The 81% increase in Kasiya’s Indicated resource grants Sovereign plenty of confidence going forward
Confidence in the resource present within Sovereign’s giant Kasiya mineral sands and graphite project is greater than ever with an 81% increase in the size of its Indicated Resource.
Higher confidence Indicated Resources now stands at 1.2 billion tonnes grading 1% rutile and 1.5% graphite, or 66% of the total Resource of over 1.8Bt at 1% rutile and 1.4% graphite at the project in Malawi
Sovereign Metals (ASX:SVM) notes the updated resource – which remains the world’s largest rutile and second largest graphite deposit – will underpin the mining inventory and mine plan for the upcoming Pre-Feasibility Study.
“The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome,” managing director Dr Julian Stephens said.
“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 updated resource has further defined broad and contiguous zones of high-grade rutile and graphite which occur across a very large area of over 201km2.
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 while graphite is depleted near surface with grades improving at depths generally about 4m to the base of the saprolite zone, which averages about 22m.
Overall, the new Indicated resource shows coherent, broad bodies of mineralisation that have coalesced very well with additional infill drilling results.
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.