Mkango Resources has said it has identified new zones of uranium, tantalum and niobium at the Thambani Project in Mwanza.
London-based Alliance News quotes Mkango President Alexander Lemon as saying that a total of 35 samples had graded above 550 parts per million of uranium and 24 above 1,000 parts per million.
“The assay results gathered from 85 rock samples returned high-grade values of uranium, tantalum and niobium, with values ranging up to 3.3 percent triuraniumoctoxide, a compound of uranium, 1.9 percent tantalum pentoxide and 6.0 percent niobium pentoxide.
“The main objective of the recent sampling was to confirm previously identified high-grade mineralisation at the Little Ngona target and to ground-truth new geophysical targets and complete further sampling along the East and West Ridges,” he said.
He further said the results 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,” he said.
Statistics indicate that shares in Mkango Resources were up 4.3 percent at $3.26 as of last Wednesday.
Mkango holds, through its wholly owned subsidiary Lancaster Exploration Limited, a 100 percent interest in two exclusive prospecting licenses in the Southern Region and other mineral opportunities in Malawi.
Mkango’s primary business is the exploration of rare earth elements and associated minerals in Malawi and its main exploration target is the Songwe Hill rare earth deposit in Phalombe.