Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) said it has identified two drill targets at the Nkalonje Hill rare earths project, close to its Songwe Hill rare earths development project in Malawi, after completing initial sampling and ground geophysics work.
Assay results from samples returned grades of up to 5.92% TREO (Total Rare Earth oxides) and a median average grade of 2.96%.
Geophysics has identified a primary shallow drilling target and a secondary deeper drilling target.
"We are extremely encouraged by the recent exploration results for the Nkalonje Hill rare earths project,” said Mkango president Alexander Lemon. “The targets generated from the mapping and geophysics data are exciting indicators of the potential for further mineralisation at depth.
“The similarities between Nkalonje and Songwe Hill, and the high TREO grades from the assay results, demonstrate a strong case for further investigation.”
Nkalonje is 23km away from Songwe Hill by road.
“In the long term, the close proximity of Nkalonje to Songwe provides a good potential source of additional REE [rare earth elements] feedstock for processing at Songwe," said Lemon.