(Alliance News) - Mkango Resources Ltd is evaluating options at the Thambani project after extending mineralisation following exploration activity.
Thambani is located in the Mwanza district of south-western Malawi. The exploration licence was originally granted in 2010.
Assay results from 128 rock samples collected during 2019 have returned grades of uranium, tantalum, and niobium of up to 0.74% triuranium octoxide, 0.41% tantalum pentoxide, and 3.24% niobium oxide.
Tantalum is used as a coating for other metals due to its resistance to corrosion. Uses include in capacitors, and it can also be used to create alloys used in the aerospace industry. Niobium, chemically similar to tantalum, is used in jewellery and body piercings, as well as the production of high-grade steel.
Mkango said the aim of the work was to identify new areas of outcropping mineralisation at Thambani. Field observations and sapling results suggest "mineralisation occurs in zones that are conformable with gneissic banding".
"Mkango is currently evaluating strategic options for Thambani, including opportunities for joint venture and other potential avenues to create value," added Mkango.
Shares were 2.9% lower on Wednesday morning in London at a price of 7.81 pence each.
By George Collard; georgecollard@alliancenews.com
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Mkango Res (MKA)