Proactiveinvestors Australia Walkabout Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Walkabout Resources Ltd RSS feed en Thu, 20 Jun 2019 13:12:02 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Walkabout Resources Ltd begins Lindi Jumbo, Tanzanian graphite project with $3.1 million kick-in ]]> https://www.proactiveinvestors.com.au/companies/news/219749/walkabout-resources-ltd-begins-lindi-jumbo-tanzanian-graphite-project-with-31-million-kick-in-219749.html Walkabout Resources Ltd (ASX:WKT) added 14% to its share price by lunchtime today on making an early start to procurement, manufacturing and siteworks activity for its Lindi Jumbo Graphite Project in southeast Tanzania.

The company also accepted a $3.1 million placement from sophisticated investors and shareholders to help fund its early-start program which has already involved a start to earthworks by Tanzanian clearing, siteworks and roads contractor TNR Ltd.

DEEP DIVE: Walkabout Resources progresses Lindi Jumbo in Tanzania with offtake and marketing deals

Walkabout has set a US$2.75 million ($3.95 million) budget for its early-start construction advancement program, with US$800,000 of funds already spent.

A US$1 million has been set aside for Jinpeng Procurement and Manufacturing in Yantai, China for a Jinpeng engineering, procurement and construction (EPC) contract while resettlement action plan agreements for Ruangwa in Tanzania would attract US$2.25 million of payments for three phases.

RAP spending so far has totalled US$300,000 while TNR’s total earthworking bill is set to be US$500,000.

Walkabout estimated between two and three months would be saved on procurement and long-lead items for two consignments.

 

The company updated its Lindi definitive fesiblity study (DFS) for the project in March 2019, extended mine life by 20% to 24 yeasr and increasing its after-tax net present value (NPV10) by 9.4% to US$197 million after a 10% discount was applied.

Lindi Jumbo project is 200 kilometres from Mtwara port and was awarded a mining licence (ML 579/2018) in 2017.

The company has booked up to 75% of its planned production of high-purity large flake graphite concentrate for the first three years after the start of Lindi operations, with a variety of offtake-style agreements.

READ: Walkabout Resources signs binding agreement with metals trader

Last month the company signed a five-year global sales, purchase and marketing agreement with international commodities trading house Wogen Pacific Limited.

Wogen was to buy and market an initial minimum of 10,000 tonnes of concentrate a year up to a maximum of 30,000 tonnes a year in a deal that came with a US$8 million working capital finance facility.

The facility is to be extended with 80% advance payments on consignment concentrates after shipping documents are received.

Walkabout added 0.35 cents, or 13.46%, to its share price by 12.53pm to rest at 30 cents by lunchtime.

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Mon, 06 May 2019 23:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219749/walkabout-resources-ltd-begins-lindi-jumbo-tanzanian-graphite-project-with-31-million-kick-in-219749.html
<![CDATA[News - Walkabout Resources in trading halt ahead of capital raising news ]]> https://www.proactiveinvestors.com.au/companies/news/219619/walkabout-resources-in-trading-halt-ahead-of-capital-raising-news-219619.html Walkabout Resources Ltd (ASX:WKT) is in a trading halt pending an announcement in relation to a capital raising.

This trading halt will end at the start of ASX trading on Tuesday May 7, 2019, or when an announcement is made to the market, whichever occurs earliest.

The company’s shares last traded at 26 cents.

READ: Walkabout Resources progresses Lindi Jumbo in Tanzania with offtake and marketing deals

Earlier this month the company signed a binding global sales, purchase and marketing agreement with international commodities trading house Wogen Pacific Limited.

The deal will see Wogen activity market Walkabout’s graphite concentrate globally for a five-year period.

Wogen will initially contract to buy and market a minimum of 10,000 tonnes up to a maximum of 30,000 tonnes per annum of concentrate.

READ: Walkabout Resources signs binding agreement with metals trader

Walkabout Resources also signed its second binding offtake agreement to supply premium graphite from its Lindi Jumbo Graphite Project in southeast Tanzania to Chinese graphite products manufacturer Qindao Risingdawn Graphite Technology Co (QRGT).

Walkabout Resources executive chairman Trevor Benson said: “Since engaging with a number of potential offtake partners we are seeing an increased level of confidence in our product and a growing interest in our ability to deliver a stable supply of quality, large flake graphite.

“This is evidenced in the recent signing of binding offtake term sheets.

“This binding offtake term sheet with Qindao Risingdawn together with the recently announed Inner Mongolia Qianxin Graphite term sheet substantially reduces the demand side risk of the project and is very important for our ongoing funding discussions.”

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Fri, 03 May 2019 10:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219619/walkabout-resources-in-trading-halt-ahead-of-capital-raising-news-219619.html
<![CDATA[News - Walkabout Resources progresses Lindi Jumbo in Tanzania with offtake and marketing deals ]]> https://www.proactiveinvestors.com.au/companies/news/218907/walkabout-resources-progresses-lindi-jumbo-in-tanzania-with-offtake-and-marketing-deals-218907.html Walkabout Resources Ltd (ASX:WKT) specialises in exploration and development, primarily in Africa. It is run by a team that includes executive chairman and capital market specialist Trevor Benson and mining engineer and executive director Allan Mulligan.

Chairman Benson has more than 30 years of experience in capital markets and with the resources and oil & gas industries. He has extensive experience chairing and serving as a director on company boards. Benson served with UBS for 12 years and managed a $300 million resource fund for overseas.

He has been a director of Perth-based boutique investment banking organisations PCF Capital and Argonaut Capital, also serving as an executive director at Strategic Capital Management and its absolute-return international equity fund ARIE Fund.

Founding director Mulligan has previously served as a director at Epic Exploration Pty Ltd and RSV Australia Engineering. The mining engineer and Technikon Witwatersrand alumnus has 30 years of mine management and production experience.

Mulligan has speciality skills in technical assessment and production economics, feasibilities, project design and the costing of underground mines and prospects. He has worked extensively in Africa and Australia and has been a director of several Western Australian junior exploration companies.

What does Walkabout own?

The company's key asset is the Lindi Jumbo Graphite Project in Tanzania, which is considered to be East Africa's highest grade graphite project.

It is found in southeast Tanzania, 200 kilometres from Mtwara port.

Lindi Jumbo is now valued at a net present value (NPV10) of US$197 million when a 10% discount is applied, according to a March 2019 definitive feasibility study update.

Walkabout’s updated costings in the DFS modelled US$1.4 billion ($2 billion) of revenue for the project over a 24-year mine life.

The project’s previously low development capital cost was lowered further to US$27.8 million.

Lindi Jumbo mine life was a 20% increase on the previous DFS.

The project after-tax net present valuation (NPV10) had increased 9.4% to US$197 million after the metric's 10% discount was applied.

Walkbout's updated study had followed a US$2 million resettlement action plan approval for the project in January 2019 from relevant stakeholders which was signed off by the chief government valuator for Dodoma in Tanzania.

The approval came after a series of compensation agreements and effectively allows the project to be progressed to on-site works.

Lindi Jumbo project was awarded a mining licence (ML 579/2018) in 2017 after Walkabout produced an updated pre-feasibility study (PFS) in August 2017.

Walkabout was the first mining company in Tanzania to receive a licence after regulatory amendments.

The company’s mining licence approval was considered a milestone for the company enabling a resumption in graphite marketing activities for offtake agreements and project development funding.

Walkabout delivered on the promise this month, signing a binding offtake agreement with an expandable graphite producer, Inner Mongolia Qianxin Graphite Co Ltd (IMQG) and a binding term sheet to supply concentrate to a Chinese graphite products manufacturer, Qingdao Risingdawn Graphite Technology Co (QRGT).

A final agreement with Qingdao is timetabled for the December 2019 half-year, with pricing to be determined as part of the partners’ arrangements.

Walkabout executive chairman Trevor Benson noted earlier this month the company had been engaging with a number of potential offtake partners and was “seeing an increased level of confidence in our product and a growing interest in our ability to deliver a stable supply of quality, large flake graphite”.

The company’s two new binding offtake deals with the China-based companies are for 20,000-30,000 tonnes a year.

A further 20,000 tonnes a year is committed under two heads of arrangement (HOA), with China-based entities Jixi Puching Graphite and Qingdao Adtech Technical Eng, and in an MOU with Germany’s George H Luh GmbH.

The deals effectively book up to 75% of the planned production of high-purity large flake graphite concentrate for the first three years after the start of operations at Lindi.

This month the company also inked a binding global sales, purchase and marketing agreement with international commodities trading house Wogen Pacific Limited.

The five-year marketing deal with Wogen carries with it a US$8 million working capital finance facility to reduce supply-chain cashflow risk.

Walkabout’s outsourcing of its marketing is part of a wider push to outsource major components of the project, with Benson describing the marketing agreement as “a key element in de-risking the Lindi Jumbo Graphite Project”.

The company increased the mineral resource at the project by 41% in December 2018 after a drilling and trenching program.

Lindi Jumbo’s global mineral resource increased from 29.6 million tonnes to 41.8 million tonnes total graphitic content (TGC) within the Gilbert Arc Deposit and remains open along strike and to the west/down dip.

Much of the tonnage increase came from an inferred resource zone to the south of the current planned mining shell and will not be used in an updated mining depletion model.

The latest inferred resource area is 12.8 million tonnes at 9.2% TGC and lays directly to the south of the current planned open-pit area.

Other projects include the Takatokwane Coal Project in Botswana.

