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#BRES Blencowe Resources PLC – 6,700m Drilling Programme to Commence
Blencowe Resources Plc (LSE: BRES) is pleased to announce that it has commenced the 6,700 metre resource drilling programme, marking the final major workstream required for the completion of the Definitive Feasibility Study (“DFS”) for the Orom-Cross graphite project in Uganda.
With the funding received from the recent capital raise the Company has now triggered the drilling programme, seeking a significant expansion of the JORC Standard Resource and Reserves for Orom-Cross. The drill programme will target extensions to the existing Northern Syncline and Camp Lode deposits as well as upgrading the overall Resource classification. There will also be a step-out campaign to outline additional resources in a nearby target zone which, if successful, will add an exciting new high grade deposit into the Orom-Cross Resource.
The additional Reserves will allow Blencowe to both increase the scale of production tonnage earlier in the mine life and to extend the life of mine, delivering a substantial impact on project economics and the final DFS results.
Highlights:
· Value Addition: Additional resources will underscore the scale and continuity of the graphite deposit at Orom-Cross, estimated at 2-3 billion tonnes overall.
· Step-Out: Drilling in new target areas within the tenement aims to increase mineral resource and confirm extensions within this vast graphite deposit.
· Further Resources and Reserves: Incremental drilling on the existing deposits can significantly increase the JORC Standard Reserve, translating to higher production volumes and an extended life of mine
· Enhanced DFS Economics: Increased production volumes and longer life of mine would have a materially positive impact on the DFS result.
Blencowe has commenced mobilisation and execution for its latest drilling campaign at the Orom-Cross project. Experienced drilling partner ADT Africa (www.adtafrica.com) will once again undertake this programme, under the guidance of Minrom Consulting (www.minrom.com), Blencowe’s geological and technical partner.
The programme aims to expand both the JORC Standard Resource and Reserves, which currently stand at 24.5Mt at 6.0%TC (total carbon). Drilling will also support data required for geotechnical design confirmation for pit designs, as well as material strength characteristics for crushing and milling designs within the DFS.
ADT Africa will now mobilise drill rigs and personnel to site shortly and commence drilling thereafter. The entire programme is scheduled to span approximately 2-3 months, with regular market updates to follow. A revised JORC Resource is anticipated after drilling and assays are completed. Additionally, Blencowe will establish the first permanent camp at Orom-Cross, in preparation for the construction phase, targeted for 2H 2025.
Cameron Pearce, Executive Chairman, commented;
“We are confident this programme will significantly extend our JORC Resource and Reserve base and we will be working closely with our technical partners to deliver the best results possible in the shortest timeframe, feeding directly into the DFS. We are especially excited to be drilling a new deposit which may ultimately deliver further higher grade tonnes into our project. Higher production volumes will make a substantial difference to the NPV within the DFS modelling.”
“As a result of successfully completing bulk sample test work over the past 12 months to become pre-qualified, combined with our evolving downstream SPG strategy that will give Orom-Cross a nearby offtaker for life of mine, we can now expect sell more product than we originally believed was possible within the PFS. This increase in demand supports our decision to build up Reserves beyond initial PFS expectations, aligning with the significant market need for high-quality graphite.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
In 3Q 2024 Blencowe introduced a Joint Venture concept with experienced downstream graphite processing partners to ultimately produce upgraded 99.95% SPG in Uganda. This strategy has several key advantages plus substantial cost savings which will assist deliver a world class project once DFS is completed.
#SVML Sovereign Metals LTD – Hydraulic Mining Trial Commences
HYDRAULIC MINING TRIAL COMMENCES
· Hydraulic mining trial has now commenced at Kasiya Pilot Site as part of ongoing Optimisation Study
· Trial is being conducted by Fraser Alexander, a global industry leader in hydraulic mining, following successful completion of dry mining trial in July 2024
· Hydraulic mining trial is expected to take approximately three months to complete and includes backfilling of main trial pit, deposition and rehabilitation testwork
· Previous testwork suggests soft, friable nature of Kasiya orebody should be suitable for hydraulic mining
· Pilot Phase continues to progress with oversight from Sovereign-Rio Tinto Technical Committee
· Rio Tinto has elected to increase its shareholding to 19.9% via an additional investment of A$0.7 million in Sovereign
Figure 1: Hydraulic mined material (slurry) flows freely to the collection point in the bottom of the sump.
