The government of Malawi has granted a further two year renewal for an exclusive exploration licence (Thambani licence) to TSX-V-listed Mkango Resources in south west Malawi.
A systematic ground radiometric survey completed previously by Mkango revealed two distinct uranium anomalies occurring across the Thambani East and West Ridges:
A strong uranium anomaly, measuring approximately 3 km x 1.5 km, occurs along the length of the Thambani East ridge, with a north-south trend, and a second uranium anomaly, measuring approximately 1.5 km x 0.4 km, occurring on the West Ridge.
In January 2015, Mkango announced the first set of assay results of 142 soil and rock chip samples from nine trenches, which returned variably anomalous uranium, niobium and tantalum values in most trenches, ranging up to 4.70 % U3O8, 3.25 % Nb2O5 in soil and up to 0.42 % U3O8, 0.78 % Nb2O5 and 972 ppm Ta2O5 in rock chips.
Dual listing on the AIM market
The dual listing process is well advanced with SP Angel appointed as Nominated Adviser and Broker and a site visit by SP Angel to the Songwe Hill rare earth project recently completed.
With one of the few rare earth projects globally that has advanced beyond the pre-feasibility stage (completed in September 2014) and, against the backdrop of a potential emerging recovery in the prices of certain rare earths, in particular neodymium, praseodymium and dysprosium, Mkango believes that the dual listing will enable a broader access to capital and provide a stronger platform for development as the Songwe Hill rare earth project advances through the feasibility stage.
Following closing of Mkango’s C$1.1 million private placement on 20 October 2015, metallurgical flow sheet optimisation of the Songwe Hill rare earth project is underway with initial focus on the flotation step.
Mkango has identified a number of areas within the flow sheet where there is potential to increase recoveries and reduce operating costs and this will be a major area of focus going forward, with the additional objectives of producing samples of concentrate for potential off-takers and preparing the project for pilot testing.
In Malawi, Mkango continues to work in partnership with boNGO Worldwide, a non-profit, non-government organisation, established with the aim of raising the standards of education in the country. The first stage of the initiative, called the Happy Classrooms Project, is to enhance the learning environments in the three local primary schools near to Songwe Hill through syllabus-related paintings on classroom walls. To date, boNGO has completed the painting of 12 classrooms.
Mkango has also recently launched an annual competitive scholarship programme to support secondary education for the top 6 male and female students from these schools.
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