Sovereign Metals (ASX: SVM) has released an updated JORC 2012 Mineral Resource Estimate for its Kasiya Mega-Deposit in Malawi, confirming it as the world’s largest-known rutile deposit.
The updated MRE, which delivers 1.8 billion tonnes @ 1.01% rutile, comes after an initial Scope Study showed that Kasiya contains more than double the contained resource of the neighbouring Sierra Rutile.
In addition, the flake graphite by-product at the project is now recognised to be the second-largest deposit in the world.
Addressing the MRE upgrade, Sovereign Metals Managing Director Dr Julian Stephens said: “It is a really remarkable achievement by our team to have made the largest natural rutile discovery ever in just two years since initial identification. The JORC MRE of this scale and grade is clearly highly strategic, Tier 1 and of global significance in a market where natural rutile is in extreme supply deficit.
“The JORC MRE of this scale and grade is clearly highly strategic, Tier 1 and of global significance in a market where natural rutile is in extreme supply deficit”
The step-change in scale will now allow us to examine potentially higher-grade throughout, increased production levels and a longer mine life in the upcoming Scoping Study update. The Company is targeting a large-scale, low carbon-footprint and environmentally sustainable natural rutile and graphite operation which will also positively impact the environmental footprint of titanium pigment and other industries and provide a significant contribution to the economy of Malawi.”
Sovereign notes that the tripling of the resource base has been largely due to the identification of a number of new large, ‘high-grade’ rutile zones in the southern and eastern parts of the resource area.
Map of the Kasiya Deposit displaying rutile gradesImportantly, the area covered by the Kasiya MRE is just over 38% of the project’s 129km² mineralised footprint, providing upside potential.
An updated Scoping Study is expected to be completed in Q2 2022, along with the commencement of metallurgical programs, hydrogeological studies and the continuation of various drilling campaigns at Kasiya.
Images: Sovereign Metals Limited
