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#SVML Sovereign Metals PLC – Kasiya Indicated Resource Increased By Over 80%
· Kasiya Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite
· Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category
· Over 66% of total MRE now in the Indicated category
· Kasiya’s global MRE over 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite
· Kasiya remains the world’s largest natural rutile deposit and second largest flake graphite deposit
· Updated MRE to underpin the mining inventory and mine plan for the forthcoming Pre-feasibility Study (PFS)
Sovereign’s Managing Director Dr Julian Stephens commented: “The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome. The conversion rate confirms the very consistent geological and grade continuity and is testament to the high-quality and robustness of the deposit. Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit. The PFS work program on this highly strategic and globally significant project is progressing well and approaching its final stages. The Company is looking forward to presenting the outcomes of the PFS in the coming months.”
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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Andrew Thomson |
+61 8 9480 2500 |
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Joint Brokers |
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Berenberg |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
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Daniel Ingrams |
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Mariela Jaho |
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Christian Dennis |
Read further announcement here
#KAV Kavango Resources PLC – Ditau: Additional Exploration Holes Logged
Kavango Resources (LSE:KAV), the Southern Africa focussed exploration company, is pleased to announce that it has identified further evidence of a potential wider mineralised system at the Company’s Ditau Project in SW Botswana.
Having confirmed the 470m strike extent of the mineralised Banded Iron Formation (“BIF”) encountered in Hole DITDD004 (announced >>> 31 March 2023), Kavango has completed logging of two historic exploration holes that were drilled in the vicinity of Target i10. Kavango drilled DITDD004 in April 2022 to test Target i10.
Drill core from the two historic exploration holes X077_H002 (“X077”) & X081_H001 (“X081”) both exhibit clear evidence of mineralisation.
X077 is 470m from DITDD004. It was drilled to 189m and intercepted the same mineralised BIF that Dr. Hamid Mumin recently identified as a large-scale system, primarily prospective for possible lode gold mineralisation. The mineralised BIF in X077 remained open at depth and Kavango is considering drilling a twin hole to test this target.
FIGURE 1: End of Hole X077 at 188.93m, pyrite and carbonate both increase at end of hole, suggesting increasing mineralisation, open at depth.
X081 is 3km to the SW of DITDD004 and was drilled to a depth of 144m. The core is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins. There are clear signs of locally intense hydrothermal activity.
Kavango has sent samples from X077 and X081 for assay testing.
Ben Turney, Chief Executive Officer of Kavango, stated,
“Gaining access to exploration Holes X077 and X081 via the Botswana Geological Institute could prove to be decisive in our Ditau exploration programme.
X077 has already demonstrated the potential strike extent of the thick mineralised Banded Iron Formation we intercepted with our Hole DITDD004 last April.
However, the identification of X081 opens an even more intriguing line of investigation for us. Evidence of intense local hydrothermal activity and the clear presence of iron oxides and sulphides strengthen the possibility of a regional exploration play.
We now look forward to assay results to guide our next steps.“
OVERVIEW
· Two exploration holes were drilled in the vicinity of Kavango’s Target i10 at Ditau. The core from these holes is now the property of the Botswana Geoscience Institute (the “BGI”).
o Hole X077_H002 (“X077”) drilled to 189m & lies 470m NW of DITDD004
o Hole X081_H001 (“X081”) drilled to 144m & lies 3km to the SW of DITDD004
o Holes X077 & X081 were abandoned by the party who drilled them, once it was established the underlying targets were not kimberlites and therefore had no potential for diamonds.
· With the cooperation of the BGI, Kavango has reviewed the drill core from X077 and X081. The Company’s initial findings are:
o X077 encountered the same BIF as DITDD004, with clear visual evidence of mineralisation. This confirms the mineralised BIF is continuous for at least 470m. X077 is open at depth.
FIGURE 2: Mineralised Banded Iron Formation (BIF) identified in Hole X077 appears to represent acontinuation of the same mineralised BIF Kavango intercepted in its Hole DITDD004
o X081 has further clear visual evidence of mineralisation and locally intense hydrothermal activity.
Kavango will now send samples from X077 and X081 for assay testing.
INITIAL REVIEW OF DRILL CORE
The BGI granted a team from Kavango permission to log two previous drillholes (X077 and X081) drilled in the vicinity of Kavango’s Hole DITDD004 in the Ditau Project.
Holes X077 and X081 were drilled with diamond core to depths of 188.93m and 143.93m respectively.
X077 is located 470m NW of DITDD004 and X081 is 3km to the SW and is coincident with a small magnetic anomaly.
DITDD004 contained anomalous gold and copper values, hosted in a Banded Iron Formation (BIF), and has been characterised by Dr. Hamid Mumin [announced >>> 06 March 2023] as a BIF hosted lode gold style of mineralising system, with the possibility for Volcanogenic Massive Sulphides also to be investigated.
