en.Wedoany.com Reported - Fortuna Metals (ASX:FUN) has released its first Mineral Resource Estimate (MRE) for the Mkanda Project in Malawi, totaling 298 million tonnes at a rutile (TiO₂) grade of 0.87% and a total graphitic carbon (TGC) grade of 1.19%.
The company stated that the resource contains 2.59 million tonnes of TiO₂, positioning Mkanda among the world's top six rutile deposits.
The estimate uses a 0.7% TiO₂ cut-off grade and includes a higher-grade portion: at a 0.8% cut-off grade, the resource stands at 159 million tonnes with a TiO₂ grade of 0.98%.
CEO Tom Langley said Mkanda is evolving into a strategic critical minerals project. Langley noted that the company sees clear potential to grow the resource base, define higher-grade zones, and advance Mkanda as a low-capital-intensity, scalable rutile-graphite development project, which is expected to bring high-value co-products such as zircon and monazite to Malawi.
The Mkanda resource spans an area of 141 square kilometers, with mineralization averaging 8.4 meters below the surface. Fortuna pointed out that the deposit remains open laterally and at depth, with current drilling limited by hand-auger capabilities rather than geological boundaries. The company has completed 1,323 hand-auger holes totaling 10,713 meters, covering the entire project area on a 400-meter by 400-meter grid spacing.
Fortuna reported that recent drilling at the Kahuna target intersected 10 meters at 1.43% TiO₂, but these results are not included in the current resource estimate. Mkanda also contains 3.55 million tonnes of potential by-product graphite (TGC grade of 1.19%). Metallurgical test work has confirmed the production of a rutile product with a TiO₂ grade of 96.6%, which the company says supports high-quality natural rutile concentrate.
Located 20 kilometers south of Sovereign Metals' (ASX:SVM) Kasiya rutile project, Mkanda benefits from proximity to infrastructure, including a railway to the port of Nacala in Mozambique, power lines, and the capital city of Lilongwe. Fortuna has commenced air-core drilling to test deeper mineralization and lateral extensions, with assay results expected in the second half of 2026. The company also plans infill drilling on a 200-meter by 200-meter grid to support upgrading the resource to the indicated category.
Additionally, key work streams are advancing, including conceptual mining studies, pilot plant work, graphite flotation tests, and discussions with potential offtake partners. Fortuna Metals is a mineral exploration company focused on discovering critical metals such as rutile, graphite, and rare earth elements in Malawi and Australia.