Sovereign Metals Limited (ASX: SVM; AIM: SVML; OTCQX: SVMLF) (Sovereign or the Company) is pleased to announce the commencement of a hydraulic mining trial at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi as part of the ongoing Pilot Mining and Land Rehabilitation Program (Pilot Phase). The hydraulic mining trial aims to further develop previous testwork as part of the Kasiya Optimisation Study.
Managing Director and CEO, Frank Eagar commented: “With valuable insights gained from the dry-mining approach at Kasiya, we are now entering the next phase, which includes the commencement of the hydraulic mining tests, processing and backfilling material, and progressing towards the rehabilitation phase, which we expect to take three months to complete. Results from the Pilot Phase, in particular the analysis of dry-mining versus hydraulic mining, will be fundamental for the ongoing Optimisation Study.”
Classification 2.2: This announcement includes Inside Information
RIO TINTO TO INCREASE ITS SHARHOLDING TO 19.9%
On 17 July 2023, the Company announced that Rio Tinto Mining and Exploration Limited (Rio Tinto) had made an investment of $40.4 million in the Company through the issue of 83,095,592 fully paid ordinary shares (Shares) and 34,549,598 unlisted Options (Rio Tinto Options).
On 3 July 2024, the Company announced that Rio Tinto had exercised the Rio Tinto Options and the Company subsequently issued 34,549,598 Shares to Rio Tinto to raise an additional $18.5 million (before costs).
Rio Tinto has advised the Company that it has elected to make an additional investment of A$690,360 in Sovereign through the issue of 1,290,392 Shares (Additional Shares) to Rio Tinto pursuant to Rio Tinto’s first right of refusal on equity issues in accordance with the Investment Agreement between Rio Tinto and the Company dated 16 July 2023. Subject to the issue of Additional Shares, Rio Tinto will increase its shareholding in Sovereign to 19.9%.
HYDRAULIC MINING TRIAL
The saprolite-hosted mineralisation at Kasiya is predominantly homogenous, with consistent physical properties across the 1.8 billion tonne Mineral Resource Estimate. Pilot Phase data from the dry-mining trial has confirmed that no drilling, blasting, crushing, grinding, or milling is needed before stockpiling material for processing into rutile and graphite products.
The temporary water storage pond, constructed and sealed with natural clay from excavated material, has been filled with six million litres of ground water, predominantly from eight water boreholes on site. This water will be used during the hydraulic mining trial and continuously recycled from the constructed holding cells where sand and fines fractions will be stored respectively prior to the planned deposition and rehabilitation testwork.
Figure 2: Overview of the hydraulic mining trial.
All hydraulic mining equipment is skid-mounted for ease of operation and mobility. A barge-mounted pump, transports the slurry from the sump to a vibrating screen.
Figure 3: A pump, mounted to a barge, pumps the slurry to a vibrating screen.
Screen underflow is collected in a screen underpan and pumped through a stacker cyclone. The cyclone generates a -45 micron slurry on the overflow and a +45 micron sand on the underflow. This process is designed to replicate plant conditions where these fractions are produced as tailings, and will be used in subsequent in-pit deposition test work.
The overflow slurry is transferred to a settling pond, where it will settle, allowing for the recovery of approximately 34% of the water, which will be returned to the water storage pond. The concentrated slurry, along with the sand discharge from the cyclone underflow, will be used for the next set of tests in the in-pit deposition phase.