Kavango has carried out detailed logging, pXRF determinations, and magnetic susceptibility measurements on X077 and X081. Initial results from this analysis are as follows:
Hole X077
· Extensive brecciated BIF seen, as in Hole DITDD004. This confirms the 470m strike extent of this formation.
· Pyrite observed, plus (at 147m) blebs of chalcopyrite, 15mm in diameter.
FIGURE 3: Extensive pyrite seen in X077, this example is at 155m depth.
· X077 stopped at 188.93m in strong carbonate alteration with pyrite, associated with veining. The degree of alteration was observed to be increasing with depth.
· The mineralising system that has caused this is considered by Kavango to extend beyond the end of the hole. Termination of X077 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
· X077 confirms that the mineralisation seen in hole DITDD004 is not isolated and is part of a wider system.
Hole X081
· X081 was drilled on a different magnetic target to Target i10.
· X081 is a shallower hole (drilled to 143.93m) and is significantly oxidised.
FIGURE 4: Increasing levels of (now oxidised) sulphides indicated towards the end of Hole X081, which was drilled to 143.93m, with mineralisation open at depth
· It is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins.
· There are clear signs of locally intense hydrothermal activity.
· Again, the mineralising system in X081 is considered by Kavango to extend beyond the end of the hole. It is unclear whether the mineralising system is related to that seen between Holes DITDD004 and X077. Kavango will investigate this through assay testing of core samples.
· Termination of X081 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
NEXT STEPS:
· Core cutting is complete and Kavango’s team will send samples from X077 and X081 for assay testing.
· Kavango will in the interim review pXRF and other data in parallel with this to advance its interpretation at Ditau.
· Kavango to share all data and samples with Dr. Mumin in order to upgrade confidence in this exploration model and refine our exploration plan.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#POW Power Metal Resources PLC – Victoria Goldfields Australia – Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a corporate and exploration update from the Company’s Berringa Gold Mine Project (“Berringa” or the “Project”), which forms part of the Victorian Goldfields joint-venture (“JV”) located in Victoria, Australia.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Successful renewal of the exploration licence covering the historic Berringa gold mine, where we are currently undertaking a diamond drill programme, is a notable event for our Victoria Goldfields JV.
The drilling is progressing well with three drill holes completed to date and with visible gold encountered in all three holes as detailed further below. This is very encouraging, and we look forward to receipt of detailed assay data as soon as possible.
Geologically, all drillholes completed thus far have successfully intersected the down dip and along strike extensions of the target mineralised zones.
We believe our JV in the Victoria Goldfields grows more compelling and valuable as we progress with exploration work.“
HIGHLIGHTS:
– The Company’s inaugural drilling programme, designed to test for the downdip and along strike extensions of the historical Berringa Gold Mine, is progressing well with three holes now completed totalling 655.9m of the originally planned 1000m. Drilling of the programme’s fourth hole, BED23004, is expected to start shortly.
– All holes which have been drilled and logged to date have successfully intersected target geological formations and demonstrated visible gold within extensions of the Berringa mineralised lode’s including:
o Drillhole BED23001 (targeting South Birthday Zone): Successfully intersected a 9m wide mineralised* quartz vein from 380.5 – 389.5m downhole as well as another 0.20m mineralised* quartz vein from 421 – 421.2m downhole including minor visible gold mineralisation.
o Drillhole BED23002 (targeting Berringa Syndicate Zone): Successfully intersected a 9.6m wide mineralised* structure from 89.2 – 98.8m which included minor visible gold mineralisation. Drillhole ED23002 also intersected abundant mineralised* quartz veining from 89.2m – 94.1m and 96.5m – 98.8m downhole.
o Drillhole BED23033 (targeting Berringa Syndicate Zone): Detailed core logging underway, preliminary observations have identified visible gold within the core.
*sulphide mineralisation including sphalerite, galena, arsenopyrite and pyrite.
– The JV’s Berringa exploration licence (“EL”) 5535 has successfully been renewed for a five-year term expiring November 2027.
– Assay test results for the first two drillholes are pending and will be released to the market once received, checked and compiled by JV geologists. The assay testing method will use both traditional fire assay, and bottle roll testing, to ensure the results capture course fraction gold as demonstrated by the visible gold on the drill core surface in all holes completed to date.
JOINT VENTURE STRUCTURE
The joint venture (“JV”) is held through New Ballarat Gold Corporation PLC (“NBGC”), which is focused on the prolific Victoria Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%) (together the “JV Partners”).
NBGC has a wholly owned Australian operating subsidiary Red Rock Australasia Pty Ltd (“RRAL”) which holds a strong land position comprising 17 granted exploration licences and one purchased licence for a total area of 1,867km2 within the gold fields of Victoria, Australia, principally surrounding the mining centre of Ballarat, Australia.
