TIDMSVML
RNS Number : 1138E
Sovereign Metals Limited
26 October 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE 26 OCTOBER 2022
FURTHER AIRCORE DRILLING CONFIRMS SIGNIFICANT PIT EXPANSION
POTENTIAL AT DEPTH
-- Drilling results from the Company's targeted deep air-core
(AC) program extend substantial zones of high-grade rutile
mineralisation to depth beneath initial planned open pit shells
(main areas averaging 15m depth).
-- This newly defined high-grade rutile and graphite
mineralisation at depths >15m is consistent and occurs in
coherent blocks.
-- Highlights include:
* 28m @ 1.07% inc. 5m @ 1.52% rutile * 22m @ 1.08% inc. 5m @ 1.68% rutile
* 26m @ 1.04% inc. 5m @ 1.48% rutile * 21m @ 1.06% inc. 5m @ 1.51% rutile
* 24m @ 1.02% inc. 6m @ 1.42% rutile * 20m @ 1.23% inc. 5m @ 1.70% rutile
* 23m @ 1.05% inc. 3m @ 1.69% rutile * 20m @ 1.22% inc. 3m @ 1.95% rutile
* 23m @ 1.03% inc. 5m @ 1.26% rutile * 20m @ 1.18% inc. 6m @ 1.58% rutile
* 23m @ 1.01% inc. 5m @ 1.18% rutile * 18m @ 1.26% inc. 8m @ 1.39% rutile
-- Kasiya's Pre-Feasibility Study (PFS) and Environmental and
Social baseline workstreams are advancing with all major project
work programs already underway.
Sovereign Metals Limited (ASX:SVM, AIM:SVML) (Sovereign or the
Company) is pleased to report further significant results for 61 AC
holes from the Kasiya Rutile Project (Kasiya), the world's largest
rutile deposit.
The results confirm that rutile and graphite mineralisation is
continuous from surface down to the top of saprock generally at
20-25m vertical depth in key mineralised areas. Results highlight
the potential for the mining pits to be extended at depth.
Sovereign's Managing Director Dr Julian Stephens commented:
"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. 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".
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
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
KASIYA AIR CORE DRILLING
The completed 191-hole AC drilling program was divided into an
initial 32-hole sighter phase with results previously reported
(refer ASX announcement on 8 September 2022) and a second more
expansive 159-hole phase.
These results of 61 holes (of 159) for 1,298m are the first
batch of the expansive phase with results for the remaining 98
Holes for 2,548m pending .
The sighter phase AC drilling program focused on mineralised
corridors where high-grade rutile mineralisation was hypothesised
to persist at depth. Once validated, the company shifted its focus
to a second phase concentrating on depth extensions to the
early-scheduled mining pit shells.
Pit 15 revealed the most pronounced, deep mineralised corridor,
illustrated in the 1.4km long section. Rutile and graphite
mineralisation is seen to be pervasive throughout the saprolite
zone.
Pit 13 is proposed to be the first block in the mining schedule.
This pit shows considerable rutile mineralisation outside and below
the current block model and optimised pit shell.
Further results from deep drilling are expected in the coming
months.
KASIYA AIR CORE DRILLING
Sovereign is progressing the PFS which will build on the June
2022 Expanded Scoping Study (ESS) that confirmed Kasiya as one of
the world's largest and lowest cost producers of natural rutile and
natural graphite with a carbon-footprint substantially lower than
current alternatives.
The 2022 AC drilling program is the first major PFS activity
completed. The program was designed to extend Indicated zones at
depth to base of saprolite 25m, from the current 14m average drill
depth. Drilling was completed on a 200m x 200m grid to target
Indicated classification which after receiving the final batch
assays will be modelled to update the JORC resource estimate which
is planned for Q1 2023
Competent Persons Statement
The information in this report that relates to Exploration
Results is based on 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 and
unlisted performance rights in Sovereign Metals Limited. 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 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.
Table 1: Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off
Mineral Resource Category Material Tonnes (millions) Rutile Rutile Tonnes (millions) Total Contained Graphite (TGC) TGC Tonnes (millions) RutEq.
Grade*
(%) (%) (%)
Indicated 662 1.05% 6.9 1.43% 9.5 1.76%
============================ ============================ ======== ========================== ================================ ======================= ========
Inferred 1,113 0.99% 11.0 1.26% 14.0 1.61%
============================ ============================ ======== ========================== ================================ ======================= ========
Total 1,775 1.01% 18.0 1.32% 23.4 1.67%
============================ ============================ ======== ========================== ================================ ======================= ========
Qualified Person
Data disclosed in this press release have been reviewed and
verified by Sovereign's Qualified Person, Dr Julian Stephens (B.Sc
(Hons), PhD, MAIG), Managing Director, for the purposes of the AIM
Rules for Companies.
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
To view this announcement in full, including all illustrations
and figures, please refer to www.sovereignmetals.com.au .
Appendix I - DRILL RESULTS
Rutile and graphite drilling results from Kasiya are shown below
in Table 2.
