EXPLORATION & DEVELOPMENT

First drill results for Mkango's Songwe Hill

Mkango Resources (AIM:MKA) has released pleasing results from the first eight holes of a 10,000m diamond drilling campaign at the Songwe Hill rare earths project in Malawi.

Staff reporter
Mkango has received first results from drilling at the Songwe Hill project in Malawi

Mkango has received first results from drilling at the Songwe Hill project in Malawi

The holes totalled 944m and gave results of 147.2m grading 1.6% total rare earth oxides; 91m grading 1.5% TREO; 51.8m grading 1.6% TREO; 48m grading 1.2% TREO; 9.2m grading 2% TREO; 19.1m grading 1% TREO; and 42.8m grading 1.3% TREO, including 6.7m grading 2.2% TREO.

The drill programme started in June and is part of Songwe's ongoing feasibility study, with around 75 holes left to do.

Mkango CEO William Dawes said the drill programme and planned resource update were fully funded through the £6 million (US$7.7 million) investments from Noble subsidiary Talaxis agreed in January. 

"Talaxis will invest a further £7 million to fund completion of the feasibility study for Songwe on Mkango publishing a NI 43-101 technical report in relation to the resource update," he said.

MKango nomas and broker SP Angel said the early results gave positive early indications for broad mineralisation across the defined resource, while confirming rare earth content in a southerly extension with no surface carbonatite definition.

"The programme also targets a distinct radiometric anomaly extending to the north of the define pit limits, which is coincident with carbonatite surface outcropping. We look forward to learning more assay results as the programme advances and the potential upside in the planned resource update," it said.

Mkango's shares were up 8.73% Tuesday to 8.97p.

 

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