Sovereign Metals Limited: Drilling Increases High-Grade Rutile Envelope at Kasiya by 35 %

(firmenpresse) -
Sovereign Metals Limited (the Company or Sovereign) is pleased to announce Phase 9 drill results from Kasiya, the Companys flagship, large, high-grade rutile deposit in Malawi. This large batch of over 200 drill-holes has further substantially extended the high-grade mineralised envelope to 89km2.

Sovereigns very large and expanding rutile footprint in Malawi could prove to be one of the worlds most significant sources of the highest purity and most environmentally sustainable titanium feedstock.

HIGHLIGHTS

- Phase 9 drilling has increased the size of the high-grade mineralised envelope at Kasiya by ~35% to 89km2 from the previous 66km2
- The Company has now reported a total ~114km2 drilled area of high-grade rutile mineralisation (Kasiya 89km2 + Nsaru 25km2)
- All drill results for the maiden Mineral Resource Estimate (MRE) at Kasiya now received
- Resource estimation for the MRE at Kasiya well underway with the resource expected to cover a large portion of the 89km2 mineralised envelope and targeted for completion in coming weeks
- Phase 9 results display numerous areas with greater than 1.5% rutile in the top 4-5m from surface. Results include:

- 13m (at) 1.08% inc. 5m (at) 1.52% - 11m (at) 1.17% inc. 5m (at) 1.48%
rutile rutile

- 11m (at) 1.34% inc. 5m (at) 1.54% - 11m (at) 1.18% inc. 4m (at) 1.53%
rutile rutile

- 11m (at) 1.27% inc. 4m (at) 1.68% - 12m (at) 1.02% inc. 4m (at) 1.42%
rutile rutile

- 7m (at) 1.42% inc. 4m (at) 1.53% - 15m (at) 1.45% inc. 5m (at) 1.59%
rutile rutile

- 14m (at) 1.30% inc. 5m (at) 1.80% - 13m (at) 1.24% inc. 4m (at) 1.47%
rutile rutile

- 12m (at) 1.15% inc. 4m (at) 1.38% - 11m (at) 1.78% inc. 8m (at) 2.01%

rutile rutile

- 15m (at) 1.15% inc. 2m (at) 1.80% - 10m (at) 1.20% inc. 5m (at) 1.46%
rutile rutile

- Further step-out drilling at Kasiya and Nsaru continues with multiple field drilling teams deployed targeting additional rutile mineralisation that will potentially add to future resources


Sovereigns Managing Director Dr Julian Stephens commented:

This drilling has served to significantly further increase the high-grade, near surface rutile mineralisation at Kasiya. We now have a grand total of well over a hundred square kilometres of mineralisation defined across Kasiya and Nsaru. This is the final batch of results we have been awaiting in order to complete the dataset required for our maiden Kasiya JORC resource estimate.

These very large, high-grade areas of mineralisation may well become one of the largest primary rutile deposits in the world. Unlocking a new, globally significant source of direct feed natural rutile could help meet the growing demand for low carbon feedstock across the titanium industry supply-chain.

ENQUIRIES

Dr Julian Stephens Sam Cordin (Perth) Sapan Ghai (London)
(Perth) +61(8) 9322 6322 +44 207 478 3900

Managing Director
+61(8) 9322 6322
210511_KASIYA_FINAL_KURZ_PRCOM.001

Figure 1. Map of the Kasiya deposit showing the drill-defined mineralised envelope and the newly defined extensions to the north, east and south.

KASIYA DRILLING - PHASE 9

The Phase 9 drilling results reported comprise a further 204 hand-auger holes for a total of 1,797m. With the inclusion of Phase 9, the total number of holes reported from Kasiya to date is now 507 with 4,820m drilled.

The Phase 9 drilling has increased the size of the high-grade rutile mineralised envelope at Kasiya by ~35% to 89km2 with extensions defined on the north, east and southern parts of the deposit (Figure 1).
The Company now has a total of ~114km2 of drilled, high-grade rutile mineralisation (Kasiya 89km2 + Nsaru 25km2).
210511_KASIYA_FINAL_KURZ_PRCOM.002

Figure 2. The Kasiya - Nsaru area showing outlines of the drilled mineralised envelopes and the location of the operating rail line, paved highway and power line.

Drilling is complete at Kasiya for the time being, with this final batch of results to be incorporated into the maiden JORC MRE. Modelling and estimation is underway and well-advanced, with the MRE expected to cover a large portion of the 89km2 mineralised footprint at Kasiya.