Hole ID Interval Rutile % TGC % From (m) Hole Type
Thickness Downhole
KYAC0033 17.0 1.17 1.6 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.66 1.0 0.0
----------- --------- ------ ---------- ----------
KYAC0034 22.0 1.04 3.0 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.66 0.3 0.0
----------- --------- ------ ---------- ----------
KYAC0035 25.0 0.80 1.6 0.0 AC
----------- --------- ------ ---------- ----------
incl 2.0 1.23 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0036 13.0 0.84 1.0 0.0 AC
----------- --------- ------ ---------- ----------
incl 2.0 1.61 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0037 6.0 0.86 0.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 2.0 1.53 0.4 0.0
----------- --------- ------ ---------- ----------
KYAC0038 NSR AC
----------- --------- ------ ---------- ----------
KYAC0039 23.0 1.01 3.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 8.0 1.37 4.1 5.0
----------- --------- ------ ---------- ----------
KYAC0040 5.0 1.15 0.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.46 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0041 5.0 0.93 0.0 0.0 AC TWIN
----------- --------- ------ ---------- ----------
incl 1.0 1.77 0.0 0.0
----------- --------- ------ ---------- ----------
KYAC0042 22.0 1.08 1.8 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.68 0.8 0.0
----------- --------- ------ ---------- ----------
KYAC0043 14.0 0.85 1.7 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.42 0.3 0.0
----------- --------- ------ ---------- ----------
KYAC0044 23.0 1.05 1.7 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.69 0.1 0.0
----------- --------- ------ ---------- ----------
KYAC0045 20.0 1.22 1.6 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.95 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0046 23.0 1.02 2.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.47 0.7 0.0
----------- --------- ------ ---------- ----------
KYAC0047 18.0 1.07 1.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.90 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0048 26.0 1.04 2.3 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.48 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0049 22.0 1.03 1.8 0.0 AC
----------- --------- ------ ---------- ----------
incl 9.0 1.22 1.3 0.0
----------- --------- ------ ---------- ----------
KYAC0050 10.0 1.20 1.1 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.53 0.7 0.0
----------- --------- ------ ---------- ----------
KYAC0051 20.0 1.23 1.7 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.70 0.6 0.0
----------- --------- ------ ---------- ----------
KYAC0052 21.0 1.06 2.0 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.51 0.7 0.0
----------- --------- ------ ---------- ----------
KYAC0053 3.0 1.59 0.3 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0054 3.0 1.55 0.0 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0055 5.0 1.18 1.1 1.0 AC
----------- --------- ------ ---------- ----------
KYAC0056 3.0 1.50 0.2 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0057 19.0 0.73 0.9 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 1.13 0.0 0.0
----------- --------- ------ ---------- ----------
KYAC0058 19.0 0.76 2.0 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 1.52 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0059 5.0 1.00 0.0 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0060 17.0 0.94 1.5 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 1.75 0.0 0.0
----------- --------- ------ ---------- ----------
KYAC0061 19.0 1.07 2.0 0.0 AC
----------- --------- ------ ---------- ----------
incl 9.0 1.3 2.0 0.0
----------- --------- ------ ---------- ----------
KYAC0062 23.0 1.03 1.3 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.26 0.7 0.0
----------- --------- ------ ---------- ----------
KYAC0063 23.0 0.98 1.2 0.0 AC TWIN
----------- --------- ------ ---------- ----------
incl 11.0 1.13 0.9 0.0
----------- --------- ------ ---------- ----------
KYAC0064 14.0 0.79 1.4 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0065 6.0 0.77 1.0 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 1.58 1.0 0.0
----------- --------- ------ ---------- ----------
KYAC0066 23.0 1.01 4.5 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.18 2.1 0.0
----------- --------- ------ ---------- ----------
KYAC0067 19.0 1.03 1.4 0.0 AC
----------- --------- ------ ---------- ----------
incl 15.0 1.15 1.5 0.0
----------- --------- ------ ---------- ----------
KYAC0068 25.0 0.72 2.7 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 1.94 0.5 0.0
----------- --------- ------ ---------- ----------
KYAC0069 28.0 1.07 1.8 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.52 0.8 0.0
----------- --------- ------ ---------- ----------
KYAC0070 19.0 1.01 2.9 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.54 0.7 0.0
----------- --------- ------ ---------- ----------
KYAC0071 23.0 0.92 2.5 0.0 AC
----------- --------- ------ ---------- ----------
incl 2.0 1.67 2.2 1.0
----------- --------- ------ ---------- ----------
KYAC0072 10.0 0.98 1.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 2.33 0.8 0.0
----------- --------- ------ ---------- ----------
KYAC0073 5.0 1.03 1.5 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0074 9.0 0.91 1.4 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.75 0.9 0.0
----------- --------- ------ ---------- ----------
KYAC0075 3.0 1.75 0.9 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0076 6.0 0.86 0.6 0.0 AC
----------- --------- ------ ---------- ----------
KYAC0077 16.0 1.23 1.3 0.0 AC
----------- --------- ------ ---------- ----------
incl 8.0 1.64 0.8 0.0
----------- --------- ------ ---------- ----------
KYAC0078 18.0 1.26 1.8 0.0 AC
----------- --------- ------ ---------- ----------
incl 8.0 1.39 1.0 0.0
----------- --------- ------ ---------- ----------
KYAC0079 14.0 0.92 2.4 0.0 AC
----------- --------- ------ ---------- ----------
incl 3.0 1.64 0.3 0.0
----------- --------- ------ ---------- ----------
