Sovereign Metals (ASX:SVM) and joint venture partner Mt Isa Mines, a Glencore company, have completed drilling at their Mongoose prospect in Queensland.
Best intersections were 16 metres at 4.2% copper with 0.43g/t gold from 3 metres, and 17 metres at 1.41% copper with 0.29g/t gold from 173 metres, including 4 metres at 4.07% copper and 0.90g/t gold.
Mongoose is part of the Carpentaria Joint Venture managed by Mount Isa Mines which own 62%, with Sovereign holding the remaining 38%.
The drilling was designed to test for extensions to CopperChem's adjacent Taipan Deposit; a review of the drilling results will now be undertaken to determine future exploration strategy.
Flagship asset
Notably, Sovereign's flagship asset is actually the Central Malawi graphite project in south-east Africa, where it has a controlling footprint of more than 7,000 square kilometres.
This region is a hot spot for high grade coarse flake graphite, with Syrah Resources' (ASX: SYR) giant Balama project located 235 kilometres to the east.
Sovereign's graphite project is surrounded by established infrastructure including power lines, rail, roads and a port which is currently undergoing a major expansion.
The company is modestly capitalised at around $13 million.
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