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Sovereign Metals (ASX:SVM) - Managing Director, Dr Julian Stephens
Managing Director, Dr Julian Stephens
Source: 121 Mining Investment Events
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  • Sovereign Metals (SVM) has confirmed the high-grade rutile mineralisation at its Bua Channel spans a length of more than eight kilometres
  • The company is now planning a drilling program to test the remaining 42 kilometres of the 50 kilometre channel
  • Results from drilling have returned results grading up to 1.36 per cent rutile and 0.15 per cent zircon
  • The company is now continuing with extensional and in-fill drilling at the Kasiya Prospect and samples are already in Perth for laboratory analysis
  • Sovereign’s shares are steady today and last traded for 12 cents each

Sovereign Metals (SVM) has confirmed that the high-grade rutile mineralisation at its Bua Channel spans a length of more than eight kilometres.

Drilling is continuing to confirm and extend the rutile mineralisation at the Bua Channel which extends approximately 50 kilometres in length and is hosted within the emerging Malawi Rutile Province.

Sovereign is now planning a drilling program to test the remaining 42 kilometres of the channel.

Rutile is a titanium oxide mineral that can be crushed into a white powder and used as a pigment in paints.

In late 2019, a total of 57 shallow hand-auger holes, for 364 metres, and 54 deeper air-core holes, for 473 metres, were drilled at Bua.

Significant results from both programs include one metre at 1.36 per cent rutile, 2.3 per cent ilmenite at 0.12 per cent zircon from seven metres, and four metres at 1.28 per cent rutile, 1.9 per cent ilmenite and 0.15 per cent zircon from two metres.

“These new results from the Bua Channel are very encouraging and continue to confirm the extensive potential of the Bua Channel,” Managing Director Dr Julian Stephens commented.

“The remaining significant upside with over 40 kilometres of channel length tube explored places the company in an exciting position,” he said.

“We are very much looking forward unlocking what we believe is a globally significant, strategic rutile province in Malawi, as we continue to advance the large, high-grade saprolite Kasiya Prospect and the sand-hosted Bua Channel Prospect,” he added.

Sovereign’s aim is to outline large resources that could support long-life and large-scale rutile production.

The company is now continuing with extensional and in-fill drilling at Kasiya and samples are already in Perth for laboratory analysis.

Bulk-scale metallurgical test-works is also currently underway at Kasiya, and mining and tailings studies have begun at the province to speed-up a future scoping study.

However, these operations will be temporarily suspended when the Malawian Government puts a 21-day country-wide lock-down in place on April 25.

Drilling will restart once the lock-down is completed and it is safe to resume operations.

Sovereign’s shares are steady today and last traded for 12 cents each.

SVM by the numbers
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