In addition, 2 licences covering 467km2 await grant. The JV has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
The JV Partners have the intention of listing the JV company NBGC and will make further announcements as appropriate.
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources PLC – Molopo Farms, Botswana – Drill Programme Complete
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its
global project portfolio announces the completion of a 2,402m diamond drill programme at the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel and platinum group element (“PGE”) discovery in southwestern Botswana.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Completion of this drill programme represents an important step forward for Power Metal and my thanks go out to the operational teams for a job well done. This exercise required some flexibility, with teams mobilising to multiple locations requiring rapid adaptation to the changing technical demands on an iterative basis.
Historical exploration work completed at Molopo Farms prior to this drill programme demonstrated the validity of the feeder zone geological model with evidence of the targeted nickel sulphides. From our recent work and technical findings from this drill programme thus far, the model has been further validated.
With diamond drilling, downhole geophysics, technical core review and assay testing we are bringing together a significant amount of data with multiple final datasets awaited, including assay results and the interpretation thereof.
We expect the data and interpretations from this drill programme will add considerably to the existing understanding of what we believe is a particularly exciting opportunity at Molopo Farms. Further updates will follow in due course.”
§ The inaugural drillhole (DDH2-3A) into target area T2-3 has been completed to a final downhole depth of 483m.
§ A total of 2,402m was drilled in this campaign across five drillholes targeting four individual target areas including:
o DDH2-3A (483m), DDH1-3A (450m), DDH1-14B (519m), DDH1-6B (2) (300m), DDH1-6B (650m).
§ The programme was completed safely and efficiently thanks to the Company’s various in-country drilling and geological contractors.
§ The Company is now working on completing detailed logging of all remaining cores, as well as cutting, processing, and shipping of all remaining samples for assay testing at an accredited laboratory located in Johannesburg, South Africa.
§ Once all technical information, including assays, have been received and interpreted, the Company will release a comprehensive RNS covering all results from the programme, including geological interpretations, downhole electromagnetic and assay data.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources PLC – Tati Project, Botswana – 2023 Exploration Underway
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces next stage exploration on its 100% owned and operated Tati Gold Project (“Tati” or the “Project”) located within the Tati Greenstone Belt near Francistown, Botswana, is underway.
EXPLORATION PROGRAMME KEY OBJECTIVES
– To confirm the presence of a large gold-bearing system and delineate a deposit, through follow-on work over a larger portion of the approximately 8km long gold-in-soil anomaly.
– Through Power Metal’s largest and most comprehensive exploration campaign across the Tati Project, to date.
o Programme will include mechanised trenching, geophysics surveys, high-resolution geochemical surveys, reverse circulation (“RC”) drilling and diamond core drilling.
o Both geophysical survey work and mechanised trenching are currently underway, with further soil sampling scheduled and RC and diamond drilling to follow on in order to test the emerging high priority gold targets.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The exploration campaign now underway is a key step forward for Power Metal with the various planned works tailored towards a single objective, namely the discovery of a large gold deposit.
Our exploration programmes in 2021 and 2022 have built a robust picture of the Project’s potential and we are particularly excited as we proceed with the next stage of exploration – the largest ever completed on the Project by Power Metal.
So far, we have confirmed near surface high-grade gold from reverse circulation drilling, conducted last year, which intersected the quartz reef structure near the Cherished Hope mine and delivered high-grade and bonanza-grade gold results. Figure 1 below provides an overview of those results.
Within the table immediately below is an overview of the work we are planning to undertake, with explanatory notes on the various steps to be implemented.”
EXPLORATION PROGRAMME OVERVIEW
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Exploration Work |
Rationale and Targeted Outcome |
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TRENCHING A circa 500 metre mechanised trenching programme (underway). Trenching will be focused along various strike-length extensions of the known outcropping gold mineralised quartz reef structure. Quartz reef as well as mineralised wall rock will be sampled when intersected within the exposed trenches.
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This work will look to extend the already known strike length extension of the main quartz reef structure at the Cherished Hope gold mine (the “Cherished Hope”) within the Project licence area. The quartz reef currently remains open towards the northwest and southeast as well as down dip. If the main quartz reef is successfully intercepted, the trenching would highlight quartz reef continuity between known historical workings at Cherished Hope, as well as to the northwest and southeast of current (~175m) strike length extents as defined by the recently completed RC drilling campaign. By extending the surficial expression of the mineralised quartz reef structure beyond the currently defined 175m strike length, Power Metal will be able to follow up drill test these areas to prove the downdip continuity, therefore increasing the size of the mineralised system in multiple dimensions. |
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SOIL GEOCHEMISTRY High-resolution soil geochemistry programme focussed on approximately 3km of strike-length (see red area highlighted on figure 1 below). Approximately 500-600 individual soil samples are planned with follow up assay testing of samples. Soil samples will be collected along a grid which will be focussed northwest of the 2022 RC drilling area. The goal is to improve the resolution and definition over several kilometres of the currently defined ~8km long gold-in-soil anomaly. |
Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along 400m spaced lines at 40m sample spacing. This programme looks to infill the line spacing so that the definition and location of already proven Au-in-soil anomalies is vastly improved. This work will then allow Power Metal to follow up with more focussed next exploration steps which could include trenching and RC drilling of these new areas during subsequent work programmes. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the size of the mineralised footprint. |
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GEOPHYSICS A ground magnetometer geophysics survey focussed on the northwestern strike length extension of the Cherished Hope Mine (underway).
