Sovereign Metals Limited reported the first assays from the aircore resource-drilling program at the Malingunde saprolite-hosted flake graphite deposit in Malawi. These exceptional near surface results include the thickest high grade zones of soft saprolite (clay)- hosted graphite mineralization encountered to date. Highlights: Resource drilling of a total of 5,517m in 180 aircore holes was completed at Malingunde in November and December 2016. Assays for the first batch of aircore samples (22 holes) show the thickest zones of high-grade saprolite-hosted graphite mineralization received to date, and include intercepts of up to 30m downhole. Assay results from the first 22 holes include: MGAC0019: 13m @ 17.8% TGC; MGAC0020: 23m @ 16.1% TGC; MGAC0030: 30m @ 15.3% TGC inc. 10m @ 20.8% TGC; MGAC0006: 20m @ 10.1% TGC inc. 7m @ 17.6% TGC; MGAC0016: 20m @ 10.4% TGC inc. 10m @ 12.9% TGC; MGAC0017: 31m @ 10.8% TGC inc. 6m @ 25.3% TGC Results for the remaining 158 aircore and 5 diamond drill-holes are expected to be received over the coming weeks and will be announced as they become available. Sovereign is targeting a maiden JORC resource estimate at Malingunde for March. A Scoping Study is targeted for completion in early second quarter of 2017, with the aim of highlighting the overall low-cost nature of this high-quality deposit. At Malingunde, saprolite-hosted graphite mineralization has been identified in diamond, aircore and hand auger drilling over 3.4km of strike with cumulative across strike widths locally exceeding 200m and averaging about 120m. Recent aircore resource drilling shows excellent thicknesses and continuity of high-grade, saprolite hosted graphite mineralization. The aircore resource drilling program completed in late 2016 comprised 180 holes for 5,517 meters. To date, assay results for a total of 22 aircore holes have been returned and are presented in this report. Aircore assay results received to date include: MGAC0019: 13m @ 17.8% TGC; MGAC0020: 23m @ 16.1% TGC; MGAC0030: 30m @ 15.3% TGC inc. 10m @ 20.8% TGC; MGAC0006: 20m @ 10.1% TGC inc. 7m @ 17.6% TGC; MGAC0016: 20m @ 10.4% TGC inc. 10m @ 12.9% TGC; MGAC0017: 31m @ 10.8% TGC inc. 6m @ 25.3% TGC. Overall, the results continue to confirm the thick, robust, coherent and high-grade nature of the saprolite-hosted flake graphite deposit at Malingunde.