Land rehabilitation will be a key part of the ongoing Optimisation Study. Sovereign’s objective is to restore land post mining to conditions that match or surpass existing agricultural yields. The Pilot Phase will showcase to local communities the successful rehabilitation of land for agriculture post-mining. These efforts will also help Sovereign refine excavation and backfill techniques.
Blending test work will commence after the completion of the hydraulic mining tests. This phase will involve backfilling the seven individual test pits using various ratios of fines and sand to be followed by soil remediation and rehabilitation testwork.
Figure 4: The train of high-pressure pumps used to drive the water monitor are skid-mounted.
Figure 5: +2mm oversize is screened out using a vibrating screen.
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +27 21 065 1890 |
Sam Cordin (Perth) +61(8) 9322 6322 |
Sapan Ghai (London) +44 207 478 3900
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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 |
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Competent Person Statement
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. 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.
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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 |
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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 |
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.
#SVML Sovereign Metals LTD – Dry Mining Trial Successfully Completed
DRY MINING TRIAL SUCCESSFULLY COMPLETED AT PILOT PHASE TEST PIT
· Pilot Phase dry mining trial confirms Kasiya can be efficiently mined using standard mobile excavators and trucks, demonstrating operational alternatives as part of ongoing PFS Optimisation Study
· Test pit mined as planned and on schedule to a depth of 20 metres, excavating approximately 170,000 bench cubic metres
· Simple and efficient dry mining undertaken with free-dig and soft, friable nature of the Kasiya orebody confirming no drilling or blasting required for excavation
· Ore extracted with zero strip ratio successfully stockpiled with no requirement to crush or grind prior to use as processing plant feed
· Hydraulic mining trials to begin in coming weeks with six million litre water storage pond currently filled to 80% capacity
· Pilot Phase continues to progress as part of ongoing PFS Optimisation Study with oversight from Sovereign-Rio Tinto Technical Committee·
Classification 2.2: This announcement includes Inside Information
Figure 1: Kasiya Pilot Phase Test Pit mined to 20 metres depth
Sovereign Metals Limited (ASX: SVM; AIM: SVML; OTCQX: SVMLF) (Sovereign or the Company) is pleased to announce that the dry mining trial is now complete with a test pit successfully excavated as part of the ongoing Pilot Mining and Land Rehabilitation Program (Pilot Phase) at the Company’s Kasiya Rutile-Graphite Project (Kasiya) in Malawi.
The test pit covers the planned area of 120 metres by 110 metres and has been excavated to a depth of 20 metres through the weathered ore at Kasiya. This confirms Kasiya ore can be efficiently mined using conventional dry-mining techniques and a simple mobile excavator fleet. The pit is accessible through a 10-metre-wide ramp constructed at appropriate geotechnical angles.
Managing Director, Frank Eagar commented: “Completion of the test pit at this scale marks a significant achievement. The mining, hydrology and geotechnical data collected throughout is invaluable in our understanding of the orebody and the simplicity of a potential dry-mining operation at Kasiya. We now look forward to the next steps of the pilot phase including the hydraulic mining trial, cyclone separation of ore, backfilling of test pits and soil rehabilitation.”
For the test pit, the dry mining fleet consisted of four excavators, 20 trucks and a support fleet including two bulldozers and a motor grader. The saprolite-hosted mineralisation at Kasiya is largely homogenous and has relatively consistent physical properties throughout the 1.8 billion tonnes Mineral Resource Estimate. Data collected from the pilot phase confirmed that no drilling, blasting, crushing, grinding or milling will be required prior to stockpiling material for processing into rutile and graphite products; an indication of potentially lower mining costs and a lower carbon footprint comparable to hard rock deposits.
Figure 2: Kasiya mining and front-end processing vs. hard rock peers
Figures 3 & 4: Simple excavator fleet mining the test pit
Approximately 170,000 bench cubic metres of material has been mined as part of the test-pit program. Steady-state operations envisage 24 million tonnes of material being mined annually. The test pit material will be processed through cyclones on-site for deposition testwork.
