Mkango Resources moving forward with Thambani uranium project
Mkango Resources Ltd has announced that it plans to push forward with the exploration of its Thambani uranium project in Malawi.
Following recent management site visits, Mkango plans to commence its 2017 exploration programme in the Thambani licence area during the first quarter.
The programme will comprise follow up of the results of the World Bank airborne geophysics survey reported in 2016 and of previous exploration programmes completed by Mkango, and will include but is not limited to further mapping, soil and rock chip sampling, trenching and ground truthing of new geophysical anomalies.
Whilst uranium (and associated tantalum and niobium) is the primary focus of the exploration programme, Mkango will also evaluate the licence for its lithium potential. The Thambani licence area is host to pegmatite occurrences, which can be a potential host rock for lithium. Furthermore, historical reports refer to an occurrence of a lithium mineral in the licence area. However, these need further geological investigation to determine the significance, and the main focus is on uranium.
The Company aims to commence field work following the end of the rainy season in Malawi, usually late February or early March.
All costs associated with the work programme will be covered out of existing cash resources.
Alexander Lemon, President of Mkango, stated: "The market is clearly seeing renewed interest in uranium projects in recent months following moves by Kazakhstan to cut production and the increasingly apparent lack of supply for new reactors being brought online over the next five years in countries such as India and China. Our strategy for the project remains to bring in a joint venture partner, but we believe that we will enhance value for our shareholders in the near term by pushing ahead with a clearly defined, low cost exploration programme following the end of the rainy season in Malawi. We look forward to updating shareholders in the near future."
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