Mkango Resources announced that it has been granted a new exclusive prospecting license in Mchinji district, central Malawi.
Image: Mkango Licence Location Map. Photo courtesy of Mkango Resources Ltd.
Highlights
The Mchinji licence covers an area of 868.69 km2 and is adjacent to licences with known mineral potential including the Company’s Chimimbe Hill nickel-cobalt licence to the south.
Mkango will evaluate all historical data over the Mchinji licence area for exploration targets in the context of geophysical data produced by a countrywide airborne survey completed by the World Bank in 2016. Exploration will focus on nickel-cobalt, gold, base metals, and graphite.
The evaluation of the licence will be funded from the Company’s existing working capital.
Alexander Lemon, President of Mkango, said: “We are delighted to have been granted the Mchinji exploration licence, which strengthens the Company’s strategic licence position in Malawi. We are commencing a full historical data review to identify exploration targets, and look forward to updating shareholders on this new licence in due course.”
Mchinji Exploration Licence
The Mchinji licence has been granted for the exploration of nickel, cobalt, gold, base metals, graphite, Platinum Group Metals, ilmenite, vanadium, chrome, uranium, rare earth elements and other minerals. The licence is initially awarded for a three-year term, after which it can be renewed twice for further two-year periods with a 50% reduction in the licence size required with each renewal.
Scientific and technical information contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a “Qualified Person” in accordance with National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
The feasibility study for the Songwe Hill Rare Earths project continues in parallel, fully funded by strategic partner, Talaxis Limited, a subsidiary of Noble Group.
Source: Company Press Release