KYAC0080 12.0 1.18 1.3 0.0 AC
----------- --------- ------ ---------- ----------
incl 5.0 1.6 0.7 0.0
----------- --------- ------ ---------- ----------
KYAC0081 20.0 0.79 1.6 0.0 AC
----------- --------- ------ ---------- ----------
incl 2.0 1.22 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0082 18.0 0.92 1.6 0.0 AC
----------- --------- ------ ---------- ----------
incl 6.0 1.12 1.1 0.0
----------- --------- ------ ---------- ----------
KYAC0083 18.0 0.98 1.5 0.0 AC TWIN
----------- --------- ------ ---------- ----------
KYAC0084 20.0 0.89 2.1 0.0 AC
----------- --------- ------ ---------- ----------
incl 2.0 1.03 0.5 0.0
----------- --------- ------ ---------- ----------
KYAC0085 26.0 0.97 2.3 0.0 AC
----------- --------- ------ ---------- ----------
incl 6.0 1.45 1.4 0.0
----------- --------- ------ ---------- ----------
KYAC0086 18.0 1.18 1.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 1.0 3.23 0.4 0.0
----------- --------- ------ ---------- ----------
KYAC0087 22.0 0.84 1.5 0.0 AC
----------- --------- ------ ---------- ----------
incl 4.0 1.81 0.3 0.0
----------- --------- ------ ---------- ----------
KYAC0088 20.0 1.18 1.8 0.0 AC
----------- --------- ------ ---------- ----------
incl 6.0 1.58 0.6 0.0
----------- --------- ------ ---------- ----------
KYAC0089 20.0 0.90 1.6 0.0 AC
----------- --------- ------ ---------- ----------
incl 4.0 1.41 0.2 0.0
----------- --------- ------ ---------- ----------
KYAC0090 24.0 1.02 1.9 0.0 AC
----------- --------- ------ ---------- ----------
incl 6.0 1.42 0.8 0.0
----------- --------- ------ ---------- ----------
KYAC0091 25.0 0.97 2.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 4.0 1.53 0.8 0.0
----------- --------- ------ ---------- ----------
KYAC0092 19.0 0.96 2.2 0.0 AC
----------- --------- ------ ---------- ----------
incl 4.0 1.44 0.4 0.0
----------- --------- ------ ---------- ----------
KYAC0093 18.0 1.04 1.7 0.0 AC
----------- --------- ------ ---------- ----------
incl 4.0 1.42 0.8 0.0
----------- --------- ------ ---------- ----------
APPIX II: DRILL HOLE COLLAR DATA - TABLE 3
Hole ID Easting Northing RL Depth Hole ID Easting Northing RL Depth
KYAC0033 543200 8472200 1118 18.0 KYAC0064 543400 8471200 1111 15.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0034 543400 8472200 1120 25.0 KYAC0065 544201 8470403 1126 31.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0035 543600 8472200 1120 28.0 KYAC0066 544000 8470401 1124 24.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0036 543800 8472200 1122 14.0 KYAC0067 544000 8470600 1123 20.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0037 544044 8472212 1124 27.0 KYAC0068 544198 8470599 1125 28.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0038 544202 8472202 1126 23.0 KYAC0069 544000 8470801 1122 30.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0039 544400 8472200 1129 27.0 KYAC0070 544199 8470811 1123 28.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0040 544600 8472200 1131 25.0 KYAC0071 544200 8471000 1121 28.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0041 544601 8472200 1131 25.0 KYAC0072 544200 8471200 1112 12.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0042 544801 8472000 1133 30.0 KYAC0073 543997 8471007 1118 21.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0043 544600 8472000 1131 26.0 KYAC0074 544000 8471200 1112 13.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0044 544394 8471999 1129 25.0 KYAC0075 543800 8471193 1107 5.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0045 544200 8472001 1127 21.0 KYAC0076 543615 8471150 1106 6.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0046 544003 8472001 1125 30.0 KYAC0077 544200 8469200 1134 17.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0047 543800 8472001 1124 19.0 KYAC0078 544400 8469199 1135 19.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0048 543600 8472000 1123 27.0 KYAC0079 544400 8469000 1136 23.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0049 543400 8472000 1122 27.0 KYAC0080 544200 8469000 1135 13.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0050 543200 8472000 1119 11.0 KYAC0081 543996 8469179 1129 21.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0051 543400 8471600 1120 21.0 KYAC0082 543953 8469000 1129 19.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0052 543600 8471600 1121 22.0 KYAC0083 543953 8468999 1129 19.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0053 543800 8471600 1121 15.0 KYAC0084 544000 8468850 1132 21.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0054 543604 8471401 1116 21.0 KYAC0085 544200 8468800 1137 27.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0055 543800 8471400 1113 12.0 KYAC0086 543999 8468602 1135 19.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0056 543998 8471439 1114 18.0 KYAC0087 544200 8468600 1138 24.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0057 544000 8471600 1121 25.0 KYAC0088 544200 8468400 1140 21.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0058 544200 8471600 1122 20.0 KYAC0089 544400 8468402 1140 21.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0059 544201 8471459 1116 14.0 KYAC0090 544400 8468600 1139 25.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0060 544396 8471602 1124 18.0 KYAC0091 544400 8468800 1138 26.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0061 544600 8471599 1127 20.0 KYAC0092 544400 8468000 1143 20.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0062 543400 8471400 1117 24.0 KYAC0093 544200 8468000 1143 20.0
-------- --------- ----- ------ --------- -------- --------- ----- ------
KYAC0063 543401 8471399 1117 24.0
-------- --------- ----- ------
Appendix III: JORC Code, 2012 Edition - Table 1
SECTION 1 - SAMPLING TECHNIQUES AND DATA
Criteria JORC Code explanation Commentary
Sampling Nature and quality of Air-Core samples are composited based
Techniques sampling (e.g. cut channels, on regolith boundaries and sample chemistry,
random chips, or specific generated by hand-held XRF analysis.
