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- Kasiya Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite
- Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category
- Over 66% of total MRE now in the Indicated category
- Kasiya’s global MRE over 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite
- Kasiya remains the world’s largest natural rutile deposit and second largest flake graphite deposit
- Updated MRE to underpin the mining inventory and mine plan for the forthcoming Pre-feasibility Study (PFS)
Figure 1: Increase in Kasiya’s Indicated Resources compared MRE update released in April 2022
Sovereign’s Managing Director Dr Julian Stephens commented: “The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome. The conversion rate confirms the very consistent geological and grade continuity and is testament to the high-quality and robustness of the deposit. Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit. The PFS work program on this highly strategic and globally significant project is progressing well and approaching its final stages. The Company is looking forward to presenting the outcomes of the PFS in the coming months.”
ENQUIRIES
Dr Julian Stephens (Perth)
Managing Director
+61(8) 9322 6322
Sam Cordin (Perth)
+61(8) 9322 6322
Sapan Ghai (London)
+44 207 478 3900
KASIYA – THE LARGEST RUTILE DEPOSIT IN THE WORLD
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the updated MRE for its world-class Kasiya rutile-graphite deposit in Malawi. Kasiya is a Tier 1 deposit and a potential major source of low carbon footprint critical minerals natural rutile (TiOâ‚‚) and graphite.
Table 1: Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade | |||||
Classification | Resource (Mt) | Rutile Grade (%) | Contained Rutile (Mt) | Graphite Grade (TGC) (%) | Contained Graphite (Mt) |
Indicated | 1,200 | 1.0% | 12.2 | 1.5% | 18.0 |
Inferred | 609 | 0.9% | 5.7 | 1.1% | 6.5 |
Total | 1,809 | 1.0% | 17.9 | 1.4% | 24.4 |
Figure 2: Kasiya map showing rutile grades of the upper blocks of the MRE block model
The updated MRE has further defined broad and contiguous zones of high-grade rutile and graphite which occur across a very large area of over 201km2 (Figure 3). Rutile mineralisation is concentrated in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. Graphite is depleted near surface with grades improving at depths generally >4m to the base of the saprolite zone which averages about 22m.
Sovereign’s 2022 drill program at Kasiya used push tube (PT) core holes to in-fill and convert Inferred mineralisation into the Indicated category. The consistency and robustness of the geology allowed for an efficient conversion of this previously Inferred material on a near-identical one-for-one basis to the Indicated category.
A total of 66% of the MRE now reports to the Indicated category @ 1.0% rutile and 1.5% TGC - up from 33% previously. Overall, the new Indicated components show coherent, broad bodies of mineralisation that have coalesced very well with the additional infill drilling results.
Figure 3: Kasiya MRE footprint showing the Indicated and Inferred zones.
Further advancement in this MRE update was the application of air-core (AC) drilling to define the depth of mineralisation in a number of selected higher-grade areas. As expected, this drilling shows that high-grade rutile and graphite mineralisation extends to the base of the soft saprolite unit terminating on the saprock basement averaging about 22m depth. This AC drilling targeted early-scheduled mining pits mainly in the southern areas of the MRE footprint.
A number of higher-grade graphite zones at depth were identified which are generally associated with higher grade rutile at surface. Some of these zones have graphite grades at depths >6m in the 4% to 8% TGC range and appear to represent significant contained coarse flake graphite tonnages (see Figure 4).
Figure 4: C-C’ cross-section from the southern part of the MRE block model in a higher-grade graphite zone showing colouring by graphite grade (TGC) with previous ESS pit shapes also shown. Refer Figure 5.
The highlighted cut-off of 0.7% rutile presents 1.8 billion tonnes at a rutile grade of 1.0%. (Table 2). The overall recovered rutile equivalent grade for the MRE at the global 0.7% cut-off is 1.65% RutEq*.
Table 2: Kasiya Total Indicated + Inferred Mineral Resource Estimate at various rutile cut-off grades | |||||
Cut-off (rutile) | Resource (Mt) | Rutile Grade (%) | Contained Rutile (Mt) | Graphite Grade (%) | Contained Graphite (Mt) |
0.40% | 3,215 | 0.80% | 25.7 | 1.30% | 41.9 |
0.50% | 2,779 | 0.85% | 23.8 | 1.35% | 37.4 |
0.60% | 2,304 | 0.92% | 21.1 | 1.37% | 31.7 |
0.70% | 1,809 | 0.99% | 17.9 | 1.35% | 24.4 |
0.80% | 1,335 | 1.08% | 14.4 | 1.25% | 16.6 |
0.90% | 934 | 1.17% | 11.0 | 1.06% | 9.9 |
1.00% | 643 | 1.28% | 8.2 | 0.84% | 5.4 |
1.10% | 449 | 1.38% | 6.2 | 0.65% | 2.9 |
1.20% | 324 | 1.47% | 4.7 | 0.53% | 1.7 |
1.30% | 230 | 1.56% | 3.6 | 0.48% | 1.1 |
1.40% | 163 | 1.64% | 2.7 | 0.45% | 0.7 |
* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from the Expanded Scoping Study (ESS) released in June 2022.
KASIYA MRE TECHNICAL DETAILS
The Kasiya MRE has been prepared by independent consultants, Placer Consulting Pty Ltd (Placer) and is reported in accordance with the JORC Code (2012 Edition).
Rutile mineralisation lies in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. The high-grade zones are relatively geologically consistent with limited variability along and across strike. The mineralisation style is illustrated best in Figures 5 & 6 below.
Figure 5: Oblique plan view looking NE over MRE block model with rutile grades shown.
Figure 6: A-A’ & B-B’ cross-sections from mineralised zones in the east and southern parts of the MRE block model showing colouring by rutile grade with previous ESS pit shapes also shown.
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Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
Competent Persons Statement
The information in this announcement that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. Mr Stockwell has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Stockwell consents to the inclusion of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares, unlisted options and performance rights in Sovereign. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to Metallurgical test-work Results - Rutile & Graphite is extracted from the announcement dated 24 June 2019, 9 September 2020 and 7 December 2021. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.
This ASX Announcement has been approved and authorised for release by the Company’s Managing Director, Dr Julian Stephens.
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