(Alliance News) - Mkango Resources Ltd on Tuesday reported new rutile and ilmenite discoveries from its Mchinji licence in Malawi.
Mkango said results from shallow soil sampling of the asset confirmed "interesting grades of rutile plus anatase" as well as ilmenite grades between 1.30% and 3.40%.
"Mkango is focused on developing the Songwe rare earth deposit in Phalombe district in Malawi and is looking forward to completing the feasibility study. We are very pleased to add this new rutile and ilmenite discovery to our portfolio of projects in Malawi," Mkango President & Co-Founder Alexander Lemon said.
Mkango shares were 8.3% higher at 6.39 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Mkango Res (MKA)