Chilwa Minerals Quarterly Activities Report Overview

Chilwa Minerals Limited (ASX: $CHW) has released its Quarterly Activities Report for the period ended 31 March 2024. The company continued exploration activities at its Mposa Deposit, part of the Chilwa Heavy Minerals Sands Project in Malawi, Africa. The Mposa Deposit accounts for 19.4 Mt of HMS at 4.3%, containing 0.83 Mt THM at a 1% THM cut-off grade, which is 30% of the total Chilwa Project Mineral Resource of 61.6 Mt of Heavy Mineral Sands (HMS) at 3.9% containing 2.4Mt THM at 1% cut off grade over ten known deposit areas.

Executive Commentary on Progress and Community Engagement

The company successfully drilled 1,534 meters during the reporting period, with recoveries improving, especially within the granular material, achieving on average 95% and above. The focus of the metallurgical testwork is to confirm previous results and identify optimization improvements. The Company held a constructive community engagement meeting with Government personnel and local representatives, providing an update on the Lake Chilwa Project and addressing questions around the future plans for the Project.

Summary of Quarterly Report and Future Plans

Chilwa Minerals' progress in drilling and metallurgical testwork at the Mposa Deposit demonstrates the company's commitment to advancing its exploration activities. The extension of the agreement with Mota Engil provides the company with essential technical and administrative support, contributing to a strong cash position of $4.8m at the end of the March Quarter. Looking ahead, the company aims to assess contractors for conducting airborne geophysics and anticipates the results of the first batch of assays in approximately 3 weeks' time. The company will continue to engage with local communities as the Project progresses and aims to maintain dialogue as it advances through early exploration stages and into development.