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Sovereign Metals Ltd chairman buys 1 million shares on market

Sovereign Metals Ltd (ASX:SVM) has had one million of its shares bought up on market by its chairman of the board, Ian Middlemas, taking his holding to 6.06 million shares.
Sovereign Metals Ltd chairman buys 1 million shares on market
Sovereign Metals Ltd chairman buys 1 million shares on market

The $127,033 worth of shares were purchased at an average price of $0.127 which is 130% higher than where shares started the year.

In 2015, Sovereign discovered the Malingunde graphite deposit located 15 kilometres from Lilongwe, the capital city of Malawi, a country in southeastern Africa.

The Malingunde deposit is particularly significant as it is hosted within weathered, soft saprolite (clay) material.

Saprolite-hosted flake graphite mining operations, similar to those in China and Madagascar, usually have significant cost and environmental advantages over hard rock mining.

The project also has access to infrastructure; being 25 kilometres from rail access, 15 kilometres from high-capacity power-lines and with plentiful fresh water.

A 5,000 metre aircore resource drilling program is due to commence imminently with the results feeding in to an initial resource estimate due for completion in Q1 2017.

Exploration thus far has shown the Malingunde deposit appears to be large and high grade, with visually coarse and jumbo flake graphite identified throughout.

Saprolite-hosted mineralisation has been identified in hand auger drilling over 3.4 kilometres of strike with cumulative across strike widths locally exceeding 200 metres and averaging about 140 metres.

Grades of mineralised saprolite average around 8% total graphitic content (TGC) with a number of coherent higher grade zones well above 10% TGC identified.

Shares have doubled year to date, currently trading at $0.12.

The company had $3.6 million in cash at the end of the September quarter and has raised an additional $1.1 million since then.

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