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Sovereign Metals Ltd.
Summary
| Project: | Malingunde | |
|---|---|---|
| Deposit: | Malingunde | |
| Location: | Malawi | |
| Commodities: | Graphite | |
| Date: | 10/26/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 26-10-2016: Sovereign Metals Ltd. announces an Exploration/Drilling Update report for its Malingunde deposit at the Malingunde project. Drilling results incl. 42m @ 12.1% TGC. Sovereign Metals Limited (“the Company” or “Sovereign”) is pleased to report th | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Julian Stephens (Internal) | |
| ABSTRACT: | Sovereign Metals Limited (“the Company” or “Sovereign”) is pleased to report the first assays from diamond drilling at the Malingunde saprolite-hosted flake graphite deposit in Malawi. The results show thick and high grade zones of saprolite-hosted graphite mineralisation and confirm the continuous and coherent nature of the deposit. At Malingunde, saprolite-hosted graphite mineralisation has been identified in diamond and hand auger drilling over 3.4km of strike with cumulative across strike widths locally exceeding 200m and averaging about 120m. Diamond drilling has now shown vertical depths of high-grade saprolite-hosted graphite mineralisation to average 20 to 30m thick. The first batch of diamond drilling Malingunde area returned thick and high-grade intercepts of saprolite hosted mineralisation. A number of the diamond holes also intersected deeper, more competent rock zones (saprock) and show continuity of high grade mineralisation below the saprolite zone. Overall, the results confirm the robust, coherent and high-grade nature of the saprolite-hosted flake graphite deposit at Malingunde. In 2015, Sovereign’s in-country geological team made a new and significant graphite discovery using hand auger drilling techniques in an area of no outcrop. The new deposit is located at Malingunde, just 15km SW of Lilongwe, Malawi’s capital city, and has access to enviable infrastructure; being 25km from rail access, 15km from the high-capacity Lilongwe power sub-station and with plentiful fresh water. Malingunde is particularly significant for Sovereign as it is hosted within weathered, soft saprolite (clay) material. Recently reported results for a saprolite-hosted graphite mining operation in Madagascar processing material grading 4-5% TGC, suggest mine-gate operating costs significantly lower than those of similar hard rock operations. | |
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