Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest company news from Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML).
It has completed an infill drilling program at its Kasiya Rutile-Graphite Project in Malawi. The program aimed to upgrade the mineral resource estimate (MRE) and convert probable ore reserves to the proven category.
Kasiya is the world’s largest rutile deposit and the second-largest flake graphite deposit, with more than 66% of the current MRE in the indicated category.
The drilling program included 281 aircore holes, 309 hand auger holes and 30 push tube and diamond core holes. An offset spacing of 200x200 metres was used for better geological analysis.
Samples will be assayed in laboratories in South Africa and Australia, with results expected in early 2025.
The southern Kasiya pits, which are expected to provide ore for the first eight years of production, were the focus of the drilling. It is expected that the MRE will be upgraded from indicated to measured and reserves will be converted from probable to proven under the JORC Code.
Rutile mineralisation is concentrated near the surface, while graphite grades improve at depths below 4 metres.
