Sovereign Metals Says Measured, Indicated Resources Rise 32% at Malawi Rutile-Graphite Project, Shares Up 3%

MT Newswires Live03-18

Sovereign Metals (ASX:SVM) said measured and indicated resources at its Kasiya rutile-graphite project in Malawi have increased by 32%, according to a Wednesday Australian bourse filing.

The company said total rutile mineral resources increased to 2.1 billion tonnes at 0.96% rutile for 20.3 million tonnes of contained rutile, with 0.95% total graphitic carbon for 20 million tonnes of contained graphite.

Measured and indicated contained rutile increased 32% to 16.1 million tonnes across 1.6 billion tonnes at 0.98% rutile, a "material" resource ahead of the definitive feasibility study (DFS), the filing added.

The company said the measured resource, planned to be mined and processed in the first six years of operations, represents the highest-confidence JORC Code category and has been achieved at Kasiya for the first time.

The company added that the resource upgrade delivered the classification standard required for a bankable DFS, which the company described as a critical milestone on the path to project financing.

The company's shares rose 3% in recent Wednesday trade.

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