Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project
Fast-tracking the project through concurrent design and engineering based activities.
Company
ASX:WKT
Normal 0 false false false EN-AU X-NONE X-NONE MicrosoftInternetExplorer4 Walkabout Resources Ltd (ASX:WKT) is focused on the construction of its high-grade, high-margin Lindi Jumbo graphite project, based in Tanzania.
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Fast-tracking the project through concurrent design and engineering based activities.
The Ministry of Minerals of Tanzania has granted the licence for the project in the country’s southeast.
Shares are up from 12 cents last Tuesday to an intra-day high of 16.5 cents today.
The company has also completed a helicopter survey over cobalt-copper-silver targets in Northern Ireland.
Walkabout is also exploring in southern Namibia at the Eureka Lithium Project.
The company's shares are currently trading about 17% higher intra-day, at 9.7 cents.
Results from the airborne survey and soil sampling will be used to identify drilling targets.
The company completed a $10 million capital raising earlier this year.
The presence of cobalt mineralisation enhances the company's portfolio value.
An additional joint venture provides access to the Slieve Gallion licence.
Walkabout is finalising engineering design at Lindi which is currently beyond 80% complete.
Funds from the placement and rights issue will be used to progress the Lindi project.
The successful $6.7 million rights issue follows the recent $3.4 million placement.
The company’s shares closed circa 26% higher on Thursday, at $0.125.
The company has already secured $3.4 million in a share placement.
The new funding provides further momentum for the Lindi Jumbo Graphite Project in Tanzania.
The halt will remain in place until Wednesday 7th December 2017.
The company now holds a large footprint of more than 1,500 square kilometres.
"Ready to go" exploration assets prospective for gold, lithium and base metals.
Patersons has a target price of $0.25 on Walkabout Resources.