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#SVML Sovereign Metals LTD – Outstanding Battery Anode Material Produced
Kasiya graphite concentrate confirmed to be an excellent feedstock for natural graphite anode materials suitable for battery production
· Kasiya natural graphite presents a unique, low-cost opportunity to develop lithium-ion battery supply chains outside of China
· Very high quality Coated Spherical Purified Graphite (CSPG) anode material produced from Kasiya graphite concentrate has performance characteristics comparable to the highest quality natural graphite battery material produced by dominant Chinese anode manufacturers
o Electrochemical testing achieved very high first cycle efficiencies of 94.2% to 95.8% supporting long battery life
o Excellent initial discharge capacities greater than 360mAh/g as required for highest quality natural graphite anode materials.
o Very low specific surface areas (known as BET) of ≤2.0m2/g minimising the loss of lithium in the first battery charging cycle
o Excellent tap densities of 1.11 to 1.18g/cm3 meaning higher electrical storage
· Outstanding anode material results are attributed to the unique geological setting of the highly weathered Kasiya orebody compared to fresh rock hosted graphite deposits, including:
o high purity of the natural flake,
o near perfect crystallinity, and
o very low levels of sulphur and other impurities.
· Further optimisation testwork to commence using additional concentrate being generated at pilot-scale facility in South Africa
· Results will form the basis for ongoing and future discussions with potential offtakers
Managing Director Frank Eagar commented: “These results confirm that Kasiya graphite concentrate will be an excellent anode material feedstock to the battery industry. Not only is the weathered, saprolite-hosted graphite easy to purify to very high-grades, the anode material produced meets the highest industry specifications. Along with the very low BET specific surface area and high tap densities (both resulting in excellent first cycle efficiencies and initial battery discharge capacities), Kasiya has the potential to become a dominant source of graphite supply ex-China. Combining these excellent results with one of the largest graphite resources globally, industry low operating costs and lowest global warming potential, Kasiya is presenting significant advantages over its graphite peers. We look forward to further testwork and market updates as we continue to develop Kasiya as a supplier of premium quality, cost competitive natural graphite concentrate.”
Classification 2.2: This announcement includes Inside Information
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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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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Buchanan |
+ 44 20 7466 5000 |
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (the Company or Sovereign) is very pleased to announce an update on the downstream testwork conducted at leading independent consultancy ProGraphite GmbH (ProGraphite) in Germany.
The test work program demonstrated that CSPG produced from Kasiya natural flake graphite has performance characteristics comparable to the leading Chinese natural graphite anode materials manufacturers such as BTR New Material Group (BTR).
Electrochemical testing of the CSPG samples at a leading German institute achieved first cycle efficiencies (FCE) of 94.2% to 95.8%, with results above 95% a key specification for highest quality natural graphite anode materials under the Chinese standard.
Following spheronisation and purification testwork1 which produced spherical graphite with very high purities of 99.99%, the purified spherical graphite (PSG) samples were pitch coated and carbonised to produce CSPG.
The coating process produced CSPG with very low BET specific surface area of 2.0m2/g and lower and high tap densities of 1.11-1.18g/cm3 (Table 1).
A low specific surface area is required for anode materials to minimise the loss of lithium in forming a secondary protective coating on the anode material known as the Solid Electrolyte Interphase (SEI). The pitch coating process also assists in increasing the density of the anode material as measured by the tap density – a higher density assists in storing more electrical energy in the lithium-ion battery.
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Table 1: CSPG Results |
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CSPG Sample |
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Sample |
Units |
1 |
2 |
3 |
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D10 |
[µm] |
11.05 |
11.08 |
14.86 |
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D50 |
[µm] |
17.46 |
17.27 |
23.71 |
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D90 |
[µm] |
26.75 |
27.5 |
36.72 |
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Tap Density |
[g/cm3] |
1.11 |
1.12 |
1.18 |
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BET |
[m2/g] |
1.6 |
2.0 |
1.4 |
Electrochemical testing of the CSPG samples at a leading German institute achieved FCE of 94.2% to 95.8%, with results above 95% a key specification for highest quality natural graphite anode materials under the Chinese standard. A very high FCE minimises lithium losses in the initial formation cycles of a lithium-ion battery, supporting battery life. Kasiya CSPG also met the criteria for an initial discharge capacity of more than 360mAh/g (ampere-hours per gram) for highest quality anode materials, with initial capacities of 362-366mAh/g. These results will be used to fast-track discussions with potential offtakers.
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Table 2: Electrochemical Results – China CSPG Standard |
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CSPG Sample |
China Standard GB/T-24533-2019
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1 |
2 |
3 |
Grade I |
Grade II |
Grade III |
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First Cycle Efficiency |
[%] |
95.8 |
94.2 |
95.8 |
≥95 |
≥93 |
≥91 |
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Initial Capacity |
[mAh/g] |
362 |
364 |
366 |
≥360 |
≥360 |
≥345 |
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Furthermore, the testwork demonstrated that CSPG produced from Kasiya natural flake graphite has initial performance characteristics comparable to the leading Chinese natural graphite anode materials manufacturers such as BTR. BTR has a 20-year track record in the production of lithium-ion battery anode materials, is a dominant player in the market and has recently concluded anode material offtake agreements with global automotive companies including Ford. BTR’s highest specification CSPG materials, that have low swelling, long cycle life, good processability and outstanding electrochemical performance include their GSN17 and LSG17 products (with D50 of 17.0+/- 1.5μm).
