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Sovereign Metals reveals thick zones of graphite at Malingunde deposit

Sovereign Metals Ltd (ASX:SVM) has revealed thick and high grade zones of saprolite-hosted graphite mineralization from drilling at the Malingunde flake graphite deposit in Malawi.
Sovereign Metals reveals thick zones of graphite at Malingunde deposit
Sovereign Metals Ltd reveals thick zones of graphite at Malingunde deposit

Assay results from the diamond drilling program include:
- 15 metres at 19.7% TGC (total graphitic carbon) within a broader zone of 25 metres at 15.1% TGC; and
- 12 metres at 17.1% TGC within a broader zone of 20 metres at 13.7% TGC.

Overall, the assays confirm that high grades of saprolite continue to vertical depths of between 20 and 30 metres, in line with the near surface grades returned from previous hand auger drilling.

Saprolite-hosted flake graphite deposits are sought after as they generally have substantially lower production costs than hard rock deposits.

This is mainly due to their free-dig nature, generally low strip ratios and simple processing with no primary crushing or grinding circuit required.

The initial resource estimate for the Malingunde deposit is targeted for Q1 2017 and a scoping study by Q1 or early Q2 2017.

A 5,000 metre aircore resource drill out program is scheduled to commence this week and should be completed within the quarter.

Sovereign’s share price has increased by 140% during the past 6 months, last trading at $0.12.



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