LONDON (Alliance News) - Mkango Resources Ltd on Tuesday said the results of its airborne physical survey at the Thambani licence in Malawi showed "significant" radiometric and magnetic anomalies, and confirmed there is "significant potential" for minerals to be found at the site.
The rare earths mineral miner said it has received the results from its airborne physical survey for the Thambani Massif site, which confirmed the presence of a previously-identified uranium radiometric anomaly measuring at least three kilometres by 1.5 kilometres, along the western flank of the Thambani East ridge.
Mkango said the Little Ngona prospect, which had previously yielded "very encouraging" uranium, niobium and tantalum values from geochemical sampling, is located at the northern end of this anomaly, whilst a further discrete uranium anomaly is located to the south of the anomaly. The miner said it has yet to investigate the southerly site.
Mkango said a number of magnetic anomalies were also identified through the survey, including a 2.3 kilometre linear magnetic high anomaly along the Thambani East Ridge and a further 1.0 kilometre by 500 metre magnetic high anomaly located to the north along the Thambani East Ridge.
These magnetic anomalies have yet to be investigated, Mkango added.
"We are very excited with the results of the airborne survey, which further confirms significant potential for uranium, niobium, tantalum and other minerals in the Thambani licence. This area benefits from good infrastructure, including roads, power and a new railway line passing through the south of the licence area. To date, the market has yet to recognise Thambani's potential and we continue to look at opportunities to maximise value," said Chief Executive William Dawes.
"Review of airborne data covering Mkango's other exploration licence in Malawi, the Phalombe licence, is underway and we will be updating the market on the results in due course," Dawes added.
Shares in Mkango were up 12% at 4.64 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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