REG - Sovereign Metals Ltd - Results for Use of Kasiya Graphite in Refractories
21/11/2024 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241121:nRSU0927Na&default-theme=true
RNS Number : 0927N Sovereign Metals Limited 21 November 2024
NEWS RELEASE I 21 NOVEMBER 2024
POSITIVE INITIAL TEST RESULTS FOR USE OF KASIYA GRAPHITE IN REFRACTORIES
· Testwork to confirm the suitability of Kasiya graphite for traditional
applications is underway with an initial focus on the refractory materials
sector
· Refractory materials production accounts for 24% of global graphite demand and
requires large flake graphite with high oxidation resistance
· Initial independent tests confirm that Kasiya's course flake (>180-micron)
graphite concentrate exhibits high oxidation resistance
o No oxidation below 400°C
o Only 6.4% mass loss after 4 hours at 650°C
o Very low oxidation rate of 1.6% per hour at 650°C
· These initial results coincide with news that China plans further export
restrictions of items used in civilian and military applications, including
graphite and titanium alloys
· Results will form the basis for ongoing and future discussions with potential
traditional graphite off-takers; previous testwork has confirmed that Kasiya
graphite can produce outstanding anode materials suitable for battery
production
Classification 2.2: This announcement includes Inside Information
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (Sovereign or the
Company) is pleased to announce that traditional market downstream testwork
conducted at leading independent consultancy ProGraphite GmbH (ProGraphite) in
Germany has delivered very positive initial test results. Preliminary tests
confirm that graphite concentrate produced from the Company's Kasiya
Rutile-Graphite Project (Kasiya or the Project) in Malawi exhibits
prerequisite characteristics required for graphite sales into the refractory
materials sector.
Managing Director and CEO, Frank Eagar commented: "These initial test results
for traditional graphite applications are very promising. High resistance to
oxidation and low levels of sulphur are two key attributes required to produce
a premium graphite product for traditional refractory and foundry
applications. Combining these attributes with the > 50% large flakes of the
Kasiya resource provides Sovereign with multiple marketing options.
Our evaluation of coarse Kasiya concentrate for traditional applications will
continue in the coming months, complementing the optimisation work on the fine
(<180 micron) fraction for anode materials(1), where we have also had
excellent initial results. We are very pleased that our testwork program
continues highlighting Kasiya's graphite's premium quality.
Keeping in mind that graphite is a co-product for Kasiya, when combining these
excellent results with one of the largest graphite resources globally,
industry-low operating costs and lowest industry comparable greenhouse gas
emissions, Kasiya presents significant advantages over its graphite peers as a
long-term secure source of supply."
Initial Test Results for Kasiya Graphite use in Refractory Materials
Flake graphite for refractory applications should have high oxidation
resistance, low levels of impurities and low loss on ignition at moderate
temperatures. Sample characterisation (see Table 1) showed high fixed carbon
and low volatiles, confirming prior results regarding the purity of Kasiya
flake graphite.
Table 1: Coarse (>180-micron) Flake Characterisation
Loss on Ignition (LOI %) Moisture (%) Volatiles (%) Fixed Carbon (%)
97.5 0.11 0.29 97.1
Source: ProGraphite
The oxidation behaviour of Kasiya coarse flake (>180 microns) was assessed
by a standard method known as Thermogravimetric Analysis (TGA). TGA measures
the weight loss of a sample at a controlled rate of increasing temperatures,
with each increase in temperature held for specified time intervals (to
measure weight loss at constant temperature).
TGA performed by an independent laboratory on a sample of >180-micron (µm)
concentrate demonstrated no mass loss below 400°C, including the one-hour
hold at 400°C (see Figure 1). Minimal weight loss occurred in the ramp-up to
650°C, with only a 6.37% mass loss for the four-hour hold at 650°C, which
equates to a very-low Oxidation Rate (OR) of 1.6% per hour.
Figure 1: TGA Analysis of >180 micron Kasiya Concentrate (furnace
temperature profile: purple;
absolute weight loss: red; weight loss per minute: blue)
(Source: ProGraphite)
Oxidation resistance of graphite is a critical attribute for its use in
refractory applications, where the refractory bricks are exposed to high
furnace temperatures. Kasiya coarse flake also has very low levels of sulphur
impurities (<0.02%), which is also advantageous for refractory
applications.
