Walkabout Resources Ltd (ASX:WKT) is the ASX's newest lithium explorer after receiving approval for three lithium license applications in Tanzania.
Walkabout already has strong in-country experience as it continues the development of the Lindi Jumbo Graphite project, which is in the south-east of the country.
The company now has an African portfolio leveraged to two commodities which continue to increase in demand.
The portfolio also has potential to grow, as it recently filed applications for three prospecting licenses in a known lithium-spodumene setting in Namibia.
These applications will be reviewed by authorities in June.
Allan Mulligan, managing director commented:
“Having been to visit several legacy pegmatite mining operations within the Strathmore Swarm we are encouraged by the opportunities that present themselves.
"We are also pleased to have received approval of the Tanzanian licences so promptly."
A geological team will be despatched to the licence area to conduct first pass mapping, trenching and sampling across the known pegmatite areas.
Lindi Jumbo Graphite Project
Walkabout is currently fast tracking its Lindi Jumbo Graphite Project in south eastern Tanzania, which is forecast to be producing graphite in early 2017.
Mulligan added: "Work on the Lindi Jumbo project continues in South Africa, Dar es Salaam and on site."
Jumbo hosts a high-grade resource of 11.7 million tonnes at 11.9% total graphitic content, which is mineralised from surface.
A one tonne sample has been despatched to a laboratory in Harare, Zimbabwe where ore characterisation and bench scale flotation work will be completed.
Metallurgical optimisation is underway in Perth and these further results are pending.
The project's first stage Integrated Study report has been issued in draft form and is currently undergoing review.
Analysis
The granting of these three lithium applications completes a prompt transition of Walkabout into a lithium explorer while it develops the Lindi Jumbo Graphite Project.
The granted licenses are in a known lithium-tantalum setting in Tanzania.
Walkabout’s team has a proven track record of delineating suitably sized resources in a short period of time.
The company will look to increase its lithium exploration portfolio in the short term with applications pending for 304 square kilometres of tenements in Namibia covering portions of the Strathmore pegmatite swarm.
Other upcoming news flow includes:
- Updates on first pass mapping, trenching and sampling on the Tanzanian lithium licenses;
- Updates on the Namibian lithium license applications; and
- Updates on the accelerated development plan of the Lindi Jumbo Graphite Project.
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