Walkabout’s Botswanan project is the largest thermal coal asset in central south Botswana with an inferred resource of 6.88 billion tonnes.

The company raised $3 million in an underwritten share placement in the December 2018 half-year and ended 2019 with $6.2 million cash.

Walkabout produced its December 2018 half-year accounts last month and is expected to file its quarterly reports for the March quarter of 2019 by the end of the month.

The company expected $1.7 million of expenses in the March quarter, with $750,000 earmarked for exploration and evaluation and $500,00 for development.

Inflection points

Progression of offtake and marketing agreement arrangements, including with Qingdao

Further refinements and optimisations for Lindi Jumbo

Financing milestones for project construction and expansion

Executive director Allan Mulligan pleased with updated DFS outcome

“We are very excited by the outcome of this DFS,” executive director Allan Mulligan told Proactive Investors in an interview last month.

“We briefed the mining engineer to high grade the property and the mining deposit as much of its life as he could and the outcome is that nearly a million tonnes of graphite will be used over 24 years.

“This equates to over a billion dollars in revenue and not bad for a mine that’s only going to cost $30 million to start.”

 

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Mon, 22 Apr 2019 22:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218907/walkabout-resources-progresses-lindi-jumbo-in-tanzania-with-offtake-and-marketing-deals-218907.html
<![CDATA[News - Walkabout Resources signs binding agreement with metals trader ]]> https://www.proactiveinvestors.com.au/companies/news/218361/walkabout-resources-signs-binding-agreement-with-metals-trader-218361.html Walkabout Resources Ltd (ASX:WKT) has signed a binding global sales, purchase and marketing agreement with international commodities trading house Wogen Pacific Limited.

The deal will see Wogen actively market Walkabout’s graphite concentrate globally for a five-year term.

Wogen will initially contract to buy and market a minimum of 10,000 tonnes up to a maximum of 30,000 tonnes per annum of concentrate.

The deal also includes a US$8 million working capital finance facility, which will reduce the supply chain cash flow risk for the company.

READ: Walkabout Resources signs second offtake for Lindi Jumbo graphite

Walkabout’s executive chairman Trevor Benson said: “The Wogen agreement perfectly complements the company’s strategy to outsource the major components of the Lindi Jumbo Project.

“As a result, Lindi Jumbo will not need to establish large and expensive marketing offices across several jurisdictions to manage its sales, customer relations and global logistics.

“The company will be able to leverage the marketing expertise of Wogen across the globe for sales at favourable prices, and to secure additional offtake agreements.

“The agreement is a key element in de-risking the Lindi Jumbo Graphite Project and attracting development capital leading up to construction and the first period of production.”

Wogen will advance payments providing cash flow

An advanced payment based on 80% of the value for each consignment of concentrate contracted by Wogen will be paid following receipt of shipping documents.

This will be known as a working capital finance facility and can be drawn up to a value of US$8 million.

Wogen is a leading international trader and long-established marketer of off-exchange specialty metals and minerals with a particularly strong presence in Asia, Europe and the US.

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Thu, 11 Apr 2019 09:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218361/walkabout-resources-signs-binding-agreement-with-metals-trader-218361.html
<![CDATA[News - Walkabout Resources signs second offtake for Lindi Jumbo graphite ]]> https://www.proactiveinvestors.com.au/companies/news/218181/walkabout-resources-signs-second-offtake-for-lindi-jumbo-graphite-218181.html Walkabout Resources Ltd (ASX:WKT) has signed a second binding offtake agreement to supply premium graphite from its Lindi Jumbo Graphite Project in southeast Tanzania.

The term sheet is expected to result in Lindi Jumbo graphite concentrate being supplied to Chinese graphite products manufacturer Qingdao Risingdawn Graphite Technology Co (QRGT). 

Shares jumped almost 9% in early trade to a new 12-month high of 19.5 cents.

READ: Walkabout Resources signs first offtake term sheet

Walkabout Resources executive chairman Trevor Benson said: “Since engaging with a number of potential offtake partners we are seeing an increased level of confidence in our product and a growing interest in our ability to deliver a stable supply of quality, large flake graphite.

“This is evidenced in the recent signing of binding offtake term sheets.

“This binding offtake term sheet with Qingdao Risingdawn together with the recently announced Inner Mongolia Qianxin Graphite term sheet substantially reduces the demand side risk of the project and is very important for our ongoing funding discussions.”

Key terms of binding agreement

The binding terms of the agreement signed with QRGT are to deliver 10,000 tonnes of flake graphite concentrate into China for three years following the beginning of production.

A final offtake agreement will replace the term sheet and this is due to be finalised during the second half of 2019.

The two agreements now secure the sale of up to 75% of the planned production of high-purity large flake graphite concentrate for the first three years following the start of operations.

The planned 40,000 tonnes per annum Lindi Jumbo Graphite Project now has binding offtake terms and non-binding agreements in place for between 50,000 and 60,000 tonnes per annum of graphite products.

Current status of binding and non-binding offtake agreements for the Lindi Jumbo project.

QRGT is constructing an additional expandable graphite plant within its upgrading facilities and is securing suitable graphite feedstock for this production unit.

The company will also use Lindi Jumbo Graphite in the manufacture of graphite pipes, which employ licensed processing technologies.

A suitable pricing mechanism will be finalised during the final agreement negotiations planned for later this year.

The company continues to progress a structured marketing strategy and build key relationships in target markets where there is increasing demand for Lindi Jumbo graphite products.

Discussions and negotiations with potential market and offtake partners remain ongoing.

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Tue, 09 Apr 2019 09:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218181/walkabout-resources-signs-second-offtake-for-lindi-jumbo-graphite-218181.html
<![CDATA[News - Walkabout Resources signs first binding offtake term sheet ]]> https://www.proactiveinvestors.com.au/companies/news/217692/walkabout-resources-signs-first-binding-offtake-term-sheet-217692.html Walkabout Resources Ltd (ASX:WKT) has signed its first binding term sheet for a significant amount of future production from its Lindi Jumbo Graphite Project in Tanzania.

The offtake agreement secures sale of up to 50% of planned annual production for the first three years from the project.

Importantly, the agreement signifies positive recognition from the graphite market of Walkabout’s premium product and development timeline.

Advanced offtake discussions with other parties are also continuing.

The binding terms are to deliver a minimum of 10,000 tonnes and a maximum of 20,000 tonnes per annum of flake graphite for three years.

READ: Walkabout Resources a grade king with Lindi Jumbo in Tanzania

Walkabout’s executive chairman Trevor Benson said: “Signing the first binding offtake term sheet is a significant milestone for Walkabout.

“It’s clear that end-users and upgrade facilities who have recognised our premium product, can now see a more definite timeline to production.

“This has prompted them to take action to secure supply from what is Africa’s standout large-flake graphite deposit.

“The agreement is the result of months of testwork and discussions and we are delighted to be able to make this announcement so quickly after releasing the upgraded Reserve and the improved DFS.

“Securing the sale of up to 50% of planned production also reduces financing risk.

“We look forward to being able to share updates with the market as we continue to advance discussion on both additional offtake agreements and financing.”

READ: Walkabout Resources reveals updated graphite project DFS, shares up

Last month, Walkabout released an updated definitive feasibility study (DFS) for its Lindi Jumbo Graphite Project.

The mine life increased 20% to 24 years and the project’s post-tax net present valuation (NPV) increased 9.4% to US$197 million.

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Tue, 02 Apr 2019 09:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217692/walkabout-resources-signs-first-binding-offtake-term-sheet-217692.html
<![CDATA[Media files - Walkabout Resources' updated DFS designed to reduce start up risks for Lindi Jumbo Graphite Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12554/walkabout-resources--updated-dfs-designed-to-reduce-start-up-risks-for-lindi-jumbo-graphite-project-12554.html Tue, 12 Mar 2019 12:04:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12554/walkabout-resources--updated-dfs-designed-to-reduce-start-up-risks-for-lindi-jumbo-graphite-project-12554.html <![CDATA[News - Walkabout Resources a grade king with Lindi Jumbo in Tanzania ]]> https://www.proactiveinvestors.com.au/companies/news/216244/walkabout-resources-a-grade-king-with-lindi-jumbo-in-tanzania-216244.html Walkabout Resources Ltd (ASX:WKT) specialises in exploration and development, primarily in Africa.

What does Walkabout own?

The key asset is the Lindi Jumbo Graphite Project in southeast Tanzania.

Walkabout completed an updated definitive feasibility study (DFS) last Thursday, estimating the project would produce US$1.4 billion ($2 billion) of revenue over a 24-year mine life.

The project’s previously low development capital cost was lowered further to US$27.8 million.

The mine life was a 20% increase on the previous DFS.

Lindi Jumbo after-tax net present valuation (NPV10) also increased, by 9.4%, to US$197 million after a 10% discount was applied.

The project was awarded a mining licence (ML 579/2018) in 2017, with Walkabout being the first mining company in Tanzania to receive a licence after regulatory amendments.

Walkabout’s approval was considered a milestone for the company enabling a resumption in graphite marketing activities for off-take agreements and project development funding.

Walkabout increased the mineral resource at the project by 41% in December 2018 after a drilling and trenching program.

The global mineral resource increased from 29.6 million tonnes to 41.8 million tonnes total graphitic content (TGC) within the Gilbert Arc Deposit and remains open along strike and to the west/down dip.

Much of the tonnage increase came from an inferred resource zone to the south of the current planned mining shell and will not be used in an updated mining depletion model.

