Sovereign sees graphite in Malawi

摘要

Cloncurry copper-gold explorer Sovereign Metals Ltd exercised an option to buy into the Central Malawi graphite project, held privately by McCourt Mining Pty Ltd.A share placement is now underway to raise up to $1.1 million by issuing 5 million shares at 22c/share for working capital on the Central Malawi project.The project consists of two tenements which cover 8,070sq km of "prime graphite terrain" outside of Lilongwe, according to Sovereign.Five major regional graphite gneiss belts have so far been identified along with three priority prospects - Tuinchi, Kaolatsitsi and Mpatadzombe - all on the 780sq km exclusive prospecting license EPL0355.Sovereign believes there to be another 50 separate targets with known graphite outcrops or logged from historical water bore drilling.