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- Sovereign Metals (SVM) has tripled the mineral resource estimate (MRE) at its Kasiya project in Malawi to 1.8 billion tonnes of rutile
- The update classifies Kasiya as the world’s largest single rutile deposit discovery
- The JORC MRE update is 10 million tonnes bigger than declared by Iluka Resources at its Sierra Rutile project
- The update also sees Kasiya in the top two contained flake graphite by-product deposits by size
- Shares in Sovereign Metals were up more than 28 per cent to 77 cents at 2:00 pm AEST
Sovereign Metals (SVM) has tripled the mineral resource estimate (MRE) at its Kasiya project in Malawi to 1.8 billion tonnes of rutile, making it the largest rutile deposit in the world.
The JORC MRE update is 10 million tonnes more than declared by Iluka Resources at its Sierra Rutile project in Sierra Leone.
It also has 23 million tonnes of contained flake graphite by-product which places it in the top two flake graphite deposits by size, second only to Syrah’s Balama project in Mozambique.
The JORC rating was at 1.01 per cent rutile: 37 per cent of the updated resource is indicated at 1.05 per cent rutile and 1.43 per cent total graphitic carbon (TGC), with a recovered grade of 1.73 per cent rutile equivalent. The rest of the resource (63 per cent) falls into the inferred category, meaning there’s a lower level of confidence as to the resource.
Managing Director Dr Julian Stephens said natural rutile is a scarce commodity and global sources have been depleting, adding that the Kasiya discovery had been confirmed “in just two years since initial identification”.
“The JORC MRE of this scale and grade is clearly highly strategic, Tier 1 and of global significance in a market where natural rutile is in extreme supply deficit,” he said.
“The company is targeting a large-scale, low carbon-footprint and environmentally sustainable natural rutile and graphite operation which will also positively impact the environmental footprint of titanium pigment and other industries and provide a significant contribution to the economy of Malawi.”
The company’s scoping study will be updated to reflect the increase to the scale of the project, examining the impact of the higher grades, increased production volumes, and mine life.
Shares in Sovereign Metals were up more than 28 per cent to 77 cents as of 2:00 pm AEST.