The latest inferred resource area is 12.8 million tonnes at 9.2 % TGC and lays directly to the south of the current planned open-pit area.

Other projects include the Takatokwane Coal Project in Botswana.

Walkabout’s Botswanan project is the largest thermal coal asset in central south Botswana and has an inferred resource of 6.88 billion tonnes.

The company raised $3 million with an underwritten share placement in the December half-year and ended 2019 with $6.2 million cash.

Inflection points

Further refinements and optimisations for Lindi Jumbo

Financing milestones for project construction and expansion

Executive director Allan Mulligan pleased with updated DFS outcome

“We are very excited by the outcome of this DFS,” Executive director Allan Mulligan told Proactive Investors in an interview broadcast today.

“We briefed the mining engineer to high grade the property and the mining deposit as much of its life as he could and the outcome is that nearly a million tonnes of graphite will be used over 24 years.

“This equates to over a billion dollars in revenue and not bad for a mine that’s only going to cost $30 million to start.”

Walkabout Resources executive chairman Trevor Benson will deliver a presentation titled “Grade is King” in Perth today at 3pm (noon local time) on day 1 of the March 12-13 Paydirt's Battery Minerals Conference. Executive director Allan Mulligan will later take part in an Africa panel discussion at 6.20pm (3.20pm WST) today.

 

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Mon, 11 Mar 2019 23:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216244/walkabout-resources-a-grade-king-with-lindi-jumbo-in-tanzania-216244.html
<![CDATA[News - Walkabout Resources reveals updated graphite project DFS, shares up ]]> https://www.proactiveinvestors.com.au/companies/news/215952/walkabout-resources-reveals-updated-graphite-project-dfs-shares-up-215952.html Walkabout Resources Ltd (ASX:WKT) has incorporated the recent Ore Reserve upgrade into the updated definitive feasibility study (DFS) for its Lindi Jumo Graphite Project in Tanzania.

The mine life has increased 20% to 24 years and the project’s post-tax net present valuation (NPV) has increased 9.4% to US$197 million.

The construction schedule is dependent upon adequate pre-production funding being secured.

The current schedule has not been modified on the basis that commissioning can be realised 9 to 12 months after project-start funding has been received.

READ: Walkabout Resources increases graphite reserve grade to 17.9%, highest-grade mineable reserve in East Africa

Walkabout’s executive director Allan Mulligan said: “We are delighted with the results of the DFS which demonstrate that the extraordinary Lindi Jumbo project continues to deliver compelling economics in spite of conservative sales assumptions.

“We have a high degree of confidence in the revised cost estimates which are derived from actual engineering drawings and negotiated contract prices.

“This mine has been designed to withstand potential start-up and ongoing risks.

“It continues to show outstanding economics with a payback period of less than two years. These factors make the Project attractive to potential funding partners and investors.”

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Thu, 07 Mar 2019 10:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215952/walkabout-resources-reveals-updated-graphite-project-dfs-shares-up-215952.html
<![CDATA[Media files - Walkabout Resources director updates on East Africa's highest grade graphite project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12413/walkabout-resources-director-updates-on-east-africa-s-highest-grade-graphite-project-12413.html Fri, 01 Mar 2019 16:47:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12413/walkabout-resources-director-updates-on-east-africa-s-highest-grade-graphite-project-12413.html <![CDATA[News - Walkabout Resources increases graphite reserve grade to 17.9%, highest-grade mineable reserve in East Africa ]]> https://www.proactiveinvestors.com.au/companies/news/215469/walkabout-resources-increases-graphite-reserve-grade-to-179-highest-grade-mineable-reserve-in-east-africa-215469.html Walkabout Resources Ltd (ASX:WKT) has upgraded the proven and probable ore reserve at its Lindi Jumbo Graphite Project, delivering a 10% increase in tonnage and 22% increase in total graphitic content (TGC).

The increased grade allows for greater operational efficiency with a 13% reduction in required throughput while maintaining annual production of 40,000 tonnes of flake graphite.

There is a high degree of confidence in the reserve as only measured and indicated resources were used in the calculation.

The potential for further upside in the resource is apparent in both the inferred resources and the recent discovery south of the open pit.

  READ: Walkabout Resources receives official resettlement plan approval for Tanzanian graphite project

Walkabout executive director Allan Mulligan said the company had successfully delivered on its objective to validate Lindi Jumbo as the highest-grade graphite project in its peer group.

The updated ore reserve is based on 37% of the measured and indicated resource tonnes and is a 10% increase on the maiden ore reserve announced March 2017.

Increasing the grade to 17.9% makes Lindi Jumbo the highest-grade mineable ore reserve of all the reported graphite reserves in East Africa.

The additional resource tonnes have also resulted in the modelling of a completely new put design.

  READ: Walkabout Resources continues to progress Lindi Jumbo graphite feasibility study

Mulligan continued: “The super-high-grade mill feed means that Lindi Jumbo is an incredibly robust project and positions the company to deliver the largest margins in the industry.

“This gives Walkabout the ability to take advantage of opportunities for increased market share as well as providing a meaningful downside protection.

“Our goal continues to be the non-China producer-of-choice for premium large-flake natural graphite.

“Importantly, we see the potential for further upside in several areas, including the ability to produce and sell more graphite than designed for and also expanding into not-yet utilised high-grade deposits to the south and bringing those to account.”

READ: Walkabout Resources lifts graphite resource tonnage at Tanzanian project by 41%

Walkabout holds 100% of Lindi Jumbo’s mining licence and between 70%-100% of adjacent graphite prospecting licecnes with an enduring option to acquire the remaining 30% share.

A high-grade graphite mineral reserve has been delineated within the mining licence application area.

The company is also exploring in southern Namibia at the Eureka Lithium Project and has acquired an exploration portfolio for gold and base metals in Northern Ireland and Scotland.

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Wed, 27 Feb 2019 21:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215469/walkabout-resources-increases-graphite-reserve-grade-to-179-highest-grade-mineable-reserve-in-east-africa-215469.html
<![CDATA[News - Walkabout Resources receives official resettlement plan approval for Tanzanian graphite project ]]> https://www.proactiveinvestors.com.au/companies/news/213664/walkabout-resources-receives-official-resettlement-plan-approval-for-tanzanian-graphite-project-213664.html Walkabout Resources Ltd’s (ASX:WKT) resettlement action plan (RAP) for its Lindi Jumbo Graphite Project has been approved by all stakeholders and officially signed by the chief government valuator for Dodoma in Tanzania.

The final valuation for the resettlement and land compensation totalled about US$2 million and allows on-site work at Lindi Jumbo to begin.

 

Walkabout executive director Allan Mulligan said the milestones were being ticked off one-by-one.

He added: “Our construction arrangements at Lindi Jumbo are progressing well and we are very pleased with this achievement managed by our small project team.

“The organised and well-communicated execution of the RAP compensation is very important to our local communities.

“It validates in hard currency the goodwill and social outcomes we have worked closely on achieving with our local stakeholders.”

READ: Walkabout Resources continues to progress Lindi Jumbo graphite feasibility study

The approval completes a lengthy and comprehensive process of public consultations, stakeholder engagement and extensive fieldwork.

Each individual land use compensation agreement is valid for 6 months and must have its valuation process repeated if Walkabout does not settle with the beneficiary in the allotted timeframe.

The rates for compensation have a statutory foundation and are not negotiable by any party.

  READ: Walkabout Resources appoints independent non-executive director to its board

A survey has identified 1,120 personally affected people impacted by the project, comprising 271 asset owners and 848 household members.

The project will result in loss of land for farming, forestry and residential use.

Agriculture dominates 89% of land-use over the project area and small-scale mining activities make up 11%.

The majority of the RAP program is for crops, of which cashew nut farming makes up the largest component.

READ: Walkabout Resources lifts graphite resource tonnage at Tanzanian project by 41%

Lindi Jumbo hosts a JORC 2012-compliant measured, indicated and inferred mineral resource of 41.8 million tonnes at an estimated grade of 10.9% total graphitic carbon (TGC).

This resource contains a super high-grade core of 5 million tonnes at 22.5% TGC for 1.13 million tonnes of contained graphite, making it the highest mineable graphite resource in Tanzania.

More than half of the resource that forms part of the initial mining area is in the measured and indicated categories, containing 1.67 million tonnes of flake graphite.

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Wed, 30 Jan 2019 20:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213664/walkabout-resources-receives-official-resettlement-plan-approval-for-tanzanian-graphite-project-213664.html
<![CDATA[News - Walkabout Resources continues to progress Lindi Jumbo graphite feasibility study ]]> https://www.proactiveinvestors.com.au/companies/news/213308/walkabout-resources-continues-to-progress-lindi-jumbo-graphite-feasibility-study-213308.html Walkabout Resources Ltd (ASX:WKT) is continuing to progress an updated mining study for its Lindi Jumbo Graphite Project in Tanzania.

An updated and amended definitive feasibility study (DFS) is due for completion in the first quarter of 2019, having factored in delays due to the holiday period coinciding with the planned work program.

During the December 2018 quarter, Walkabout increased the resource tonnage at Lindi by 41% to 41.8 million tonnes for 4.5 million tonnes of graphite.

READ: Walkabout Resources lifts graphite resource tonnage at Tanzanian project by 41%

An updated JORC-compliant resource estimate for Gilbert Arc deposit lifted global resource tonnes from 29.6 million tonnes with 5 million tonnes of high-grade material grading 22.5% total graphitic carbon (TGC).