Drill results continued to demonstrate that significant rutile enrichment occurs in the top ~8 metres from surface with very-high grades, commonly greater than 1.5% rutile occurring in the top 3-5m from surface. In most cases, drill depth was restricted by the hand-auger drilling equipment capacity and it is assumed that free-dig rutile mineralisation should continue vertically to the base of saprolite estimated at approximately 25m depth from surface.
210511_KASIYA_FINAL_KURZ_PRCOM.003
Figure 3. Drone photo above Kasiya showing the generally very flat terrain.

Step-out drilling at Kasiya and Nsaru is continuing with multiple field drilling teams deployed. Additional rutile mineralisation delineated will potentially result in future additions to the MRE.

The peripheral zones at Kasiya with nominal 800m x 800m may need further infill drilling before they can be included in a future MRE. The Nsaru deposit also requires further infill and extensional drilling before it will be brought in to the MRE.

CONCLUSIONS & FORWARD PLAN

The Phase 9 drill results have substantially expanded the drilled mineralised envelope at Kasiya by ~35% to 89km2.

Ongoing work programs for Kasiya and Nsaru are focused on completion of the MRE to be followed by a Scoping Study. Work programs planned and underway include;
- The maiden MRE for Kasiya, expected to cover a large portion of the 89km2 mineralised envelope is underway and well advanced with completion expected in the coming weeks.
- Extensional and infill hand-auger and core drilling to increase the MRE confidence and grow tonnages.
- Commencement of long-lead elements of the Scoping Study including;
- Mining method and pit optimisation studies
- Tailings disposal design and methodology studies
- Continued metallurgical test-work focused on variability
- Investigation of a potential graphite by-product from Kasiya
210511_KASIYA_FINAL_KURZ_PRCOM.004

Figure 4. Sovereign team members hand-auger drilling at Kasiya being observed by a journalist from the Malawi Broadcasting Corporation (MBC)

DRILL RESULTS

Drilling results from Phase 9 at Kasiya are shown below in Table 1.
Hole ID Interval Rutile % From (m) Comments
Thickness Downhole

KYHA0263 2 0.83 surface
KYHA0264 no significant results
KYHA0265 11 0.90 surface open at
depth

incl 3 1.20 surface
KYHA0266 13 0.71 surface open at
depth

incl 4 1.16 surface
KYHA0267 10 0.70 surface open at
depth

incl 3 0.96 surface
KYHA0268 no significant results
KYHA0269 4 0.53 surface
KYHA0270 8 0.86 surface open at
depth

incl 4 1.01 surface
KYHA0271 no significant results
KYHA0272 6 0.84 surface
incl 2 1.30 surface
KYHA0273 8 0.84 surface open at
depth

KYHA0274 5 0.66 surface
KYHA0275 no significant results
KYHA0280 12 0.70 surface open at
depth

incl 4 0.90 surface
KYHA0281 no significant results
KYHA0282 7 0.77 surface open at
depth

incl 4 0.89 surface
KYHA0283 5 0.94 surface open at
depth

KYHA0284 4 0.68 surface
KYHA0285 2 0.56 surface
KYHA0287 5 0.88 surface
KYHA0353 13 1.08 surface open at
depth

incl 5 1.52 surface
KYHA0354 11 1.17 surface open at
depth

incl 5 1.48 surface
KYHA0355 4 0.75 surface open at
depth

incl 2 1.01 surface
KYHA0356 6 0.82 surface
incl 3 1.09 surface
KYHA0357 11 0.91 surface open at
depth

incl 3 1.70 8m
KYHA0358 3 0.62 surface
KYHA0359 no significant results
KYHA0360 no significant results
KYHA0361 no significant results
KYHA0362 no significant results
KYHA0363 no significant results
KYHA0364 11 0.82 surface open at
depth

incl 2 1.35 surface
KYHA0365 3 0.51 surface
KYHA0366 14 0.98 surface open at
depth

incl 4 1.26 surface
KYHA0367 12 0.82 surface open at
depth

incl 4 1.05 surface
KYHA0368 no significant results
KYHA0369 no significant results
KYHA0370 15 0.68 surface open at
depth

incl 3 1.25 surface
KYHA0371 14 1.04 surface open at
depth

incl 5 1.35 surface
KYHA0372 6 1.11 surface open at
depth

incl 4 1.34 surface
KYHA0373 11 0.72 surface open at
depth

incl 4 0.97 surface
KYHA0374 8 1.17 surface open at
depth

incl 4 1.65 surface
KYHA0375 11 1.34 surface open at
depth

incl 5 1.54 surface
KYHA0376 8 0.94 surface
incl 3 1.37 surface
KYHA0377 8 0.72 surface open at
depth