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The goal of the magnetometer survey is to provide high-resolution imaging of any structures or geology which may have had an influence on the emplacement of mineralised quartz reef structures. Prospective structures and geology identified by the magnetometer survey can then be upgraded to further work streams which may include geochemical sampling, trenching and RC & diamond drilling. |
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REVERSE CIRCULATION (“RC”) DRILLING(1) ~15 RC drillholes are planned to an average planned depth of ~100m for ~1,500m in total.
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This RC programme is designed to test for the along strike and down dip extension of the main mineralised quartz reef structure. The mechanised trenching programme will be completed prior to the RC drilling and will look to extend the known surficial expression of the mineralised quartz reef structure. Once the surface expression is well defined by trenching, RC drilling will be employed in order to test for the down dip or depth extension of the quartz reefs within the subsurface. The goal is to prove continuity in the widths as well as grades of the quartz reef structure from surface down to depths targeted by the RC drilling. |
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DIAMOND CORE DRILLING(2)
~5 diamond drill holes are planned to an average expected depth of 100m for ~500m in total.
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The diamond drilling programme is designed to drill test select portions of the quartz reef structures which were previously successfully delineated by the RC drilling conducted during fall 2022. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling will allow the company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. This data will be important as exploration continues to develop across the broader Tati Project. |
KEY:
(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The chips are then sorted into a variety of sampling bags, each of which represents a certain depth section of the drill hole. These bags are then sent off directly to the assay lab where their mineral content can be analysed. In turn, a picture of the rock types the hole encountered throughout its length can be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Q3 Drilling Area Zoomed Plan Map:
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#FCM First Class Metals plc- Esa Property Geophysical (VTEM) Reinterpretation
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding and the Sunbeam Project, is pleased to provide an update on activities in respect to the Esa claim block.
HIGHLIGHTS
· VTEM reinterpretation by Paterson Grant Watson Limited “PGW” now completed.
· Reinterpretation further identifies potential east-west trending shear zone dissecting the central area of the property, the “Esa shear zone”.
· Esa is located just 11km Northeast of the Barrick Hemlo 23M oz gold mine.
· Ground reconnaissance has identified outcrop of sheared metamorphic rocks
· Field campaign completing multiple soil lines across the “Esa shear zone” underway with results pending.
Esa
The Esa property covers 20km² and is situated just 11km north of the iconic Hemlo gold mine operated by Barrick Gold (>23M oz Au) which after over thirty years of continuous production remains one of Canada’s most prolific producing gold mines. Hemlo is a sheared-fractured-folded, disseminated-replacement-stockwork deposit, located at a felsic volcanic-sedimentary rock interface, with sulphides in a structural regime. Metamorphism has overprinted the system. Pluton emplacements as well as intrusions of variable age and composition may have played a role in metal deposition or reworking, see Figure 1.
Figure 1- Esa Property regional location with FCM North Hemlo to the north and the Barrick Williams 23m oz Au mine in the south
FCM recently engaged Paterson Grant and Watson Ltd. ‘PGW’ to undertake a re interpretation of the VETEM acquired over Esa. This report has now been finalised and it comments “Exploration at the Esa property focuses on shear-zone hosted, stratabound gold mineralization found within the metasedimentary unit. The genetic model is considered similar to the Hemlo gold deposit.” The report further comments: “Through the centre of the property, the proposed Hemlo-style shear zone trends roughly WNW-ESE and is associated with a magnetic anomaly of approximately 60 nT within the Esa/Soturi block magnetic data. The anomaly is approximately 350 m wide and is identifiable within the Hemlo survey data for approximately 5 km to the west and 4.5 km to the east of the Esa property as a regional arcuate structure…………and:
Mineralization within the property appears closely related to a series of N-S trending magnetic anomalies which may be related to the Marathon, Kapuskasing or Biscotasing dyke swarm. Numerous high geochemical Au assay values occur along these anomalies and at the intersection of these anomalies and WNW-ESE interpreted faults”, see Figure 2 and 2a”
Figure 2 and 2a-Reinterpretated PGW VTEM showing interpretated shear zone bisecting the Esa Property and 3D block model interpretation highlighting the deep seated N-S anomaly
PGW also indicated that whilst the magnetic component of the survey was instrumental in their (re)interpretation the VTEM added little. The strong geophysical response dissecting the property has been in part ‘ground-truthed’ and supports the interpreted presence of a shear. The inferred shear is also identified on adjacent properties: to the west, trending on to Esa, whilst its continuation east coincides with reported anomalous gold values. This inferred Esa shear crossing the property in an arcuate roughly east west orientation has formed the focus of field work to date. Rock samples of boulders were identified as sheared sulphitic mafic rocks. It is worth noting that owing to ground cover, both forestation and Quaternary gravels, there is a paucity of exposure generally across the property. However, significantly, the shear has now been identified in outcrop in the eastern sector of the property.
