September 2019 Quarterly Report
(firmenpresse) -
HIGHLIGHTS
Rapidly Unlocking Rutile Potential
- Focussed drilling program underway at priority Railroad target to delineate an initial mineral resource - first drill-results imminent.
- Extensive high-tenor soil anomaly west of Railroad shows huge potential for expansion.
- Successful metallurgical test-work achieved outstanding specification rutile product.
- A total of twelve rutile targets identified to date with regional soil sampling ongoing.
- On-site laboratory established facilitating improved turnaround time for semi-quantitative results.
- Aiming to define a strategic resource that could support long-life, large-scale rutile production.
- Rutile market fundamentals continue to be robust with current and forecast prices remaining very strong.
Graphite Marketing Initiatives Progress
- Strong response from several potential graphite offtake customers with an increased number of product samples despatched and pricing/tender negotiations underway.
Sovereign Metals Limited (the Company or Sovereign) is pleased to provide its quarterly report for the period ended 30 September 2019. The Companys focus continues to be on the exploration and development of the highly prospective rutile mineralisation discovered across its >4,000km2 strategic ground holding in Malawi, southeast Africa.
A shallow drilling program is underway at the high-priority Railroad target zone with the aim of delineating an initial mineral resource. The first quantitative drill-results from this program are imminent. Additionally, an extensive, high-tenor soil anomaly west of Railroad shows huge potential for expansion.
The Company has now identified a total of twelve rutile targets through regional soil sampling and examination of historical shallow drill samples.
The Companys overall strategy is to define a substantial resource that can support a long-life, large scale rutile operation. Sovereign is taking a systematic and progressive approach to delineating potential mineral resources over the very large project area.
The strong indicators to date of substantial rutile mineralisation has led the Company to also commence initial technical studies on the project, specifically to investigate the most effective potential mining and processing methods.
Management is highly encouraged with results achieved to date and looks forward to presenting further exploration and mineralogical results to the market shortly.
Enquiries
Dr Julian Stephens (Perth)
Managing Director
+61(8) 9322 6322
Sam Cordin (Perth)
+61(8) 9322 6322
Sapan Ghai (London)
+44 207 478 3900
RUTILE EXPLORATION UPDATE
Saprolite-hosted Rutile
During the September quarter, the Company developed the foundations to enable it to efficiently explore and assess rutile mineralisation across its very large >4,000km2 ground holding.
A key component of the exploration strategy is regional soil sampling programs in order to identify new areas of rutile mineralisation. An initial program focusing on the western project areas has already identified six new zones of rutile mineralisation, taking the total number of rutile prospects to twelve (see Figure 1). The program involved 691 soil samples taken on notionally ~10km spaced lines at ~200m sample spacing.
https://www.irw-press.at/prcom/images/messages/2019/49281/191029 Quarterly Report - Sept 2019_FINALPRcom.001.png
Figure 1: Project map showing newly identified rutile mineralisation zones discovered by soil sampling
The program utilised onsite wet tabling, magnetic separation and hand-held XRF analysis to identify recoverable rutile mineralisation to a semi-quantitative level. These results to-date show six new zones of surface rutile with along-line widths ranging of up to ~2.2km but with strike length and true orientation of rutile mineralisation still generally to be determined. All rutile mineralisation zones identified remain open laterally in both directions.
Soil sampling over large regional areas is ongoing in order to identify further priority targets.
https://www.irw-press.at/prcom/images/messages/2019/49281/191029 Quarterly Report - Sept 2019_FINALPRcom.002.png
Figure 2 & 3: Wet tabling soil samples on-site in Malawi
The Company has established a field laboratory on site in Malawi in order to reduce sample turnaround times for semi-quantitative results, provide additional sample selection efficiencies and facilitate exploration decisions in real-time.
Initial Shallow Drilling
Initial shallow drilling of 35 hand auger holes in total over the six targets is now complete. Hole depth was up to 17m and averaged 10m. All samples were processed through the on-site laboratory to determine which are likely to have potentially economic grades of recoverable rutile. Samples deemed to have significant recoverable rutile mineralisation were air freighted to a globally recognised Australian-based independent laboratory for quantitative mineralogical determination. Results for the high-priority Railroad target are imminent.
