at depth.
Sovereign’s Managing Director Dr Julian Stephens commented: “We’re really pleased with the continued success from the deep air-core program which is confirming the potential for several pit expansions at depth. It remains a very busy time for the Company as we continue to receive drilling results and our PFS is approaching a peak level of activity”.
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM |
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RFC Ambrian |
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Bhavesh Patel / Andrew Thomson |
+44 20 3440 6800 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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KASIYA AIR CORE DRILLING
The completed 191-hole AC drilling program was divided into an initial 32-hole sighter phase with results previously reported (refer ASX announcement on 8 September 2022) and a second more expansive 159-hole phase.
These results of 61 holes (of 159) for 1,298m are the first batch of the expansive phase with results for the remaining 98 Holes for 2,548m pending.
The sighter phase AC drilling program focused on mineralised corridors where high-grade rutile mineralisation was hypothesised to persist at depth. Once validated, the company shifted its focus to a second phase concentrating on depth extensions to the early-scheduled mining pit shells.
Pit 15 revealed the most pronounced, deep mineralised corridor, illustrated in the 1.4km long section. Rutile and graphite mineralisation is seen to be pervasive throughout the saprolite zone.
Pit 13 is proposed to be the first block in the mining schedule. This pit shows considerable rutile mineralisation outside and below the current block model and optimised pit shell.
Further results from deep drilling are expected in the coming months.
KASIYA AIR CORE DRILLING
Sovereign is progressing the PFS which will build on the June 2022 Expanded Scoping Study (ESS) that confirmed Kasiya as one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives.
The 2022 AC drilling program is the first major PFS activity completed. The program was designed to extend Indicated zones at depth to base of saprolite ~25m, from the current ~14m average drill depth. Drilling was completed on a 200m x 200m grid to target Indicated classification which after receiving the final batch assays will be modelled to update the JORC resource estimate which is planned for Q1 2023