Chilwa Minerals announces identification of 52 new heavy mineral sands targets at Lake Chilwa

Chilwa Minerals Limited (ASX:CHW) has announced the identification of 52 new heavy mineral sands (HMS) targets at the Chilwa Project in southeast Malawi. The geophysical interpretation of the aeromagnetic and radiometric surveys has significantly enhanced the potential of the Lake Chilwa Project, with multiple anomalies identified within licence boundaries. The interpretation highlights a reasonable correlation between the recent survey anomalies and previous drilling, leading to an increase in the HMS target area from approximately 20 km² to approximately 40 km². Drilling continues at Mposa with extensional drilling now being reviewed with this additional information.

Executive Commentary on Geophysical Interpretation and Potential Impact

Chilwa's Managing Director, Cadell Buss, expressed enthusiasm about the high resolution aeromagnetic and radiometric results, stating, 'These high resolution aeromagnetic and radiometric results have far exceeded anything we could have hoped for.' He further highlighted the significance of the results, especially in relation to the Nkotamo targets, stating, 'To now discover that there are five new targets, one of which is 6.5km in length is incredibly exciting.' Buss emphasized the potential impact of the new, large anomalies on the project, indicating the significant target areas that have never been assessed.

Summary of Geophysical Interpretation and Future Plans

The geophysical interpretation of the aeromagnetic and radiometric surveys has unveiled 52 new heavy mineral sands targets at Lake Chilwa, significantly enhancing the project's potential. The interpretation has highlighted anomalous zones that may represent thicker or higher-grade mineralised zones, potentially increasing the Mineral Resources at Lake Chilwa. Chilwa Minerals is currently incorporating the new interpretation into an updated drill plan for the assessment of heavy mineral sands at Lake Chilwa. The company's Managing Director, Cadell Buss, expressed excitement about the new targets and emphasized the potential material impact on the project. The next steps involve HMS focused sonic drilling at Mposa as part of a 17,000m program for the Lake Chilwa Project, along with groundwork to catalogue all 52 anomalies and further interpretation of any carbonatite anomalies over the tenement. The company also provided an important notice regarding forward-looking statements and a competent person statement related to exploration results.