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Sovereign Metals (ASX:SVM) - Managing Director, Dr Julian Stephens - The Market Herald
Managing Director, Dr Julian Stephens
Source: Julian Stephens
  • Sovereign Metals (SVM) has uncovered high-grade rutile mineralisation at its flagship Kasiya rutile deposit in Malawi
  • A phase six drilling program has extended the strike length of the deposit which now spans more than 7.5 kilometres and reaches a depth of up to three kilometres
  • Results peaked at 2.5 per cent rutile in the southwest and 2.55 per cent in the central area
  • Sovereign will now be continuing analysis over the coming weeks with aims to present a maiden mineral resource estimate in late Q3
  • The company will also be undertaking step-out and regional drilling to outline extensions and additional mineralised zones
  • Sovereign has ended the day 4.76 per cent in the green with shares trading for 22 cents each

Sovereign Metals (SVM) has uncovered high-grade rutile mineralisation at its flagship Kasiya rutile deposit in Malawi.

A phase six drilling program has extended the strike length of the deposit which now spans more than 7.5 kilometres and reaches a depth of up to three kilometres.

This program consisted of 42 holes, for 366 metres, bringing the total number of holes to 151 with more than 1400 metres drilled.

Results are continuing to demonstrate the high-grade rutile mineralisation from surface with extensions emerging in the southwest.

Better results from the southwest include three metres at 2.5 per cent rutile, and eight metres at 0.94 per cent rutile including two metres at 1.8 per cent rutile.

Significant results were also identified in the central zone with intercepts such as 11 metres at 1.52 per cent rutile including seven metres at 1.99 per cent rutile and two metres at 2.55 per cent rutile being returned.

Results from both of these areas gives Sovereign the confidence to more accurately predict new areas of rutile mineralisation, prior to soil sampling and drilling.

"We continue to grow the Kasiya rutile deposit with further high-grade results extending the mineralised footprint to the southwest," Managing Director, Dr Julian Stephens said.

"Infill holes in the central zone have also returned high-grades and thick intercepts as expected," Julian said.

"The company is at a very exciting stage as we progress a number of work programs to culminate in the maiden JORC mineral resource for Kasiya towards the end of the quarter," he said.

Sovereign will now be continuing analysis over the coming weeks with aims to present a maiden mineral resource estimate in late Q3.

The company will also be undertaking step-out and regional drilling to outline extensions and additional mineralised zones.

Sovereign has ended the day 4.76 per cent in the green with shares trading for 22 cents each in an $81.17 million market cap.


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