Figure 5: Dry mining plant feed stockpiled without any crushing or grinding
Figure 6: Pilot Phase Water Storage Pond almost at capacity with rehabilitation demonstration pits in background
The main pit will be backfilled with dry material, while material from hydraulic mining will be used to fill rehabilitation pits as part of the rehabilitation phase.
A temporary water storage pond has been constructed and sealed using natural clay from excavated material, minimising the use of conventional plastic lining. The pond is being filled via eight boreholes delivering water to site and is nearing its capacity of six million litres. Water from the storage pond will initially be used for the hydraulic mining stage.
Figure 7: Pilot Phase Site end of July 2024
Background to the Pilot Phase
The Pilot Phase is a critical part of Kasiya’s optimisation study; empirical data generated from the Pilot Phase will determine optimal project excavation, material handling, processing, backfilling and rehabilitation approaches. The Pilot Phase is being undertaken on a 9.9-hectare site and includes the following activities:
1. Test Pit: A test pit of 120m by 110m excavated to a depth of 20m, allowing optimisation of hydraulic and dry mining excavation methods.
2. Stockpiles: The excavated material will be temporarily stored in 4 stockpiles, namely all dry mining material, wet slimes (in a pond) and two sizes of sand fractions from the hydraulic mining.
3. Backfilling and Grading: The material will be placed back into the pit, and all areas will be graded.
4. Rehabilitation Demonstration: Sovereign will construct eight small rehabilitation demonstration pits covering a combined area of 100m by 130m. These will be used for water storage, excavated material storage, and demonstration of multiple rehabilitation approaches.
5. Temporary Laydown Areas: Four areas will be used as temporary laydown areas, offices, and associated infrastructure.
6. Communication: The Pilot Phase will be an educational opportunity for Project stakeholders. Sovereign will undertake a series of stakeholder visits and consultations for this purpose.
Sovereign’s objective is to restore land after mining to conditions that achieve the same or better agricultural yields than existing land uses and crop yields. The Pilot Phase will demonstrate to local communities the successful rehabilitation of land for agricultural use post-mining; land rehabilitation will form an integral component of the ongoing optimisation study. Results will also allow Sovereign to determine optimal excavation and backfill approaches, providing critical information for the upcoming Definitive Feasibility Study.
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +27 21 065 1890 |
Sam Cordin (Perth) +61(8) 9322 6322 |
Sapan Ghai (London) +44 207 478 3900
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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 |
Competent Person Statement
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. 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.
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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 |
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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 |
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.
#SVML Sovereign Metals Ltd – Kasiya Optimisation Advances to Pilot Phase
Sovereign Metals #SVML – KASIYA OPTIMISATION ADVANCES TO PILOT PHASE
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Sovereign to immediately commence a pilot mining and land rehabilitation program (“Pilot Phase”) at Kasiya as part of the ongoing Optimisation Study |
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Empirical data generated from the Pilot Phase will assist towards determining optimal excavation, material handling, processing, backfilling and rehabilitation approaches |
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Sovereign will excavate approximately 150,000 bench cubic metres of ore from a test pit over a three-month period using a combination of dry and hydraulic mining techniques |
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Excavated material will be processed on-site and at Sovereign’s laboratory in Malawi and will also provide additional bulk samples for graphite product qualification |
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The test pit will be backfilled, and multiple rehabilitation strategies will be implemented to demonstrate successful restoration of agricultural land |
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Demonstrates strong support for mining projects in Malawi with all required approvals and community permissions for the Pilot Phase obtained within three months |
Figure 1: Natural concentration of heavy minerals at surface at Kasiya (Source: C12 Consultants)
Managing Director Frank Eagar commented: “Advancing to a Pilot Phase is an important milestone for Kasiya. This covers the full spectrum of engineering and design, logistics, materials handling, water and environmental approvals, stakeholder engagement, livelihood restoration, tailings management and land rehabilitation. The successful permitting is a testament to the strong owner’s team we have assembled. We are progressing Kasiya into a totally new phase of development. The scale and results from this phase will significantly enhance our knowledge base from the previous laboratory-based studies. I want to thank the Malawi Government for an efficient approvals process, demonstrating just how important Kasiya is to all stakeholders.”
