Sovereign Metals eyes pit expansion potential at Kasiya rutile project

AC drilling at Sovereign Metals’ Kasiya Rutile Project in Malawi has confirmed pit expansion potential at depth.

For Sovereign (ASX:SVM), the results confirm that rutile and graphite mineralisation is continuous from surface down beneath initial planned open pit shells – which average ~15m depth – to the saprock which is generally 20-25m vertical depth.

Best results from the 61 holes drilled include:

28m at 1.07% including 5m at 1.52% rutile;
26m at 1.04% including 5m at 1.48% rutile;
24m at 1.02% including 6m at 1.42% rutile;
23m at 1.05% including 3m at 1.69% rutile;
23m at 1.03% including 5m at 1.26% rutile; and
23m at 1.01% including 5m at 1.18% rutile.

Results for a further 98 holes are pending.

Several pit expansions possible

Notably, Pit 15 revealed the most pronounced, deep mineralised corridor, but the company is planning for Pit 13 to be the first block in the mining schedule, as it shows considerable rutile mineralisation outside and below the current block model and optimised pit shell.

“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,” Sovereign’s MD Dr 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.”

Kasiya PFS work underway

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, and after receiving the final batch assays will be modelled to update the JORC resource estimate – which is planned for Q1 2023.

This article was developed in collaboration with Sovereign Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.