Mkango Resources Ltd (LON:MKA CVE:MKA) has identified two more potential rare earths targets in Malawi from an airborne survey funded by the World Bank.
The survey covered Mkango's Phalombe licence though not the flagship Songwe Hill project where a pre-feasibility study has already been carried out.
Nkalonje and Namangale, two other vent systems in the Phalombe licence, were indicated by the survey as having potential for rare earths.
In both cases, the survey recorded strong thorium radiometric anomalies coincident with the vents, which are known as a highly effective tool for rare earths exploration, though they do not feature large areas of outcropping carbonatite, the host rock for rare earths at Songwe Hill.
Outcrops of carbonatite veins and dykes however may indicate a possible carbonatite body below surface, in particular at Nkalonje.
William Dawes, Mkango’s chief executive, said: "The airborne survey further supports the rare earths exploration potential of the broader Phalombe licence area.
The Songwe project itself has significant resource upside, both laterally and to depth, and together with other targets in the Phalombe licence, underpins Mkango's potential to be a long term, sustainable producer of rare earths.”