There is now 51% of the resource that will form part of the initial mining area in the measured and indicated categories for 1.67 million tonnes of contained flake graphite.

Importantly, the upgraded resource will be incorporated into the mining studies and an amended DFS.

Further progress on discussions in China and Europe

During the last quarter, an extensive marketing roadshow was undertaken in China to inform existing counter-parties of the Walkabout’s progress and probable timelines for development and production.

The existing agreements, both from China and Europe, have been progressed further and several introductory meetings were held with new customers and industry participants.

Walkabout remains in discussions with several industry participants and end-users in order to finalise binding off-take agreements required to support project funding requirements.

READ: Walkabout Resources boosts UK base metals and gold prospects through Scottish acquisition

Walkabout had strengthened its gold and base metals strategy in the UK with the acquisition of three highly prospective exploration licences in southwest Scotland.

Initial reconnaissance exploration within the Scotland licences commenced during the quarter and the relevant stakeholders have been briefed on the company’s intended program in the area.

Efforts are currently directed toward finalising access agreements with the Forestry Department of Scotland.

Walkabout has also identified multiple targets for drilling at the Tyrone licence area in Northern Ireland.

During the last quarter, the company focussed on processing all necessary permits, permissions and quotes to enable drilling to commence on the SkyTEM targets within the Tyrone licence area.

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Fri, 25 Jan 2019 14:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213308/walkabout-resources-continues-to-progress-lindi-jumbo-graphite-feasibility-study-213308.html
<![CDATA[News - Walkabout Resources director increases stake in graphite developer by 100,000 shares ]]> https://www.proactiveinvestors.com.au/companies/news/211817/walkabout-resources-director-increases-stake-in-graphite-developer-by-100000-shares-211817.html 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.

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Tue, 01 Jan 2019 19:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211817/walkabout-resources-director-increases-stake-in-graphite-developer-by-100000-shares-211817.html
<![CDATA[News - Walkabout Resources appoints independent non-executive director to its board ]]> https://www.proactiveinvestors.com.au/companies/news/211540/walkabout-resources-appoints-independent-non-executive-director-to-its-board-211540.html Walkabout Resources Ltd (ASX:WKT) has appointed Michael Elliott to the board as an independent non-executive director.

The company is currently transitioning from an exploration company towards being a developer in relation to its Lindi Jumbo Graphite Project in southern Tanzania.

READ: Walkabout Resources to begin earthworks at Tanzanian graphite project in early 2019

Elliott was previously the Global Mining & Metals Leader for Ernst & Young, and in that role he undertook projects on behalf of some of the largest companies in the international minerals sector.

He is also a member of the Institute of Company Directors and a Chartered Accountant fellow.

Walkabout chairman Trevor Benson said: “We welcome Mr Elliott as a non-executive director to the board and believe his appointment further aligns the company with independent board representation and allows the executive management team to focus on moving the company towards development.”

Corporate governance framework update

As part of its transition towards being a developer, Walkabout has been undertaking a process to best position the company for a wider global audience and to attract development capital for the project.

A key element of this transition is updating the company’s corporate governance framework.

Within this framework and following consultation with shareholder groups, the board will undertake a full review in line with international best practice including, within a 12-month period:

• The appointment of a majority of independent non-executive directors;
• A reduction of the number of executive directors; and
• Splitting the role of chairman into non-executive and chief executive officer.

The inclusion of additional non-executive directors will also result in restructuring of the Remuneration, Audit & Risk and Nominations Committees.

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Thu, 20 Dec 2018 17:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211540/walkabout-resources-appoints-independent-non-executive-director-to-its-board-211540.html
<![CDATA[News - Walkabout Resources lifts graphite resource tonnage at Tanzanian project by 41% ]]> https://www.proactiveinvestors.com.au/companies/news/211437/walkabout-resources-lifts-graphite-resource-tonnage-at-tanzanian-project-by-41-211437.html Walkabout Resources Ltd (ASX:WKT) has increased resource tonnage at its Lindi Jumbo Graphite Project in southeast Tanzania by 41% to 41.8 million tonnes for 4.5 million tonnes of graphite.

An updated JORC-compliant resource estimate for Gilbert Arc deposit lifted global resource tonnes from 29.6 million tonnes with 5 million tonnes of high-grade material grading 22.5% total graphitic carbon (TGC).

There is now 51% of the resource that will form part of the initial mining area in the measured and indicated categories for 1.67 million tonnes of contained flake graphite.

READ: Walkabout Resources to begin earthworks at Tanzanian graphite project in early 2019

The measured category comprises 6.5 million tonnes at 12.1% TGC and the indicated category 8.4 million tonnes at 10.5% TGC.

Resource category breakdown of the Gilbert Arc.

Walkabout’s technical director Andrew Cunningham said: “The Gilbert Arc deposit at Lindi Jumbo continues to deliver value for our shareholders.

“Unique, very high-grade domains from surface are one of the factors that makes this deposit the standout project amongst its graphite peers in East Africa.”

The updated resource estimate was calculated by independent geological consultancy, Trepanier Pty Ltd.

Drilling and trenching work

It incorporates results from drilling and trenching over the northern inferred resource area as well as a new mineralised zone south of the Gilberts Arc deposit.

There were 17 drill holes completed for 1,354 metres and seven trenches for 654 metres.

In these trenches, spectacular high-grade mineralisation was encountered at surface with individual metre samples of up to 44% TGC.

READ: Walkabout Resources completes SPP raising $3 million, resource update pending

The work has seen the northern area of the resource upgraded to the indicated category and this will form part of upcoming mining studies.

A new inferred resource area has been defined directly to the south of the current planned open-pit area.

Mineralised domains at Gilbert Arc and the new southern area.

This area will not form part of the new mining studies, amended definitive feasibility study (DFS) and reserve upgrade as further work within the area will be done post-production.

High-grade domains extended

Domains 7, 8 and 9, which contain the 22.5% grades, have been extended towards the north and remain open.

These high-grade domains form the core of the current mine plan.

READ: Walkabout Resources’ sampling confirms lithium potential at Eureka project

The updated resource will be incorporated into the mining studies and an amended DFS, which is expected to be announced in early 2019.

Cunningham added: “We look forward to the upcoming mining studies and amended DFS which will include the extended high-grade zones from surface.”

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Wed, 19 Dec 2018 09:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211437/walkabout-resources-lifts-graphite-resource-tonnage-at-tanzanian-project-by-41-211437.html
<![CDATA[News - Walkabout Resources to begin earthworks at Tanzanian graphite project in early 2019 ]]> https://www.proactiveinvestors.com.au/companies/news/210266/walkabout-resources-to-begin-earthworks-at-tanzanian-graphite-project-in-early-2019-210266.html Walkabout Resources Ltd (ASX:WKT) is preparing for construction of its high-grade Lindi Jumbo Graphite Project in Tanzania with earthworks expected to start in early 2019.

The earthmoving contractor plans to mobilise to the site in early January after first payments have been made to the affected landowners to secure access to the initial work areas.

Preparing for partial mobilisation

This contractor is preparing for partial mobilisation of a fleet of earthmoving equipment.

Walkabout has selected and scheduled areas for preparation of this task to enable a seamless progression with the civil construction activities.

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 100% and 70% of adjacent graphite prospecting licences at the project.

READ: Walkabout Resources completes SPP raising $3 million, resource update pending

Lindi Jumbo hosts a JORC 2012-compliant measured, indicated and inferred mineral 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 contained graphite, making it the highest mineable graphite resource in Tanzania.

READ: Walkabout Resources assays 300-metre graphite extension

A resource upgrade is progressing and is expected to be delivered in early December while a reserve update and amendment to the definitive feasibility study is expected to be delivered in early 2019.

Funding is highest priority

Walkabout’s highest current priority is project funding.

The company stipulates that pure debt funding is not an option due to the nature, location and size of the project.

Furthermore, the partial funding model pursued through Chinese state-owned enterprise CNBM now includes security terms that make it onerous and unattractive.

Therefore, Walkabout is pursuing an alternative funding strategy comprising a combination of corporate equity, which has recently been completed to strengthen the balance sheet, a level of quasi-debt, and interest at project equity level.

A sample gathered from the Lindi Jumbo project.

The executive management is engaged in detailed funding discussions with several parties in Australia, Europe and China, the details of which cannot be disclosed due to confidentiality and having not been finalised.

Encouraged by progress

Management is encouraged by progress and several interested parties have recently visited the site as part of due diligence processes and to familiarise themselves with the operational environment.

Walkabout executives have also been progressing further offtake discussions in China and Europe.

These discussions are being held with counterparties to Heads of Agreements along with potential new customers and industry participants.

Allan Mulligan and Andrew Cunningham at Jixi City Graphite Institute in Heilongjiang province, China.

Feedback from all parties visited has been positive and the extensive test work conducted on concentrate from the project has helped in marketing the project throughout Europe and Asia.

Civil plans being reassessed

Initial civil plans for the plant area have been reviewed and are being reassessed and designed through the company’s engineering partners in China, Yantai Jinpeng Mining and Machinery Co Ltd.

The objective of this work is to optimise concrete and steel input in line with international standards.

Lindi Jumbo’s project manager and metallurgical consultants are engaged with regular reviews of the flowsheet, equipment selection and associated infrastructure.

They are interacting closely with Jinpeng to ensure that any changes are finalised without compromising on the quality or standards of the plant.

Drilling and sampling team members on-site.

RAP sign-off is imminent

The project’s Relocation and Assistance Program (RAP) was completed by the government evaluators in October.

