Our board moves wrap includes Peter Prendiville, Alec Pismiris, David Wheeler, George Karageorge, Diane Smith-Gander, Andrea Sutton, Frank Eagar, Julian Stephens, and Geordie Mark.
Sovereign Metals has identified six new rutile targets at its Malingunde project in Malawi. The company has been systematically exploring its ground for rutile mineralisation after receiving highly encouraging preliminary metallurgical test work results from its Wofiira rutile prospect. The new rutile zones appear to be open in all directions with near-surface zones spanning approximately 2.2km.
Sovereign Metals has successfully extracted a high-quality graphite concentrate during its pilot plant test program in Africa. The processed graphite originated from the company's Malingunde deposit in Malawi. Sovereign discovered Malingunde in 2015 where it has since delineated a total graphite resource of 65.1Mt @ 7.1% TGC. The company says Malingunde is the world's largest saprolite-hosted graphite deposit.
Sovereign Metals' new Wofiira rutile prospect in Malawi just got interesting, with analyses of the titanium-rich ore concentrate showing the products are likely suitable for all major markets, including the chloride pigment, titanium metal and welding flux sectors. Metallurgical studies show that the ores have a favourable particle grain size distribution, comparable to other leading natural rutile products in the market.
Sovereign Metals has revealed that accessing a newly upgraded rail network corridor to a deep-water port in Nacala, Mozambique could significantly lower capital costs for developing its rutile and graphite projects in Malawi to the west. Access to the port could provide a low-cost transport and export solution, with estimated charges below USD$66 per tonne from the mine-gate to the port.
Sovereign Metals has outlined encouraging preliminary metallurgical test work results for its Wofiira rutile prospect in Malawi, East Africa, generating a potentially premium high-quality product, with low impurities, from conventional mineral sands processing. The concentrated ore product contained 96% titanium dioxide at a recovered grade of 1.1% rutile and is on par with many of the world's leading rutile producers.
Sovereign Metals has raised $4.3m through a share placement priced at 6.5c per share to accelerate the definitive feasibility study for its Malingunde flake graphite project in Malawi and additional metallurgical and exploration activities for the recently identified rutile potential. The company will also raise up to an additional $1m through a share purchase plan for existing shareholders.
Three local junior resources companies are undertaking capital raisings, with Sovereign Metals to raise up to $5.3 million, Global Energy Ventures up to $5 million, and Northern Minerals to raise $3 million.
Sovereign Metals has outlined the high grade potential of its titanium-rich rutile mineralisation in central Malawi, this week reporting significant assays from re-sampling of historical hand-auger drill holes located in two areas 40km apart. Nearly 80% of the holes contained significant titania mineralisation, with an average weighted grade of 1.89% titanium dioxide.
Sovereign Metals' says it can make AUD$57m a year by investing AUD$67m in initial CAPEX at its Malingunde graphite deposit in Malawi. The numbers are contained in the company's recently tabled PFS that shows off a high grade, low CAPEX operation with excellent operating margins over an initial mine life of 16 years. The project produces a pre-tax NPV of USD$201m and an IRR of 56%.
Local graphite companies Volt Resources and Sovereign Metals have announced plans to raise a combined $45.4 million from investors to fund development of their operations in Africa.
Prominent businessman Ian Middlemas will now chair 11 companies concurrently after replacing Craig Burton as chairman of niobium hopeful Cradle Resources.
Perth-based mining exploration companies Latin Resources, Talga Resources and Sovereign Metals have announced plans to raise capital to fund their respective offshore projects, collectively worth $8.45 million.
One of the state's busiest directors, Ian Middlemas, is seeking to take a big stake in Aviva Corporation and become its chair in a proposal that appears to have been rejected by the listed company'
THREE years ago, Xenolith Resources was bumping along the bottom of the performance tables, with shares rarely worth more than a few cents even before the chaos of the GFC.