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Table 3: Electrochemical Results – BTR CSPG products |
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CSPG Sample |
BTR3
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1 |
2 |
GSN 17 |
LSG 17 |
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First Cycle Efficiency |
[%] |
95.8 |
94.2 |
≥95 |
≥94 |
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Initial Capacity |
[mAh/g] |
362 |
364 |
≥360 |
≥355 |
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D50 |
[μm] |
17.5 |
17.3 |
17.0+/- 1.5 |
17.0+/- 1.5 |
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In December 2023, China imposed trade restrictions on graphite that required producers to apply to the government for permits to export high-grade graphite materials and related products. Given China’s dominance of natural graphite and graphite derived products such as CSPG, global EV production and Net Zero ambitions could be negatively impacted given the lack of anode industry development ex-China. In May 2024, the US government imposed a new 25% tariff on natural graphite from China, as part of a broader initiative that included an increase of tariffs on EVs and lithium-ion batteries.
High performance CSPG materials manufactured from Kasiya natural graphite present an opportunity for development of ex-China supply chains for battery anode materials. Sovereign believes that the outstanding electrochemical results for Kasiya CSPG are as a result of the unique geological setting of the Kasiya orebody. The near perfect crystallinity i.e. fully ordered graphite resulting from the very high metamorphic grade of the underlying host rock (paragneiss metamorphosed to granulite facies) and the high purity of the natural flake being assisted by the highly weathered nature of the ore.2 This is as opposed to fresh rock hosted graphite deposits which generally have much higher impurity levels including sulphur, which negatively impacts electrochemical performance. The very low sulphur profile of Kasiya graphite is due to the fact that the primary sulphide minerals have been altered to sulphates by the intense weathering. The sulphates are water soluble and are leached from the ore during weathering.
Further optimisation testwork for anode materials is planned, using additional graphite concentrate currently being generated at pilot-scale in South Africa. This material will also be used to provide offtaker evaluation samples.
A program for assessing Kasiya concentrate for traditional refractories and foundry applications has also been developed. The coarse component of the pilot plant concentrate will be used for this testwork program.
1 Refer to ASX Announcement “Downstream Testwork Demonstrates High Quality Graphite” dated 15 May 2024
2 Refer to ASX Announcement “Kasiya Graphite Shows Excellent Suitability For Use In Lithium Ion Batteries” dated 8 June 2023
3 BTR anode material specs taken from this webpage: https://www.btrchina.com/en/NegativeProducts/info.aspx?itemid=1069
Competent Person Statement
The information in this report that relates to Lithium-Ion Battery Testwork is based on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc., who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Dr Ghag is engaged as a consultant by Sovereign Metals Limited. Dr Ghag has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Ghag consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results (table 1) is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Appendix 1: JORC Code, 2012 Edition – Table 1
SECTION 1 – SAMPLING TECHNIQUES AND DATA
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Criteria |
JORC Code explanation |
Commentary |
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Sampling Techniques |
Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
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Metallurgical Composite Sample: The sample was a composite of 24 Hand Auger (HA) and Push Tube (PT) holes drilled in 2022 in the Kingfisher pit. All drilling samples within the pit shell were added to the composite resulting in a sample of 2,498kg. Specifically, the composite sample consisted of selected rutile mineralised zones from holes, NSHA0009, 0010, 0056, 0060, 0061, 0074, 0119, 0311, 0343, 0344, 0345, 0350 and NSPT 0011, 0013, 0014, 0015, 0017, 0020, 0021, 0023, 0024, 0025, 0026, 0027. The following workflow was used to generate a pre-concentrate graphite feed at AML: · Wet screen at 2mm to remove oversize · Two stage cyclone separation at a cut size of 45µm to remove -45µm material · Pass +45µm -2mm (sand) fraction through Up Current Classifier (UCC) · Pass UCC O/F through cyclone at cut point of 45µm · Pass UCC O/F cyclone U/F (fine) over MG12 Mineral Technologies Spiral · Pass UCC U/F (coarse) over MG12 Mineral Technologies Spiral · Spiral cons are combined for further processing. Fine and coarse gravity tailing samples contain approximately 75%-80% of the graphite present in the feed sample. The majority of the graphite lost is contained in the -45µm fines. |
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Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
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Placer Consulting (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection of HA and PT drill samples and found them to be fit for purpose. Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All bulk 1-metre drill samples are geologically logged by the geologist at the drill site. The primary metallurgical composite sample is considered representative for this style of mineralisation. |
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Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
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HA drilling was used to obtain 1-metre samples. The bulk metallurgical sample was a composite of selected samples from routine resource drilling. Existing rutile and graphite exploration results were used to determine the 1-metre intervals suitable to contribute to the two bulk sample composites. |
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Drilling Techniques |
Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).
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Hand-auger drilling is completed with 75mm diameter enclosed spiral bits with 1-metrelong steel rods. Each 1m of drill sample is collected into separate sample bags and set aside. The auger bits and flights are cleaned between each metre of sampling to avoid contamination. Placer has reviewed SOPs for hand-auger drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE. |
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Drill Sample Recovery |
Method of recording and assessing core and chip sample recoveries and results assessed.
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The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Samples are assessed visually for recoveries. Overall, recovery is good. Drilling is ceased when recoveries become poor generally once the water table has been encountered. Auger drilling samples are actively assessed by the geologist onsite for recoveries and contamination. |
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Measures taken to maximise sample recovery and ensure representative nature of the samples.
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The Company’s trained geologists supervise auger drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.
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Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
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No bias related to preferential loss or gain of different materials has occurred. |
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Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.
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All individual 1-metre auger intervals are geologically logged, recording relevant data to a set template using company codes.
