Mkango boasts 'significant' intersects at Songwe Hill

Malawi-focussed rare earths exploration and development company Mkango Resources announced results for the final 21 drill-holes from the recently-completed 10,900 metre diamond drill programme at the Songwe Hill Rare Earths Project on Monday.

The AIM-traded firm said the process to complete an updated mineral resource estimate had now begun.

It said 19 of the latest 21 drill-holes intersected “significant” zones of rare earths mineralisation grading above 1% total rare earth oxides (TREO), including the highest grade intersections of the current phase of drilling in PX112.

Following the resource update and on subsequent publication of the related NI 43-101 technical report, which was anticipated in the first quarter of 2019, Talaxis would invest a further £7m to fund completion of the feasibility study for Songwe, which would be the main focus for 2019, Mkango reported.

“This rounds off what has been a highly successful drill programme with another excellent set of results,” said chief executive officer William Dawes.

“Metallurgical optimisation 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.”