Join our daily newsletter At The Bell to receive exclusive market insights
- Sovereign Metals (SVM) confirms significant pit expansion potential at depth at its Kasiya Rutile project in Malawi
- All up, the company completed 191 aircore holes under its latest drilling program, with deeper and thicker rutile intercepts encountered so far than in previous drilling
- Up to 1.95 per cent rutile was intersected, with results confirming that rutile and graphite mineralisation continues from surface to a depth of between 20 and 25 metres
- SVM is now progressing with a pre-feasibility study, which will build on the previously-announced expanded scoping study
- Company shares are trading grey at 36 cents at 3:32 pm AEDT
Sovereign Metals (SVM) has confirmed significant pit expansion potential at depth at its Kasiya Rutile project in Malawi.
All up, the company completed 191 aircore holes under its latest drilling program, with deeper and thicker rutile intercepts encountered so far than in previous drilling.
Sovereign today said it had received results for a further 61 holes from the program, with results from 98 holes still pending and expected in the coming months.
The company’s latest highlights include 20 metres at 1.22 per cent rutile, including three metres at 1.95 per cent rutile, and 20 metres at 1.23 per cent rutile, including five metres at 1.7 per cent rutile.
Sovereign said the results confirmed that rutile and graphite mineralisation continued from surface to the top of the saprock, generally at a depth of between 20 and 25 metres.
SVM is now progressing with a pre-feasibility study (PFS), which will build on its previously-announced expanded scoping study that confirmed Kasiya as one of the world’s largest and lowest-cost producers of natural rutile and graphite.
“We’re really pleased with the continued success from the deep air-core program, which is confirming the potential for several pit expansions at depth,” Managing Director Julian Stephens said.
“It remains a very busy time for the company as we continue to receive drilling results, and our PFS is approaching a peak level of activity.”
Company shares were trading grey at 36 cents at 3:32 pm AEDT.