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Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
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All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative. |
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The total length and percentage of the relevant intersection logged
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100% of samples are geologically logged. |
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Sub-sampling techniques and sample preparation |
If core, whether cut or sawn and whether quarter, half or all core taken.
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Not applicable – no core drilling conducted.
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If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. |
Primary individual 1-metre samples from all HA and PT holes drilled are sun dried, homogenised and riffle split.
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For all sample types, the nature, quality and appropriateness of the sample preparation technique.
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Metallurgical Composite Sample: 1-metre intervals selected for the 2,498kg metallurgical sample were divided into weathering units. MOTT and PSAP material were combined and homogenised in preparation for dispatch to Australian laboratory Intertek for TGC assay. Per Australian import quarantine requirements the contributing SOIL/FERP material from within 2m of surface was kept separate to undergo quarantine heat treatment at Intertek Laboratory on arrival into Australia. The two sub samples (SOIL/FERP and MOTT/PSAP) were then dispatched from Intertek to AML Laboratory (AML). AML sub-sampled and assayed the individual lithologies prior to combining and homogenising the sample in preparation for test-work. |
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Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
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The sample preparation techniques and QA/QC protocols are considered appropriate for the nature of this test-work.
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Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
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The sampling best represents the material in situ. |
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Whether sample sizes are appropriate to the grain size of the material being sampled.
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The sample size is considered appropriate for the nature of the test-work. |
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Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
Metallurgical Composite Sample: The following workflow was used to generate a graphite product; o Coarse and fine rougher graphite flotation o Polishing grind of coarse and fine rougher graphite concentrate o Cleaner flotation of coarse and fine graphite o Cleaner concentrate sizing at 180µm o Regrind of separate +180µm/-180µm fractions o Three stage recleaner flotation of +180µm/-180µm fractions
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For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
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Acceptable levels of accuracy and precision have been established. No handheld methods are used for quantitative determination.
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Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
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Acceptable levels of accuracy and precision have been established in the preparation of the bulk sample composites. |
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Verification of sampling & assaying |
The verification of significant intersections by either independent or alternative company personnel.
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No drilling intersections are being reported. |
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The use of twinned holes.
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No twin holes completed in this program.
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Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
All data was collected initially on paper logging sheets and codified to the Company’s templates. This data was hand entered to spreadsheets and validated by Company geologists.
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Discuss any adjustment to assay data.
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No adjustment to assay data has been made.
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Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
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A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples. |
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Specification of the grid system used. |
WGS84 UTM Zone 36 South. |
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Quality and adequacy of topographic control. |
DGPS pickups are considered to be high quality topographic control measures. |
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Data spacing & distribution |
Data spacing for reporting of Exploration Results. |
Metallurgical Composite Sample: The hand-auger holes contributing to this metallurgical were selected from pit area Kingfisher and broadly represent early years of mining as contemplated in the PFS (Approximately the first three years).
It is deemed that these holes should be broadly representative of the mineralisation style in the general area.
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Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
Not applicable, no Mineral Resource or Ore Reserve estimations are covered by new data in this report. |
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Whether sample compositing has been applied. |
Metallurgical Composite Sample: The sample was composited as described under Sampling Techniques in this Table.
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Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type
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No bias attributable to orientation of sampling has been identified. |
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If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
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All holes were drilled vertically as the nature of the mineralisation is horizontal. No bias attributable to orientation of drilling has been identified. |
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Sample security |
The measures taken to ensure sample security |
Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.
A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.
At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt. |
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Audits or reviews |
The results of any audits or reviews of sampling techniques and data
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It is considered by the Company that industry best practice methods have been employed at all stages of the exploration.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.
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SECTION 2 – REPORTING OF EXPLORATION RESULTS
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Criteria |
Explanation |
Commentary |
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Mineral tenement & land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings. |
The Company owns 100% of the following Exploration Licences (ELs) under the Mines and Minerals Act 2019 (Malawi), held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528, EL0545, EL0561, EL0657 and EL0710. A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor. No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops. |
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The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The tenements are in good standing and no known impediments to exploration or mining exist. |
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Exploration done by other parties
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Acknowledgement and appraisal of exploration by other parties. |
Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite deposits in Malawi. |
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Geology |
Deposit type, geological setting and style of mineralisation |
The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by eluvial processes. Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m). The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation. |
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Drill hole information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length |
All intercepts relating to the Kasiya Deposit have been included in public releases during each phase of exploration and in this report. Releases included all collar and composite data and these can be viewed on the Company website. There are no further drill hole results that are considered material to the understanding of the exploration results. Identification of the broad zone of mineralisation is made via multiple intersections of drill holes and to list them all would not give the reader any further clarification of the distribution of mineralisation throughout the deposit.
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If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case |
No information has been excluded. |
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Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated. |
No data aggregation was required. |
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Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
No data aggregation was required. |
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The assumptions used for any reporting of metal equivalent values should be clearly stated. |
Not applicable |
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Relationship between mineralisation widths & intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. |
The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW at Kasiya North and N-S at Kasiya South. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045° in the North of Kasiya and 360° in the South of Kasiya. No drilling intercepts are being reported. |
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If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. |
The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred where alluvial channels cut the surface of the deposit. These areas are adequately defined by the drilling pattern and topographical control for the resource estimate. |
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If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’. |
No drilling intercepts are being reported. |
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Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views. |
Refer to figures in previous releases. These are accessible on the Company’s webpage. |
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Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results. |
All results are included in this report and in previous releases. These are accessible on the Company’s webpage. |
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Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to: geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
Limited lateritic duricrust has been variably developed at Kasiya, as is customary in tropical highland areas subjected to seasonal wet/dry cycles. Lithological logs record drilling refusal in just under 2% of the HA/PT drill database. No drilling refusal was recorded above the saprock interface by AC drilling. Sample quality (representivity) is established by geostatistical analysis of comparable sample intervals.
