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The license covers a two-year period commencing January 2019 and expiring on January 21, 2021.
African-focused rare earth explorer and developer Mkango (TSXV:MKA) has successfully renewed its exclusive prospecting license from the Malawi government.
The license covers a two-year period commencing January 2019 and expiring on January 21, 2021.
Mkango has been developing the Songwe Hill rare earths project in Malawi since 2014 and estimates it will be able to produce 2,840 tonnes of rare earth oxides (REO) annually when the site is fully operational.
Earlier this month, Mkango released the results from the most recent and final drill program at Songwe. Utilizing the results from the testing drill the company will update the mineral resource estimate for the rare earth project.
The drill program used infill drilling to confirm and upgrade the existing indicated and inferred mineral resource estimates; as well as step out drilling to test extensions to the mineralization, and lastly, geotechnical drilling.
Of the 21 holes that were drilled, 19 intersected significant zones of rare earth mineralization grading above 1 percent total REO. The most promising came from the current phase of drilling in area PX112, which had a grading of 3.3 percent TREO.
“This rounds off what has been a highly successful drill programme with another excellent set of results. Metallurgical optimization and work relating to the Environmental, Social and Health Impact Assessment is also progressing well and we look forward to updating the market as we progress the feasibility study through 2019, starting with the resource update in the first quarter,” William Dawes, CEO of Mkango, said in the announcement.
In addition to the ongoing project at Songwe, Mkango also holds an exploration license for the Thambani project located in the Mwanza district of Malawi.
The Thambani project is unique due to its tantalum and nobium mineralizations. The site also houses a high-grade uranium deposit.
Currently Mkango is looking at a variety of options for the site, some of which include creating a joint venture or selling the project.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.