Home Sports Sovereign Metals (ASX:SVM) confirms potential for quarry expansion in Kassia, Malawi –...

Sovereign Metals (ASX:SVM) confirms potential for quarry expansion in Kassia, Malawi – The Market Herald

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  • Sovereign Metals (SVM) confirms significant pit expansion potential at depth at its Kasiya Rutile project in Malawi
  • In total, the company completed 191 holes in its latest drilling program with deeper and thicker rutile intercepts than previous drilling
  • Up to 1.95 percent rutile was found and the results confirmed that the rutile and graphite mineralization extends from the surface to a depth of 20 to 25 meters
  • SVM is now in the process of preparing a pre-feasibility study, which will build on the previously announced expanded scoping study
  • The company’s shares are trading at 36 cents at 3.32pm AEDT

Sovereign Metals (SVM) has confirmed significant pit expansion potential at depth at its Kasiya Rutile project in Malawi.

In total, the company completed 191 wells in its latest drilling program with deeper and thicker rutile intercepts than in previous drilling.

Today, Sovereign said it has received results from a further 61 holes in the program, with results from 98 holes still pending and expected in the coming months.

Recent company highlights include 20 meters at 1.22 percent rutile, including three meters at 1.95 percent rutile, and 20 meters at 1.23 percent rutile, including five meters at 1.7 percent rutile.

Sovereign said the results confirmed that the rutile and graphite mineralization extended from the surface to the top of the saprock, typically at a depth of 20 to 25 meters.

SVM is now in the process of preparing a pre-feasibility study (PFS), which will build on the previously announced extended scoping study, which confirmed that Kasiya is one of the world’s largest and lowest-cost natural rutile and graphite producers.

“We are very pleased with the continued success of the deep air core program, which confirms the potential for multiple pit expansions at depth,” said managing director Julian Stevens.

“This remains a very busy period for the company as we continue to receive drilling results and our PFS is approaching peak activity.”

The company’s shares were trading at 36 cents at 3:32pm AEDT.

https://themarketherald.com.au/sovereign-metals-asxsvm-confirms-pit-expansion-potential-at-kasiya-malawi-2022-10-26/

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