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Further work |
The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling). |
The Company is currently in a project optimisation phase with various work programs underway. |
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Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
Refer to diagrams in previous releases. These are accessible on the Company’s webpage. |
#SVML Sovereign Metals LTD – Extensions To Rutile & Graphite Mineralisation
EXTENSIONS TO RUTILE & GRAPHITE MINERALISATION AT KASIYA
· Wide-spaced regional reconnaissance drilling, outside the current JORC (2012) compliant Mineral Resource Estimate (MRE) area, identifies a 8km extension of mineralisation to the south which remains open along strike and at depth
· Results are testament to the world-class scale of the Kasiya deposit and demonstrate potential for a future increase of the Kasiya’s MRE, which is already the largest natural rutile deposit and second largest flake graphite deposit in the world
· Kasiya’s current MRE of 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite comprises broad and contiguous zones of high-grade rutile and graphite that occur across an area of over 201km2
· Current focus at Kasiya remains the ongoing Optimisation Study alongside strategic investor Rio Tinto and permitting work streams working with the Malawian Interministerial Committee
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report southern extensions to the mineralised area at Kasiya. Hand-auger drilling has identified a number of zones ranging from ~400m to 2km wide over a strike length of approximately 8km. These results indicate potential to expand the already significant, high-grade rutile and graphite Mineral Resource Estimate at Kasiya.
Results of the Pre Feasibility Study (PFS) released in late 2023 demonstrated Kasiya’s potential to become the world’s largest rutile producer at an average of 222kt per annum and one of the world’s largest natural graphite producers outside of China at an average of 244kt per annum based on an initial 25 year life-of-mine (LOM).
The Kasiya PFS delivered compelling economics with a post-tax NPV8 of US$1.6 Billion and post-tax IRR of 28%. This long-life, multi-generational operation was modelled to initially generate over US$16 Billion of revenue and provide an average annual EBITDA of US$415 Million per annum.
The PFS modelling was limited to only 25 years with an initial Probable Ore Reserves declared of 538Mt, only representing 30% of the total Mineral Resource Estimate.
Managing Director, Frank Eagar commented: “These drilling results re-confirm the significant scale of the Kasiya deposit with the strike now stretching over 37km long. Sovereign continues to test the extent of regional mineralisation via low-cost hand-auger drilling, which has the potential to increase the already very large Kasiya Resource.”
Classification 2.2: This announcement includes Inside Information
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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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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Buchanan |
+ +44 20 7466 5000 |
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REGIONAL DRILLING PROGRAM
Regional hand-auger drilling south of the Kasiya MRE footprint has identified significant strike extensions of approximately 8km across a number of parallel mineralised zones ranging from 400m to 2km in width.
All newly defined mineralisation remains open at depth, due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30m vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south.
Figure 1: Southern newly defined mineralised extensions at Kasiya
Highlight drill results include;
· 14m @ 1.03% incl. 2m @ 1.35% rutile from surface
· 17m @ 1.01% incl. 2m @ 1.42% rutile from surface
· 9m @ 0.93% incl. 2m @1.58% rutile from surface
· 12m @ 1.31% incl. 3m @ 1.97% rutile from surface
· 13m @ 1.02% incl. 3m @ 1.16% rutile from surface
· 12m @ 1.02% rutile & 4.5% graphite incl. 2m @ 1.41% rutile from surface
Competent Person Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and as a Qualified Person under the AIM Rules. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to the Mineral Resource Estimate is extracted from an announcement dated 5 April 2023 entitled ‘Kasiya Indicated Resource Increased by over 80%’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. The original announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.
The information in this announcement that relates to Production Targets, Ore Reserves, Processing, Infrastructure and Capital Operating Costs, Metallurgy (rutile and graphite) is extracted from an announcement dated 28 September 2023 entitled ‘Kasiya Pre-Feasibility Study Results’ which is available to view at www.sovereignmetals.com.au. Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the Announcement.
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Ore Reserve for the Kasiya Deposit |
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||||||
|
Classification |
Tonnes |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
RutEq. Grade* |
|
|
Proved |
– |
– |
– |
– |
– |
– |
|
|
Probable |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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|
Total |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding
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Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade |
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Classification |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
|
Indicated |
1,200 |
1.0% |
12.2 |
1.5% |
18.0 |
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Inferred |
609 |
0.9% |
5.7 |
1.1% |
6.5 |
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Total |
1,809 |
1.0% |
17.9 |
1.4% |
24.4 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
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.
This announcement has been approved and authorised for release by the Company’s Managing Director & CEO, Frank Eagar.