Consequently, Walkabout has finalised an internal audit to ensure values and measurements are correct and fair to all parties involved.

There are no significant inconsistencies with the calculations and final valuations are being socialised and discussed with affected individuals, government bodies and other stakeholders for final sign-off in December.

Walkabout has taken a very transparent approach throughout the process and relationships with the concerned parties have been excellent.

Final sign-off of the RAP document will allow the company to settle with some landowners and receive permanent access to certain areas of the site.

The company has six months from the date of government sign-off of the report to compensate landowners.

READ: Walkabout Resources’ sampling confirms lithium potential at Eureka project

Walkabout has also acquired an exploration portfolio for gold and base metals in Northern Ireland and is participating in the Tyrone Joint Venture where cobalt, copper and silver occurrences are being explored.

Walkabout has secured an exploration portfolio across a trend in Northern Ireland and Scotland.

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Fri, 30 Nov 2018 13:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210266/walkabout-resources-to-begin-earthworks-at-tanzanian-graphite-project-in-early-2019-210266.html
<![CDATA[News - Walkabout Resources’ sampling confirms lithium potential at Eureka project ]]> https://www.proactiveinvestors.com.au/companies/news/209631/walkabout-resources-sampling-confirms-lithium-potential-at-eureka-project-209631.html Walkabout Resources Ltd (ASX:WKT) has received sampling results confirming the potential for LCT (lithium-caesium-tantalum) mineralisation within newly identified pegmatite swarms at its Eureka Lithium Project in Namibia.

Typical outcropping pegmatite showing zonation with a quartz core enveloped by large feldspar and books of mica

The interpretation of the results indicates that there is a correlation between lithium, rubidium, caesium, niobium, tantalum and tin in numerous samples in at least two of the cluster zones, indicating the potential for LCT type pegmatites in the area.

There is also an apparent northeast-southwest control on the enriched pegmatites which correlates well with the findings of the earlier sampling campaign to the south.

 

The more resistant quartz is covering a large area with boulders/scree effectively masking the underlying geology and true nature of the pegmatites in the area.

Vast areas of the tenements remain unexplored due to the paucity of outcrop and cover by a thin veneer of recent sediments.

READ: Walkabout Resources completes SPP raising $3 million, resource update pending

Further work is planned to map and sample priority areas of the tenements not previously accessed, and to use all of the available geochemical, geophysical and mapping data to determine more prospective target areas.

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Wed, 21 Nov 2018 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209631/walkabout-resources-sampling-confirms-lithium-potential-at-eureka-project-209631.html
<![CDATA[News - Walkabout Resources directors show confidence in graphite strategy with share purchases ]]> https://www.proactiveinvestors.com.au/companies/news/209138/walkabout-resources-directors-show-confidence-in-graphite-strategy-with-share-purchases-209138.html Walkabout Resources Ltd (ASX:WKT) directors have demonstrated their confidence in the company’s strategy centred on graphite by participating in a recent share purchase plan (SPP) that raised $3 million.

Executive chairman Trevor Benson, executive director Alan Mulligan and non-executive directors Andrew Cunningham and Tom Murrell participated in the SPP.

They all purchased shares on November 9 priced at 9 cents each.

READ: Walkabout Resources completes SPP raising $3 million, resource update pending

Funds will be used to fast-track the Lindi Jumbo Flake Graphite Project in Tanzania, which is the highest-grade graphite project in East Africa.

A resource estimate update is being compiled and is expected to be released in the coming weeks.

Benson purchased 166,667 shares and now holds more than 2,886 million shares.

Cunningham bought 111,112 shares and now holds more than 1.203 million shares in three direct and indirect interests.

Mulligan purchased a total of 166,668 shares through direct and indirect interests, which now hold more than 6.075 million shares.

Murrell acquired 333,334 shares through direct and indirect interests, which now hold more than 3.354 million shares.

Funding discussions

Following the SPP, the company intends to implement the funding required for construction of the Lindi Jumbo project.

Walkabout is well advanced in discussions regarding funding and the board hopes to make an announcement on the matter in due course.

The capital required to finalise mine construction is US$29.7 million.

Lindi Jumbo is forecast to produce 40,000 tonnes per annum of graphite concentrate grading 95-98% total graphitic content (TGC).

READ: Walkabout Resources assays 300-metre graphite extension

The board intends to fast-track construction in order to be a first-mover within the Tanzanian graphite sector.

Results from a recent drill and trench program confirm the high-grade nature of the deposit and the resource update is expected to give Walkabout additional flexibility and significantly reduce start-up risk.

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Wed, 14 Nov 2018 12:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209138/walkabout-resources-directors-show-confidence-in-graphite-strategy-with-share-purchases-209138.html
<![CDATA[Media files - Walkabout Resources funded to 'move to the next level' with Lindi project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11150/walkabout-resources-funded-to-move-to-the-next-level-with-lindi-project-11150.html Fri, 09 Nov 2018 15:15:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11150/walkabout-resources-funded-to-move-to-the-next-level-with-lindi-project-11150.html <![CDATA[News - Walkabout Resources completes SPP raising $3 million, resource update pending ]]> https://www.proactiveinvestors.com.au/companies/news/208881/walkabout-resources-completes-spp-raising-3-million-resource-update-pending-208881.html Walkabout Resources Ltd (ASX:WKT) has completed its share purchase plan (SPP) which has raised $3 million in funding for the company.

Following the completion of the SPP, the company is now to implement the funding required for the construction of the flagship Lindi Jumbo Flake Graphite Project in Tanzania.

Walkabout noted it is well advanced in discussions regarding funding and the board hopes to make an announcement on the matter in due course.

READ: Walkabout Resources assays 300 metre graphite extension

The capital required to finalise the mine construction is US$29.7 million which will produce 40,000 tonnes per annum of graphite concentrate grading 95-98% total graphitic content (TGC).

The board intends to fast-track construction of Lindi Jumbo in order to be a first-mover within the Tanzanian graphite sector.

Results from the recent drill program confirm the deposit to be the highest grade in East Africa and the planned extension to the resource will give Walkabout additional flexibility and reduce start-up risk significantly.

Recent assays showed resource growth potential

Earlier this week drill and trench assays were received that confirmed high-grade graphite extensions at Lindi.

High-grade graphite domains continue for 300 metres to the northeast, and remain open.

Highlights included 36.1 metres at 23.5 % total graphitic carbon (TGC) from 3 metres including 7.1 metres at 32.9% TGC from 28 metres.

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Fri, 09 Nov 2018 10:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208881/walkabout-resources-completes-spp-raising-3-million-resource-update-pending-208881.html
<![CDATA[News - Walkabout Resources assays 300 metre graphite extension ]]> https://www.proactiveinvestors.com.au/companies/news/208452/walkabout-resources-assays-300-metre-graphite-extension-208452.html Walkabout Resources Ltd (ASX:WKT) drill and trench assays have confirmed high-grade graphite extensions at the 100% owned Lindi Jumbo Graphite Project in Tanzania.

High-grade graphite domains continue for 300 metres to the northeast, and remain open.

Highlights include 36.1 metres at 23.5 % total graphitic carbon (TGC) from 3 metres including 7.1 metres at 32.9% TGC from 28 metres.

READ: Walkabout Resources to raise $3 million to develop graphite project

Walkabout’s executive chairman Trevor Benson said: “These results easily demonstrate that Lindi Jumbo remains the highest grade, lowest risk graphite project around.

“The high-grade nature of the deposit gives the mine a huge advantage in mitigating start-up risks that face new mine operations.

"The upcoming upgrade of the Mineral Resource should have a positive knock-on effect on the initial mine plan and LOM economics of the project further supporting the Lindi Jumbo Graphite Project as the most significant graphite project ready for development.”

Highest grade graphite in Tanzania

Drill and trench assay results confirm the Lindi Jumbo deposit to contain the highest grade reported graphite mineralisation in Tanzania.

Grades for 1-metre intervals reached 37.1% TGC for drilling and 39.5% TGC for trenching.

Significant drill hole intersections within the resource upgrade area are listed below including A-B cross section.

 

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Mon, 05 Nov 2018 09:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208452/walkabout-resources-assays-300-metre-graphite-extension-208452.html
<![CDATA[Media files - Walkabout Resources plans capital raising to expedite development of Lindi Jumbo Graphite Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10772/walkabout-resources-plans-capital-raising-to-expedite-development-of-lindi-jumbo-graphite-project-10772.html Tue, 09 Oct 2018 09:34:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/10772/walkabout-resources-plans-capital-raising-to-expedite-development-of-lindi-jumbo-graphite-project-10772.html <![CDATA[News - Walkabout Resources to raise $3 million to develop graphite project ]]> https://www.proactiveinvestors.com.au/companies/news/206438/walkabout-resources-to-raise-3-million-to-develop-graphite-project-206438.html Walkabout Resources Ltd (ASX:WKT) has outlined an underwritten $3 million share purchase plan (SPP) that will open next Friday 12 October 2018.

Funds raised under the SPP will be used to progress development of the Lindi Jumbo Graphite Project in southeastern Tanzania where the company was recently granted a mining licence.

With current cash reserves of circa $5 million, the company will have circa $8 million cash at bank upon completion of the SPP before costs.

READ: Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project

Walkabout is currently finalising the engineering, procurement and construction (EPC) agreement with construction partner, Yantai Jinpeng Mining and Machinery Co Ltd.

An associate company of Jinpeng is currently Walkabout’s largest shareholder and has also expressed a desire to further invest by contributing to the capital costs of Lindi’s development.

