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Mkango Secures Thambani Licence Extension

Mkango Resources (CVE:MKA) will be able to keep searching for uranium at Thambani after having its licence renewed by the Malawian government for another two years.

The Toronto-listed junior company is obliged to spend just over £450,000 over two years on the licence, which can be renewed for another two years in September 2015.

Mkango has been exploring the 486 square kilometre area and has identified a number of potential uranium targets.

Satellite imagery, systematic ground radiometric surveys, geological mapping and litho-geochemical sampling programmes have all highlighted the prospectivity of Thambani.

Initial geochemical sampling returned uranium values of up to 1,545ppm triuranium octoxide (U3O8) - a compound of uranium.

Detailed geological mapping and systematic geological sampling is currently underway to determine the geological model for uranium mineralisation.

Ground radiometric and geological surveys are also planned for other areas in the licence.

Mkango's main exploration target is Songwe Hill, for which it is currently completing a pre-feasibility study.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.