TIDMSVML
RNS Number : 4966N
Sovereign Metals Limited
01 June 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE I 1 JUNE 2022
SOVEREIGN INITIATES MAJOR PFS DRILL PROGRAM AT KASIYA
-- 12,000m drilling program commenced at Kasiya to upgrade
higher-grade Mineral Resource areas to underpin conversion to
Reserves as part of the planned PFS
-- Deeper drilling to target extensions to Indicated zones at depth to base of saprolite (25m)
-- Expansion of the overall mineralised footprint through
extensional and regional hand-auger drilling will continue with
multiple drill teams
-- Updated Scoping Study incorporating the current resource is
due for completion in the coming weeks
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or
Sovereign) is pleased to announce the commencement of its
Pre-feasibility Study (PFS) drilling program across the Kasiya
Rutile Project (Kasiya). This is the first significant work program
for the PFS to commence as the Company completes the updated
Scoping Study due in the coming weeks.
ENQUIRIES
Dr Julian Stephens (Perth) Sam Cordin (Perth) Sapan Ghai (London)
Managing Director +61(8) 9322 6322 +44 207 478 3900
+61(8) 9322 6322
Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson +44 20 3440 6800
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Varun Talwar
Optiva Securities +44 20 3137 1902
Daniel Ingrams
Mariela Jaho
Christian Dennis
KASIYA - THE LARGEST RUTILE DEPOSIT IN THE WORLD
In April 2022, the Company announced an updated Mineral Resource
Estimate (MRE) of 1.8 billion tonnes @ 1.01% rutile which confirmed
Kasiya as a Tier 1 deposit and a potential major source of low CO2
footprint critical raw materials natural rutile and natural
graphite.
The updated MRE positioned Kasiya as the largest rutile deposit
in the world with more than double the contained rutile of its
nearest rutile peer, Sierra Rutile. Additionally, the graphite
by-product MRE at Kasiya confirms it as one of the largest flake
graphite deposits in the world.
The MRE has broad zones of very high-grade rutile occurring
contiguously across a very large area of over 180km(2) . 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 deposit is expansive with high-grade rutile mineralisation
commonly grading 1.2% to 2.0% in the top 3-5m from surface.
Moderate grade mineralisation generally grading 0.5% to 1.2% rutile
commonly extends from 5m to end of hole where it remains open at
depths >10m.
DRILLING PROGRAM
Based on the updated MRE, a number of areas remain open at depth
and mineralisation is expected beyond the limit of previous
drilling with many holes showing +1% rutile at bottom of hole.
A 10,000m air-core (AC) drilling program was designed to extend
Indicated zones at depth to base of saprolite 25m, from the current
14m average drill depth. Drilling will be on a 200m x 200m grid to
target Indicated classification which should convert to Probable
Reserves as part of the forthcoming PFS.
The Company is also commencing a core (push-tube) drilling
program across Inferred areas of the MRE. This in-fill program is
targeting nearer-surface, high-grade areas for conversion to
Indicated and Measured resources.
In parallel to these mechanical drill programs, the Company is
continuing extensional and regional hand-auger drilling with
multiple drill teams active across the Company's extensive target
areas at Kasiya with the aim to expand the overall mineralised
footprint and identify further high-grade rutile zones.
The low cost and low impact hand-auger drilling technique has
proven to be a very effective exploration tool in the initial
delineation of the Kasiya rutile and graphite MRE.
UPDATED SCOPING STUDY
The Company is nearing completion of the updated Scoping Study
which will build on the initial Scoping Study released in December
2021. The updated Scoping Study will incorporate the significant
increase in the MRE tonnage as announced in April, assessing higher
grade throughput, increased production rates and longer mine life.
The updated Scoping Study is expected in the coming weeks.
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 the Mineral
Resource Estimate is extracted from the announcement dated 5 April
2022. 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.
The information in this announcement that relates to Production
Targets, Processing, Infrastructure and Capital and Operating
Costs, is extracted from the announcement dated 16 December 2021
entitled 'Kasiya Scoping Study Confirms Globally Significant
Natural Rutile Project'. 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 and technical parameters underpinning the Production
Target, and related forecast financial information derived from the
Production Target 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 presentation have not been materially modified from the
announcement.
The information in this announcement that relates to Metallurgy
is extracted from the announcement dated 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.
To view this announcement in full, including all figures and
illustrations, please refer to www.sovereignmetals.com.au .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCSSASDFEESEFM
(END) Dow Jones Newswires
June 01, 2022 02:01 ET (06:01 GMT)
Sovereign Metals (LSE:SVML)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sovereign Metals (LSE:SVML)
Historical Stock Chart
From Jul 2023 to Jul 2024