Appendix I – DRILL RESULTS – Table 2
Rutile and graphite drilling results from Kasiya are shown below in Table 2.
|
Hole ID |
Interval Thickness |
Rutile % |
TGC % |
From (m) Downhole |
Hole Type |
|
KYHA1273 |
8.0 |
1.52 |
0.7 |
9.0 |
HA |
|
incl |
5.0 |
2.08 |
0.3 |
12.0 |
|
|
KYHA1274 |
9.0 |
0.93 |
2.0 |
0.0 |
HA |
|
incl |
2.0 |
1.58 |
0.5 |
0.0 |
|
|
KYHA1275 |
3.0 |
0.96 |
1.0 |
0.0 |
HA |
|
KYHA1276 |
6.0 |
0.83 |
0.9 |
0.0 |
HA |
|
incl |
2.0 |
1.25 |
0.3 |
0.0 |
|
|
KYHA1277 |
10.0 |
0.74 |
2.0 |
0.0 |
HA |
|
incl |
2.0 |
1.32 |
0.3 |
0.0 |
|
|
KYHA1278 |
2.0 |
0.95 |
0.3 |
0.0 |
HA |
|
KYHA1279 |
7.0 |
0.78 |
0.8 |
0.0 |
HA |
|
incl |
3.0 |
1.02 |
0.3 |
0.0 |
|
|
KYHA1280 |
12.0 |
0.85 |
0.8 |
0.0 |
HA |
|
incl |
3.0 |
1.27 |
0.2 |
0.0 |
|
|
KYHA1281 |
3.0 |
0.78 |
0.2 |
0.0 |
HA |
|
KYHA1282 |
14.0 |
1.03 |
1.6 |
0.0 |
HA |
|
incl |
2.0 |
1.35 |
0.3 |
0.0 |
|
|
KYHA1283 |
5.0 |
0.80 |
0.3 |
0.0 |
HA |
|
incl |
2.0 |
1.26 |
0.3 |
0.0 |
|
|
KYHA1284 |
2.5 |
0.65 |
4.8 |
7.0 |
HA |
|
incl |
2.0 |
1.09 |
0.8 |
0.0 |
|
|
KYHA1285 |
2.0 |
1.03 |
0.3 |
0.0 |
HA |
|
KYHA1286 |
7.0 |
0.73 |
0.3 |
0.0 |
HA |
|
incl |
2.0 |
1.21 |
0.4 |
0.0 |
|
|
KYHA1287 |
10.0 |
0.91 |
3.2 |
0.0 |
HA |
|
incl |
2.0 |
1.54 |
0.5 |
0.0 |
|
|
KYHA1288 |
2.0 |
1.30 |
0.4 |
0.0 |
HA |
|
KYHA1289 |
2.0 |
0.67 |
0.2 |
0.0 |
HA |
|
KYHA1290 |
3.0 |
0.59 |
0.0 |
0.0 |
HA |
|
KYHA1291 |
2.0 |
0.70 |
0.2 |
0.0 |
HA |
|
KYHA1292 |
5.0 |
0.91 |
0.4 |
0.0 |
HA |
|
incl |
2.0 |
1.28 |
0.3 |
0.0 |
|
|
KYHA1293 |
11.0 |
0.71 |
3.3 |
0.0 |
HA |
|
incl |
2.0 |
1.18 |
0.3 |
0.0 |
|
|
KYHA1294 |
7.0 |
0.74 |
0.4 |
0.0 |
HA |
|
incl |
3.0 |
1.01 |
0.4 |
0.0 |
|
|
KYHA1295 |
3.0 |
0.71 |
0.1 |
0.0 |
HA |
|
KYHA1296 |
13.0 |
0.76 |
2.7 |
0.0 |
HA |
|
KYHA1297 |
NSR |
HA |
|||
|
KYHA1298 |
4.0 |
0.84 |
0.2 |
0.0 |
HA |
|
incl |
2.0 |
1.11 |
0.2 |
0.0 |
|
|
KYHA1299 |
4.0 |
0.85 |
0.4 |
0.0 |
HA |
|
incl |
2.0 |
1.15 |
0.4 |
0.0 |
|
|
KYHA1300 |
14.0 |
0.78 |
4.2 |
0.0 |
HA |
|
incl |
2.0 |
1.00 |
0.4 |
0.0 |
|
|
KYHA1301 |
6.0 |
0.74 |
0.3 |
0.0 |
HA |
|
KYHA1302 |
4.0 |
0.99 |
0.2 |
0.0 |
HA |
|
incl |
2.0 |
1.30 |
0.1 |
0.0 |
|
|
KYHA1303 |
13.0 |
1.02 |
2.4 |
0.0 |
HA |
|
incl |
3.0 |
1.16 |
0.3 |
0.0 |
|
|
incl |
2.0 |
1.22 |
4.1 |
8.0 |
|
|
KYHA1304 |
4.0 |
0.84 |
0.3 |
0.0 |
HA |
|
incl |
2.0 |
1.13 |
0.3 |
0.0 |
|
|
KYHA1305 |
17.0 |
1.01 |
1.3 |
0.0 |
HA |
|
incl |
2.0 |
1.42 |
0.3 |
0.0 |
|
|
incl |
4.0 |
1.43 |
3.2 |
13.0 |
|
|
KYHA1306 |
6.0 |
0.79 |
0.3 |
0.0 |
HA |
|
incl |
3.0 |
1.08 |
0.3 |
0.0 |
|
|
KYHA1307 |
11.0 |
0.77 |
2.7 |
0.0 |
HA |
|
incl |
2.0 |
1.31 |
0.4 |
0.0 |
|
|
KYHA1308 |
12.0 |
0.81 |
0.9 |
0.0 |
HA |
|
incl |
3.0 |
1.27 |
0.2 |
0.0 |
|
|
KYHA1309 |
2.0 |
0.56 |
0.0 |
0.0 |
HA |
|
KYHA1310 |
8.0 |
0.86 |
2.0 |
0.0 |
HA |
|
incl |
2.0 |
1.35 |
0.3 |
0.0 |
|
|
KYHA1311 |
3.0 |
1.07 |
0.3 |
0.0 |
HA |
|
incl |
3.0 |
1.07 |
0.3 |
0.0 |
|
|
KYHA1312 |
NSR |
HA |
|||
|
KYHA1313 |
6.0 |
0.77 |
0.5 |
0.0 |
HA |
|
incl |
2.0 |
1.19 |
0.2 |
0.0 |
|
|
KYHA1314 |
12.0 |
1.02 |
4.5 |
0.0 |
HA |
|
incl |
2.0 |
1.41 |
0.5 |
0.0 |
|
|
incl |
3.0 |
1.05 |
6.9 |
6.0 |
|
|
KYHA1315 |
12.0 |
1.31 |
1.6 |
0.0 |
HA |
|
incl |
3.0 |
1.97 |
0.4 |
0.0 |
|
|
incl |
6.0 |
1.14 |
2.3 |
6.0 |
|
|
KYHA1316 |
6.0 |
1.16 |
1.5 |
0.0 |
HA |
|
incl |
2.0 |
1.49 |
0.3 |
0.0 |
|
|
incl |
2.0 |
1.12 |
3.6 |
4.0 |
|
|
KYHA1317 |
10.0 |
0.75 |
3.2 |
0.0 |
HA |
|
incl |
2.0 |
1.02 |
0.5 |
0.0 |
|
|
KYHA1318 |
10.0 |
0.90 |
0.9 |
0.0 |
HA |
|
incl |
2.0 |
1.75 |
0.2 |
0.0 |
|
|
KYHA1319 |
NSR |
HA |
|||
|
KYHA1320 |
6.0 |
0.94 |
4.2 |
3.0 |
HA |
|
incl |
3.0 |
1.15 |
5.6 |
6.0 |
|
|
KYHA1321 |
2.0 |
0.68 |
0.1 |
0.0 |
HA |
|
KYHA1322 |
15.0 |
0.66 |
2.0 |
0.0 |
HA |
|
KYHA1323 |
2.0 |
0.66 |
0.6 |
3.0 |
HA |
|
KYHA1324 |
6.0 |
0.92 |
1.1 |
0.0 |
HA |
|
incl |
2.0 |
1.35 |
0.6 |
0.0 |
|
|
KYHA1324 |
4.0 |
0.76 |
3.7 |
8.0 |
HA |
|
KYHA1325 |
5.0 |
0.81 |
0.4 |
0.0 |
HA |
|
incl |
5.0 |
1.32 |
0.4 |
12.0 |
|
APPENDIX II: DRILL HOLE COLLAR DATA – TABLE 3
|
Hole ID |
Easting |
Northing |
RL |
Depth |
|
Hole ID |
Easting |
Northing |
RL |
Depth |
|
KYHA1273 |
548398 |
8452800 |
1209 |
17.0 |
KYHA1300 |
549400 |
8457202 |
1207 |
14.0 |
|
|
KYHA1274 |
548397 |
8452407 |
1205 |
9.0 |
KYHA1301 |
541997 |
8463199 |
1151 |
10.0 |
|
|
KYHA1275 |
548798 |
8452405 |
1207 |
12.0 |
KYHA1302 |
542401 |
8463198 |
1158 |
11.0 |
|
|
KYHA1276 |
548796 |
8453205 |
1209 |
13.0 |
KYHA1303 |
542819 |
8463208 |
1159 |
13.0 |
|
|
KYHA1277 |
548799 |
8452800 |
1208 |
10.0 |
KYHA1304 |
548999 |
8457201 |
1210 |
19.0 |
|
|
KYHA1278 |
548399 |
8453201 |
1209 |
13.0 |
KYHA1305 |
548598 |
8457197 |
1207 |
17.0 |
|
|
KYHA1279 |
541598 |
8465602 |
1156 |
12.0 |
KYHA1306 |
548198 |
8457199 |
1198 |
6.0 |
|
|
KYHA1280 |
542001 |
8465598 |
1151 |
12.0 |
KYHA1307 |
542000 |
8462801 |
1151 |
11.0 |
|
|
KYHA1281 |
542402 |
8465601 |
1146 |
12.0 |
KYHA1308 |
542401 |
8462800 |
1158 |
12.0 |
|
|
KYHA1282 |
548800 |
8454400 |
1215 |
15.0 |
KYHA1309 |
542806 |
8462792 |
1158 |
10.0 |
|
|
KYHA1283 |
549201 |
8454401 |
1225 |
11.0 |
KYHA1310 |
542003 |
8462400 |
1149 |
8.0 |
|
|
KYHA1284 |
549603 |
8454397 |
1218 |
9.5 |
KYHA1311 |
542402 |
8462400 |
1153 |
8.0 |
|
|
KYHA1285 |
550004 |
8454400 |
1205 |
12.0 |
KYHA1312 |
542800 |
8462401 |
1154 |
7.0 |
|
|
KYHA1286 |
550000 |
8454801 |
1209 |
15.0 |
KYHA1313 |
546399 |
8463199 |
1182 |
