Sign up Australia
Proactive Investors - Run By Investors For Investors

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.

View full SVM profile View Profile

Sovereign Metals Ltd Timeline

Related Articles

reverse circulation drill rig
April 19 2018
Drilling underway is targeting maiden resources at the Lydia and Crown Prince prospects.
Energy Fuels nudges higher as it outlines opportunities to lift uranium output
March 21 2018
The group is always hunting new sources of alternate feed materials and fee processing arrangements, it said
Photo from Finniss project
May 09 2018
Importantly, the doubling in the Grants resource was at the same high grade of 1.5% lithium.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use