TIDMMKA
RNS Number : 0263G
Mkango Resources Limited
24 May 2017
MKANGO RESOURCES LTD.
706 27 Avenue NW,
Calgary, Alberta T2M 2J3
MKANGO IDENTIFIES NEW ZONES OF HIGH GRADE URANIUM, TANTALUM AND
NIOBIUM AT THAMBANI
Calgary, Alberta: May 24 2017 -- Mkango Resources Ltd. (TSXV /
AIM: MKA) (the "Corporation" or "Mkango"), announces results from
recent sampling at the Thambani Project in southern Malawi:
-- Assay results from 85 rock grab samples returned high grade
uranium, tantalum and niobium values, ranging up to 3.3 % U(3) O(8)
, 1.9 % Ta(2) O(5) and 6.0 % Nb(2) O(5) . 35 of the samples graded
above 500ppm U(3) O(8) and 24 graded above 1,000ppm U(3) O(8) .
Results associated with the twenty best U(3) O(8) assays are
summarised in the table below.
-- The main objectives of the programme were to confirm
previously identified high grade mineralisation at the Little Ngona
target, ground-truth new geophysical targets and complete further
reconnaissance sampling along the East and West Ridges.
-- New areas of high grade uranium, tantalum and niobium
mineralisation were identified at the foot of the West Ridge and on
the East Ridge. Most significantly, a radiometric high at the foot
of the West Ridge yielded two of four highest grade samples of this
phase of exploration.
Alexander Lemon, President of Mkango, said: "These results
further support Thambani's exploration potential. Not only are the
uranium results highly encouraging, but the equally positive
tantalum and niobium results support that Thambani has significant
multi-commodity potential."
Assays from the 20 highest grade U(3) O(8) samples from the
Thambani sampling programme
Sample U(3) U(3) Ta(2) Ta(2) Nb(2) Nb(2)
no. O(8) O(8) % O(5) O(5) % O(5) O(5) %
ppm ppm ppm
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3141 32590 3.26 19029 1.90 59200 5.92
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3183 31812 3.18 15224 1.52 60055 6.01
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3136 10131 1.01 4845 0.48 32478 3.25
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3111 8826 0.88 4191 0.42 14871 1.49
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3127 5468 0.55 3084 0.31 15138 1.51
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3135 5265 0.53 2747 0.27 13183 1.32
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3122 5250 0.52 2431 0.24 10820 1.08
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3125 4518 0.45 2028 0.20 8461 0.85
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3115 4352 0.44 2221 0.22 9789 0.98
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3121 4191 0.42 2390 0.24 13585 1.36
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3137 3988 0.40 1896 0.19 8707 0.87
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3124 3952 0.40 2100 0.21 9600 0.96
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3168 3664 0.37 2022 0.20 7137 0.71
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3129 3562 0.36 1625 0.16 6469 0.65
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3176 3264 0.33 1905 0.19 5864 0.59
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3131 2768 0.28 1293 0.13 5314 0.53
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3133 2231 0.22 1235 0.12 5971 0.60
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3118 2163 0.22 1330 0.13 3838 0.38
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3172 1749 0.17 1351 0.14 3924 0.39
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
U3119 1741 0.17 916 0.09 4592 0.46
----------------- --------------- ---------------- --------------- ---------------- --------------- ----------------
Sampling was primarily focused on zones of anomalous uranium and
associated niobium and tantalum targets across the Thambani Massif,
a nepheline-bearing syenite gneiss which dominates the
north-eastern part of the licence. Grab samples are selective
samples and are not necessarily representative of the
mineralization hosted on the property. The average grades for the
85 samples were 1,892 ppm U(3) O(8) , 1,029 ppm Ta(2) O(5) and
4,562 ppm Nb(2) O(5) . The median grades for the 85 samples were
343 ppm U(3) O(8) , 222 ppm Ta(2) O(5) and 958 ppm Nb(2) O(5) . The
ranges of grades for the 85 samples were 1 - 32,590 ppm U(3) O(8) ,
2 - 19,029 ppm Ta(2) O(5) and 0 - 60,055 ppm Nb(2) O(5) .
Mkango is currently evaluating strategic options for Thambani,
including opportunities to joint venture or spin-off the project,
and other potential avenues to create value.
Thambani Project
Mkango's exploration activities to date include acquisition of
Landsat7 and ASTER satellite imagery for the licence area,
interpretation of airborne geophysical data, systematic ground
radiometric surveys, reconnaissance geological mapping and
litho-geochemical sampling programmes. The work has identified a
number of potential uranium and associated niobium-tantalum targets
over the Thambani Massif, which is mainly composed of
nepheline-bearing syenite gneiss, forming two prominent ridges
known as Thambani East Ridge and West Ridge.
Radiometric surveys revealed two distinct uranium anomalies
occurring across the Thambani East and West Ridges: a strong
uranium anomaly, measuring approximately 3 kilometres ("km") by 1.5
km, occurs along the length of the Thambani East ridge, with a
north-south trend, and a second NW-trending uranium anomaly,
measuring approximately 1.5 km by 0.4 km, occurring along the foot
of the West Ridge coincident with the western contact of the
nepheline-bearing syenite body with granodioritic augen gneiss.
Scientific and technical information 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 sampling
programme is being provided by Intertek-Genalysis Laboratories
(Johannesburg, South Africa and Perth, Australia) employing assay
methods suitable for the analysis of uranium, niobium and tantalum.
Mkango inserted its own blanks and standards into the sample
stream, and internal laboratory QAQC was also completed to include
blanks, standards and duplicates.
About Mkango Resources Ltd.
Mkango's primary business is the exploration for rare earth
elements and associated minerals in the Republic of Malawi, a
country whose hospitable people have earned it a reputation as "the
warm heart of Africa". Mkango holds, through its wholly owned
subsidiary Lancaster Exploration Limited, a 100% interest in two
exclusive prospecting licences in southern Malawi, the Phalombe
licence and the Thambani licence.
The main exploration target in the Phalombe licence is the
Songwe Hill rare earths' deposit, which features carbonatite hosted
rare earth mineralisation and was subject to previous exploration
in the late 1980s. Mkango completed an updated Pre-feasibility
Study for the project in November 2015. Mkango's strategy for
Songwe is to further optimise the project with a view to maximising
efficiency and reducing costs, thereby providing a strong platform
for entering into partnerships, marketing and offtake arrangements.
In December 2016, Mkango entered into an agreement with Noble
Resources International to collaborate in the rare earths sector.
In March 2017, Mkango entered into a MOU with Metalysis Limited to
jointly research, develop and commercialise novel rare earth metal
alloys for use in three-dimensional (3D) printed permanent
magnets.
The main exploration targets in the Thambani licence are
uranium, niobium, tantalum and other associated minerals.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements.
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, without limiting the foregoing, delays in obtaining
financing or governmental or stock exchange approvals. 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 Company disclaims any intention and assumes 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 law. Additionally, the Company undertakes no
obligation to comment on the expectations of, or statements made
by, third parties in respect of the matters discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.ca alex@mkango.ca
UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
Blytheweigh
Financial Public Relations
Tim Blythe, Camilla Horsfall, Nick
Elwes
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Jeff Keating , Caroline Rowe
UK: +44 20 3470 0470
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any equity or other securities of
the Company in the United States. The securities of the Company
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") and may not be offered
or sold within the United States to, or for the account or benefit
of, U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
This information is provided by RNS
The company news service from the London Stock Exchange
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