Additional evaluation of Kasiya coarse flake for traditional and expandable
applications is underway with results expected in the coming months.
This will complement the optimisation program for anode materials, generating
the information required for offtake agreements for Kasiya graphite
concentrate.
Graphite and Titanium Alloy Export Restrictions
On 16 November 2024, Japan-based Nikkei Asia correspondents reported that
China plans to tighten export controls on key "dual-use" technologies and
items, including graphite and titanium alloys, in December 2024. China's
Commerce Ministry had detailed specifications of technologies and items used
in both civilian and military applications that would fall under the export
controls with graphite on the list. Nikkei Asia was the first news company to
announce China's antimony export restrictions in August 2024.
On 20 October 2023, Reuters reported, effective 1 December 2023, that China
would require export permits for some graphite products, including natural
graphite and natural graphite products critical to EV production. China is the
world's top graphite producer and exporter. According to Benchmark Mineral
Intelligence, currently 75% of the world's flake graphite and 96% of spherical
graphite (used in battery anodes) come from China.
The reported restrictions further highlight the globally and geopolitically
strategic nature of the Company's Kasiya Project, which aims to become the
world's largest producer of high-grade titanium feedstock in the form of
rutile and natural flake graphite.
Industrial uses of Graphite
Traditional demand for natural graphite is primarily tied to the steel
industry where it is used as a component in bricks that line both blast and
electric arc furnaces ("refractories") and as a liner for ladles and
crucibles. In the automotive industry, it is used in brake linings, gaskets
and clutch materials. Graphite also has many other industrial uses in
lubricants, carbon brushes for electric motors, fire retardants, and
insulation and reinforcement products.
Figure 2: Uses of Graphite
(Source: European Advanced Carbon and Graphite Association)
Kasiya Graphite Flake Size Distribution Provides Optionality
The size of the flakes typically determines a graphite product's use.
Typically, large flake graphite is used in refractory applications, while
smaller flake sizes are used in battery applications. Very small graphite
flakes tend to have limited usefulness, mainly for lubricants.
The flake size distribution of Kasiya's current graphite Mineral Reserve
indicates that Kasiya's graphite could be used for several applications. This
provides the Company with optionality over offtake discussions and future
supply chains to maximise revenues generated by Kasiya's graphite co-product.
Table 2: Flake Size Distribution
Flake Graphite Type Typical Use / Target Industry Flake Size 2024 Price Sovereign Metals Syrah Resources*
(µm)
(US$/t)
Kasiya Balama*
(PFS Stage) (In Production)
Super-Jumbo Aerospace, nuclear and other >500 1,841 29.8% 8.5%
Jumbo Crucibles and foundry 300-500 1,491
Large Refractories and foundries 180-300 1,191 27.1% 12.0%
Medium Batteries and refractories 105-180 1,115 23.9% 34.0%
Small Batteries and niche products 75-105 659 19.4% 45.5%
Very Small Lubricants <75 609
*Source: Fastmarkets; Syrah Resources Limited company disclosures: see ASX
Announcement "Syrah Finalises Balama Graphite Feasibility Study and Declares
Maiden Ore Reserve" here:
https://announcements.asx.com.au/asxpdf/20150529/pdf/42yw7f27bc6j4d.pdf
(https://announcements.asx.com.au/asxpdf/20150529/pdf/42yw7f27bc6j4d.pdf)
Syrah Resources is the world's largest listed graphite producer outside China.
Graphite in Refractory Materials
Graphite additives are used to produce refractory materials for
high-temperature environments, such as the linings for furnaces, kilns,
incinerators and nuclear reactors. Graphite's key properties for use in
refractory applications are its resistance to oxidation, chemical inertness,
and good thermal conductivity.
Specifically, graphite is used to increase the effectiveness of the final
refractory product by:
• increasing thermal conductivity for efficient heat transfer,
• decreasing thermal gradient between the hot and cold faces of the product,
thereby reducing expansion,
• increasing the resistance to thermal shock which would otherwise lead to
cracking or breakage of the refractory,
• low thermal expansion, reducing the ricks of structural damage,
• repelling molten slag,
• reducing wettability to molten metals so they do not affect the end product,
and
• increasing the working life of the product.