KYHA0378 4 0.94 surface
KYHA0379 9 1.09 surface
incl 5 1.48 surface
KYHA0380 14 0.78 surface open at
depth

incl 3 1.39 surface
KYHA0381 11 1.18 surface open at
depth

incl 4 1.53 surface
KYHA0382 3 1.08 surface
KYHA0383 11 0.98 surface open at
depth

incl 2 1.37 surface
KYHA0384 7 0.91 surface open at
depth

incl 4 1.06 surface
KYHA0385 15 1.15 surface open at
depth

incl 2 1.80 surface
KYHA0386 11 1.27 surface open at
depth

incl 4 1.68 surface
KYHA0387 6 1.25 surface
incl 2 1.93 surface
KYHA0388 6 0.86 surface open at
depth

KYHA0389 no significant results
KYHA0390 5 0.87 surface
incl 2 1.22 surface
KYHA0391 4 0.86 surface
incl 2 1.14 surface
KYHA0392 3 0.57 surface open at
depth

KYHA0393 3 0.75 surface open at
depth

KYHA0394 6 0.85 surface open at
depth

incl 2 1.18 surface
KYHA0395 2 0.71 surface
KYHA0396 8 1.05 surface
KYHA0397 5 1.04 surface
incl 2 1.42 surface
KYHA0398 12 0.95 surface open at
depth

incl 4 1.04 surface
KYHA0399 2 0.71 surface
KYHA0400 13 1.04 surface open at
depth

incl 4 1.16 surface
KYHA0401 7 0.95 surface
incl 3 1.06 surface
KYHA0402 7 1.01 surface open at
depth

incl 2 1.41 surface
KYHA0403 2 0.72 surface open at
depth

KYHA0404 2 1.05 surface open at
depth

KYHA0405 6 1.23 surface open at
depth

incl 3 1.45 surface
KYHA0406 7 0.83 surface open at
depth

incl 3 1.38 4m
KYHA0407 2 0.62 surface
KYHA0408 2 1.05 surface
KYHA0409 no significant results
KYHA0410 4 0.98 surface
KYHA0411 11 1.07 surface open at
depth

incl 4 1.28 surface
KYHA0412 3 0.61 surface
KYHA0413 2 0.68 surface
KYHA0414 10 0.95 surface open at
depth

incl 4 1.03 surface
KYHA0415 10 0.80 surface open at
depth

KYHA0416 3 0.60 surface open at
depth

KYHA0417 11 1.01 surface open at
depth

incl 2 1.58 surface
KYHA0418 6 0.80 surface open at
depth

incl 2 1.08 surface
KYHA0419 9 0.72 surface open at
depth

KYHA0420 5 0.88 surface
incl 2 1.44 surface
KYHA0421 2 0.75 surface open at
depth

KYHA0422 4 0.85 surface
KYHA0423 9 1.01 surface open at
depth

incl 2 1.31 surface
KYHA0424 8 1.20 surface open at
depth

incl 2 1.89 surface
KYHA0425 5 1.01 surface open at
depth

KYHA0426 4 0.76 surface
KYHA0427 4 0.81 surface
KYHA0428 4 1.05 surface
KYHA0429 4 0.94 surface open at
depth

KYHA0430 8 0.85 surface open at
depth

incl 3 1.18 surface
KYHA0431 no significant results
KYHA0432 3 0.69 surface
KYHA0433 no significant results
KYHA0434 no significant results
KYHA0435 no significant results
KYHA0436 2 0.80 surface
KYHA0437 2 1.80 surface
KYHA0438 4 0.55 surface open at
depth

KYHA0439 11 0.89 surface open at
depth

incl 5 1.01 surface
KYHA0440 9 0.75 surface
KYHA0441 5 0.62 surface
KYHA0442 12 0.86 surface open at
depth

KYHA0443 3 0.81 surface open at
depth

KYHA0444 7 1.42 surface open at
depth

incl 4 1.53
KYHA0445 3 0.55 surface
KYHA0446 5 0.65 surface open at
depth

KYHA0447 no significant results
KYHA0448 7 0.73 surface open at
depth

KYHA0449 8 0.64 surface open at
depth

KYHA0450 2 1.17 surface
KYHA0451 3 0.78 surface open at
depth

KYHA0452 8 0.61 surface open at
depth

KYHA0453 3 0.63 surface open at
depth

KYHA0454 no significant results
KYHA0455 4 0.56 surface open at
depth

KYHA0456 no significant results
KYHA0457 2 0.92 surface
KYHA0458 15 1.45 surface open at
depth

incl 5 1.59
KYHA0459 14 1.30 surface open at
depth

incl 5 1.80 surface
KYHA0460 8 0.84 surface
incl 4 1.09 surface
KYHA0461 no significant results
KYHA0462 4 0.77 surface
KYHA0463 4 0.70 surface
KYHA0464 4 0.80 surface
KYHA0465 3 1.01 surface open at
depth