The following comment from Dr Tony Starling (Telluris Consulting Limited) reaffirms and supports the Esa shear interpretation being adopted by the Company. Dr Tony Starling is a world-renowned expert in structural geophysics. Previously Telluris had been contracted by FCM to carry out a structural geological review of the both the Esa & North Hemlo project areas and their wider environs.
“The PGW report interprets the arcuate near E-W linear anomaly as a shear zone (the Esa shear zone) as suggested by its slightly wider, more diffuse response in the geophysics, which makes sense.”
Telluris Consulting Ltd
Dr Tony Starling is founder and Managing Director of Telluris Consulting Ltd. Telluris Consulting is a geological consultancy established in 1993 that specialises in the application of structural and alteration studies with bespoke image processing with extensive experience in Archean settings.
More recently FCM is exploring the use of proprietary algorithms based on remote sensing (Aster imagery) to further explore the potential of the Esa (and North Hemlo) blocks.
FCM has a field team finalising a soil sampling programme along the inferred surface expressions of the shear, see Figure 3; whilst in parallel the team continued the systematic prospecting of the claim block. 8 soil lines orientated north – south and one oblique line across the property west to east over roughly 4km of strike are near completion.
Figure 3-Map of the soil sample lines.
The 5 western lines crossed the magnetic feature in the western portion of the property. The 4 eastern lines were in the vicinity of sheared pyritic boulders and the intersection with a major N-S feature; hence the last soil line being orientated oblique to both structures.
Across the Esa property in this season’s campaign over 450 soil samples and 10 rock samples will have been collected. Results will be reported when final assays for all elements are received.
Marc J. Sale CEO First Class Metals said: “I am delighted that for negligible cost to FCM to have gained and contracted a reinterpreted of the full set of geophysical including VTEM data. The PGW reinterpretation is significant due to its findings giving credence to the postulated theory an inferred ‘Hemlo style’ arcuate east west shear across the property. This reinforcement has led us to undertake very late into the season a soil sampling campaign that extended previous work and now covers the entire length of the shear. I am grateful to the field team for their efforts in indulging me during progressively worsening conditions. I look forward to receiving the assay results of the soils and interpreting the data it provides into our model”.
For further information, please contact:
First Class Metals PLC
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker) Jonathan Brown
Jason Robertson 02073742212
#KAV Kavango Resources plc – KCB – CSAMT breakthrough
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce an important breakthrough in its use of Controlled-Source Audio Magnetotelluric (“CSAMT”) surveys as an exploration tool in the Kalahari Copper Belt (“KCB”).
Over the last 12 months Kavango has refined and calibrated its use of CSAMT, across its project portfolio. The Company has now completed a programme of CSAMT surveys on KCB prospecting licence PL082/2018 (announced >>> 12 October 2022).
Line 4A is the longest line of CSAMT on PL082/2018 and extended beyond the licence boundary to the southeast, onto ground that hosts the Kronos occurrence (the “Line 4A Survey”) with the permission of holder Sandfire Resources (ASX:SFR). As Kronos is known to lie at the D’Kar/Ngwako contact zone, Kavango’s objective was to use this occurrence as a calibration point of known geology. The goal is to confirm the D’Kar/Ngwako Pan contact signature in the CSAMT data and then extrapolate this onto PL082/2018. This formational contact is recognised as the primary regional control of copper/silver mineralisation across the KCB.
Initial results of inversions of the CSAMT data from the Line 4A Survey appear to provide high quality vertical resistivity sections that identify sedimentary strata with good resolution, down to 4000m depth. This far exceeds expectations. Previously, at the Company’s Kalahari Suture Zone and Ditau projects, Kavango had achieved detailed resolution of sedimentary strata down to roughly 1000m depth. As such, the Company believes it has achieved a significant breakthrough in its proprietary application of CSAMT technology in the KCB.
If drilling demonstrates that Kavango can accurately map the D’Kar/Ngwako Pan contact from surface, using CSAMT, the Company believes this should substantially enhance its exploration programme in the KCB.