14.0 |
|
|
KYHA1287 |
549597 |
8454801 |
1219 |
10.0 |
KYHA1314 |
546000 |
8462801 |
1183 |
12.0 |
|
|
KYHA1288 |
549198 |
8454801 |
1219 |
17.0 |
KYHA1315 |
546398 |
8462803 |
1184 |
12.0 |
|
|
KYHA1289 |
548799 |
8454801 |
1211 |
13.0 |
KYHA1316 |
546002 |
8463201 |
1183 |
13.0 |
|
|
KYHA1290 |
548800 |
8455196 |
1208 |
13.0 |
KYHA1317 |
545999 |
8462402 |
1182 |
10.0 |
|
|
KYHA1291 |
549199 |
8455199 |
1212 |
16.0 |
KYHA1318 |
546399 |
8462403 |
1185 |
10.0 |
|
|
KYHA1292 |
549601 |
8455199 |
1214 |
16.0 |
KYHA1319 |
543198 |
8462401 |
1156 |
10.0 |
|
|
KYHA1293 |
550005 |
8455196 |
1208 |
15.0 |
KYHA1320 |
543198 |
8462803 |
1155 |
9.0 |
|
|
KYHA1294 |
548200 |
8456800 |
1204 |
14.0 |
KYHA1321 |
543201 |
8463199 |
1154 |
6.0 |
|
|
KYHA1295 |
548600 |
8456801 |
1213 |
12.0 |
KYHA1322 |
542800 |
8465593 |
1141 |
15.0 |
|
|
KYHA1296 |
549003 |
8456803 |
1217 |
13.0 |
KYHA1323 |
543198 |
8465598 |
1138 |
5.0 |
|
|
KYHA1297 |
549399 |
8456797 |
1209 |
14.0 |
KYHA1324 |
541193 |
8465601 |
1160 |
12.0 |
|
|
KYHA1298 |
549800 |
8456801 |
1200 |
12.0 |
KYHA1325 |
548398 |
8452801 |
1209 |
17.0 |
|
|
KYHA1299 |
549800 |
8457199 |
1199 |
11.0 |
Appendix III: JORC Code, 2012 Edition – Table 1
SECTION 1 – SAMPLING TECHNIQUES AND DATA
|
Criteria |
JORC Code explanation |
Commentary |
|
Sampling Techniques |
Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
|
A total of 53 hand-auger holes for 639m were drilled at the Kasiya Project to obtain samples for quantitative mineralogical determination.
Hand-Auger samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 1m-4m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.
|
|
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
|
Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard.
Each sample is sun dried and homogenised. Sub-samples are carefully riffle split to ensure representivity. The 1.5kg composite samples are then processed.
An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment.
Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.
|
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Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
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Logged mineralogy percentages and lithology information is used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together. |
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Drilling Techniques |
Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).
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A total of 53 hand-auger holes for 639m were drilled at the Kasiya Project to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).
Hand-auger drilling with 75mm diameter enclosed spiral bits with 1-metre-long steel rods. Each 1m of drill sample is collected into separate sample bags and set aside. The auger bits and flights are cleaned between each metre of sampling to avoid contamination.
Placer has reviewed SOPs for hand-auger drilling and found them to be fit for purpose and support the resource classifications as applied to the MRE.
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Drill Sample Recovery |
Method of recording and assessing core and chip sample recoveries and results assessed.
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Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Samples are assessed visually for recoveries. Overall, recovery is good. Drilling is ceased when recoveries become poor once the water table has been reached. Auger drilling samples are actively assessed by the geologist onsite for recoveries and contamination. |
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Measures taken to maximise sample recovery and ensure representative nature of the samples.
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The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process. Hand-auger drilling samples are retrieved and placed into large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.
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Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
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No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range.
No bias related to preferential loss or gain of different materials is observed.
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Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.
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Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation.
All individual 1-metre intervals are geologically logged, recording relevant data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.
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Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
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All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.
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The total length and percentage of the relevant intersection logged
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100% of samples are geologically logged. |
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Sub-sampling techniques and sample preparation |
If core, whether cut or sawn and whether quarter, half or all core taken.
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N/A
