Sovereign Metals Limited: 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
- 26m @ 1.04% inc. 5m @ 1.48% rutile
- 24m @ 1.02% inc. 6m @ 1.42% rutile
- 23m @ 1.05% inc. 3m @ 1.69% rutile
- 23m @ 1.03% inc. 5m @ 1.26% rutile
- 23m @ 1.01% inc. 5m @ 1.18% rutile
- 22m @ 1.08% inc. 5m @ 1.68% rutile
- 21m @ 1.06% inc. 5m @ 1.51% rutile
- 20m @ 1.23% inc. 5m @ 1.70% rutile
- 20m @ 1.22% inc. 3m @ 1.95% rutile
- 20m @ 1.18% inc. 6m @ 1.58% 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.
26 October 2022 - 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)
Managing Director
+61(8) 9322 6322
Sam Cordin (Perth)
+61(8) 9322 6322
Sapan Ghai (London)
+44 207 478 3900
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.
Figure 1: Kasiya AC drilling location map showing the drilling concentrated within proposed mining pits.
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 (Figure 3). Rutile and graphite mineralisation is seen to be pervasive throughout the saprolite zone.
Figure 2: Kasiya Pit Shell 15 showing AC drilling collars.
Figure 3: Pit 15 long section 544,400mE including KYAC0078 to KYAC0079 and KYAC0089 to KYAC0092.
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.
Figure 4: Kasiya Pit Shell 13 showing AC drilling collars.
Figure 5: Pit 13 cross section 8,472,000mN including KYAC0050 to KYAC0042.
KASIYA PRE-FEASIBILITY STUDY PROGRESS
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%
* 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 this Study ** Any minor summation inconsistencies are due to rounding
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.
This ASX Announcement has been approved and authorised for release by the Company’s Managing Director, Dr Julian Stephens.
Appendix I – DRILL RESULTS
Rutile and graphite drilling results from Kasiya are shown below in Table 2.
Hole ID
Interval Thickness
Rutile %
TGC %
From (m) Downhole
Hole Type
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
APPENDIX 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