Walkabout is also in discussions with a number of parties regarding project funding.

DFS completed in August 2017

A definitive feasibility study (DFS) was completed on the Lindi Graphite Project in August 2017 demonstrating strong economics.

Construction is estimated to take 10 months for a capital cost of US$29.7 million with a post-tax net present value (NPV) of US$180 million.

The 20-year mine life has a 19-month pay-back period and features very competitive operating costs of ~US$450 per tonne in concentrate.

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Fri, 05 Oct 2018 11:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206438/walkabout-resources-to-raise-3-million-to-develop-graphite-project-206438.html
<![CDATA[News - Walkabout Resources expects capital raising news, granted ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/206250/walkabout-resources-expects-capital-raising-news-granted-asx-trading-halt-206250.html Walkabout Resources Ltd (ASX:WKT) has been granted a trading halt by the ASX pending news of a capital raising.

The halt will remain in place until the commencement of normal trading on Friday, October 5, 2018 or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 14.5 cents at market close on Tuesday.

READ: Walkabout Resources boosts UK base metals and gold prospects through Scottish acquisition

Earlier this week the company announced the acquisition of three highly prospective exploration licences in southwest Scotland, along trend from its Northern Ireland properties.

The acquisition is part of a farm-in agreement with private exploration company JDH Exploration covering 746 square kilometres of highly prospective ground for precious and base metals.

They lie along a large trend, related to the Caledonian Orogeny, which can be traced from the eastern seaboard of North America, through Northern Ireland and Scotland and into eastern Greenland and parts of western Scandinavia.

READ: Walkabout Resources identifies multiple targets for drilling in Northern Ireland

Walkabout’s exploration strategy in this region is to assemble a compelling portfolio of prospective exploration titles over prospective geological trends.

In Northern Ireland, the company has identified multiple targets for drilling at the Tyrone licence from a SkyTEM electromagnetic airborne survey.

These targets fit in well with Walkabout’s volcanogenic massive sulphide (VMS) exploration model supported by soil geochemistry and underlying structures.

READ: Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project

The company has recently received a mining licence for its flagship Lindi Jumbo Graphite Project in Tanzania.

Appointment of the pre-selected project partners has advanced to the stage of legal agreements and final scopes of works while construction plans are well advanced across the range of primary and secondary level construction partners.

Walkabout has also engaged a project manager to manage the coordination and project interface detail between the partner contractors.

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Wed, 03 Oct 2018 13:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206250/walkabout-resources-expects-capital-raising-news-granted-asx-trading-halt-206250.html
<![CDATA[News - Walkabout Resources boosts UK base metals and gold prospects through Scottish acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/206037/walkabout-resources-boosts-uk-base-metals-and-gold-prospects-through-scottish-acquisition-206037.html Walkabout Resources Ltd (ASX:WKT) has strengthened its gold and base metals strategy in the UK with the acquisition of three highly prospective exploration licences in southwest Scotland.

The company has finalised a farm-in agreement with private exploration company JDH Exploration covering the licences.

They cover 746 square kilometres of highly prospective ground for precious and base metals.

Walkabout’s chairman Trevor Benson said, “Walkabout is growing its portfolio of highly prospective exploration licences for gold and base metals within the UK which has seen a significant lack of exploration for decades.

“The introduction of modern exploration technology and strategy to historical mining areas is a key enabler to unlocking further value in areas previously considered closed to further mineral value enhancement.”

Along Southern Uplands fault

The projects are along the Southern Uplands fault, which has a long history of base metals and gold mining and exploration.

They include several historical high-grade lead-zinc and silver mines, and gold and copper targets.

None of the prospective areas has been subjected to modern-day, systematic exploration.

READ: Walkabout Resources identifies multiple targets for drilling in Northern Ireland

They lie along a large trend, related to the Caledonian Orogeny, which can be traced from the eastern seaboard of North America, through Northern Ireland and Scotland and into eastern Greenland and parts of western Scandinavia.

Location of the licences in relation to mineral occurrences along the Caledonian Orogeny.

Through the acquisition of British Geological Survey (BGS) datasets and work completed by others, numerous exploration targets have already been identified.

Historical mining area

The area is known for its historical lead-zinc mining and there are several old shafts and adits in the area associated with two large-scale structures.

Although little information is available regarding the historical mining data, records indicate that mining was predominantly done at depths less than 70 metres from surface.

This concentrated primarily on the lead and to a lesser extent silver, such that when zinc-rich areas were encountered, they were left in-situ.

Gold not assayed

Historically, gold was also not assayed in stream sediments and very few areas where gold was identified in stream panning have been followed up.

The targets identified from BGS datasets include:

- Quartz vein-hosted gold occurrences within meta-sediments; - Lead-zinc plus silver plus gold in veins related to intrusions; - Mafic intrusion-related nickel-copper plus silver plus gold plus PGE mineralisation; and - Porphyry copper plus silver plus gold related to intrusions. Reviewing available data

The company is reviewing all available historical data and ranking targets in terms of priority for exploration.

In addition, the company through the vendor is negotiating with stakeholders with regard to access and local regulations.

A detailed heritage survey is being undertaken in order to identify areas of sensitive historical heritage and to engage with relevant stakeholders in agreeing upon the exploration strategy.

Farm-in terms

Shackleton Resources Ltd, a Walkabout subsidiary, will earn 75% of JDH Exploration by sole funding stages I and II exploration.

Stage I involves a minimum spend of £100,000 on exploration and stage II involves a further £150,000 on exploration on the licences during the 12 months following the end of stage I.

Shackleton has paid JDH £50,000 for compensation of previous expenditure.

If Shackleton proves a JORC-compliant gold inferred resource of a minimum of 500,000 ounces on the licences, it shall pay in cash the amount of £250,000 to the vendor.

Upon Shackleton making a decision to mine in respect of the licences, the purchaser shall pay the amount in cash of £500,000 to the vendor.

READ: Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project

Walkabout’s exploration strategy in this region is to assemble a compelling portfolio of prospective exploration titles over prospective geological trends.

It has acquired property in Northern Ireland and identified multiple targets for drilling at the Tyrone licence from a SkyTEM electromagnetic airborne survey.

These targets fit in well with the company’s volcanogenic massive sulphide (VMS) exploration model supported by soil geochemistry and underlying structures.

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Mon, 01 Oct 2018 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206037/walkabout-resources-boosts-uk-base-metals-and-gold-prospects-through-scottish-acquisition-206037.html
<![CDATA[News - Walkabout Resources identifies multiple targets for drilling in Northern Ireland ]]> https://www.proactiveinvestors.com.au/companies/news/205806/walkabout-resources-identifies-multiple-targets-for-drilling-in-northern-ireland-205806.html Walkabout Resources Ltd’s (ASX:WKT) SkyTEM electromagnetic airborne survey has successfully delineated numerous conductive targets over the Tyrone licence in Northern Ireland.

The SkyTEM targets fit in well with the company’s volcanogenic massive sulphide (VMS) exploration model supported by soil geochemistry and underlying structures.

READ: Walkabout Resources granted mining licence for graphite project, shares up 22%

Walkabout chairman Trevor Benson said: “We are assembling a portfolio of highly prospective exploration licences for gold and base metals in a part of Europe that has seen significant under-prospecting for decades.

“While European exploration environments are somewhat different to those in Africa and require extensive community engagement, Walkabout believes that potential value upside for all stakeholders is achievable and will strive to introduce our unique brand of inclusive, community integrated mineral exploration.”

READ: Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project

Of the numerous targets identified through the geophysical survey and the subsequent “thinning” exercise, four of the VMS targets were recommended for high priority modelling.

Drill hole positions have been planned based on the results of the plate modelling, their proximity to geochemical soil anomalies, proximity to favourable structural trends as well as previously reported high-grade base and precious metal occurrences in the area.

 

Drill collar positions still need to be verified and general planning permissions obtained to enable Walkabout to proceed with the drilling campaign.

This involves various governmental departments, local councils and landowners.

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Thu, 27 Sep 2018 11:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205806/walkabout-resources-identifies-multiple-targets-for-drilling-in-northern-ireland-205806.html
<![CDATA[News - Walkabout Resources’ mining licence triggers multiple activities at Lindi Jumbo Graphite Project ]]> https://www.proactiveinvestors.com.au/companies/news/205699/walkabout-resources-mining-licence-triggers-multiple-activities-at-lindi-jumbo-graphite-project-205699.html Walkabout Resources Ltd’s (ASX:WKT) recent receipt of the mining licence for its Lindi Jumbo Graphite Project in Tanzania has triggered multiple concurrent events across the project epi-centres.

The multiple events are:

RAP - Relocation Assistance Program; TNZ- Tanzania; Yantai - Yantai Jinpeng Mining and Machinery

Walkabout has accepted the mining licence conditions and has responded to the Ministry of Minerals of Tanzania. The company is now awaiting an update from the Ministry of Minerals Cadastre System.

The original strategy of project fast-track through concurrent design and engineering based activities has been maintained throughout the period of licence application.

READ: Walkabout Resources granted mining licence for graphite project, shares up 22%

In addition, the appointment of pre-selected project partners has advanced to the stage of legal agreements and final scopes of works.

The construction plans are well advanced across the range of primary and secondary level construction partners.

Walkabout has also engaged a project manager to manage the coordination and project interface detail between the partner contractors.

 

Recent resource upgrade drilling and trenching completed at Lindi indicates that the high-grade graphite mineralisation extends for at least another 300 metres to the northeast and remains open along strike.

