CALGARY, ALBERTA--(Marketwire - Nov. 14, 2011) - Mkango Resources Ltd. (TSX VENTURE:MKA) (the "Corporation" or "Mkango") is pleased to announce results for the remaining three holes (PX027, PX030 and PX031) of the Stage 1 drilling programme at the Songwe project in Malawi. Highlights from the new results are as follows:
|PX027||81.5m grading 1.3% TREO (20.3 – 101.8), including 18.7m grading 2.1% TREO (80.0 – 98.7m), and 18.3m grading 1.5% TREO (170.0 – 188.3 EoH). PX027 ended in mineralisation.|
|PX031||13.0m grading 1.4% TREO (68.0 – 81.0m). Between 81.0m and the end of hole at 136.2m, PX031 intersected zones of broken ground grading up to 5.6% TREO. This zone will be further tested in a subsequent phase of drilling. PX031 ended in mineralisation.|
TREO: total rare earth oxides
See Appendix for contents of TREO and for further details on results of Stage 1 drilling programme.
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 drilling and refining of the geological model. PX030 successfully demonstrated the extension of the Songwe vent system to the east. While there were no significant core intersections over 1% TREO in PX030, both light rare earth and heavy rare earth mineralisation at lower grades was intersected throughout the hole with sporadically higher grades up to 2.7% TREO.
The main highlights from the first phase of exploration are as follows:
Systematic channel sampling using rock saws is underway at Songwe with a view to further delineating and extending rare earth mineralisation at surface. Geological mapping and sampling is focused on refining the geological model and delineating additional zones of mineralised carbonatite, breccia and fenite.
The next phase of drilling will focus on the aforementioned 350m by 20-150m area, infilling previous drilling and testing depth extensions. A central gravity anomaly will also be tested.
Sample preparation and analytical work for the drilling programme is 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 blanks, standards and duplicates. Mkango has used blanks, field duplicates and two Certified Reference Materials (CRM's) to monitor sampling and analytical quality. Results to date for the blanks and field duplicates show acceptable quality. The two CRMs used (AMIS 184 and SARM 40) showed acceptable results within the certified parameters provided. A review of results reported by Genalysis and peformed by The MSA Group, an independent, South Africa based, mineral exploration, evaluation and environmental consulting group, indicates that these meet the required level of analytical quality.
Scientific and technical information, including data verification, contained in this release has been approved and verified by Mr Mike Venter Pr.Sci.Nat, Principal Consultant at The MSA Group who is a "Qualified Person" in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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.
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