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Mkango commences major drilling programme at Songwe Hills

Mkango is fully funded to the end of the feasibility study at Songwe Hills

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At work on Songwe Hills

Mkango Resources Ltd (LON:MKA) has commenced a major diamond drilling programme at the Songwe Hill rare earths project in Malawi.

The drilling programme is a key component of the Feasibility study for Songwe, which is being fully funded by Talaxis Limited, a subsidiary of Noble Group Ltd.  

READ: Mkango Resources subsidiaries receive investments totalling £6mln (C$10.5mln) from Talaxis

The drilling programme is for a minimum of 5,000 metres and will be focused on infill, step-out and geotechnical drilling. Over 50 drill pads have been constructed along with new access roads and enlarged camp infrastructure.

Mkango is targeting completion of an updated mineral resource estimate by the end of 2018.

 At that point, Talaxis will invest a further £7mln to fund completion of the feasibility study for Songwe.

 "We are delighted to announce the commencement of the drilling programme at Songwe,” said Mkango chief executive William Dawes.

“This is a culmination of extensive preparatory work completed over recent months and we are excited to kick off what will be the largest drill programme to date at Songwe. Mkango is fully funded to completion of a feasibility study with a clearly defined pathway to production. We look forward to keeping the market updated as we progress through the drilling programme and other major milestones."

 

 

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Price: 6.75 GBX

LSE:MKA
Market: LSE
Market Cap: £8.98 m
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Mkango Resources signs definitive agreement to develop Songwe Hill licence

Will Dawes, chief executive of Mkango Resources Ltd (LON:MKA), tells Proactive Investors they've signed off their agreement with trading group Noble to develop the Songwe Hill licence in Malawi. Talaxis, a subsidiary of Noble, will acquire up to 75% of Lancaster Exploration, which holds...

on 18/5/18

2 min read