specialised industry Each 1m of sample is dried and riffle-split
standard measurement to generate a total sample weight of
tools appropriate to 3kg for analysis, generally at 2m intervals.
the minerals under investigation, This primary sample is then split again
such as down hole gamma to provide a 1.5kg sample for both
sondes, or handheld XRF rutile and graphite analyses.
instruments, etc). These
examples should not be
taken as limiting the
broad meaning of sampling.
------------------------------------- -------------------------------------------------------------
Include reference to Drilling and sampling activities are
measures taken to ensure supervised by a suitably qualified
sample representivity Company geologist who is present at
and the appropriate calibration all times. All drill samples are geologically
of any measurement tools logged by the geologist at the drill
or systems used. site/core yard.
Each sample is sun dried and homogenised.
Sub-samples are carefully
riffle split to ensure representivity.
The 1.5kg composite samples are then
processed.
An equivalent mass is taken from each
sample to make up the composite. A
calibration schedule is in place for
laboratory scales, sieves and field
XRF equipment.
Placer Consulting Pty Ltd (Placer)
Resource Geologists have reviewed Standard
Operating Procedures (SOPs) for the
collection and processing of drill
samples and found them to be fit for
purpose. The primary composite sample
is considered representative for this
style of rutile mineralisation.
------------------------------------- -------------------------------------------------------------
Aspects of the determination Logged mineralogy percentages, lithology
of mineralisation that information and TiO(2) % obtained from
are Material to the Public handheld XRF are used to determine
Report. In cases where compositing intervals. Care is taken
'industry standard' work to ensure that only samples with similar
has been done this would geological characteristics are composited
be relatively simple together
(e.g. 'reverse circulation
drilling was used to
obtain 1 m samples from
which 3 kg was pulverised
to produce a 30 g charge
for fire assay'). In
other cases more explanation
may be required, such
as where there is coarse
gold that has inherent
sampling problems. Unusual
commodities or mineralisation
types (e.g. submarine
nodules) may warrant
disclosure of detailed
information.
------------------------------------- -------------------------------------------------------------
Drilling Drill type (e.g. core, A total of 61 Air-Core holes for 1,298m
Techniques reverse circulation, are reported here from drilling at
open -- hole hammer, the Kasiya Rutile Deposit to obtain
rotary air blast, auger, samples for quantitative determination
Bangka, sonic, etc) and of recoverable rutile and Total Graphitic
details (e.g. core diameter, Carbon (TGC).
triple or standard tube,
depth of diamond tails, Placer has reviewed SOPs for Air-Core
face -- sampling bit and found them to be fit for purpose
or other type, whether and support the resource classifications
core is oriented and as applied to the MRE.
if so, by what method,
etc).
------------------------------------- -------------------------------------------------------------
Drill Method of recording Samples are assessed visually for recoveries.
Sample and assessing core and The configuration of drilling and nature
Recovery chip sample recoveries of materials encountered results in
and results assessed. negligible sample loss or contamination.
Air-Core drilling recovery in the top
few metres are moderate to good. Extra
care is taken to ensure sample is recovered
best as possible in these metres. Recoveries
are recorded on the rig at the time
of drilling by the geologist. Drilling
is ceased when recoveries become poor
once Sap rock has been encountered.
------------------------------------- -------------------------------------------------------------
Measures taken to maximise The Company's trained geologists supervise
sample recovery and ensure drilling on a 1 team 1 geologist basis
representative nature and are responsible for monitoring
of the samples. all aspects of the drilling and sampling
process.
