Fortuna Metals (ASX:FUN) reports a maiden mineral resource estimate (MRE) of 298 million tonnes (Mt) at 0.87% rutile (TiO₂)and 1.19% total graphitic carbon (TGC) at its Mkanda Project in Malawi.
The company says the resource contains 2.59Mt TiO₂, placing Mkanda among the top six rutile deposits globally.
The estimate uses a 0.7% TiO₂ cut-off grade and includes a higher-grade component of 159Mt @ 0.98% TiO₂ using a 0.8% cut-off.
CEO Tom Langley says Mkanda is evolving into a strategic critical mineral project.
“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 opportunity for Malawi with the potential for high value co-products of zircon and monazite,” Langley says.
The Mkanda resource extends across 141km2, with mineralisation averaging 8.4m depth from surface. Fortuna notes the deposit remains open laterally and at depth, with current drilling limited by hand auger capacity rather than geological boundaries.
The company has completed 1,323 hand auger holes totalling 10,713m across the project on a 400m by 400m spacing.
Fortuna reports recent drilling at the Kahuna prospect returned 10m @ 1.43% TiO₂, though these results are not included in the current estimate.
Mkanda also includes 3.55Mt of contained graphite at 1.19% TGC as a potential by-product. Metallurgical test work has confirmed a 96.6% TiO₂ rutile product, which the company says supports a high-quality natural rutile concentrate.
Sitting 20km south of Sovereign Metals’ (ASX:SVM) Kasiya rutile project, Mkanda benefits from proximity to infrastructure, including rail access to Nacala port in Mozambique, power lines, and the capital city Lilongwe.
Fortuna has commenced aircore drilling to test deeper mineralisation and lateral extensions, with assay results expected in the second half of 2026.
The company likewise plans infill drilling on 200m by 200m spacing to support conversion to an indicated resource.
It is also progressing key workstreams, including conceptual mining studies, pilot plant work, graphite flotation test work, and discussions with potential offtake partners.
Fortuna Metals is a mineral explorer focused on discovering critical metals such as rutile, graphite, and rare earth elements in Malawi and Australia.
Write to Paula Fabe at Mining.com.au
Images: Fortuna Metals
