Sovereign Metals (SVM)

Shares / Stock Code

SVM

Stock Exchange / Sharemarket

Australian Securities Exchange

Sovereign Metals (SVM) is a copper, gold and uranium exploration company based in Perth, Western Australia. The Company commenced trading on the Australian stock market (ASX) in January 2007 after a successful IPO.

Sovereign’s primary business objective is to create shareholder wealth through participation in the prospective Carpentaria Joint Venture in North West Queensland. This is an exploration joint venture targeting copper and is located in close proximity to the Rocklands Project from which significant intersections of copper mineralisation have recently been announced.

The Carpentaria Joint Venture includes six tenements that cover approximately 635 square kilometres to the North, the West and the East of the Rocklands Project. Mount Isa Mines Limited (“Xstrata Copper”) and Sovereign are contributing to ongoing exploration on a 51%/49% basis, with Sovereign contributing approximately $2.1 million towards exploration over the next two years.

The Carpentaria Joint Venture is managed by Xstrata Copper. An extensive drilling program has commenced in late 2006 and focus on anomalies identified by recent geophysical surveys. The area is considered to have excellent potential for discoveries of copper mineralisation.

Sovereign also holds interests in nine other Tenements, providing the Company with four project areas in the Cloncurry-Mount Isa area in northwest Queensland. This total ground position comprises eight exploration permits for minerals and seven exploration permits for minerals applications covering 2,037 square kilometres. This tenement portfolio represents a substantial holding in a highly sort after and historically successful mineral region.

The Board of Sovereign includes Directors experienced in the resources industry and the Company’s technical team has experience in mineral exploration. During the fiscal year ended June 30, 2009, the Company completed several exploration programs on its tenements in north-west Queensland, covering its 100% holdings and joint ventures with Fusion Resources Limited and Xstrata Copper. On April 17, 2009, the Company acquired Sovereign Mozambique Pty Ltd and Sovereign Zambia Pty Ltd.

Mount Isa Southeast Project

The Mount Isa Southeast Project comprises EPM 12207, situated about 10km east of Mt Isa within the Western Fold Belt. It hosts historical shear and vein-hosted copper workings. The tenement, which consists of two separate areas, covering approximately 160.5km2 is managed by Xstrata Copper as part of the CJV.

The region around the project area is divided into two structurally distinct areas, which are separated by the north-northeast trending Gorge Creek Fault. To the west of the fault is a normal facing moderately west dipping sequence. To the east of the fault, which passes through the eastern section of the tenement, a complex series of lower order faults has produced slices of various sedimentary and volcanic units. These units overlie a Paleoproterozoic basement in which acid volcanics of the Leichhardt Metamorphics are intruded by Kalkadoon Granite.

The Mesoproterozoic layered sequence within the area contains, from youngest to oldest:

  • Clastic and chemical sediments of the lower portion of the Mount Isa Group
  • Clastic sediments of the Surprise Creek Formation and the Myally Subgroup
  • Metabasalt and quartzite of the Eastern Creek Volcanics
  • Clastic sediments of the Mount Guide Quartzite

The project is situated within a structurally complex area in the vicinity of major base metal deposits. Numerous copper occurrences have been worked within the region. Faults of various orders may have provided conduits for mineralising fluids, and a variety of lithologies, including both acid and basic volcanic rocks, are present within the tenement area. As such the area has potential to host significant base metal mineralisation. In particular, magnetite breccias located in the northeastern section of the tenement require follow-up.

Sovereign Metals (SVM) Products and Services

  • Exploration for copper and gold.

Sovereign Metals (SVM) Locations and Subsidiaries

Sovereign Metals Head Office
Level 9, BGC Centre, 28 The Esplanade,
PERTH, WA, AUSTRALIA, 6000
Phone: (08) 9322 6322
Fax: (08) 9322 6558

Sovereign Metals (SVM) Share Price

Submitted by ASX Listed Company on 31 May, 2010 - 19:19

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