Walkabout Resources Ltd (ASX:WKT) non-executive director Michael Elliott has indirectly increased his interest in the graphite developer by 100,000 ordinary shares through on-market trades.
The transaction brings Elliott’s total direct and indirect shareholding to 12.2 million shares, worth more than $1.1 million with today’s share price of 9.1 cents.
Africa-focused Walkabout is preparing for construction of its high-grade Lindi Jumbo Graphite Project in Tanzania with earthworks expected to start this month.
Lindi Jumbo is being developed to take advantage of forecast market conditions for large and jumbo flake graphite products.
The company holds 100% of a mining licence and between 70%-100% of adjacent graphite prospecting licences, moving to 100% ownership through funds raising in a $9.6 million capital raising this year.
Lindi Jumbo hosts a JORC-compliant resource of 29.8 million tonnes at an estimated grade of 10.9% total graphitic carbon (TGC).
This resource contains a super high-grade core of 4.7 million tonnes at 22.8% TGC for 1,076,500 tonnes of containing graphite.
Walkabout has also entered a joint venture in Northern Ireland on the Tyrone licence, with early exploration results from rock chip samples grading 2.7% copper, 58.5 g/t gold and 0.13% cobalt.
A SkyTem electromagnetic airborne survey has been undertaken over Tyrone, identifying numerous conductive targets.