Malawi renews Mkango's Thambani licence for two years
Updated : 10:02
The government of Malawi has granted Mkango Resources a further two year renewal for the exclusive Thambani licence in Malawi, the group announced on Wednesday.
Uranium, niobium, tantalum, zircon and other associated minerals were the main exploration targets in the Thambani licence.
The AIM listed company reported in May 2017 that assay results from 85 rock grab samples from the recent exploration at Thambani returned high grade uranium, tantalum and niobium values, ranging up to 3.3 % U3O8, 1.9 % Ta2O5 and 6.0 % Nb2O5.
Of the samples, 35 graded above 500ppm U3O8 and 24 graded above 1,000ppm U3O8, the company said in a statement.
Mkango's main focus at present was on exploring for rare earth elements and associated minerals in the Republic of Malawi.
On a related note, the outfit said it was evaluating strategic options for Thambani, including the possibility of a joint-venture or a spin-off.
The company's shares were flat at 3.13p at 08:18 BST.