Sovereign Metals: High Grade Saprolite-Hosted Graphite Drill Results from Malingunde
(firmenpresse) -
Sovereign Metals: High Grade Saprolite-Hosted Graphite Drill Results from Malingunde
January 17, 2018 - Sovereign Metals Limited (the Company or Sovereign) is pleased to report the first batch of assay results from the 2017 aircore drilling program completed at the Malingunde saprolite-hosted flake graphite deposit in Malawi.
Aircore drilling was conducted in late 2017, with 210 holes for 6,212 metres completed. The drilling program was designed to further define and upgrade the JORC resource classification levels for inclusion in the Malingunde Pre-feasibility Study, as well as to test graphite mineralisation at Malingunde South Extension and other targets.
The results continue to confirm the excellent consistency of high-grade mineralisation along strike, as well as the substantial vertical thickness of the deposit, and will be incorporated into the updated JORC resource estimate, expected to be delivered in early Q2 2018.
HIGHLIGHTS:
- Assays for the first batch of aircore samples (36 holes of total 210) have been received. These holes focused on infilling the southern-most zone of mineralisation at Malingunde.
- Results for the 192 remaining aircore holes, including drilling at Malingunde South Extension, are expected to be delivered over the coming 4 to 6 weeks, and will be provided to the market when received.
- The results continue to show zones of discrete, very high-grade saprolite-hosted graphite within the broader mineralised zones over >3.5km of strike.
- Results include:
- MGAC0182:-23m (at) 21.2% TGC
- MGAC0183:-36m (at) 11.1% TGC inc. 8m (at) 20.1% TGC
- MGAC0186:-12m (at) 14.5% TGC inc. 6m (at) 20.0% TGC
- MGAC0190:-21m (at) 14.8% TGC inc. 14m (at) 17.3% TGC
Sovereigns Managing Director Dr Julian Stephens commented, These results continue to confirm thick, high-grade saprolite-hosted graphite mineralisation. Importantly, the deposit contains very high-grade zones circa 15 to 20% TGC of very coarse flake graphite mineralisation hosted in soft saprolite. The combination of grade, flake size and the soft nature of the host saprolite create a fantastic platform to develop a low cost, high margin graphite operation.
ENQUIRIES
Julian Stephens
Managing Director
+618 9322 6322
Dominic Allen
Business Development Manager
Infill Aircore Drilling Results
The 2017 infill drilling program comprised 210 aircore holes for 6,212 metres of drilling. Results for the first 36 aircore holes targeting the southern part of the main Malingunde deposit have been received.
The initial assay results continue to confirm the excellent consistency of high-grade mineralisation as well as the substantial vertical thickness of the deposit, and will be incorporated into the updated JORC resource estimate, expected to be delivered in early Q2 2018.
The deposit contains very high-grade zones (circa 20% TGC) of very coarse flake graphite mineralisation hosted in very soft saprolite. The combination of grade, flake size and the very soft nature of the host saprolite create the potential for very low cost, high margin production.
Results for the remaining holes from the 2017 aircore drilling program at Malingunde will be reported as they are received over the coming weeks. The Company also expects to provide an update to the market on the ongoing Malingunde Pre-Feasibility Study shortly.
http://www.irw-press.at/prcom/images/messages/2018/42105/Malingunde Infill Drilling Results First Batch_Jan 18_v16finalPRcom.001.jpeg
Figure 1. Cross-section showing high-grade, saprolite-hosted graphite mineralisation.
http://www.irw-press.at/prcom/images/messages/2018/42105/Malingunde Infill Drilling Results First Batch_Jan 18_v16finalPRcom.002.jpeg
Figure 2. Map showing selected, recently received drilling results over mineralised zones at Malingunde
Corporate
The Board has resolved that with effect from 1 January 2018, the salary of Dr Julian Stephens, Managing Director, will increase to $215,000 plus superannuation. In addition, Dr Stephens will also be entitled to receive a discretionary cash bonus of up to $50,000 per annum from 1 January 2018 upon successful completion of key performance indicators as determined by the Company.
To view entire news including tables and results, please follow the link:
http://www.asx.com.au/asxpdf/20180117/pdf/43qvzsfmyxd3lt.pdf
Competent Person Statement
The information in this report that relates to Exploration Results is based on information compiled by Dr Julian Stephens, a Competent Person who is a member of the Australian Institute of Geoscientists (AIG). Dr Stephens is the Managing Director of Sovereign Metals Limited and a holder of shares, options and performance rights in Sovereign Metals Limited. Dr Stephens has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Stephens consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this announcement that relates to previous Exploration Results is extracted from announcements 18 January 2017, 21 February 2017 and 15 March 2017. These announcements are available to view on www.sovereignmetals.com.au. The information in the original announcements that related to Exploration Results were based on, and fairly represents, information compiled by Dr Julian Stephens, a Competent Person who is a member of the Australasian Institute of Geoscientists (AIG). Dr Stephens has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on Sovereigns expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
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Datum: 17.01.2018 - 07:52 Uhr
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