Air-core drilling samples are recovered
in large plastic bags. The bags are
clearly labelled and delivered back
to the laydown at the end of shift
for processing.
------------------------------------- -------------------------------------------------------------
Whether a relationship No relationship is believed to exist
exists between sample between grade and sample recovery.
recovery and grade and The high percentage of silt and absence
whether sample bias may of hydraulic inflow from groundwater
have occurred due to at this deposit results in a sample
preferential loss/gain size that is well within the expected
of fine/coarse material. size range.
No bias related to preferential loss
or gain of different materials is observed.
------------------------------------- -------------------------------------------------------------
Logging Whether core and chip Geologically, data is collected in
samples have been geologically detail, sufficient to aid in Mineral
and geotechnically logged Resource estimation.
to a level of detail
to support appropriate All individual 1-metre intervals are
Mineral Resource estimation geologically logged, recording relevant
mining studies and metallurgical data to a set log-chief template using
studies. company codes. A small representative
sample is collected for each 1-metre
interval and placed in appropriately
labelled chip trays for future reference.
------------------------------------- -------------------------------------------------------------
Whether logging is qualitative All logging includes lithological features
or quantitative in nature. and estimates of basic mineralogy.
Core (or costean, channel, Logging is generally qualitative.
etc.) photography.
------------------------------------- -------------------------------------------------------------
The total length and 100% of samples are geologically logged.
percentage of the relevant
intersection logged
------------------------------------- -------------------------------------------------------------
Sub-sampling If core, whether cut N/A
techniques or sawn and whether quarter,
and sample half or all core taken.
preparation
------------------------------------- -------------------------------------------------------------
If non-core, whether Air-Core samples are dried, riffle
riffled, tube sampled, split and composited. Samples are collected
rotary split, etc. and and homogenised prior to splitting
whether sampled wet or to ensure sample representivity. 1.5kg
dry. composite samples are processed.
An equivalent mass is taken from each
primary sample to make up the composite.
The primary composite sample is considered
representative for this style of mineralisation
and is consistent with industry standard
practice.
------------------------------------- -------------------------------------------------------------
For all sample types, Techniques for sample preparation are
the nature, quality and detailed on SOP documents verified
appropriateness of the by Placer Resource Geologists.
sample preparation technique.
Sample preparation is recorded on a
standard flow sheet and detailed QA/QC
is undertaken on all samples. Sample
preparation techniques and QA/QC protocols
are appropriate for mineral determination.
------------------------------------- -------------------------------------------------------------
Quality control procedures The sampling equipment is cleaned after
adopted for all sub-sampling each sub-sample is taken.
stages to maximise representivity
of samples. Field duplicate, laboratory replicate
and standard sample geostatistical
analysis is employed to manage sample
precision and analysis accuracy.
------------------------------------- -------------------------------------------------------------
Measures taken to ensure Sample size analysis is completed to
that the sampling is verify sampling accuracy. Field duplicates
representative of the are collected for precision analysis
in situ material collected, of riffle splitting. SOPs consider
including for instance sample representivity. Results indicate
results for field a sufficient level of precision for
duplicate/second-half the resource classification.
sampling.
------------------------------------- -------------------------------------------------------------
Whether sample sizes The sample size is considered appropriate
are appropriate to the for the material sampled.
grain size of the material
being sampled.
------------------------------------- -------------------------------------------------------------
Quality The nature, quality Rutile
of assay and appropriateness of The Malawi onsite laboratory sample
data and the assaying and laboratory preparation methods are considered
laboratory procedures used and whether quantitative to the point where a non-magnetic
tests the technique is considered mineral concentrate (NM) is generated.
partial or total.
Final results generated are for recovered
rutile i.e, the % mass of the sample
that is rutile that can be recovered
to the non-magnetic component of a
HMC.
The HMC is prepared via wet-table,
gravity separation at the Lilongwe
Laboratory which provides an ideal
sample for subsequent magnetic separation
and XRF.
All samples (incl. QA) included in
this announcement received the following
workflow undertaken on-site in Malawi;
* Dry sample in oven for 1 hour at 105
* Soak in water and lightly agitate
* Wet screen at 5mm, 600um and 45um to remove oversize
and slimes material
* Dry +45um -600mm (sand fraction) in oven for 1 hour
at 105
* Pass +45um -600mm (sand fraction) across wet table to
generate a heavy mineral concentrate (HMC)
* Pan HMC to remove retained light minerals
* Dry HMC in oven for 30 minutes at 105
* Magnetic separation of the HMC by Carpco magnet @
16,800G (2.9Amps) into a magnetic (M) and
non-magnetic (NM) fraction.
Bag NM fraction and send to Perth,
Australia for quantitative chemical
and mineralogical determination.
* The NM fractions were sent to ALS Metallurgy Perth
for quantitative XRF analysis. Samples received
XRF_MS.
Graphite
All samples are initially checked in
and processed to pulp at Intertek-Genalysis
Johannesburg.
The pulp samples are then dispatched
to Intertek-Genalysis Perth where they
undergo TGC assay via method C72/CSA.