(1) Refer to Sovereign's ASX Announcement "Downstream Testwork Demonstrates
High Quality Graphite" dated 15 May 2024
Enquires
Frank Eagar, Managing Director & CEO Sapan Ghai, CCO
South Africa / Malawi London
+27 21 065 1890 +44 207 478 3900
Nominated Adviser on AIM and Joint Broker
SP Angel Corporate Finance LLP +44 20 3470 0470
Ewan Leggat
Charlie Bouverat
Joint Brokers
Stifel +44 20 7710 7600
Varun Talwar
Ashton Clanfield
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Buchanan + 44 20 7466 5000
Competent Person Statement
The information in this report that relates to Metallurgical Testwork is based
on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc., who is
a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Dr
Ghag is engaged as a consultant by Sovereign Metals Limited. Dr Ghag has
sufficient experience, which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking, 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 Ghag 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 report that relates to Exploration Results is based on
information compiled by Malcolm Titley, a Competent Person who is a member of
The Australasian Institute of Mining and Metallurgy (AusIMM]. Mr Titley
consults to Sovereign Metals Limited and is a holder of ordinary shares and
unlisted performance rights in Sovereign Metals Limited. Mr Titley 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'. Mr Titley consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
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
Sovereign's 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.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Appendix 1: JORC Code, 2012 Edition - Table 1
SECTION 1 - SAMPLING TECHNIQUES AND DATA
Criteria JORC Code explanation Commentary
Sampling Techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific Metallurgical Composite Sample:
specialised industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld XRF The sample was a composite of 24 Hand Auger (HA) and Push Tube (PT) holes
instruments, etc). These examples should not be taken as limiting the broad drilled in 2022 in the Kingfisher pit.
meaning of sampling.
All drilling samples within the pit shell were added to the composite
resulting in a sample of 2,498kg.
Specifically, the composite sample consisted of selected rutile mineralised
zones from holes, NSHA0009, 0010, 0056, 0060, 0061, 0074, 0119, 0311, 0343,
0344, 0345, 0350 and NSPT 0011, 0013, 0014, 0015, 0017, 0020, 0021, 0023,
0024, 0025, 0026, 0027.
The following workflow was used to generate a pre-concentrate graphite feed at
AML:
· Wet screen at 2mm to remove oversize
· Two stage cyclone separation at a cut size of 45µm to remove
-45µm material
· Pass +45µm -2mm (sand) fraction through Up Current Classifier
(UCC)
· Pass UCC O/F through cyclone at cut point of 45µm
· Pass UCC O/F cyclone U/F (fine) over MG12 Mineral Technologies
Spiral
· Pass UCC U/F (coarse) over MG12 Mineral Technologies Spiral
· Spiral cons are combined for further processing.
Fine and coarse gravity tailing samples contain approximately 75%-80% of the
graphite present in the feed sample. The majority of the graphite lost is
contained in the -45µm fines.
Include reference to measures taken to ensure sample representivity and the Placer Consulting (Placer) Resource Geologists have reviewed Standard
appropriate calibration of any measurement tools or systems used. Operating Procedures (SOPs) for the collection of HA and PT drill samples and
found them to be fit for purpose.
Drilling and sampling activities are supervised by a suitably qualified
Company geologist who is present at all times. All bulk 1-metre drill samples
are geologically logged by the geologist at the drill site.
The primary metallurgical composite sample is considered representative for
this style of mineralisation.
Aspects of the determination of mineralisation that are Material to the Public HA drilling was used to obtain 1-metre samples. The bulk metallurgical sample
Report. In cases where 'industry standard' work has been done this would be was a composite of selected samples from routine resource drilling.
relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire Existing rutile and graphite exploration results were used to determine the
assay'). In other cases more explanation may be required, such as where there 1-metre intervals suitable to contribute to the two bulk sample composites.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling Techniques Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air Hand-auger drilling is completed with 75mm diameter enclosed spiral bits with
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or 1-metrelong steel rods. Each 1m of drill sample is collected into separate
standard tube, depth of diamond tails, face‐sampling bit or other type, sample bags and set aside. The auger bits and flights are cleaned between
whether core is oriented and if so, by what method, etc). each metre of sampling to avoid contamination.
