Mkango Resources granted new prospecting licence in Malawi

Mkango Resources has been granted a new exclusive prospecting licence, EPL0544/19, in the Mchinji district of central Malawi, it announced on Thursday.

The AIM-traded firm said the licence covered an area of 868.69 square kilometres, and was adjacent to licences with known mineral potential, including its Chimimbe Hill nickel-cobalt licence to the south.

It said it would evaluate all historical data over the Mchinji licence area for exploration targets in the context of geophysical data produced by a countrywide airborne survey completed by the World Bank in 2016.

Exploration would focus on nickel-cobalt, gold, base metals, and graphite.

The evaluation of the licence would be funded from the company’s existing working capital.

“We are delighted to have been granted the Mchinji exploration licence, which strengthens the company's strategic licence position in Malawi,” said Mkango Resources president Alexander Lemon.

“We are commencing a full historical data review to identify exploration targets, and look forward to updating shareholders on this new licence in due course.”