- Sovereign Metals (SVM) increases the Kasiya rutile-graphite deposit in Malawi’s indicated mineral resource estimated (MRE) by 80 per cent to 1.2 billion tonnes
- 66 per cent of the SVM MRE now sits within the indicated resource category
- Kasiya’s global MRE now spans over 1.8 billion tonnes at one per cent rutile and 1.4 per cent graphite
- The updated MRE will form the basis of the company’s evolving mining inventory and mine plans for its upcoming pre-feasibility study
- SVM shares are up 1.1 per cent, trading at 46 cents at 12:30 pm AEST
Sovereign Metals (SVM) has increased the indicated mineral resource estimated (MRE) at its Kasiya rutile-graphite deposit in Malawi by 80 per cent to 1.2 billion tonnes.
The company’s 1.2 billion tonne resource is made up of 1.0 per cent rutile and 1.5 per cent graphite, with over 66 per cent now sitting in the indicated resource category.
Both indicated and inferred MREs combined now come in at 1.8 billion tonnes at 1 per cent rutile and 1.4 per cent graphite.
SVM said the updated MRE further defined broad and contiguous zones of high-grade rutile and graphite across 201 square kilometres of its exploration target.
“The increase of over 80 per cent in the Indicated component at a one-for-one conversion from inferred is an outstanding outcome,” SVM Managing Director Doctor Julian Stephens said.
“Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecasts to be in near-term and significant supply deficit.”
The company said Kasiya is a tier one deposit and holds a potential major source of low carbon footprint critical minerals such as natural rutile and graphite.
SVM said the updated MRE would form the basis of its evolving mining inventory and mine plans for its upcoming pre-feasibility study.
SVM shares were up 1.1 per cent, and trading at 46 cents at 12:30 pm AEST.