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If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. |
Hand-auger samples from the 53 holes drilled are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed.
An equivalent mass is taken from each primary sample to make up the composite.
The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.
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For all sample types, the nature, quality and appropriateness of the sample preparation technique.
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Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists.
Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.
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Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
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The sampling equipment is cleaned after each sub-sample is taken.
Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.
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Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
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Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.
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Whether sample sizes are appropriate to the grain size of the material being sampled.
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The sample size is considered appropriate for the material sampled. |
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Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
Rutile The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated.
Final results generated are for recovered rutile i.e. the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC.
The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF.
All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi; · Dry sample in oven for 1 hour at 105℃ · Soak in water and lightly agitate · Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material · Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃ · Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC) · Pan HMC to remove retained light minerals · Dry HMC in oven for 30 minutes at 105℃ · Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction.
Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination. · The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS.
Graphite All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg. The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA. A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC). The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon. An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.
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For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
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Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination. |
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Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
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Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting.
Accuracy monitoring is achieved through submission of certified reference materials (CRM’s). ALS and Intertek both use internal CRMs and duplicates on XRF analyses. Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20.
Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch.
Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.
Acceptable levels of accuracy and precision are displayed in geostatistical analyses.
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Verification of sampling & assaying |
The verification of significant intersections by either independent or alternative company personnel.
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Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.
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The use of twinned holes. |
Twinned holes are not reported here.
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Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
All geological field logging data is collected in LogChief logging software. This data is then imported to Datashed5 and validated automatically and then manually.
Sovereigns’ laboratory data is captured onto paper templates or excel and transferred manually to the database.
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Discuss any adjustment to assay data.
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QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction.
Recovered rutile is therefore defined and reported here as: TiO2 recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e. recoverable rutile within the whole sample.
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Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
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A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying is completed. Given the vertical nature and shallow depths of the holes, drill hole deviation is not considered to significantly affect the downhole location of samples.
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Specification of the grid system used. |
WGS84 UTM Zone 36 South.
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Quality and adequacy of topographic control. |
DGPS pickups are considered to be high quality topographic control measures.