A portion of each test sample is dissolved
in dilute hydrochloric acid to liberate
carbonate carbon. The solution is filtered
using a filter paper and the collected
residue is the dried to 425degC in
a muffle oven to drive off organic
carbon. The dried sample is then combusted
in a Carbon/ Sulphur analyser to yield
total graphitic or elemental carbon
(TGC).
The graphitic carbon content is determined
by eliminating other carbon forms from
the total carbon content. The addition
of acid to the sample liberates carbon
dioxide thus removing carbonate carbon.
Soluble organic carbon will also be
removed. Insoluble organic carbon is
removed by heating the samples at 425degC
in an oxidising environment. The "dried"
carbon-bearing sample that is analysed
in the resistance furnace is considered
to contain only graphitic carbon.
An Eltra CS-800 induction furnace infra-red
CS analyser is then used to determine
the remaining carbon which is reported
as Total Graphitic Carbon (TGC) as
a percentage.
------------------------------------- -------------------------------------------------------------
For geophysical tools, Acceptable levels of accuracy and precision
spectrometers, handheld have been established. No handheld
XRF instruments, etc., XRF methods are used for quantitative
the parameters used in determination.
determining the analysis
including instrument
make and model, reading
times, calibrations factors
applied and their derivation,
etc.
------------------------------------- -------------------------------------------------------------
Nature of quality control Sovereign uses internal and externally
procedures adopted (e.g. sourced wet screening reference material
standards, blanks, duplicate, inserted into samples batches at a
external laboratory checks) rate of 1 in 20. The externally sourced,
and whether acceptable certified standard reference material
levels of accuracy (i.e. for HM and Slimes assessment is provided
lack of bias) and precision by Placer Consulting.
have been established.
Accuracy monitoring is achieved through
submission of certified reference materials
(CRM's).
ALS and Intertek both use internal
CRMs and duplicates on XRF analyses.
Sovereign also inserts CRMs into the
sample batches at a rate of 1 in 20.
Three Rutile CRMs used by Sovereign.
Rutile A (AMIS0602) containing TiO(2)
XRF 90.62%. The CRM is supplied by
African Mineral Standards (AMIS), South
Africa.
Rutile B containing TiO(2) XRF 70.71%.
The CRM is supplied by OREAS and has
been designed and matrix matched specifically
for Sovereign.
Rutile C containing TiO(2) XRF 40.76%.
The CRM is supplied by OREAS and has
been designed and matrix matched specifically
for Sovereign.
Two Graphite Standards are used by
Sovereign.
MPHLG1 containing 3.22% TGC
TCMG1 containing 7.54% TGC
Both these CRMs are supplied by OREAS
and has been designed and matrix matched
specifically for Sovereign.
Analysis of sample duplicates is undertaken
by standard geostatistical methodologies
(Scatter, Pair Difference and QQ Plots)
to test for bias and to ensure that
sample splitting is representative.
Standards determine assay accuracy
performance, monitored on control charts,
where failure (beyond 3SD from the
mean) may trigger re-assay of the affected
batch.
Examination of the QA/QC sample data
indicates satisfactory performance
of field sampling protocols and assay
laboratories providing acceptable levels
of precision and accuracy.
Acceptable levels of accuracy and precision
are displayed in geostatistical analyses.
------------------------------------- -------------------------------------------------------------
Verification The verification of Results are reviewed in cross-section
of sampling significant intersections using Micromine software and any spurious
& assaying by either independent results are investigated. The deposit
or alternative company type and consistency of mineralisation
personnel. leaves little room for unexplained
variance. Extreme high grades are not
encountered.
Significant mineralisation intersections.
------------------------------------- -------------------------------------------------------------
The use of twinned holes. Twinned holes are drilled across a
geographically dispersed area to determine
short-range geological and assay field
variability. Twin drilling is applied
at a rate of 1 in 20 routine holes.
Acceptable levels of precision are
displayed in the geostatistical analysis
of twin drilling data.
No twin holes are reported here.
------------------------------------- -------------------------------------------------------------
Documentation of primary All data are collected initially on
data, data entry procedures, paper logging sheets and codified to
data verification, data the Company's templates. This data
storage (physical and is hand entered to spreadsheets and
electronic) protocols. validated by Company geologists. This
data is then imported to a Datashed5
and validated automatically and then
manually.
A transition to electronic field and
laboratory data capture is underway.
------------------------------------- -------------------------------------------------------------
Discuss any adjustment QEMSCAN of the NM fraction shows dominantly
to assay data. clean and liberated rutile grains and
confirms rutile is the only titanium
species in the NM fraction.
Recovered rutile is therefore defined
and reported here as: TiO(2) recovered
in the +45 to -600um range to the NM
concentrate fraction as a % of the
total primary, dry, raw sample mass
divided by 95% (to represent an approximation
of final product specifications). i.e
recoverable rutile within the whole
sample.
