JOHANNESBURG (miningweekly.com) – Recent sampling at dual-listed Mkango Resources’ Thambani heavy minerals project, in southern Malawi, has supported the project’s exploration potential, president Alexander Lemon said on Wednesday.
He noted that not only were the uranium results highly encouraging, with assay results from 85 rock grab samples returning values of 3.3% triuranium octoxide (U3O8), but equally positive are the tantalum values at 1.9% and those of niobium, at 6%.
“This [supports the notion] that Thambani has significant multicommodity potential."
Thirty-five of the samples graded above 500 parts per million (ppm) U3O8 and 24 graded above 1 000 ppm U3O8.
The programme was aimed at confirming previously identified high-grade mineralisation at the Little Ngona target, ground-truth new geophysical targets and complete further reconnaissance sampling along the East Ridge and the West Ridge.
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 the four highest-grade samples of this phase of exploration.
Mkango was now evaluating strategic options for Thambani, including opportunities to joint venture or spin off the project, and other potential avenues to create value.