Placer has reviewed SOPs for hand-auger drilling and found them to be fit for
purpose and support the resource classifications as applied to the MRE.
Drill Sample Recovery Method of recording and assessing core and chip sample recoveries and results The configuration of drilling and nature of materials encountered results in
assessed. negligible sample loss or contamination.
Samples are assessed visually for recoveries. Overall, recovery is good.
Drilling is ceased when recoveries become poor generally once the water table
has been encountered.
Auger drilling samples are actively assessed by the geologist onsite for
recoveries and contamination.
Measures taken to maximise sample recovery and ensure representative nature of The Company's trained geologists supervise auger drilling on a 1 team 1
the samples. geologist basis and are responsible for monitoring all aspects of the drilling
and sampling process.
Whether a relationship exists between sample recovery and grade and whether No bias related to preferential loss or gain of different materials has
sample bias may have occurred due to preferential loss/gain of fine/coarse occurred.
material.
Logging Whether core and chip samples have been geologically and geotechnically logged All individual 1-metre auger intervals are geologically logged, recording
to a level of detail to support appropriate Mineral Resource estimation mining relevant
studies and metallurgical studies.
data to a set template using company codes.
Whether logging is qualitative or quantitative in nature. Core (or costean, All logging includes lithological features and estimates of basic mineralogy.
channel, etc.) photography. Logging is generally qualitative.
The total length and percentage of the relevant intersection logged 100% of samples are geologically logged.
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Not applicable - no core drilling conducted.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether Primary individual 1-metre samples from all HA and PT holes drilled are sun
sampled wet or dry. dried, homogenised and riffle split.
For all sample types, the nature, quality and appropriateness of the sample Metallurgical Composite Sample:
preparation technique.
1-metre intervals selected for the 2,498kg metallurgical sample were divided
into weathering units.
MOTT and PSAP material were combined and homogenised in preparation for
dispatch to Australian laboratory Intertek for TGC assay.
Per Australian import quarantine requirements the contributing SOIL/FERP
material from within 2m of surface was kept separate to undergo quarantine
heat treatment at Intertek Laboratory on arrival into Australia.
The two sub samples (SOIL/FERP and MOTT/PSAP) were then dispatched from
Intertek to AML Laboratory (AML). AML sub-sampled and assayed the individual
lithologies prior to combining and homogenising the sample in preparation for
test-work.
Quality control procedures adopted for all sub-sampling stages to maximise The sample preparation techniques and QA/QC protocols are considered
representivity of samples. appropriate for the nature of this test-work.
Measures taken to ensure that the sampling is representative of the in situ The sampling best represents the material in situ.
material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being The sample size is considered appropriate for the nature of the test-work.
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory Metallurgical Composite Sample:
procedures used and whether the technique is considered partial or total.
The following workflow was used to generate a graphite product;
o Coarse and fine rougher graphite flotation
o Polishing grind of coarse and fine rougher graphite concentrate
o Cleaner flotation of coarse and fine graphite
o Cleaner concentrate sizing at 180µm
o Regrind of separate +180µm/-180µm fractions
o Three stage recleaner flotation of +180µm/-180µm fractions
For geophysical tools, spectrometers, handheld XRF instruments, etc., the Acceptable levels of accuracy and precision have been established. No handheld
parameters used in determining the analysis including instrument make and methods are used for quantitative determination.
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, Acceptable levels of accuracy and precision have been established in the
duplicate, external laboratory checks) and whether acceptable levels of preparation of the bulk sample composites.
accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling & assaying The verification of significant intersections by either independent or No drilling intersections are being reported.
alternative company personnel.
The use of twinned holes. No twin holes completed in this program.
Documentation of primary data, data entry procedures, data verification, data All data was collected initially on paper logging sheets and codified to the
storage (physical and electronic) protocols. Company's templates. This data was hand entered to spreadsheets and validated
by Company geologists.
