Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) has upsized its indicated rutile and graphite resource at the Kasiya deposit in Malawi to 1.12 billion tonnes, weighing in at 1% rutile and 1.5% graphite.
Meanwhile, Kasiya’s global mineral resource estimate has grown to more than 1.8 billion tonnes — a figure that will underpin mine inventory and planning ahead of a pre-feasibility study (PFS).
Sovereign sees the deposit growing in quantity and quality. The company also upgraded roughly 500 million tonnes of ore to indicated status, boosting the higher-confidence resource category by a whopping 81%.
With more than 66% of the Kasiya resource now defined as indicated, the asset continues to prove its worth as the largest natural rutile and second-largest flake graphite deposit in the world.
Kaysia’s rutile and graphite resources have grown substantially in the last 12 months.
“Outstanding outcome”
Sovereign managing director Dr Julian Stephens called growth in Kasiya’s indicated resource base “an outstanding outcome”.
“The conversion rate confirms the very consistent geological and grade continuity and is testament to the high quality and robustness of the deposit,” he noted.
“Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit.
“The PFS work program on this highly strategic and globally significant project is progressing well and approaching its final stages.
“The company is looking forward to presenting the outcomes of the PFS in the coming months.”
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