Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango"),
is pleased to announce results from its recent mineral exploration
programme at the Thambani project in southern Malawi.
- Assay results from 128 rock samples
collected during the 2019 exploration programme returned uranium,
tantalum and niobium values ranging up to 0.74% U3O8, 0.41% Ta2O5
and 3.24% Nb2O5. Of the total, 43 graded above 500ppm U3O8, of
which 13 graded above 1,000ppm U3O8; all but one of these 43
samples were in-situ rock samples. Results associated with the ten
best U3O8 assays are summarised in the table below, nine of which
are grab samples from outcrop (prefixed G-) and one a hand-auger
sample of highly weathered rock in a trench (prefixed T-).
- The objective of the programme was
to identify new areas of outcropping mineralisation through further
geological reconnaissance and sampling, guided by handheld
spectrometer. Sampling was focussed on the uranium anomalies
identified by previous airborne and ground radiometric surveys,
including areas where previous sampling gave encouraging results.
The aims of the sampling were to better delineate the mineralised
zones and to localise future drill sites to test the downdip
extension of surface mineralisation.
- Field observations and sampling
results suggest that mineralisation occurs in zones that are
conformable with gneissic banding.
Assays from the 10 highest grade U3O8
samples from the 2019 Thambani sampling programme
Sample ID |
U3O8 ppm |
Ta2O5 ppm |
Nb2O5 ppm |
T0567 |
7,369 |
3,849 |
12,933 |
G1902 |
2,755 |
4,057 |
32,401 |
G1951 |
2,254 |
2,152 |
14,713 |
G1928 |
2,028 |
2,450 |
17,516 |
G1962 |
1,880 |
1,561 |
8,634 |
G1938 |
1,483 |
29 |
305 |
G1903 |
1,409 |
2,305 |
19,451 |
G1929 |
1,333 |
1,886 |
14,764 |
G1946 |
1,275 |
855 |
3,126 |
G1961 |
1,239 |
1,698 |
12,823 |
The 2019 sampling programme was focused on
radiometric uranium anomalies associated with the Thambani Massif,
a body of nepheline-bearing syenite gneiss which dominates the
north-eastern part of the licence. Previous work has shown the
uranium anomalies to be associated with niobium and tantalum
mineralisation.
Two suites of samples were collected: 1) in-situ
grab samples from outcrop; and 2) extremely friable, highly
weathered rock from trenches that were manually excavated to
approximately 10 metres (“m”) long, 1.5m wide and 2m deep, and
oriented west to east across the regional strike of the gneissic
foliation. Grab samples are selective and are not necessarily
representative of the mineralisation on the property.
A location map and sampling maps can be found at
https://mkango.ca/projects/thambani
58 surface grab samples were collected, 54 of
which were from outcrop associated with the prominent radiometric
anomaly along the western slope of the East Ridge, and four from
outcrop in the Supe River.
Ten trenches were excavated by hand over
radiometric anomalies. Three of these (the Western Trenches) were
spaced 25m apart, immediately adjacent to a pit where the highest
grades were encountered in 2017. The seven other trenches were
excavated over radiometric anomalies at widely separated locations
on the lower slope of the East Ridge. In all of the trenches,
highly weathered nepheline syenite gneiss was encountered below a
bouldery soil horizon approximately 0.5m thick. The westward dip of
the banded gneiss observed in outcrop on the ridges was
recognisable in the trenches despite strong weathering.
In the Western Trenches, 70 samples were
collected, 61 of which were horizontal channel samples of 2m length
collected along each wall in all of the three trenches. Five
similar samples were collected in one trench at the foot of the
East Ridge.
Assays summarised in the table below show that
grades in the fresh rock tended to be higher, suggesting extensive
secondary remobilisation of the elements of interest.
Summary of assay results (grades in ppm)
from the 2019 Thambani sampling programme
|
Rock grab samples |
Trench samples |
|
U3O8 |
Ta2O5 |
Nb2O5 |
U3O8 |
Ta2O5 |
Nb2O5 |
Average |
777 |
761 |
5,267 |
221 |
161 |
881 |
Median |
659 |
542 |
3,340 |
93 |
87 |
654 |
Minimum |
6 |
7 |
63 |
14 |
15 |
222 |
Maximum |
2,755 |
4,057 |
32,401 |
7,369 |
3,849 |
12,933 |
This programme provides new information on the nature,
disposition and grade ranges of mineralisation in the Thambani
Massif. Sampling of mainly fresh samples on the East Ridge
indicates that the U-Ta-Nb mineralisation occurs within the
gneissic bands, and surface observations indicate that it may occur
in conformable zones. This provides a target for shallow drilling
on the down-dip extension of the surface showings.
Mkango is currently evaluating strategic options
for Thambani, including opportunities for joint venture and other
potential avenues to create value.
Thambani Project
Mkango’s exploration activities to date include
acquisition of Landsat7 and ASTER satellite imagery for the licence
area, interpretation of airborne geophysical data, systematic
ground radiometric surveys, reconnaissance geological mapping and
litho-geochemical sampling programmes. The work has identified a
number of potential uranium and associated niobium-tantalum-zircon
targets over the Thambani Massif, which is mainly composed of
nepheline-bearing syenite gneiss, forming two prominent ridges
known as Thambani East Ridge and West Ridge.