Discuss any adjustment to assay data. No adjustment to assay data has been made.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and A Trimble R2 Differential GPS is used to pick up the collars. Daily capture at
down-hole surveys), trenches, mine workings and other locations used in a registered reference marker ensures equipment remains in calibration.
Mineral Resource estimation.
No downhole surveying is completed. Given the vertical nature and shallow
depths of the holes, drill hole deviation is not considered to significantly
affect the downhole location of samples.
Specification of the grid system used. WGS84 UTM Zone 36 South.
Quality and adequacy of topographic control. DGPS pickups are considered to be high quality topographic control measures.
Data spacing & distribution Data spacing for reporting of Exploration Results. Metallurgical Composite Sample: The hand-auger holes contributing to this
metallurgical were selected from pit area Kingfisher and broadly represent
early years of mining as contemplated in the PFS (Approximately the first
three years).
It is deemed that these holes should be broadly representative of the
mineralisation style in the general area.
Whether the data spacing and distribution is sufficient to establish the Not applicable, no Mineral Resource or Ore Reserve estimations are covered by
degree of geological and grade continuity appropriate for the Mineral Resource new data in this report.
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. Metallurgical Composite Sample:
The sample was composited as described under Sampling Techniques in this
Table.
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible No bias attributable to orientation of sampling has been identified.
structures and the extent to which this is known considering the deposit type
If the relationship between the drilling orientation and the orientation of All holes were drilled vertically as the nature of the mineralisation is
key mineralised structures is considered to have introduced a sampling bias, horizontal. No bias attributable to orientation of drilling has been
this should be assessed and reported if material. identified.
Sample security The measures taken to ensure sample security Samples are stored in secure storage from the time of drilling, through
gathering, compositing and analysis. The samples are sealed as soon as site
preparation is complete.
A reputable international transport company with shipment tracking enables a
chain of custody to be maintained while the samples move from Malawi to
Australia or Malawi to Johannesburg. Samples are again securely stored once
they arrive and are processed at Australian laboratories. A reputable domestic
courier company manages the movement of samples within Perth, Australia.
At each point of the sample workflow the samples are inspected by a company
representative to monitor sample condition. Each laboratory confirms the
integrity of the samples upon receipt.
Audits or reviews The results of any audits or reviews of sampling techniques and data It is considered by the Company that industry best practice methods have been
employed at all stages of the exploration.
Malawi Field and Laboratory visits have been completed by Richard Stockwell in
May 2022. A high standard of operation, procedure and personnel was observed
and reported.
SECTION 2 - REPORTING OF EXPLORATION RESULTS
Criteria Explanation Commentary
Mineral tenement & land tenure status Type, reference name/number, location and ownership including agreements or The Company owns 100% of the following Exploration Licences (ELs) under the
material issues with third parties such as joint ventures, partnerships, Mines and Minerals Act 2019 (Malawi), held in the Company's wholly-owned,
overriding royalties, native title interests, historical sites, wilderness or Malawi-registered subsidiaries: EL0609, EL0582, EL0492, EL0528, EL0545,
national park and environment settings. EL0561, EL0657 and EL0710.
A 5% royalty is payable to the government upon mining and a 2% of net profit
royalty is payable to the original project vendor.
No significant native vegetation or reserves exist in the area. The region is
intensively cultivated for agricultural crops.
The security of the tenure held at the time of reporting along with any known The tenements are in good standing and no known impediments to exploration or
impediments to obtaining a licence to operate in the area. mining exist.
Exploration done by other parties Acknowledgement and appraisal of exploration by other parties. Sovereign Metals Ltd is a first-mover in the discovery and definition of
residual rutile and graphite deposits in Malawi.
Geology Deposit type, geological setting and style of mineralisation The rutile deposit type is considered a residual placer formed by the intense
weathering of rutile-rich basement paragneisses and variable enrichment by
eluvial processes.
Rutile occurs in a mostly topographically flat area west of Malawi's capital,
known as the Lilongwe Plain, where a deep tropical weathering profile is
preserved. A typical profile from top to base is generally soil ("SOIL" 0-1m)
ferruginous pedolith ("FERP", 1-4m), mottled zone ("MOTT", 4-7m), pallid
saprolite ("PSAP", 7-9m), saprolite ("SAPL", 9-25m), saprock ("SAPR", 25-35m)
and fresh rock ("FRESH" >35m).
