Mkango Resources (MKA)

Sector:

Mining

Index:

FTSE AIM All-Share

21.25p
   
  • Change Today:
    -0.25p
  • 52 Week High: 37.50
  • 52 Week Low: 18.50
  • Currency: UK Pounds
  • Shares Issued: 215.21m
  • Volume: 142,898
  • Market Cap: £45.73m

Mkango begins drilling and sampling programme at Mchinji

By Josh White

Date: Tuesday 03 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Mkango Resources announced the start of an extensive hand-auger drilling and soil sampling programme on Tuesday, to identify rutile prospects within its 869 square kilometre Mchinji licence, EPL 0544/19, in Malawi's Mchinji district.
The AIM-traded firm said the licence is held by its wholly-owned subsidiary, MKA Exploration.

It said the drill programme would follow up on reconnaissance work, which resulted in the discovery of rutile during a shallow soil sampling and auger programme completed in September.

The initial exploration work was limited by the equipment available in Malawi during the Covid-19 pandemic, the board explained, but it said it was "encouraged" that the highest titanium dioxide grades were returned by nine consecutive samples in a single auger hole, A6, drilled to a depth of 8.9 metres, that contained between 4.10% and 9.01% total heavy minerals and grades between 3.17% and 4.09% titanium dioxide.

Those early-stage results showed geological similarities to saprolite-hosted rutile mineralisation recently discovered on the adjoining Sovereign Metals licence to the east, Mkango said.

That suggested potential for discovering high-grade rutile deposits within its large licence area, which is adjacent to an area that Sovereign Metals believed could potentially be a new province of rutile mineralisation.

"This drilling programme and soil sampling will help us to target saprolite-hosted mineralisation," said the company's chief geologist, Dr Paul Armitage.

"It will test the extent of the rutile and ilmenite mineralisation over a large part of our licence area and aims to confirm the potential for discovering high-grade rutile deposits in the licence.

"Given that rutile is in high demand and that there is a shortage of supply, confirmation of rutile prospects on the Mchinji licence could prove to be highly significant for the company."

At 0955 GMT, shares in Mkango Resources were up 6.78% at 10.94p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

MKA Market Data

Currency UK Pounds
Share Price 21.25p
Change Today -0.25p
% Change -1.16 %
52 Week High 37.50
52 Week Low 18.50
Volume 142,898
Shares Issued 215.21m
Market Cap £45.73m

MKA Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
56.51% below the market average56.51% below the market average56.51% below the market average56.51% below the market average56.51% below the market average
41.88% below the sector average41.88% below the sector average41.88% below the sector average41.88% below the sector average41.88% below the sector average
Price Trend
16.97% above the market average16.97% above the market average16.97% above the market average16.97% above the market average16.97% above the market average
26.39% above the sector average26.39% above the sector average26.39% above the sector average26.39% above the sector average26.39% above the sector average
Income Not Available
Growth Not Available

MKA Dividends

No dividends found

Trades for 28-Jun-2022

Time Volume / Share Price
11:10 35,000 @ 21.16p
10:18 5,000 @ 21.49p
10:07 70,000 @ 21.45p
09:44 11,664 @ 21.45p
09:00 1,160 @ 21.00p

MKA Key Personnel

CEO William (Will) Drummond Dawes

Top of Page