Further updates will be made, as Kavango interprets and analyses inversions of data taken from the lines 3, 4A, 6A and 8 surveys. The Company intends to use these results to calibrate its future use of CSAMT and enhance the ongoing drill programme on licence PL082/2018, which is targeting copper/silver mineralisation.
Jeremy S. Brett, Senior Geophysicist at Kavango Resources, commented:
“CSAMT applied to the Kalahari Copper Belt is showing impressive promise as a geophysical tool to detect the primary bedding and secondary brittle controls that are well known to control mineralization in the belt.
This method provides the detection of structure in vertical section and meshes well with the regional folding and faulting that can be interpreted very well from aeromagnetic surveys.
The combination appears to be very powerful for exploration targeting, and Kavango hopes to prove this via diamond drilling.“
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied to the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
#KAV Kavango Resources PLC – Ditau – IOCG system confirmed at i10
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce petrological confirmation of an Iron Oxide Copper Gold (“IOCG”) system at the Company’s Ditau Project in southwestern Botswana.
Kavango has received petrology results of core samples taken from Ditau, including exploration hole DITDD004, which the Company successfully drilled in May 2022. Kavango believes this is the first confirmation of IOCG-style mineralisation in Botswana and suggests there is considerable exploration upside at Ditau, both for higher grade IOCG discovery and for carbonatites that may contain rare earth elements (“REEs”).
Kavango has previously identified 12 ‘ring structure’ geophysical anomalies at Ditau, which remain the Company’s focus for exploration.
HIGHLIGHTS
– Petrological analysis confirms IOCG system at Target i10 in Hole DITDD004
– 15 samples from Ditau tested by an internationally recognised laboratory in the UK
– Kavango believes this is an important exploration lead as such IOCG mineralising systems seldom occur in isolation and can be extensive
– Minor amounts of mineral bastnaesite (a REE carbonate) identified in DITDD004
– This may provide evidence for nearby REE mineralisation
– REE hosting intrusions, such as carbonatites, can occur in proximity to IOCG deposits
– Further deeper and lateral drilling at i10 will test this potential
– Kavango’s geophysical data over Target i10 shows the presence of coincident magnetic and gravity anomalies, which are typical of IOCG deposits
– Next steps
– Kavango to prepare an updated exploration plan, incorporating IOCG deposit model
– Final processing, analysis and interpretation of existing Controlled Source Audio MagnetoTelluric (“CSAMT”) data acquired in H1
– Extensive CSAMT and gravity surveys planned across all 12 Ditau targets
– Drill planning
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“These are surprising, positive results for Kavango. The Iron Oxide Copper Gold deposit style has never been considered at Ditau. However, given the project’s geological setting, there is a compelling logic to this model.
Ditau sits towards the western edge of the Kaapvaal Craton and is within an established kimberlite/carbonatite corridor. These are supportive indicators of a potentially favourable environment for IOCG mineralisation.
Sand cover at Ditau has always made this a conceptual geophysical venture, but now that we have physical evidence of hydrothermal mineralising processes occurring here this will help shape future exploration.
Our current strongest lead is Hole DITDD004, which tested Target i10 and remains open in what we believe to be an IOCG breccia at 393m. We believe i10 would benefit from deeper and lateral drilling. However, before we send a rig back to Ditau, we need to conduct more CSAMT and gravity surveys over all 12 targets. Results from these surveys should enhance our updated exploration plan and increase our confidence in future drill targeting.”
Background
The i10 Target is a discrete 2.2km diameter magnetic anomaly (the “i10 Target”) that Kavango drilled two exploration holes into, during April and May 2022 (drill completion announced >>> 18 May 2022). The holes were designated DITDD003 and DITDD004.
DITDD004 was drilled to a depth of 393m and intercepted a Zone of Interest, from which the majority of samples in the hole were taken and sent for petrological investigation. This Zone of Interest was first interpreted to extend from 293m to 321m. However, subsequent analysis confirmed the Zone of interest extended from 293m to the end of hole at 393m and was open at depth. In addition to this, assay results confirmed the presence of a gold mineralising system in the Zone of Interest, with a peak grade of 0.175 parts per million (“ppm”) over 2m from 312m to 314m (announced >>> 30 August 2022).
i10 Petrology Results
Subsequent to this, Kavango has now received a petrology report on samples from Ditau, including hole DITDD004, which confirms brecciation and alteration that are considered to represent part of an Iron Oxide Copper Gold (“IOCG”) system.
Kavango believe this to be the first discovery of an IOCG system in Botswana.
The report, carried out by an internationally recognised petrological laboratory, describes mineralogical studies carried out on thin sections prepared from 15 samples of drill core provided by Kavango. These cover the four holes drilled in the 2022 drill program.
Work consisted of optical mineralogy, augmented on two samples by Scanning Electron Microscope Point and Identification techniques.