Walkabout’s hydrology drilling has delineated sufficient water for construction and operational activities.

Meanwhile, the Relocation Assistance Program (RAP) process has been completed and is ready for settlement.

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Wed, 26 Sep 2018 11:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205699/walkabout-resources-mining-licence-triggers-multiple-activities-at-lindi-jumbo-graphite-project-205699.html
<![CDATA[Media files - Walkabout Resources first to receive mining licence under new Tanzanian legislation ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10278/walkabout-resources-first-to-receive-mining-licence-under-new-tanzanian-legislation-10278.html Thu, 30 Aug 2018 16:38:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10278/walkabout-resources-first-to-receive-mining-licence-under-new-tanzanian-legislation-10278.html <![CDATA[News - Walkabout Resources granted mining licence for graphite project, shares up 22% ]]> https://www.proactiveinvestors.com.au/companies/news/203834/walkabout-resources-granted-mining-licence-for-graphite-project-shares-up-22-203834.html Walkabout Resources Ltd (ASX:WKT) jumped 22% after being awarded a mining licence by the Tanzanian Government for the Lindi Jumbo Graphite Project in the east African country’s southeast.

Shares were up to 17 cents in early trade on receiving confirmation from the Ministry of Minerals of Tanzania for the granting of Mining Licence ML00638/2017.

Walkabout director Allan Mulligan said, “The mining licence approval is the final major legislative requirement for the project.

 

“We are acutely aware of the particular efforts of many responsible government officials and Walkabout representatives in reaching this milestone and I personally thank all the parties for their input and interest.

“The Mining Commission, in particular, has been particularly efficient in this process.”

“We have also been assured by the Ministry of Minerals of Tanzania of their support and willingness to assist the emerging mining industry in Tanzania in meeting those regulatory obligations required to facilitate mine development and grow the industry.”

READ: Walkabout Resources continues to progress Lindi Graphite Project in Tanzania

Upon paying the fee and accepting the technical detail, Walkabout will be authorised to finalise the on-site Relocation Assistance Program (RAP), which is in advanced valuation draft from the Chief Government Valuer.

Lindi Jumbo is about 200 kilometres from the export port of Mtwara.

EPC agreement can now be finalised

In addition, final construction plans at the mine site can now be agreed and the engineering, procurement and construction (EPC) agreement with construction partner, Yantai Jinpeng Mining and Machinery Co Ltd can be finalised.

This will set in motion the manufacture and supply orders for final plant equipment.

Granting of the mining licence also allows Walkabout to further progress advanced project funding options, which have been pending this milestone.

Walkabout is developing the high-grade Lindi Jumbo project to take advantage of forecast market conditions for large and jumbo flake graphite products.

Expanded graphite and specialty graphite products.

29.8 million tonne resource

The project hosts a JORC 2012-compliant measured, indicated and inferred mineral 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 contained graphite, making it the highest mineable graphite resource in Tanzania.

READ: Walkabout Resources transitions to full ownership of Lindi, shares rally

There are also several exploration targets in the area around the existing resource.

Exploration targets over two VTEM areas.

Planned annual production is 40,000 tonnes at a concentrate grade of 95-97% TGC.

The project will benefit from a low opex of US$292 per tonne at mine gate and US$352 per tonne free on board.

Walkabout is also exploring in southern Namibia at the Eureka Lithium Project with known lithium occurrences targeted for exploration.

The company has also acquired an exploration portfolio for gold and base metals in Northern Ireland and is participating in the Tyrone Joint Venture where cobalt, copper and silver occurrences are being explored.

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Thu, 30 Aug 2018 11:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203834/walkabout-resources-granted-mining-licence-for-graphite-project-shares-up-22-203834.html
<![CDATA[News - Walkabout Resources increasing share price attracts ASX speeding ticket ]]> https://www.proactiveinvestors.com.au/companies/news/203192/walkabout-resources-increasing-share-price-attracts-asx-speeding-ticket-203192.html Walkabout Resources Ltd (ASX:WKT) has increased almost 34% to 16.5 cents in the past week on strong volume prompting the ASX to issue a speeding ticket.

From 12 cents last Tuesday and 14 cents at close on Thursday, the shares continued to rise today.

Responding to the ASX price and volume query, the company said that there was no information that had not been announced to the market.

READ: Walkabout Resources continues to progress Lindi Graphite Project in Tanzania

Walkabout stated that there has been an update to the status of a mining licence application for its Lindi Jumbo Graphite Project in Tanzania from ‘application’ to ‘application recommended’.

The status has been updated on the Tanzanian Ministry of Minerals online Cadastral system.

However, the company said this was just one step in the approvals process and it did not indicate final approval of the mining licence.

Walkabout has recently been drilling several hydrological well-holes in the vicinity of the planned mine and plant-site at the project in southern Tanzania.

 

It has also been undertaking a modest resource upgrade drilling and trenching program over the northern portion of the existing resource to upgrade it to the indicated and/or measured status.

In Namibia, the Ministry of Mines and Energy has indicated that renewal of Walkabout’s licence is imminent and this will allow the company to progress with a detailed assessment of the target areas.

The company is also expecting results from an electromagnetic survey recently undertaken on the Tyrone JV in Northern Ireland.

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Mon, 20 Aug 2018 16:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203192/walkabout-resources-increasing-share-price-attracts-asx-speeding-ticket-203192.html
<![CDATA[News - Walkabout Resources continues to progress Lindi Graphite Project in Tanzania ]]> https://www.proactiveinvestors.com.au/companies/news/200895/walkabout-resources-continues-to-progress-lindi-graphite-project-in-tanzania-200895.html Walkabout Resources Ltd (ASX:WKT) is currently drilling several hydrological well-holes in the vicinity of the planned mine and plant-site at the Lindi Jumbo Graphite Project in southern Tanzania.

In addition, a modest resource upgrade drilling and trenching program has commenced over the northern portion of the existing resource to upgrade it to the indicated and/or measured status.

Mining Licence Application

Walkabout team has recently met with the chairman of the Tanzanian Mining Commission, professor Idris Kikula, the commission secretary professor Shukrani Manya and the commissioner, Dr Athanas Macheyeki in Dodoma, Tanzania.

The commission has finalised the standard “Integrity Pledge” and “Local Content” forms for all mining companies to complete and which will make up an integral part of all mining licence applications.

READ: Walkabout Resources transitions to full ownership of Lindi, shares rally

While the company has previously submitted an integrity pledge, the commission has decided to standardise the format of these for all applicants, and indeed all licence holders.

The forms have now been approved at ministerial level and forwarded to the Government Gazette. Soon, they will be issued to applicant companies for completion and submission.

READ: Walkabout Resources to fly survey over Northern Ireland cobalt-copper-silver targets

In Northern Ireland the raw data for the SkyTEM helicopter survey that was completed over the Tyrone License area has finally been processed and is now ready for final interpretation.

The soil assay results will be processed and interpreted and in conjunction with the SkyTEM results, the overlaying datasets will be used to generate selected drill targets.

Lithium exploration in Namibia

In Namibia, the Ministry of Mines and Energy have indicated that the renewal of Walkabout’s license is imminent and this will allow the company to progress with a detailed assessment of the target areas.

In addition, the detailed negotiation of a surface land access agreement is underway with a private landowner.

The lithium-cesium-tantalum (LCT) type pegmatite intrusions in the project area are interpreted to be controlled by later stage faulting.

Once the licence is renewed and secure access is granted, exploration teams will follow up on the previous assessment with the priority aim of generating drill targets in the shortest possible time.

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Tue, 17 Jul 2018 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200895/walkabout-resources-continues-to-progress-lindi-graphite-project-in-tanzania-200895.html
<![CDATA[Media files - Walkabout Resources strategically diversifying with 'Triple Trifecta' approach ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9603/walkabout-resources-strategically-diversifying-with-triple-trifecta-approach-9603.html Mon, 18 Jun 2018 15:04:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9603/walkabout-resources-strategically-diversifying-with-triple-trifecta-approach-9603.html <![CDATA[News - Walkabout Resources transitions to full ownership of Lindi, shares rally ]]> https://www.proactiveinvestors.com.au/companies/news/197875/walkabout-resources-transitions-to-full-ownership-of-lindi-shares-rally-197875.html Walkabout Resources Ltd (ASX:WKT) has moved to full ownership of the Lindi Jumbo Graphite Project in Tanzania, after exercising its option to acquire the remaining 30% of the prospecting licence.

The contracted purchase price is US$1 million for the stake not held by Walkabout, and this transaction now terminates the joint venture between the vendor and the company in respect of the project mining licence area and PL9992/2014.

Walkabout is fast-tracking the development of Lindi Project to take advantage of forecast market conditions for flake graphite deposits with high ratios of large and jumbo flakes.

Trevor Benson, executive chairman, commented: "The purchase of the remaining 30% of the project will see a huge value-adding transaction into the company.

"The passing of this significant project milestone is indicative of the confidence that management has in the project and in the subsequent progression of events in Tanzania."

Market support

Walkabout shares have gained 6.5% to 16.5 cents in early trade, as investors show their support for the company's transition to 100% owner.

During the month of May, shares have doubled.

Next steps at Lindi

In regards to progress of the Lindi Jumbo Mining Licence application, the company noted that it remains highly encouraged by recent communications from the Ministry of Minerals of Tanzania.

Discussions in Dodoma held on 25 May 2018 between the company and the Ministry confirmed that licence applications were due for issue in large batches until the backlog has been depleted.

