- Sovereign Metals (SVM) has established a maiden mineral resource estimate (MRE) for its Kasiya rutile deposit in Malawi
- Kasiya’s MRE is 644 million tonnes at 1.01 per cent rutile including a high-grade component of 137 million tonnes at 1.41 per cent rutile
- SVM says the estimate establishes Kasiya as a “globally significant natural rutile discovery” and one of the “largest natural rutile deposits in the world”
- The company expects the MRE to grow in the future and says a scoping study at the site is now well underway
- Shares in Sovereign Metals are up 12.5 per cent at 76.5 cents each at 12:30 pm AEST
Sovereign Metals (SVM) has established a maiden mineral resource estimate (MRE) for its Kasiya rutile deposit in Malawi.
The MRE sits at 644 million tonnes at 1.01 per cent rutile, with a 0.7 per cent cut-off, including a high-grade component of 137 million tonnes at 1.41 per cent rutile, with a 1.2 per cent cut-off.
Commenting on the estimate, Managing Director Julian Stephens said it established Kasiya as one of the largest rutile deposits in the world.
“It is a remarkable result to achieve the maiden JORC mineral resource estimate of this scale, grade and global significance in under 18 months since discovery,” Dr Stephens said.
“We believe this maiden resource is just the beginning and expect to upgrade and expand the resource over the coming quarters.”
Sovereign is confident it will be able to grow Kasiya’s MRE further, as it currently only covers 43 per cent of the company’s wider rutile footprint.
SVM has also commenced a scoping study at the deposit, focusing on ESG and sustainability.
“The company is surging forward with the Kasiya Scoping Study which will target a large-scale natural rutile operation to help address the supply deficit and reduce the titanium industry’s environmental footprint,” Dr Stephens said.
Rutile is used in plastics, paper products, paints, sunscreen and food colouring.
Shares in Sovereign Metals were up 12.5 per cent at 76.5 cents each at 12:30 pm AEST.