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Data spacing & distribution |
Data spacing for reporting of Exploration Results. |
The hand-auger holes are spaced on a on a regular grid which is deemed to adequately define the mineralisation under investigation.
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Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.
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Whether sample compositing has been applied. |
Individual 1m intervals have been composited, based on lithology for the 53 hand-auger holes.
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Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type
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Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
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If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
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There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit. |
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Sample security |
The measures taken to ensure sample security |
Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.
A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.
At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.
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Audits or reviews |
The results of any audits or reviews of sampling techniques and data
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Richard Stockwell (resource CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.
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SECTION 2 – REPORTING OF EXPLORATION RESULTS
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Criteria |
Explanation |
Commentary |
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Mineral tenement & land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings. |
The Company owns 100% of the following Exploration Licences (ELs) and Retention Licence (RL) under the Mines and Minerals Act (No 8. of 2019), held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528, EL0545, EL0561, and EL0657. A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor. No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops. |
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The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The tenements are in good standing and no known impediments to exploration or mining exist. |
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Exploration done by other parties
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Acknowledgement and appraisal of exploration by other parties. |
Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite resources in Malawi. No other parties are involved in exploration. |
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Geology |
Deposit type, geological setting and style of mineralisation |
The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by eluvial processes. Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m). The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation. |
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Drill hole information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length |
All collar and composite data are provided in the body and appendices of this report.
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If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case |
No information has been excluded. |
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Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated. |
All results reported are of a length-weighted average of in-situ grades. The results reported in the body of the report are on a nominal lower cut-off of 0.5% Rutile and exclude bottom of hole samples where saprock has been geologically logged.
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Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
No data aggregation was required. |
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The assumptions used for any reporting of metal equivalent values should be clearly stated. |
No metal equivalent values are used in this report. |
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Relationship between mineralisation widths & intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. |
The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045°. |
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If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. |
The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred in alluvial channels. These areas are adequately defined by the drilling pattern and topographical control. |
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If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’. |
Downhole widths approximate true widths limited to the sample intervals applied. Graphite results are approximate true width as defined by the sample interval and typically increase with depth. |
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Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views. |
Refer to figures in the body of this report. |
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Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results. |
All results are included in this report. |
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Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to: geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
Rutile has been determined, by QEMSCAN, to be the major TiO2-bearing mineral at and around several rutile prospects within Sovereign’s ground package. The Company continues to examine areas within the large tenement package for rutile and graphite by-product mineralisation. |
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Further work |
The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling). |
No further exploration is planned at this stage. |
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Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
Refer to diagrams in the body of this report. |
#KAV Kavango Resources PLC – Investment in Pambili Natural Resources TSX-V:PNN
Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that the Company has completed a strategic investment in gold mining, exploration, and development company Pambili Natural Resources Corporation (“Pambili” or “the Corporation”) (TSX-V:PNN).
Kavango has given notice to Pambili that it wishes to convert a US$250,000 convertible loan (the “Loan”) made to Pambili, along with a Loan Premium of US$75,000 (“Repayment amount”), into common shares in the Corporation (“the Conversion”). Following the Conversion, Kavango will hold 15% of Pambili’s total issued share capital.
Pambili is active in Matabeleland in southern Zimbabwe, having established operations here in 2022.
Kavango has worked with Pambili since March this year, assisting it through a corporate restructure and acquisition of the Golden Valley project, which completed earlier in November 2023 (Pambili’s announcement can be read >>> here).
Golden Valley has a history of high-grade underground mining and gold production. Golden Valley includes a functional gold processing plant and stamp mill, two historic shafts that present prospective exploration targets and near surface exploration potential to target a possible larger-scale deposit. Some small-scale gold production continues at Golden Valley by way of toll-milling third-party ore through an on-site stamp mill.
Pambili’s plan at Golden Valley is to explore the underground potential first, with a view to recommencing mining in Q1 2024. The processing plant is ready to receive ore and plans are being finalised for underground exploration drilling.
In parallel to this, Pambili will conduct surface exploration at Golden Valley using Kavango’s field team.
By taking a strategic interest in Pambili, Kavango is seeking to build on its first-mover advantage in Matabeleland by increasing its exposure to a third, highly prospective greenstone belt. Golden Valley is located on a separate greenstone belt to the one that hosts Kavango’s Hillside and Nara projects and a separate greenstone belt to the one that hosts the Leopard Project (announced >>> 25 July 2023).
In addition, Kavango and Pambili will be able to share operational, exploration and administrative functions. This is expected to provide both companies with significant cost savings and operational efficiencies.
Ben Turney, Chief Executive of Kavango Resources, commented:
“There is immense opportunity in Zimbabwe’s Matabeleland goldfields. Kavango has identified a strong pipeline of opportunities across the region. Our investment in Pambili creates for us an additional outlet for some of these.
We are very pleased to partner with Pambili, as Jon Harris and his team recommence mining at Golden Valley. This is an exciting project that Kavango knows well. It combines excellent potential for near-term revenue generation with untested surface exploration upside.
The greenstone belt that Golden Valley is on is highly prospective for gold with a number of possibilities for further expansion in the area. The processing plant is operational and can be added to as Pambili grows. With what we’ve learned about historic cut-off grades at Golden Valley, underground drilling could deliver a very positive result.
We have been able to secure our investment in Pambili at a low entry point. I expect our ongoing working relationship, supported by the shared operational efficiencies it affords, has already added, and will continue to add, substantially to our balance sheet over time.“
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 (Broker)
Jason Robertson
+44 207 374 2212
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’.