KYHA0466 4 0.62 surface
KYHA0467 3 0.80 surface open at
depth

KYHA0468 13 0.94 surface open at
depth

incl 4 1.08 surface
KYHA0469 4 0.81 surface
KYHA0470 8 1.05 surface open at
depth

incl 4 1.21 surface
KYHA0471 13 1.24 surface open at
depth

incl 8 1.32 surface
incl 4 1.47 surface
KYHA0472 5 0.76 surface
KYHA0473 8 0.85 surface
incl 3 1.12 surface
KYHA0474 no significant results
KYHA0475 3 1.03 surface
KYHA0476 7 0.92 surface open at
depth

incl 4 1.19 surface
KYHA0477 3 1.10 surface
KYHA0478 12 1.15 surface open at
depth

incl 8 1.20 surface
incl 4 1.38 surface
KYHA0479 5 0.83 surface open at
depth

KYHA0480 5 0.68 surface
KYHA0481 8 0.99 surface open at
depth

KYHA0482 4 1.05 surface
KYHA0483 3 1.15 surface open at
depth

KYHA0484 5 1.49 surface
KYHA0485 13 0.93 surface open at
depth

incl 4 1.30 surface open at
depth

KYHA0486 10 1.00 surface open at
depth

KYHA0487 11 0.94 surface open at
depth

incl 8 1.11 surface
KYHA0488 4 0.88 surface
KYHA0489 4 0.51 surface
KYHA0490 2 0.92 surface
KYHA0491 no significant results
KYHA0492 4 0.61 surface
KYHA0493 2 1.00 surface
KYHA0494 7 0.65 surface
KYHA0495 no significant results
KYHA0496 10 0.69 surface open at
depth

KYHA0497 11 0.95 surface open at
depth

KYHA0498 4 0.52 surface
KYHA0499 no significant results
KYHA0500 4 0.56 surface open at
depth

KYHA0501 8 0.67 surface open at
depth

KYHA0502 12 0.87 surface open at
depth

incl 4 1.18 surface
KYHA0503 4 1.05 surface
KYHA0504 12 1.01 surface open at
depth

incl 4 1.11
KYHA0505 9 0.75 surface
incl 4 1.01 surface
KYHA0506 9 0.98 surface open at
depth

KYHA0507 10 0.65 surface open at
depth

incl 4 0.84 surface
KYHA0508 11 1.78 surface open at
depth

incl 8 2.01 surface
incl 4 2.52 surface
KYHA0509 10 1.08 surface open at
depth

incl 4 1.56 surface
KYHA0510 6 1.31 surface open at
depth

KYHA0511 10 0.90 surface open at
depth

incl 4 1.28 surface
KYHA0512 8 0.67 surface open at
depth

incl 3 0.99 surface
KYHA0513 5 0.57 surface
KYHA0514 5 0.89 surface
KYHA0515 4 0.70 surface
KYHA0516 6 1.11 surface open at
depth

KYHA0517 8 0.88 surface open at
depth

KYHA0518 4 0.69 surface open at
depth

KYHA0519 no significant results
KYHA0520 10 1.20 surface open at
depth

incl 5 1.46 surface
KYHA0521 5 1.14 surface open at
depth

KYHA0522 1 1.06 surface open at
depth

KYHA0523 6 1.16 surface open at
depth

incl 4 1.33 surface
KYHA0524 no significant results
KYHA0525 3 0.82 surface open at
depth

KYHA0526 2 0.87 surface open at
depth

KYHA0527 10 0.71 surface open at
depth

KYHA0528 11 0.93 surface open at
depth

incl 3 1.36 surface
KYHA0529 12 1.02 surface open at
depth

incl 4 1.42 surface
KYHA0530 4 0.55 surface
KYHA0531 7 0.99 surface open at
depth

incl 4 1.07 surface
KYHA0532 5 1.15 surface
KYHA0533 3 1.07 surface open at
depth

KYHA0534 5 1.38 surface open at
depth

KYHA0535 10 0.86 surface open at
depth

incl 3 1.35 surface
KYHA0536 9 1.00 surface open at
depth

incl 2 2.11 surface

You can find the complete press release here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02373406-6A1032503?access_token=83ff96335c2d45a094df02a206a39ff4

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Julian Stephens, a Competent Person who is a member of the Australian Institute of Geoscientists (AIG). Dr Stephens is the Managing Director of Sovereign Metals Limited and a holder of ordinary shares, unlisted options and performance rights in Sovereign. 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''. Dr Stephens consents to the inclusion in this announcement 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 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.

This announcement has been approved and authorised for release by the Companys Managing Director, Julian Stephens.

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Datum: 11.05.2021 - 01:00 Uhr
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