Lindian Resources Ltd (ASX:LIN) has lodged applications for two additional tenements, PL/13400/2018 and PL/13564/2019, covering a combined area of 96.85 square kilometres in Tanzania.
The new applications follow the identification of new areas of high-grade bauxite mineralisation across both the tenements during recent fieldwork programs.
Summary of bauxite mineralisation results at the Pare Project
Once complete, the acquisition will increase Lindian’s portfolio to eight tenements covering a combined area of 310 square kilometres.
PL/13400/2018 is within the broader Lushoto Project area and will expand Lindian’s existing Magamba deposit and provide access to two additional high-grade deposits.
PL/13564/2019 – termed the Pare Project - is about 50 kilometres northwest of the Lushoto Project in the Pare Mountains.
Map showing the location of Pare and Lushoto Projects
Lindian chairman Asimwe Kabunga said: “We are continuing to actively build our portfolio of high-grade bauxite tenements in Tanzania and the granting of these additional licences will increase our total landholding to over 310 square kilometres.
“We are very encouraged by the high-grade assays received to date from these new tenements as they demonstrate the potential to add significant value to Lindian’s portfolio.
“Our immediate focus is now on commencing an aggressive exploration program to follow-up a number of the high-grade assays reported during sampling. We expect this program to be underway during Q2 2019.
“As well, we are also working diligently towards achieving a positive outcome for our shareholders in regard to the Kangankunde Rare Earth Project transaction and we look forward providing further updates on this process in due course.”