The low-grade graphite mineralisation occurs as multiple bands of graphite
gneisses, hosted within a broader Proterozoic paragneiss package. In the
Kasiya areas specifically, the preserved weathering profile hosts significant
vertical thicknesses from near surface of graphite mineralisation.
Drill hole information A summary of all information material to the understanding of the exploration All intercepts relating to the Kasiya Deposit have been included in public
results including a tabulation of the following information for all Material releases during each phase of exploration and in this report. Releases
drill holes: easting and northings of the drill hole collar; elevation or RL included all collar and composite data and these can be viewed on the Company
(Reduced Level-elevation above sea level in metres of the drill hole collar); website.
dip and azimuth of the hole; down hole length and interception depth; and hole
length There are no further drill hole results that are considered material to the
understanding of the exploration results. Identification of the broad zone of
mineralisation is made via multiple intersections of drill holes and to list
them all would not give the reader any further clarification of the
distribution of mineralisation throughout the deposit.
If the exclusion of this information is justified on the basis that the No information has been excluded.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum No data aggregation was required.
and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high-grade results and No data aggregation was required.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be Not applicable
clearly stated.
Relationship between mineralisation widths & intercept lengths These relationships are particularly important in the reporting of Exploration The mineralisation has been released by weathering of the underlying, layered
Results. gneissic bedrock that broadly trends NE-SW at Kasiya North and N-S at Kasiya
South. It lies in a laterally extensive superficial blanket with high-grade
zones reflecting the broad bedrock strike orientation of ~045° in the North
of Kasiya and 360° in the South of Kasiya.
No drilling intercepts are being reported.
If the geometry of the mineralisation with respect to the drill hole angle is The mineralisation is laterally extensive where the entire weathering profile
known, its nature should be reported. is preserved and not significantly eroded. Minor removal of the mineralised
profile has occurred where alluvial channels cut the surface of the deposit.
These areas are adequately defined by the drilling pattern and topographical
control for the resource estimate.
If it is not known and only the down hole lengths are reported, there should No drilling intercepts are being reported.
be a clear statement to this effect (e.g. 'down hole length, true width not
known'.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Refer to figures in previous releases. These are accessible on the Company's
should be included for any significant discovery being reported. These should webpage.
include, but not be limited to a plan view of the drill collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, All results are included in this report and in previous releases. These are
representative reporting of both low and high-grades and/or widths should be accessible on the Company's webpage.
practiced to avoid misleading reporting of exploration results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported Limited lateritic duricrust has been variably developed at Kasiya, as is
including (but not limited to: geological observations; geophysical survey customary in tropical highland areas subjected to seasonal wet/dry cycles.
results; geochemical survey results; bulk samples - size and method of Lithological logs record drilling refusal in just under 2% of the HA/PT drill
treatment; metallurgical test results; bulk density, groundwater, geotechnical database. No drilling refusal was recorded above the saprock interface by AC
and rock characteristics; potential deleterious or contaminating substances. drilling.
Sample quality (representivity) is established by geostatistical analysis of
comparable sample intervals.
Further work The nature and scale of planned further work (e.g. test for lateral extensions The Company is currently in a project optimisation phase with various work
or depth extensions or large-scale step-out drilling). programs underway.
Diagrams clearly highlighting the areas of possible extensions, including the Refer to diagrams in previous releases. These are accessible on the Company's
main geological interpretations and future drilling areas, provided this webpage.
information is not commercially sensitive.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCBBBBTMTATMBIRecent news on Sovereign Metals
See all newsREG - Sovereign Metals Ltd - March 2025 Quarterly Report
AnnouncementREG - Sovereign Metals Ltd - DFS Geotechnical Programs in Progress
AnnouncementREG - Sovereign Metals Ltd - Holding(s) in Company
AnnouncementREG - Sovereign Metals Ltd - Sovereign Completes A$40 Million Placement
AnnouncementREG - Sovereign Metals Ltd - Response to Media Speculation
Announcement