Radiometric surveys revealed two distinct
uranium anomalies occurring across the Thambani East and West
Ridges: a strong uranium anomaly, measuring approximately 3
kilometres (“km”) by 1.5 km, occurs along the length of the
Thambani East ridge, with a north-south trend, and a second
northwest-trending uranium anomaly, measuring approximately 1.5 km
by 0.4 km, occurs along the foot of the West Ridge apparently
coincident with the western contact of the nepheline-bearing
syenite body with granodioritic augen gneiss.
Scientific and technical information contained
in this release has been approved and verified by Dr. Scott Swinden
of Swinden Geoscience Consultants Ltd, who is a “Qualified Person”
in accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
Sample preparation and analytical work for the
sampling programme is being provided by Intertek-Genalysis
Laboratories (Perth, Australia) employing assay methods suitable
for the analysis of uranium, niobium and tantalum. Mkango inserted
its own blanks and standards into the sample stream, and internal
laboratory QAQC was also completed to include blanks, standards and
duplicates.
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in this
announcement may have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014 until the
release of this announcement.
About Mkango Resources
Limited
Mkango's primary business is exploration for
rare earth elements and associated minerals in the Republic of
Malawi, a country whose hospitable people have earned it a
reputation as “the warm heart of Africa”. The Company holds
interests in four exclusive prospecting licenses in Malawi: the
Phalombe licence, the Thambani licence, the Chimimbe Hill licence
and the Mchinji licence.
The main exploration target in the 51% held
Phalombe licence is the Songwe Hill rare earths deposit. This
features carbonatite-hosted rare earth mineralisation and was
subject to previous exploration in the late 1980s. Mkango completed
an updated Pre-Feasibility Study for the project in November 2015
and a Feasibility Study is currently underway, the initial phases
of which included a 10,900 metre drilling programme and an updated
mineral resource estimate, announced in February 2019. In March
2019, the Company announced receipt of a £7 million (C$12.3
million) investment from Talaxis to fund completion of the
Feasibility Study. Following completion of the Feasibility Study,
Talaxis has an option to acquire a further 26% interest in Songwe
by arranging financing for project development including funding
the equity component thereof.
The main exploration targets in Mkango’s
remaining three 100% held licences are, in the Thambani licence,
uranium, niobium, tantalum and zircon, in the Chimimbe Hill
licence, nickel and cobalt, and in the Mchinji licence, nickel,
cobalt, base metals and graphite.
Mkango also holds a 75.5% interest in Maginito
with the balance owned by Talaxis. Maginito is focused on
downstream opportunities relating to the rare earths supply chain,
in particular neodymium alloy powders, magnet and other
technologies geared to accelerating growth in the electric vehicle
market. On 10 January 2020, Maginito completed the acquisition of
an initial 25% interest in HyProMag Limited (“HyProMag”), a private
United Kingdom-based company focused on rare earth magnet
recycling, as previously announced on 23 September 2019 (the
“Transaction”). Maginito has invested an initial £300,000 for a 25%
interest in HyProMag, and has an option to invest a further £1
million to increase its interest up to 49%.
For more information, please visit
www.mkango.ca
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements (within the meaning of that term under applicable
securities laws) with respect to Mkango, its business and the
Project. Generally, forward looking statements can be identified by
the use of words such as “plans”, “expects” or “is expected”,
“scheduled”, “estimates” “intends”, “anticipates”, “believes”, or
variations of such words and phrases, or statements that certain
actions, events or results “can”, “may”, “could”, “would”,
“should”, “might” or “will”, occur or be achieved, or the negative
connotations thereof. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
Such factors and risks include, without limiting the foregoing,
market demand for the metals and associated downstream products for
which Mkango is exploring, researching and developing, the positive
results of a feasibility study on the Project, delays in obtaining
financing or governmental or stock exchange approvals. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
applicable law. Additionally, the Company undertakes no obligation
to comment on the expectations of, or statements made by, third
parties in respect of the matters discussed above.
For further information on Mkango, please
contact: |
|
Mkango Resources Limited |
|
|
|
William
Dawes |
Alexander
Lemon |
Chief
Executive Officer |
President |
will@mkango.ca |
alex@mkango.ca |
UK: +44 207
3722 744 |
|
Canada: +1
403 444 5979 |
|
www.mkango.ca |
|
@MkangoResources |
|
|
|
Blytheweigh |
|
Financial
Public Relations |
|
Tim Blythe,
Camilla Horsfall, Julia Tilley |
|
UK: +44 207
138 3204 |
|
|
|
SP
Angel Corporate Finance LLP |
|
Nominated
Adviser and Joint Broker |
|
Jeff
Keating, Caroline Rowe |
|
UK: +44 20
3470 0470 |
|
|
|
Alternative Resource Capital |
|
Joint
Broker |
|
Alex Wood,
Rob Collins |
|
UK: +44 20
7186 9004; +44 20 7186 9001 |
|
The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
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accuracy of this release.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any equity or other
securities of the Company in the United States. The securities of
the Company will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) and
may not be offered or sold within the United States to, or for the
account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the U.S. Securities
Act.
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