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Mkango Resources gets licence extension for Malawi project

The company's current licence now runs to January 2021

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Phalombe hosts the Songwe Hill rare earths project

Mkango Resources Ltd (LON:MKA, CVE:MKA) told investors that it has secured a licence extension for exploration in the Phalombe.

The government of Malawi has given the company another two years under its current exploration phase, with the latest arrangement now running to January 2021.

Phalombe hosts the Songwe Hill rare earths project, Mkango’s flagship project.

READ: Mkango Resources sees highest rare earth grades to date

Earlier this month, Mkango revealed the final batch of drill results from the 2018 drill programme, at the Songwe Hill rare earths project, has unearthed the highest grades to date.

The company, in a statement, said that the results of the majority of the remaining holes (19 of 21) from the 10,900-metre drill programme saw significant zones of rare earths mineralisation grading above 1% total rare earth oxides (TREO). Drill hole ‘PX112’ was the highlight with 3.3% TREO across just over 100 metres, including a higher grade 20.5-metre section which measured 4.2% TREO.

With the final batch of results now in, the company is advancing efforts to have a new resource estimate produced for Songwe Hill.

"This rounds off what has been a highly successful drill programme with another excellent set of results,” said Mkango chief executive William Dawes said on 3 December.

“Metallurgical optimisation and work relating to the Environmental, Social and Health Impact Assessment are 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."

Quick facts: Mkango Resources Ltd

Price: 3.36 GBX

LSE:MKA
Market: LSE
Market Cap: £4.47 m
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