------------------------------------- -------------------------------------------------------------
Location Accuracy and quality A Trimble R2 Differential GPS is used
of data of surveys used to locate to pick up the Air-Core collars. Daily
points drill holes (collar and capture at a registered reference marker
down-hole surveys), trenches, ensures equipment remains in calibration.
mine workings and other No downhole surveying of Air-Core holes
locations used in Mineral is completed. Given the vertical nature
Resource estimation. and shallow depths of the Air-Core
holes, drill hole deviation is not
considered to significantly affect
the downhole location of samples.
------------------------------------- -------------------------------------------------------------
Specification of the WGS84 UTM Zone 36 South.
grid system used.
------------------------------------- -------------------------------------------------------------
Quality and adequacy DGPS pickups are considered to be high
of topographic control. quality topographic control measures.
------------------------------------- -------------------------------------------------------------
Data Data spacing for reporting The Air-Core collars are spaced on
spacing of Exploration Results. a 200m x 200m grid which is deemed
& distribution to adequately define the mineralisation.
------------------------------------- -------------------------------------------------------------
Whether the data spacing The drill spacing and distribution
and distribution is sufficient is considered to be sufficient to establish
to establish the degree a degree of geological and grade continuity
of geological and grade appropriate for further future Mineral
continuity appropriate Resource estimation.
for the Mineral Resource
and Ore Reserve estimation
procedure(s) and classifications
applied.
------------------------------------- -------------------------------------------------------------
Whether sample compositing Individual 1m intervals have been composited,
has been applied. based on lithology, at a max 2m sample
interval for the 61 Air-Core holes.
------------------------------------- -------------------------------------------------------------
Orientation Whether the orientation Sample orientation is vertical and
of data of sampling achieves approximately perpendicular to the
in relation unbiased sampling of orientation of the mineralisation,
to geological possible structures and which results in true thickness estimates,
structure the extent to which this limited by the sampling interval as
is known considering applied. Drilling and sampling are
the deposit type carried out on a regular square grid.
There is no apparent bias arising from
the orientation of the drill holes
with respect to the orientation of
the deposit.
------------------------------------- -------------------------------------------------------------
If the relationship There is no apparent bias arising from
between the drilling the orientation of the drill holes
orientation and the orientation with respect to the orientation of
of key mineralised structures the deposit.
is considered to have
introduced a sampling
bias, this should be
assessed and reported
if material.
------------------------------------- -------------------------------------------------------------
Sample The measures taken to Samples are stored in secure storage
security ensure sample security from the time of drilling, through
gathering, compositing and analysis.
The samples are sealed as soon as site
preparation is complete.
A reputable international transport
company with shipment tracking enables
a chain of custody to be maintained
while the samples move from Malawi
to Australia or Malawi to Johannesburg.
Samples are again securely stored once
they arrive and are processed at Australian
laboratories. A reputable domestic
courier company manages the movement
of samples within Perth, Australia.
At each point of the sample workflow
the samples are inspected by a company
representative to monitor sample condition.
Each laboratory confirms the integrity
of the samples upon receipt.
------------------------------------- -------------------------------------------------------------
Audits The results of any audits Richard Stockwell (CP) has reviewed
or reviews or reviews of sampling and advised on all stages of data collection,
techniques and data sample processing, QA protocol and
mineral resource estimation. Methods
employed are considered industry best-practice.
Malawi Field and Laboratory visits
have been completed by Richard Stockwell
in May 2022. A high standard of operation,
procedure and personnel was observed
and reported.
------------------------------------- -------------------------------------------------------------
SECTION 2 - REPORTING OF EXPLORATION RESULTS
Criteria Explanation Commentary
Mineral tenement & land tenure status Type, reference name/number, location The Company owns 100% of the
and ownership including agreements or following Exploration Licences (ELs)
material issues and Retention Licence (RL)
with third parties such as joint under the Mines and Minerals Act
ventures, partnerships, overriding 2019, held in the Company's
royalties, native title wholly-owned, Malawi-registered
interests, historical sites, subsidiaries: EL0609, EL0492, EL0528,
wilderness or national park and EL0545, EL0561, EL0582 and RL0012.
environment settings. A 5% royalty is payable to the
government upon mining and a 2% of
net profit royalty is payable
to the original project vendor.
No significant native vegetation or
reserves exist in the area. The
region is intensively
cultivated for agricultural crops.
-------------------------------------- --------------------------------------
The security of the tenure held at The tenements are in good standing
the time of reporting along with any and no known impediments to
known impediments exploration or mining exist.
to obtaining a licence to operate in
the area.
-------------------------------------- --------------------------------------
Exploration done by other parties Acknowledgement and appraisal of Sovereign Metals Ltd is a first-mover
exploration by other parties. in the discovery and definition of
residual rutile and
graphite resources in Malawi. No
other parties are involved in
exploration.
-------------------------------------- --------------------------------------
Geology Deposit type, geological setting and The rutile deposit type is considered
style of mineralisation a residual placer formed by the
intense weathering of
rutile-rich basement paragneisses and
variable enrichment by elluvial
processes.
