Mkango Resources Intersects Further Significant Zones of REE Mineralisation at Songwe Including 42.3 m Grading 2.1% TREO, 39....
June 12 2012 - 7:19AM
Marketwired Canada
Mkango Resources Ltd. (TSX VENTURE:MKA) (the "Corporation" or "Mkango") is
pleased to announce results for a further seven holes of the Stage 2 drilling
programme at the Songwe project in Malawi. The results for the remaining 15
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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PX015 77.8 m grading 1.1% TREO (20.1 - 97.8 m) including 10.0 m grading
2.0% TREO (82.0 - 92.0 m). Inclined hole (80 degrees).
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PX017a 39.1 m grading 1.9% TREO (0.0 - 39.1 m) including 13.5 m grading
3.6% TREO (0.0 - 13.5 m). Inclined hole (70 degrees).
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PX018 47.3 m grading 2.2% TREO (9.0 - 56.3 m), 13.6 m grading 2.1% TREO
(102.8 - 116.4 m), 99.8 m grading 1.2% TREO (125.6 - 225.4 m)
including 38.7 m grading 1.5% TREO (125.6 - 164.3 m). Inclined hole
(70 degrees).
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PX022a 61.7 m grading 1.4% TREO (11.6 - 73.2 m)(1) including 31.0m grading
1.7% TREO (37.0 - 68.0 m)(1), and 15.7m grading 1.8% TREO (88.0 -
103.7 m EoH). Inclined hole (80 degrees).
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PX025 27.6 m grading 1.8% TREO (89.4 - 117.0 m EoH). Inclined hole (60
degrees).
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PX033 96.8 m grading 1.6% TREO (4.2 - 101.0 m)(2) including 42.3 m grading
2.1% TREO (42.0 - 84.3 m). Inclined hole (60 degrees).
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PX035 96.3 m grading 1.5% TREO (0.0 - 96.3 m)(3) including 25.0 m grading
1.8% TREO (41.5 - 66.5 m) and 22.7 m grading 1.8% TREO (72.3 - 95.0
m). Inclined hole (80 degrees).
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(1) Includes 5.7 m cavity which was not sampled. (2) Includes 2.2 m cavity
which was not sampled. (3) Includes 2.6 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 were completed in Stage 2 for a total of
approximately 4,860 metres to a maximum vertical depth of approximately
350 metres.
-- Consistent with Stage 1 drilling completed in 2011, Stage 2 drilling
intersected broad zones of mineralised carbonatite, carbonatite breccia
and fenite.
-- Drilling to date has focused on an area measuring approximately 350 m by
100 m comprising rare earth enriched lithologies largely exposed at
surface.
-- Mineralisation is open to depth and along strike, and there are known
areas of additional carbonatite exposure within the Songwe vent system
constituting further exploration upside.
-- The MSA Group, Johannesburg, South Africa, will commence estimation of a
National Instrument 43-101 compliant resource estimate for the Songwe
project on receipt of all the assay results.
A schematic geological map illustrating the location of the drill hole collars
and estimated drill hole traces is available on the Company's website
(www.mkango.ca).
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 km2 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/mka_appendix_june12.pdf
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