Sovereign Metals (ASX:SVM) has increased the total rutile resource estimate at its flagship Kasiya Rutile-Graphite Project in Malawi to 2.1 billion tonnes @ 0.96% rutile for 20.3 million tonnes contained graphite.
The resource estimate includes a 32% increase to contained rutile in the measured and indicated categories to 16.1 million tonnes.
Sovereign intends to mine and process the measured resource within the first six years of operations at the Kasiya Project.
The updated resource estimate will be incorporated into a Definitive Feasibility Study (DFS).
CEO Frank Eagar says the resource estimate is a “significant milestone” for the company’s progression in the DFS stage.
“The 32% increase in measured and indicated contained rutile, together with our first-ever measured resource, reflects both the quality of our geological dataset and the exceptional nature of this deposit,” Eagar says.
“The rigour of the updated resource estimation gives our strategic and commercial partners and us high confidence in the resource base underpinning our potential mine schedule.
“Kasiya remains unmatched globally as a source of natural rutile, and this mineral resource estimate update reinforces its potential as a long-life, low-cost supplier to critical global supply chains.”
Sovereign Metals is focused on developing the Kasiya Rutile-Graphite Project in Malawi, looking to become a leading global supplier to the titanium and graphite industries.
Write to Maddison Elliott at Mining.com.au
Images: Sovereign Metals