Rutile occurs in a mostly
topographically flat area west of
Malawi's capital, known as the
Lilongwe Plain, where a deep tropical
weathering profile is preserved. A
typical profile from
top to base is generally soil ("SOIL"
0-1m) ferruginous pedolith ("FERP",
1-4m), mottled zone
("MOTT", 4-7m), pallid saprolite
("PSAP", 7-9m), saprolite ("SAPL",
9-25m), saprock ("SAPR",
25-35m) and fresh rock ("FRESH"
>35m).
The low-grade graphite mineralisation
occurs as multiple bands of graphite
gneisses, hosted
within a broader Proterozoic
paragneiss package. In the Kasiya
areas specifically, the preserved
weathering profile hosts significant
vertical thicknesses from near
surface of graphite mineralisation.
-------------------------------------- --------------------------------------
Drill hole information A summary of all information material All collar and composite data are
to the understanding of the provided in the body and appendices
exploration results including of this report.
a tabulation of the following
information for all Material drill
holes: easting and northings
of the drill hole collar; elevation
or RL (Reduced Level-elevation above
sea level in metres
of the drill hole collar); dip and
azimuth of the hole; down hole length
and interception
depth; and hole length
-------------------------------------- --------------------------------------
If the exclusion of this information No information has been excluded.
is justified on the basis that the
information is not
Material and this exclusion does not
detract from the understanding of the
report, the Competent
Person should clearly explain why
this is the case
-------------------------------------- --------------------------------------
Data aggregation methods In reporting Exploration Results, All results reported are of a
weighting averaging techniques, length-weighted average of in-situ
maximum and/or minimum grades. The results reported
grade truncations (e.g. cutting of in the body of the report are on a
high-grades) and cut-off grades are nominal lower cut-off of 0.5% Rutile
usually Material and and exclude bottom
should be stated. of hole samples where saprock has
been geologically logged.
-------------------------------------- --------------------------------------
Where aggregate intercepts No data aggregation was required.
incorporate short lengths of
high-grade results and longer lengths
of low-grade results, the procedure
used for such aggregation should be
stated and some typical
examples of such aggregations should
be shown in detail.
-------------------------------------- --------------------------------------
The assumptions used for any No metal equivalent values are used
reporting of metal equivalent values in this report.
should be clearly stated.
-------------------------------------- --------------------------------------
Relationship between mineralisation These relationships are particularly The mineralisation has been released
widths & intercept lengths important in the reporting of by weathering of the underlying,
Exploration Results. layered gneissic bedrock
that broadly trends NE-SW. It lies in
a laterally extensive superficial
blanket with high-grade
zones reflecting the broad bedrock
strike orientation of 045deg.
-------------------------------------- --------------------------------------
If the geometry of the mineralisation The mineralisation is laterally
with respect to the drill hole angle extensive where the entire weathering
is known, its profile is preserved
nature should be reported. and not significantly eroded. Minor
removal of the mineralised profile
has occurred in alluvial
channels. These areas are adequately
defined by the drilling pattern and
topographical control.
-------------------------------------- --------------------------------------
If it is not known and only the down Downhole widths approximate true
hole lengths are reported, there widths limited to the sample
should be a clear statement intervals applied. Graphite
to this effect (e.g. 'down hole results are approximate true width as
length, true width not known'. defined by the sample interval and
typically increase
with depth.
-------------------------------------- --------------------------------------
Diagrams Appropriate maps and sections (with Refer to figures in the body of this
scales) and tabulations of intercepts report.
should be included
for any significant discovery being
reported. These should include, but
not be limited to
a plan view of the drill collar
locations and appropriate sectional
views.
-------------------------------------- --------------------------------------
Balanced reporting Where comprehensive reporting of all All results are included in this
Exploration Results is not report.
practicable, representative
reporting of both low and high-grades
and/or widths should be practiced to
avoid misleading
reporting of exploration results.
-------------------------------------- --------------------------------------
Other substantive exploration data Other exploration data, if meaningful Rutile has been determined, by
and material, should be reported QEMSCAN, to be the major TiO(2)
including (but not -bearing mineral at and around
limited to: geological observations; several rutile prospects within
geophysical survey results; Sovereign's ground package. The
geochemical survey results; company continues to examine
bulk samples - size and method of areas within the large tenement
treatment; metallurgical test package for rutile and graphite
results; bulk density, groundwater, by-product mineralisation.
geotechnical and rock
characteristics; potential
deleterious or contaminating
substances.
-------------------------------------- --------------------------------------
Further work The nature and scale of planned Some additional core-drilling
further work (e.g. test for lateral for metallurgical sample
extensions or depth extensions collection and water exploratory
or large-scale step-out drilling). drilling
is planned and ongoing
throughout the remainder for
2022.
-------------------------------------- --------------------------------------
Diagrams clearly highlighting the Refer to diagrams in the body of this
areas of possible extensions, report.
including the main geological
interpretations and future drilling
areas, provided this information is
not commercially sensitive.
-------------------------------------- --------------------------------------
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