TIDMMKA
Mkango Resources Limited
09 August 2016
MKANGO RESOURCES LTD.
706 27 Avenue NW,
Calgary, Alberta T2M 2J3
AIRBORNE SURVEY HIGHLIGHTS RARE EARTHS EXPLORATION TARGETS IN
THE PHALOMBE LICENCE
Calgary, Alberta: August 9, 2016 - Mkango Resources Ltd. (TSXV:
MKA; AIM: MKA) (the "Corporation" or "Mkango"), is pleased to
announce results of the airborne geophysical survey (the "Survey")
covering approximately two thirds of its Phalombe licence. The
Survey was part of a US$25 million World Bank funded nationwide
airborne geophysical programme.
The airborne radiometric survey highlights a number of
exploration targets within the Phalombe licence. The Songwe Hill
rare earths project, for which Mkango announced an updated
pre-feasibility study in November 2015, was not covered by the
Survey.
Apart from Songwe Hill, there are two other identified vent
systems in the Phalombe licence, Nkalonje and Namangale. In both
cases, the Survey indicates strong thorium radiometric anomalies
coincident with the vents, which, similar to Songwe, are expressed
as steep hills rising above the surrounding plain. Thorium
radiometrics are known as a highly effective tool for rare earths
exploration and the Songwe Hill carbonatite is also characterized
by a thorium radiometric anomaly, identified through previous
geophysical surveys. Unlike Songwe Hill, the Nkalonje and Namangale
vent systems do not feature large areas of outcropping carbonatite,
the host rock for rare earths at Songwe Hill. However, both contain
outcrops of carbonatite veins and dykes suggesting that there may
be potential for a carbonatite body below surface, in particular at
Nkalonje, where the new airborne magnetic survey indicates that the
vent complex coincides with a magnetic low.
A map showing the thorium radiometric anomalies superimposed on
a topographic map, indicating local infrastructure, and the
locations of Nkalonje and Namangale can be accessed via the
following link:
http://www.mkango.ca/i/maps/Results-of-Airborne-Radiometric-Survey-(Th)-on-Topo-Aug.jpg
William Dawes, Chief Executive of Mkango, stated:
"The airborne survey further supports the rare earths
exploration potential of the broader Phalombe licence area. The
Songwe project itself has significant resource upside, both
laterally and to depth, and together with other targets in the
Phalombe licence, underpins Mkango's potential to be a long term,
sustainable producer of rare earths. We believe ongoing
infrastructure developments in Malawi will catalyse mineral
development, and, with ongoing Government and stakeholder support,
Mkango's objective is to spearhead development of Malawi's very
substantial rare earths resource base."
"We continue to explore partnership opportunities for both the
Songwe and Thambani projects with a view to accelerating
exploration and development of the projects for the benefit of all
stakeholders."
Nkalonje and other areas in the Phalombe licence including
Songwe and satellite rare earth occurrences will be further
investigated as part of the HiTech AlkCarb research project. Mkango
is an industry partner in HiTech AlkCarb, a EUR5.4 million research
project funded under the European Union's Horizon 2020 Research and
Innovation programme in partnership with University of Exeter,
British Geological Survey, GeoAfrica Prospecting Services, Terratec
Geophysical Services, Eberhard Karls University of Tubingen, Mendel
University in Brno, University of St Andrews, Natural History
Museum, A Speiser Environmental Consultants, Geological Survey of
Denmark and Greenland and Gabriele d'Annunzio University of
Chieti-Pescara.
The scope of the research project encompasses developing new
geological models to explore for 'hi-tech' raw materials (such as
the rare earth elements, scandium, niobium, tantalum, zirconium,
hafnium and fluorspar), improving and developing interpretation of
geophysical and downhole data, building exploration expertise in
hi-tech raw materials and ensuring knowledge exchange between
Europe and Africa and assessing environmental and socio-economic
impacts of mining for these raw materials, and develop best
practice.
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.
Change in Corporate (Registered) Address
The Corporation also announces that its corporate (registered)
address has been changed to 706 27 Avenue NW, Calgary, Alberta, T2M
2J3, Canada, with immediate effect.
About Mkango Resources Ltd.
Mkango's primary business is the 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." Mkango holds, through its wholly owned
subsidiary Lancaster Exploration Limited, a 100% interest in two
exclusive prospecting licenses in southern Malawi, the Thambani
licence and the Phalombe licence.
The main exploration target in the Phalombe licence is the
Songwe Hill rare earths deposit, which 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. Mkango's strategy for
Songwe is to further optimise the project with a view to maximising
efficiency and reducing costs, thereby providing a strong platform
both for entering into partnerships, marketing and offtake
arrangements.
The main exploration targets in the Thambani licence are
uranium, niobium and tantalum. In January 2015, Mkango announced
the first set of assay results of 142 soil and rock chip samples
from 9 trenches, which returned variably anomalous uranium, niobium
and tantalum values in most trenches, ranging up to 4.70 % U(3)
O(8) , 3.25 % Nb(2) O(5) in soil and up to 0.42 % U(3) O(8) , 0.78
% Nb(2) O(5) and 972 ppm Ta(2) O(5) in rock chips. In July 2016,
the Corporation announced the results of an airborne geophysical
survey covering approximately two thirds of the licence area,
highlighting a number of significant radiometric and magnetic
anomalies.
The company's corporate strategy is to develop new sustainable
sources of rare earth elements and other minerals geared to growth
in the low carbon "green" economy, technology and the Fourth
Industrial Revolution.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements.
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, delays in obtaining
financing or governmental or stock exchange approvals. The
forward-looking statements contained in this press release are made
as of the date of this press release. Except as required by law,
the Corporation 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 securities law. Additionally, the
Corporation 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, 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
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Jeff Keating , Caroline Rowe
UK: +44 20 3470 0470
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 Venture Exchange) accepts
responsibility for the adequacy or 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 Corporation in the United States. The securities of the
Corporation 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRAEAPPPEAFKEFF
(END) Dow Jones Newswires
August 09, 2016 02:01 ET (06:01 GMT)
Mkango Resources (LSE:MKA)
Historical Stock Chart
From Apr 2024 to May 2024
Mkango Resources (LSE:MKA)
Historical Stock Chart
From May 2023 to May 2024