Mkango Resources Continues To Intersect Broad Zones Of Rare Earth Mineralisation From Near Surface, Including 95.8 M Grading 1.7% Treo, 100.8 M Grading 1.7% Treo And 332.7 M Grading 1.4% Treo
Calgary, Alberta: July 9, 2012 -- Mkango Resources Ltd. (TSXV-MKA) (the "Corporation" or "Mkango") is pleased to announce results for a further five holes of the Stage 2 drilling programme at the Songwe project in Malawi. Highlights from the new results are as follows:
|PX017b||15.3 m grading 1.9% TREO (10.4 -- 25.6 m) and 58.4 m grading 1.6% TREO (42.0 -- 100.8 m) including 20.5 m grading 2.0% TREO (77.3 -- 97.8 m). Vertical hole.|
|PX019||70.2 m grading 1.1% TREO (6.1 -- 76.3 m EoH). Vertical hole.|
|PX020||95.8 m grading 1.7% TREO (4.2 -- 100.0 m), 48.0 m grading 1.5% TREO (147.2 -- 195.2 m) and 132.0 m grading 1.3% TREO (215.0 -- 347.0 m). Inclined hole (60 degrees).|
|PX021||100.8 m grading 1.7% TREO (5.7 -- 106.5 m), 54.0m grading 1.6% TREO (117.0 -- 171.0 m) and 26.5 m grading 1.4% TREO (184.9 -- 211.5 m EoH). Inclined hole (60 degrees).|
|PX022b||332.7 m grading 1.4% TREO (15.0 -- 347.7 m EoH), including 82.5 m grading 1.6% TREO (112.5 -- 195.0 m) and 27.0 m grading 1.8% TREO (202.0 -- 229.0 m). Vertical hole.|
TREO: total rare earth oxides including yttrium. 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 refining of the geological model. See Appendix for contents of TREO and for further details on results of Stage 2 drilling programme.
- A total of 38 holes were completed in Stages 1 and 2 for a total of approximately 6,850 metres. All samples from Stage 2 drilling have now been delivered to Intertek-Genalysis Laboratories for assaying and the results for the remaining 10 drill holes will be announced as the analyses become available.
- The MSA Group, Johannesburg, South Africa, will commence estimation of a National Instrument 43-101 compliant resource estimate for the Songwe project on receipt of all the assay results.
- All holes so far announced from Stage 2 have intersected broad zones of rare earth mineralization, including zones of elevated heavy rare earth enrichment, and the consistency of results to date is very encouraging.
- Rare earth mineralisation occurs at surface in broad outcropping zones of carbonatite on the northern slopes of Songwe hill and extends to a vertical depth of at least 350 metres.
- Mineralisation is open to depth and along strike, and there are known areas of additional carbonatite exposure within the Songwe vent system constituting further exploration upside.
Ongoing rail, road and other infrastructure developments in southern Malawi provide a favourable backdrop for the accelerated development of Mkango's zircon and rare earth projects in the country.
A schematic geological map illustrating the location of the drill hole collars and estimated drill hole traces is available on the Company's website (www.mkango.ca).
The Songwe Hill Rare Earth Project
The Songwe Hill rare earth project is located within a 100% owned exclusive prospecting licence covering an area of 1,283 km2 in southeast Malawi (the "Phalombe Licence"). Songwe is accessible by road from Zomba, the former capital, and Blantyre, the principal commercial town of Malawi. Total travel time from Zomba is approximately 2 hours, which will reduce as infrastructure continues to be upgraded in the area.
Scientific and technical information, including data verification, contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a "Qualified Person" in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
Sample preparation and analytical work for the drilling and channel sampling programmes are 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 duplicates, blanks and standards. Internal Laboratory QAQC was also completed to include blanks, standards and duplicates.
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.
For further information, please contact:
|Mkango Resources Ltd.||William Dawes||Alexander Lemon|
|Office +1 (403) 444 - 5979||Chief Executive Officer||President|
|Fax +1 (403) 351 - 1703
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.
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Appendix -- Selected Stage 2 drill results