Classification 2.2: This announcement includes Inside Information
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that the Company has initiated a Pilot Mining and Land Rehabilitation Program at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi.
The results will allow Sovereign to determine optimal excavation, backfill and land rehabilitation approaches. The Pilot Phase will be a demonstration to local communities of the successful rehabilitation of land for agricultural use post-mining. Results will also provide critical information for the upcoming Definitive Feasibility Study (DFS) and once commenced, it will shorten the time to its completion.
The objectives of the Pilot Phase include:
· Optimisation of mining methods by construction of a pilot-scale open pit close to the maximum depth of the current reserves at 20m;
· Scale-up of existing in-country processing capability by installation of commercial scale spirals to produce additional bulk samples for graphite product qualification;
· Optimising the tailings management and storage designs; and
· Optimising land rehabilitation, soil restoration and selection of revegetation species.
The commencement of the Pilot Phase follows the receipt within three months of all relevant approvals and permissions from the Malawi Environment Protection Authority (MEPA), National Water Resources Authority (NWRA), the Ministry of Mines, and the local community.
The Pilot Phase will be undertaken on a 9.9-hectare site and will include the following activities:
1. Test Pit: A test pit of 120m by 110m will be excavated to a depth of 20m, allowing optimisation of hydraulic and dry mining excavation methods.
2. Stockpiles: The excavated material will be temporarily stored in 4 stockpiles, namely all dry mining material, wet slimes (in a pond) and two sizes of sand fractions from the hydraulic mining.
3. Backfilling and Grading: The material will be placed back into the pit, and all areas will be graded.
4. Rehabilitation Demonstration: Sovereign will construct eight small rehabilitation demonstration pits covering a combined area of 100m by 130m. These will be used for water storage, excavated material storage, and demonstration of multiple rehabilitation approaches.
5. Temporary Laydown Areas: Four areas will be used as temporary laydown areas, offices, and associated infrastructure.
6. Communication: The Pilot Phase will be an educational opportunity for Project stakeholders. Sovereign will undertake a series of stakeholder visits and consultations for this purpose.
Kasiya is the world’s largest natural rutile deposit and the second-largest flake graphite deposit. Sovereign aims to develop a low-CO2 and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.
Results of the PFS, released in late 2023, demonstrated Kasiya’s potential to become the world’s largest rutile producer at 222kt per annum and one of the world’s largest natural graphite producers (ex-China) at 244kt per annum.
The PFS delivered compelling economics with a post-tax NPV8 of US$1.6 Billion and a post-tax IRR of 28%. This long-life, multi-generational operation generates over US$16 Billion of revenue based on an initial 25-year life-of-mine and delivers an average annual EBITDA of US$415 Million per annum.
Pilot Phase Program Design
Activities have been designed to establish a 9.9-hectare site over the current Ore Reserve defined in the Kasiya PFS, covering a mineralised zone with soil conditions deemed representative of the overall Mineral Resource Estimate (MRE). Over approximately three months, Sovereign will excavate several test pits and collect geological and geotechnical samples. The main pit will be backfilled with dry material, while material from hydraulic mining will be used to fill the remaining pits as part of the rehabilitation phase.
Land rehabilitation will form an integral component of the DFS. Sovereign’s objective is to restore land after mining to conditions that achieve the same or better agricultural yields than existing land uses and crop yields. For this reason, the Company will undertake field-based demonstrations of rehabilitation showcasing drying times, soil recoveries, soil nutrients, growth variants, and including different soil inputs and revegetation methods.
Site Construction
Prior to the establishment of site infrastructure, eight boreholes have been permitted and drilled using a locally appointed drilling contractor. These boreholes will supply water to the site, which will be stored in a temporary water storage pond.
