Mkango Resources ramps up feasibility study following Noble Group investment

Mkango Resources

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AIM-quoted rare earth and mineral explorer Mkango Resources has launched the initial phases of a feasibility study into its Malawian asset following receipt of a £6m investment from Noble Group subsidiary Talaxis.

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Mkango's preparation work at Songwe was "well advanced" for what will become the largest diamond drilling programme undertaken by the firm in Malawi to date, with drilling targeted to begin in the next 30 days, once all drill roads and pads had been completed.

The Songwe programme is for a minimum of 5,000 metres and will be focused on infill, step-out and geotechnical drilling, the latter for the purposes of mine design, and is based on a refined geological model developed in-house by Mkango's technical team in consultation with MSA Group and Bara Consulting.

Cartwright Drilling has been appointed as drilling contractor for the project, with the firm set to utilise a combined Canadian and Malawian drilling team to operate two diamond drill rigs, both running 24 hours.

In terms of other aspects of the feasibility study, metallurgical optimisation was underway at laboratories in Australia and Canada

As of 0930 BST, Mkango shares had gained 3.56% to 8.44p.