Kavango regards this development as an important exploration lead; such IOCG mineralising systems seldom occur in isolation and can be extensive.
Taken together it is interpreted that the protolith (initial rock type) was generally a Banded Iron Formation (“BIF”), laid down in a BIF sedimentary process that this has subsequently been partially re-worked and over-printed by later mineralised brecciation, containing predominantly pyrite and quartz and subordinate magnetite.
There are also a series of samples containing altered intrusives that are assumed to be younger. Some of these contain elevated levels of rare earth elements (“REE”). Point Identification Scanning Electron Microscopy work by the petrology laboratory identified the presence in hole DITDD004 of minor amounts of the mineral bastnaesite, a REE carbonate. This may provide evidence for nearby REE mineralisation.
REE hosting intrusions, such as carbonatites, can occur in proximity to IOCG deposits, and so the presence of more than once deposit style in the area is entirely possible.
Kavango’s geophysical data over the i10 Target, shows the presence of coincident magnetic and gravity anomalies, which are typical of IOCG deposits.
Next exploration steps
There is considerable exploration upside at Ditau, both for higher grade IOCG discovery and for carbonatites.
Multiple attributes of IOCG deposits have been identified as present at Ditau by the petrology laboratory as well as by Kavango. Exploration for both IOCG and intrusive hosted REE mineralisation is considered by Kavango to be best achieved by geophysical means. Accordingly, Kavango is planning further Closed Source Audio MagnetoTelluric, and gravity survey work over across Ditau prior to drilling.
8 of Kavango’s 12 targets remain untested by CSAMT and gravity surveys.
In addition to this the Company is considering next steps for drilling. Kavango believes Target i10 in particular would benefit from deeper and lateral drilling, with hole DITDD004 remaining in breccia at depth (393m). The Company will also assess further drilling on Targets i1 and i8, which were also drilled earlier this year.
Kavango has data queued for analysis and interpretation from the additional CSAMT surveys completed on Targets i10, i1 and i8. Further updates shall be provided in due course.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#KAV Kavango Resources PLC – KCB maiden drill programme
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce its maiden drill campaign in the Kalahari Copper Belt (“KCB”).
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) for the first phase of drilling on licence PL082/2018. Kavango’s technical team believes this prospecting licence (“PL”) is a possible analogue to Khoemacau’s Banana Zone deposit.
HIGHLIGHTS
– Contract signed with Mindea for maiden KCB drill campaign
– Mindea to deploy a multi-purpose rig, capable of both diamond core (“DC”) and reverse circulation (“RC”) drilling
– First phase drill programme
– Up to 6 holes (est. 1,250m) on PL082/2018, as first phase of 37,600m drill strategy (announced >>> 28 September 2022)
– Drilling to commence no later than 9 October
– Expected completion by early November
– Samples to be sent to an internationally accredited laboratory for testing
– Drill Targets
– Two discrete copper geochemical anomalies, which align with mapped regional geology (announced >>> 26 August 2022)
– Northern Zone: 9km strike length with maximum width of 650m
– Central Zone: 27km strike length extending over length of PL082/2018
– Peak soil sample value of 118.8ppm Copper (“Cu”) (pXRF values)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our technical team has worked extremely hard to maximise our chances of making one or more copper discoveries in the Kalahari Copper Belt. Our thorough exploration programme over the last 18 months has delivered 14 priority targets and I am now delighted to announce our maiden KCB drill campaign.
This is a significant achievement for Kavango. Following our successful drilling in the Kalahari Suture Zone and at Ditau in H1, we are on course to have drilled all three of our projects during 2022.
We are very happy to have partnered again with Mindea. Mindea has been active in the KCB over recent months with some notable successes. This work has recently paused, so we took advantage of that break to initiate drilling on PL082.
We are very fortunate that Mindea has been using a multi-purpose rig on its other job, as this is exactly what we need to optimise our programme as it develops. The timing has also worked out very well, allowing us to drill so soon after the latest positive exploration results from this licence.
Our technical team has done a superb job in identifying such significant drill targets. The alignment of coincident geological, geochemical and geophysical data sets is decidedly encouraging at this stage.
We now approach our first phase drilling on the KCB with a high degree of confidence and look forward to mobilising the rig as soon as we can.”
First phase drill programme details
Kavango has signed a contract with Mindea for a first phase drill programme, consisting of an initial 1,250m of drilling on PL082/2018 in the KCB.
Mindea has been active in the KCB over recent months, with a multi-purpose rig capable of both diamond core and RC drilling. Kavango has been able to take advantage of a pause in that programme to engage Mindea to mobilise the rig to PL082/2018 for the first phase drill programme. Kavango intends to use the same rig for future drilling in the KCB, subject to its availability.
The Company’s technical team believes that PL082/2018 is a possible analogue to Khoemacau’s Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge, and has been reported as having an estimated total mineral resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag.