Next Steps
Sovereign has completed a focussed shallow drilling program to further assess the scale, grade and rutile recoverability of a number of the more encouraging areas of mineralisation. Infill and step-out drilling is now focusing on the best area of mineralisation identified so far in order to work toward an initial mineral resource. Regional soil sampling is also continuing in order to identify further priority targets.
Metallurgical test-work designed to optimise the process flowsheet and further validate commercial rutile product specifications is ongoing.
The strong indicators to date of substantial rutile mineralisation has led Sovereign to also commence technical studies, specifically to investigate the most effective mining and processing methods.
To view entire original news in English language, please follow the link:
https://www.asx.com.au/asxpdf/20191031/pdf/44b3cpr6zby2rl.pdf
Competent Person Statements
The information in this Announcement that relates to Exploration Results and QEMSCAN results are extracted from announcements dated 7 November 2018, 24 January 2019, 24 June 2019, 7 August 2019 and 23 September 2019. These announcements are available to view on www.sovereignmetals.com.au. The information in the original ASX Announcements that related to Exploration Results was 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 is the Managing Director of Sovereign Metals Limited and a holder of shares and options 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''. 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.
The information in this report that relates to Metallurgical Results (rutile) is extracted from an announcement on 24 June 2019. This announcement is available to view on www.sovereignmetals.com.au. The information in the original announcement that related to Metallurgical Results was based on, and fairly represents, information compiled by Mr Gavin Diener, a Competent Person who is a member of the AusIMM. Mr Diener is the Chief Operating Officer of TZMI, an independent mineral sands consulting company and is not a holder of any equity type in Sovereign Metals Limited. Mr Diener 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 announcement.
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.
References
1. Iluka Resources Limited. Ruidow Titanium Conference Presentation May 2019.
2. Iluka Resources Limited. Quarterly Review 30 June 2019.
Appendix 1: Summary of mining tenements
As at 30 September 2019, the Company had an interest in the following tenements:
Project Name Permit PercentagArea (km2) Status
Number e
Interest
Malawi
Central Malawi Ground EPL 0372 100% 732 Granted
Holdings
EPL 0355 100% 12 Granted
EPL 0413 100% 1,077 Granted
EPL 0492 100% 1,895 Granted
EPL 0528 100% 21 Granted
EPL 0537 100% 339 Granted
EPL 0545 100% 54 Granted
Total 4,131
Project Name Permit PercentagJoint Status
Number e Venture
Interest Partner
Queensland, Australia
Mt Marathon EPM 8586 24.43% Mount Isa Granted
Mines
Mt Avarice EPM 8588 24.43% Mount Isa Granted
Mines
Fountain Range EPM 1256124.43% Mount Isa Granted
Mines
Corella River EPM 1259724.43% Mount Isa Granted
Mines
Saint Andrews ExtendedEPM 1218024.43% Mount Isa Granted
Mines
Beneficial percentage interests in Farm-out agreements disposed during the quarter ending 30 September 2019:
Project Name Permit Type of Interest Interest Interest
Number change at disposed at end
beginning of of
of during quarter
quarter quarter
Carpentaria JV:
Mt Marathon EPM 8586 Farm out 24.67% 0.24% 24.43%
Mt Avarice EPM 8588 Farm out 24.67% 0.24% 24.43%
Fountain Range EPM 12561Farm out 24.67% 0.24% 24.43%
Corella River EPM 12597Farm out 24.67% 0.24% 24.43%
Saint Andrews EPM 12180Farm out 24.67% 0.24% 24.43%
Ext.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
" alt="September 2019 Quarterly Report">
" alt="Blue Lagoon Completes Third Tranche of Private Placement">
Datum: 31.10.2019 - 07:40 Uhr
Sprache: Deutsch
News-ID 1553540
Anzahl Zeichen: 4202
contact information:
Contact person:
Town:
Wien
Phone:
Kategorie:
Business News
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 399 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"September 2019 Quarterly Report
"
steht unter der journalistisch-redaktionellen Verantwortung von
Sovereign Metals Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
