Sovereign Metals (ASX:SVM) has launched a follow-up drilling program at its Kasiya Rutile-Graphite Project in Malawi, focusing on the region to the north of the current resource footprint.
The 70-hole hand-auger drill program has been designed to target areas where mineralisation was uncovered in earlier wide-spaced regional hand-auger drilling.
Sovereign, which has a market capitalisation of $287.13 million, expects to complete drilling in the coming weeks.
Samples will be initially processed in Sovereign’s Lilongwe own lab facility and then shipped for final analysis at certified international laboratories.
The company recently conducted a reconnaissance drill program to the south of Kaisya, which uncovered an 8km extension of mineralisation which remains open along strike and at depth.
The company says these results suggest the potential to expand the ‘significant, high-grade’ rutile and graphite Mineral Resource Estimate (MRE) at Kaisya.
Kaisya’s current MRE includes 1.8 billion tonnes @ 1% rutile and 1.4% graphite comprising broad and contiguous zones of ‘high-grade’ rutile and graphite that occur across an area of over 201km-square.
Sovereign Metals is focused on its flagship Kaisya project, which is considered to be the world’s ‘largest’ natural rutile deposits.
As of 31 December 2023, the company had about $39.436 million cash and cash equivalents at hand, according to its latest half yearly financial report.
Write to Aaliyah Rogan at Mining.com.au
Images: Sovereign Metals