The first phase drill programme will focus on testing two discrete copper geochemical anomalies (the “Targets”), which are aligned with mapped underlying geology at PL082/2018. The Company has validated and improved the definition of the Targets through a follow-up infill soil sampling programme (announced >>> 29th September 2022).
The details of the Targets are as follows:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
– Infill soil sampling has confirmed elevated readings along the Target, further strengthening its prospectivity
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an Airborne ElectroMagnetic (“AEM”) conductor, which coincides with the geochemical northern zone identified in this latest work
– Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)
Drilling is expected to commence by 9th October.
Kavango is also mobilising Controlled-Source Audio MagnetoTelluric (“CSAMT”) equipment to PL082/2018 and expects to complete up to 17 line-km of surveys. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
Next steps
The first phase drilling programme at PL082/2018 initiates commencement of Kavango’s comprehensive KCB drill strategy (announced >>> 27 September 2022).
The Company has so far identified 188 drill collar locations across the KCB and aims ultimately to complete up to 37,600m of RC and diamond drilling. These locations are centred on 13 priority target areas delineated across four PLs (PL082/2018, PL036/2020, as well as the “Mamuno” licences (PL049/2020 and PL052/2020)).
Kavango will continue further field exploration across all 12 of its PLs in the KCB in parallel with any drilling. The Company expects to add more target areas and drill collar locations to its inventory as this work progresses.
About Mindea
Mindea Exploration and Drilling Services (Pty) LTD was formed in September 2019 by Equity Drilling Limited and Maureen Mokgaotsane (Geologist), Sebanka Lobatlamang (Geologist) and Eddie Babuseng (Attorney at Law) to provide complete exploration solutions to its clients in Botswana.
Mindea is currently operated under the Botswana Citizen Economic Empowerment Policy and is owned 51% by local shareholders and 49% by Equity Drilling. Over the coming years, it is expected that Botswana nationals will wholly own Mindea, with Equity Drilling continuing to provide strategic and technical support.
Mindea operates to strict international safety standards and deploys the latest equipment to its projects. Mindea is rigorous in its planning and site preparation.
Reflecting the quality of its operations, Mindea has recently been awarded a 3-year contract by Debswana to drill various national projects in Botswana. In addition to this, Mindea is a regular drill contractor for DeBeers.
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#SVML Sovereign Metals Limited – Kasiya Recognised by the President of Malawi
GLOBAL SIGNIFICANCE OF KASIYA RECOGNISED BY THE PRESIDENT OF MALAWI AT UNITED NATIONS
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) was delighted with a special mention of the Kasiya Rutile Project (Kasiya) by His Excellency Dr Lazarus McCarthy Chakwera, President of the Republic of Malawi, during his address at the 77th session of The United Nations General Assembly in New York.
Extract from His Excellency Dr Lazarus McCarthy Chakwera’s address: “We are delighted that many private sector investors are flocking to us to join the agricultural revolution that is coming to Malawi, as well as investors in mining, who know that the recent discovery in Malawi of the largest deposit of rutile in the world means that Malawi’s economic rise is imminent.”
His Excellency’s confirmation of the importance and global significance of Kasiya comes as Sovereign continues its close working relationship with the Government of Malawi and other key stakeholders.
The Expanded Scoping Study announced in June 2022 confirms Kasiya could become one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current titanium feedstocks alternatives while significantly contributing to the social and economic development of Malawi.
Sovereign’s Managing Director Dr Julian Stephens commented: “It is a terrific endorsement of the Kasiya discovery and its immense potential by receiving recognition at such an important global forum. Sovereign appreciates the great support it has received from the Malawi Government and we look forward making a significant contribution to development of the mining sector and achievement of the country’s economic vision.“
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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About Sovereign Metals
Sovereign Metals Limited (ASX:SVM & AIM:SVML) is an ASX and AIM-listed company focused on the exploration and development of its Kasiya rutile project in Malawi.
The Company recently completed an Expanded Scoping Study which confirmed Kasiya as a large-scale, long-life operation with a low-cost profile as a significant source of critical raw materials. Kasiya has the potential to become a major producer of both the natural rutile and graphite markets whilst contributing significantly to the economy of Malawi.
Natural rutile is the purest, highest-grade natural form of titanium dioxide (TiO2) and is the preferred feedstock in manufacturing titanium pigment and producing titanium metal.
The natural rutile market is in structural deficit with current supply estimated to decline rapidly by 45% in the next three years, following the scheduled closures by two major high-grade producers1. A resurgence in demand for titanium pigment and from the welding sector combined with concurrent supply shortages has led the CIF China spot prices sharply upwards to over US$2,200 per tonne2.
Sources
1. TZMI
2. Ruidow.com based on Australian Rutile (TiO2>95%, P<0.03%, S<0.03) CIF Tianjin Port
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.