Sovereign Metals Limited reported that the company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralization north of the known Mineral Resource Estimate (MRE) area. The 70+ hole hand-auger drill program has been designed to target areas where mineralization was identified in earlier wide-spaced regional hand-auger drilling.

The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign's in-country technical team.

Samples will be initially processed in the Company's Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks. In February 2024, the Company announced regional hand-auger drilling south of the Kasiya MRE footprint had identified significant strike extensions of approximately 8km across a number of parallel mineralized zones ranging from 400m to 2km in width.

All newly defined mineralization in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralized zones identified remain open along strike both to the north and south. These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.