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Mkango Resources releases latest drilling results from Songwe Hill project

The AIM-listed exploration firm said the drilling programme was a key component of the ongoing initial phases of its feasibility study for Songwe

Mkango employees
39 of the holes had intersected “significant zones of rare earths mineralisation”

Mkango Resources Ltd (LON:MKA) has released the results of a 45 drill hole campaign from its Songwe Hill Rare Earths project in Malawi.

The AIM-listed exploration firm said the drilling programme was a key component of the ongoing initial phases of its feasibility study for Songwe.

READ: Mkango Resources receives more encouraging assays from drilling at Songwe Hill

Mkango added that 39 of the holes had intersected “significant zones of rare earths mineralisation” grading above 1% total rare earth oxides (TREO).

Highlights from the results included:

• PX056 - 114.8m grading 1.6% TREO (60.7 - 175.5m) including 30.0m grading 2.0% TREO (135.0 -  165.0m). Inclined hole (60 degrees west)
• PX059 - 63.0m grading 1.7% TREO (6.0 - 69.0m), including 23.0m grading 2.3% TREO (7.0 -  30.0m), and 15.4m grading 1.6% TREO (128.0 - 143.4m). Inclined hole (60 degrees west)
• PX073 - 67.1m grading 1.6% TREO (8.8 - 75.9m) including 25.2m grading 2.0% TREO (45.0 - 70.2m). Inclined hole (60 degrees west)
• PX076 - 40.2m grading 1.8% TREO (60.4 - 100.7m) including 20.0m grading 2.4% TREO (60.4 - 80.4m). Inclined hole (60 degrees west)
• PX077 - 51.9m grading 1.7% TREO (26.2 - 78.0m). Inclined hole (60 degrees west)
• PX090 - 25.7m grading 3.9% TREO (39.5 - 65.2m). Inclined hole (60 degrees west)
• PX098 - 65.0m grading 1.7% TREO (1.1 - 66.0m) and 13.1m grading 1.2% TREO (115.0 - 128.1m). Inclined hole (60 degrees south)
• PX103 - 165.2m grading 1.6% TREO (2.6 - 167.8m). Inclined hole (60 degrees east)
• PX107 - 91.3m grading 1.3% TREO (23.0 - 114.2m) including 32.2m grading 1.9% TREO (82.0 - 114.2m). Inclined hole (60 degrees east)
• PX108 - 45.8m grading 1.4% TREO (8.2 - 54.0m) and 57.3m grading 1.7% TREO (76.9 - 134.2m). Inclined hole (60 degrees east)
• PX113 - 51.1m grading 2.2% TREO (4.7 - 55.8m). Inclined hole (50 degrees north)

William Dawes, chief executive of Mkango, said the results demonstrated “broad mineralised zones with continuity of mineralisation” which would underpin a resource update.

He added that the feasibility study for Songwe would be the main focus for 2019, with Mkango’s strategic partner Talaxis to invest £7mln following the resource update and the publication of the NI 43-101 technical report in the first quarter of next year.

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Price: 5 GBX

LSE:MKA
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Market Cap: £6.65 m
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