A perimeter fence will be erected around the site to maintain the necessary health and safety standards. Existing roads will be used for access to the site and, if required, improved through grading.
Temporary buildings such as offices and stores will be brought to the site on flatbed lorries and erected. To support pilot mining, two 1MW mobile diesel-powered electricity generators will be installed to provide the electricity required for high-pressure water monitors.
Pilot Mining
The main pit will be excavated using conventional load and haul to 20m depth to develop a sump to test hydraulic mining to the full depth of the current Ore Reserves. The excavated material will be temporarily stored in stockpiles.
On-Site Processing Facility
Material mined from the test pit will be processed on-site and at the Company’s laboratory facility in Lilongwe. As previously announced (Please refer to announcement dated 1 May 2024 entitled “Sovereign to Increase Bulk Sample Preparation Capacity”), as part of the Pilot Phase, a commercial-scale spiral plant will be installed at site in Malawi.
Rutile and graphite concentrate samples generated from the Pilot Phase will be shared with potential off-takers and end-users, and used for further testwork as part of the Company’s graphite commercialisation strategy.
Rehabilitation Phase
This phase will consist of establishing a strong soils baseline, backfilling of the test pit with different soil compositions, rehabilitation tests, revegetation with plants, and the improvement of soil conditions post-mining.
Regular monitoring and evaluation of the rehabilitation activities will be undertaken to assess the progress of vegetation growth and soil stabilisation. Following the conclusion of the rehabilitation, the proposed project site will be returned to farmland.
Figure 2: Site layout
Permitting
Permissions for the Pilot Phase were received following the successful submission of an Environmental and Social Management Plan to MEPA. Sovereign is committed to the responsible development of Kasiya. The Pilot Phase will be undertaken in accordance with Malawian Law and IFC Performance Standards, which will include protecting local communities and the natural environment.
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 |
#SVML Sovereign Metals LTD – Kasiya Pre-Feasibility Study Results Presentation
KASIYA PRE-FEASIBILITY STUDY RESULTS PRESENTATION
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) is pleased to advise that a presentation entitled ‘Kasiya Pre-Feasibility Study Results Presentation’ is available to download from the Company’s website at: http://sovereignmetals.com.au/company-presentations/.
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 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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Tavistock PR |
+44 20 7920 3150 |
#BRES Blencowe Resources PLC – Receipt of $1m Grant First Tranche from DFC
Blencowe receives first US$1 Million Grant funding from Development Finance Corporation for Orom-Cross Graphite Project
Initial 20% Mobilisation tranche paid to Blencowe for Project Feasibility Costs
Blencowe Resources Plc (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce it has received its first US$1 million mobilisation tranche payment from the Development Finance Corporation (“DFC”). This represents 20% of the full US$5 million DFC grant for Definitive Feasibility Study (“DFS”) costs, recently completed and announced by Blencowe.
Blencowe announced on 22 September that the Company had secured a US$5 million grant from tier one funding provider DFC to cover a substantial part of the DFS costs for the Orom-Cross Project. Furthermore, DFC is now the lead mandated partner to deliver a full funding solution for Orom-Cross production, assuming completion of a successful DFS.
Blencowe is confident that this unique strategic relationship will now open doors to unlock additional value at Orom-Cross by expanding the project in ways previously considered not possible due to capital constraints.
Orom-Cross is one of the largest graphite projects worldwide by size and scale of deposit and a 21 year Mining License has already been awarded. Blencowe took the project through a successful Pre-Feasibility Study in 2022 and is now embarked on the Definitive Feasibility Study as it drives towards decision to mine. Metallurgical test results by leading graphite industry experts in South Africa, Canada, Australia and China have all underlined Orom-Cross graphite as upgrading to one of the cleanest, purest high grade concentrates of any graphite project, with an excellent mix of both coarse and smaller flakes. This has recently been confirmed again on a commercial scale within the 100 tonne bulk sample test programme conducted at one of the leading graphite producer’s facility in China.
