Mkango Resources Intersects 66.5 Metres Grading 2.3% TREO from 5.7 Metres at the Songwe Rare Earth Project in Malawi
May 16 2012 - 9:30AM
Marketwired Canada
Mkango Resources Ltd. (TSX VENTURE:MKA) (the "Corporation" or "Mkango") is
pleased to announce results for three holes (PX006, PX013 and PX014) of the
Stage 2 drilling programme at the Songwe project in Malawi. The results for a
further 22 drill holes from the Stage 2 drilling will be announced as the
analyses become available.
Highlights from the new results are as follows:
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PX006 30.4 m grading 1.7% TREO (100.0 - 130.4 m). Vertical hole testing an
area to the west of main carbonatite zone.
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PX013 66.5 m(1) grading 2.3% TREO (5.7 - 72.2 m), including 18.1 m grading
3.2% TREO (21.1 - 39.2 m) and 10.2 m grading 3.7% TREO (44.6 - 54.8
m). Inclined hole (60 degrees) demonstrating southerly extension of
the higher grade zone previously intersected in PX003.
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PX014 39.1 m grading 1.7% TREO (142.0 - 181.1 m). Inclined hole (80
degrees) indicating depth extension of mineralized zone previously
intersected in PX004.
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(1) Includes 5.3 m cavity which was not sampled. TREO: total rare earth oxides
including yttrium. These intersections are reported as down hole widths and do
not necessarily represent true thicknesses and attitude of the mineralised
zones, the estimation of which will require further refining of the geological
model. See Appendix for contents of TREO and for further details on results of
Stage 2 drilling programme.
-- A total of 25 holes will be completed in Stage 2, with the 24th hole
currently underway and a total of approximately 4,500 metres drilled to
date. Drilling continues to intersect broad zones of mineralised
carbonatite, carbonatite breccia and fenite.
-- The Stage 2 drilling programme was designed to complement the 13 hole,
2,000m Stage 1 drilling programme and systematic channel sampling
completed in 2011, and is focusing on an area measuring approximately
350m by 100m comprising rare earth enriched carbonatite, carbonatite
breccia and fenite lithologies, largely exposed at surface.
-- Niton XRF analyses of carbonatite from a vertical hole demonstrated that
the mineralised zones have the potential to extend to a vertical depth
of at least 350 m and remain open laterally within the extents of the
Songwe carbonatite complex.
-- Mkango has engaged The MSA Group to complete a National Instrument 43-
101 compliant resource estimate for the Songwe project to commence on
receipt of all the assay results.
A schematic geological map illustrating the location of the drill hole collars
and estimated drill hole traces will be made available on the Company's website
(www.mkango.ca).
As Malawi's rainy season finishes and pending receipt of all the assay results
for Songwe, exploration will re-focus on other rare earth targets in the
Phalombe licence and on zircon and uranium targets in the Thambani licence.
The Songwe Hill Rare Earth Project
The Songwe Hill rare earth project is located within a 100% owned exclusive
prospecting licence covering an area of 1,283 km(2) in southeast Malawi (the
"Phalombe Licence"). Songwe is accessible by road from Zomba, the former
capital, and Blantyre, the principal commercial town of Malawi. Total travel
time from Zomba is approximately 2 hours, which will reduce as infrastructure
continues to be upgraded in the area.
Scientific and technical information, including data verification, 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.
Sample preparation and analytical work for the drilling and channel sampling
programmes are being provided by Intertek-Genalysis Laboratories (Johannesburg,
South Africa and Perth, Australia) employing ICP-MS techniques suitable for rare
earth element (REE) analyses and following strict internal QAQC procedures
inserting duplicates, blanks and standards. Internal Laboratory QAQC was also
completed to include blanks, standards and duplicates.
Mkango Resources Ltd.
Mkango's primary business is the exploration for rare earth elements and
associated minerals in the Republic of Malawi. It holds, through its wholly
owned subsidiary Lancaster, a 100% interest in two exclusive prospecting
licenses covering a combined area of 1,751 km2 in southern Malawi. The main
exploration target is the Songwe Hill rare earth deposit, which features
carbonatite hosted rare earth mineralisation and was subject to previous
exploration in the late 1980s.
The Corporation's corporate strategy is to further delineate the rare earth
mineralisation at Songwe Hill and secure additional rare earth element and other
mineral opportunities in Malawi and elsewhere in Africa.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements relating to the
Corporation. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. By their
nature, forward- looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause actual performance
and results in future periods to differ materially from any estimates or
projections of future performance or results expressed or implied by such
forward-looking statements. Such factors and risks include, among others, the
interpretation and actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future commodity prices;
possible variations in grade or recovery rates; failure of equipment or
processes to operate as anticipated; labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or financing or in
the completion of exploration.
The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, the Corporation
disclaims any intention and assume no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities law.
Additionally, the Corporation undertakes no obligation to comment on the
expectations of, or statements made, by third parties in respect of the matters
discussed above.
The TSX Venture Exchange has neither approved nor disapproved the contents of
this press release.
To view the table associated with this release, please see the following link:
http://media3.marketwire.com/docs/516mka_table.pdf
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