Cameron Pearce, Executive Chairman commented;
“This first US$1 million received is of significance firstly because it is completely undilutive funding for Blencowe and its shareholders, and secondly because it solidifies the critical strategic relationship that has been developed between our Company and the DFC. I would like to emphasise once again that the Grant Agreement with DFC does not require Blencowe to match funds input by them. Their US$5 million funding is provided via this initial mobilisation tranche and thereafter by further tranches that are paid upon Blencowe achieving as-agreed milestones, which are all key deliverables within the DFS program. We are already well advanced in our achievement of the next milestone which would access and release another US$1 million payment from DFC.”
Mr Pearce added “The DFC Grant Agreement also has no pre-set marketing restrictions and we remain committed to achieving the best offtake partnerships for our products wherever they may be. Our bulk sample pre-qualification process is well underway and we have considerable offtake interest from recent marketing in China. We look forward to the completion of critical SPG testing in USA to prove that Orom-Cross can ultimately produce an efficient 99.95% uncoated battery-ready product for the anode market which will then lead to further OEM SPG testing as part of our DFS.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 |
#ORPH Open Orphan plc – Positive in vitro results for FLU-v published
Open Orphan plc (AIM: ORPH), (to be renamed hVIVO plc (AIM: HVO) effective 26 October 2022), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that positive data from a peer-reviewed study evaluating the in vitro efficacy of FLU-v, Imutex Limited’s (“Imutex”) broad spectrum influenza
vaccine, has been published in the scientific journal Vaccines.1
Previous clinical studies have demonstrated that FLU-v induced increased antibody and cellular responses in vivo. This placebo-controlled study evaluated the ability of FLU-v to induce cellular effector functions and cross-reactivity (both measures of the immune response, with cross-reactivity being particularly important for protection against multiple viral strains) of immune cells extracted from participants, following exposure to five different influenza strains.
The study found that measurements of IFN-γ and granzyme B production in stimulated immune cells from participants that had been previously vaccinated with either FLU-v or placebo, were significantly higher in the FLU-v group both when stimulated with vaccine antigen and also with antigens from a panel of seasonal and pandemic inactivated influenza A and B strains. These results further support the continued development of FLU-v as a broad-spectrum influenza vaccine.
FLU-v is owned by Imutex, a joint venture between hVIVO and PepTcell Limited (the legal name of SEEK Group), to develop vaccines against influenza and mosquito borne diseases such as Zika virus, malaria and other flaviviruses.
Seasonal influenza causes significant morbidity and mortality each year and a pandemic influenza continues to pose a worldwide threat. Influenza is a serious global health threat with an estimated 1 billion cases per year, 3-5 million severe cases and 290,000 – 650,000 deaths per year.
Dr Andrew Catchpole, Chief Scientific Officer of hVIVO, said: “It is encouraging to see further positive data for FLU-v, supporting its continued development as a broad-spectrum influenza vaccine. There is a large unmet need for a broad-spectrum vaccine to help battle emerging seasonal and pandemic influenza A and B viruses. Although FLU-v had already produced successful Phase II clinical data, this in vitro study is particularly important as it showed the ability of the candidate to induce an immune response against a diverse variety of influenza A and B strains.”
1. Oftung, F.; Næss, L.M.; Laake, I.; Stoloff, G.; Pleguezuelos, O. FLU-v, a Broad-Spectrum Influenza Vaccine, Induces Cross-Reactive Cellular Immune Responses in Humans Measured by Dual IFN-γ and Granzyme B ELISpot Assay. Vaccines 2022, 10, 1528. https://doi.org/10.3390/vaccines10091528
For further information please contact:
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Open Orphan plc |
+44 (0) 20 7756 1300 |
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Yamin Khan, Chief Executive Officer |
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Walbrook PR (Financial PR & IR) Stephanie Cuthbert / Phillip Marriage / |
+44 (0)20 7933 8780 or openorphan@walbrookpr.com +44 (0) 7796 794 663 / +44 (0) 7867 984 082 / |
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