Forward plan

Lindi hosts a high reserve grade at 16.1% total graphitic carbon (TGC) for a 20 year mine life, with planned production of 40,000 tonnes per annum at a concentrate grade of 95-97% TGC.

The project benefits from a low opex of US$292 per tonne at mine gate and US$352 per tonne free on board.

Walkabout's plan is to fast track to development with a mining licence expected in mid-2018, and construction expected to start soon after.

The plant would then be operational in nine months, providing the opportunity for the first shipment in the March quarter 2019.

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Wed, 30 May 2018 11:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197875/walkabout-resources-transitions-to-full-ownership-of-lindi-shares-rally-197875.html
<![CDATA[News - Walkabout Resources share spike attracts ASX speeding ticket ]]> https://www.proactiveinvestors.com.au/companies/news/196792/walkabout-resources-share-spike-attracts-asx-speeding-ticket-196792.html Walkabout Resources Ltd’s (ASX:WKT) shares have been on a tear, rising from a close of 8.3 cents on Thursday to an intraday high of 10.5 cents today, prompting the ASX to issue a speeding ticket.

The company’s shares witnessed a high volume of trading, with over 268 million shares changing hands.

Responding to the ASX price and volume query, Walkabout confirmed that there was no information that had not been announced to the market.

READ: Walkabout Resources set to unlock lithium, cobalt, gold and graphite opportunities

The company is continuing to focus on lithium exploration in Namibia along with an active cobalt exploration program in Northern Ireland.

Last month, Walkabout initiated an airborne electromagnetic survey over target areas of the Slieve Gallion cobalt-copper-silver joint venture licence area in Northern Ireland.

READ: Walkabout Resources to fly survey over Northern Ireland cobalt-copper-silver targets

The licence is about 20 kilometres from the 4.4 million ounce Curraghinalt gold resource of Dalradian Resources (LON:DALR).

Grades of up to 0.13% cobalt, 1.27% copper and 50.3 g/t silver were returned from previous sampling in a quarry in this area.

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Fri, 11 May 2018 14:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196792/walkabout-resources-share-spike-attracts-asx-speeding-ticket-196792.html
<![CDATA[News - Walkabout Resources to fly survey over Northern Ireland cobalt-copper-silver targets ]]> https://www.proactiveinvestors.com.au/companies/news/194686/walkabout-resources-to-fly-survey-over-northern-ireland-cobalt-copper-silver-targets-194686.html Walkabout Resources Ltd (ASX:WKT) will fly an airborne electromagnetic (EM) survey over target areas of the Slieve Gallion cobalt-copper-silver joint venture licence area in Northern Ireland.

Results of the survey and ongoing soil sampling will be used to delineate drilling targets.

The company will carry out the survey as soon as the various legislative approvals have been received.

READ: Walkabout Resources set to unlock lithium, cobalt, gold and graphite opportunities

Walkabout recently formalised an earn-in agreement with Koza (UK) Ltd which allows it to gain a 75% stake in Slieve Gallion through the expenditure of US$500,000.

The licence is about 20 kilometres from the 4.4 million ounce Curraghinalt gold resource of Dalradian Resources (AIM:DLAR) and the historic Cashel Rock VMS occurrence, also in their tenure.

Close-spaced infill soil sampling at Slieve Gallion aims to extend sample lines east of a large copper-cobalt-silver anomaly north of the Corvanaghan-Golden Hollow VMS target area.

This program also aims to cover various target areas identified through the re-interpretation of regional-scale geophysical and geochemical datasets.

READ: Walkabout Resources to target gold, base metals and cobalt at Slieve Gallion

Grades of up to 0.13% cobalt, 1.27% copper and 50.3 g/t silver were returned from previous sampling in a quarry in this area.

Walkabout’s check sampling of VMS vein material within the quarry has confirmed the accuracy of historical assays with grades of up to 0.12% cobalt and 33.5 g/t silver in individual samples.

The prospectivity of the area is further supported by a float sample 2 kilometres east of the quarry that returned grades of 2.7% copper and 61.5 g/t silver.

Prospective Eureka pegmatites highlighted

At Walkabout’s Eureka Lithium Project in Namibia a rock sampling program has highlighted the more prospective pegmatites in the project area.

This will enable the identification of targets for the next phase of exploration, which will include drill targeting.

The sampling was designed to locate prospective areas by focusing on lithium-caesium-tantalum (LCT) type pegmatite bodies.

Due to the large project area in excess of 1,500 square kilometres, the program targeted selected areas of the more than 600 known pegmatites that had been identified.

READ: Walkabout Resources secures equipment funding for Lindi Jumbo Graphite Project

At the flagship Lindi Jumbo Graphite Project in Tanzania, the company is making encouraging progress with authorities in regards to the restructuring of mining regulations.

Walkabout believes that permitting functions within the Ministry will resume in the near-term.

Potential for vanadium credits

An economic assessment of the potential for vanadium pentoxide by-product credits at the Lindi Jumbo project has started.

The graphite project contains a JORC-compliant inferred resource of 24,100 tonnes of contained vanadium pentoxide.

Collection and processing of vanadium from the tailings stream is expected to enhance project economics.

Hydrological study and site work to progress project water-source for operational activities are complete.

The hydrological drilling and development of the extraction well-farm are due to start this quarter.

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Wed, 11 Apr 2018 10:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194686/walkabout-resources-to-fly-survey-over-northern-ireland-cobalt-copper-silver-targets-194686.html
<![CDATA[News - Walkabout Resources set to unlock lithium, cobalt, gold and graphite opportunities ]]> https://www.proactiveinvestors.com.au/companies/news/193839/walkabout-resources-set-to-unlock-lithium-cobalt-gold-and-graphite-opportunities-193839.html Walkabout Resources Ltd (ASX:WKT) is continuing to focus on lithium exploration in Namibia along with an active cobalt exploration program in Northern Ireland.

The company is also developing a high-grade, large flake graphite project at Lindi in southern Tanzania.

READ: Walkabout Resources to target gold, base metals and cobalt at Slieve Gallion

Walkabout’s strategy in Northern Ireland is to follow a parallel exploration program focussing on gold and base metals, whilst maintaining a key interest in energy metals.

The company has built a substantial portfolio by acquiring the Northern Ireland exploration assets of Lonmin Plc (LON:LMI), an international platinum group metal producer.

Slieve Gallion project in Northern Ireland

Walkabout recently confirmed the presence of cobalt-copper-silver occurrences in quartz-sulphide veins within the Slieve Gallion project in Northern Ireland.

The company has formalised an earn-in agreement which would allow it to gain a 75% stake in Slieve Gallion through the expenditure of US$500,000.

The Slieve Gallion licence is located about 20 kilometres from the 4.4 million ounce Curraghinalt gold resource owned by Dalradian Resources (AIM:DLAR).

READ: Walkabout Resources secures equipment funding for Lindi Jumbo Graphite Project

The mining licence for Walkabout’s Lindi Jumbo Graphite Project in Tanzania is expected in Q2 2018 and construction is planned to start soon after.

Walkabout is aiming for the plant to be operational in 9 months after commencing construction, with first shipment planned for Q1 2019.

Lindi has a high-grade reserve with a planned production of 40,000 tonnes per annum at a concentrate grade of 95-97% TGC (total graphitic carbon).

READ: Walkabout Resources expands lithium exploration footprint in Namibia

The company recently expanded its Eureka Lithium Project area in the highly prospective Orange River Pegmatite Belt in southern Namibia.

The license hosts more than 120 newly mapped pegmatites that are mainly clustered in two areas of the tenement with a strike length in excess of 65 line kilometres (1,500 hectares).

Importantly, historical lithium occurrences of unknown grade have been documented on the license.

The addition of the new pegmatites brings the total number of pegmatites targeted for exploration within the Eureka Project to almost 200 with a combined strike length in excess of 90 kilometres.

Walkabout has commenced its exploration program with more than 200 rock samples currently being assayed.

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Tue, 27 Mar 2018 16:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193839/walkabout-resources-set-to-unlock-lithium-cobalt-gold-and-graphite-opportunities-193839.html
<![CDATA[News - Walkabout Resources to target gold, base metals and cobalt at Slieve Gallion ]]> https://www.proactiveinvestors.com.au/companies/news/192218/walkabout-resources-to-target-gold-base-metals-and-cobalt-at-slieve-gallion-192218.html Walkabout Resources Ltd (ASX:WKT) has confirmed the presence of cobalt-copper-silver occurrences in quartz-sulphide veins within Slieve Gallion in Northern Ireland.

The company has a number of assets in Ireland, some wholly-owned and others such as Slieve Gallion representing joint venture interests.

Walkabout only recently formalised and earn-in agreement which would allow the company to gain a 75% stake in Slieve Gallion through the expenditure of US$500,000.

This would also require the publication of an agreed preliminary feasibility study within the licence area.

READ: Walkabout Resources expands gold position in Northern Ireland Diversification strategy

Management’s strategy in Northern Ireland is to follow a parallel exploration programme focussing on gold and base metals, whilst maintaining a key interest in energy metals.

Recent exploration programs at Slieve Gallion exclusively targeted gold.

The Slieve Gallion licence is located approximately 20 kilometres from the 4.4 million ounce Curraghinalt gold resource owned by Dalradian Resources (AIM:DLAR).

However, detailed chemical assaying of all rock and soil samples at Slieve Gallion has identified base metal and cobalt mineralisation.

Walkabout now has a large database to complement the data acquired through the acquisition.

Evidence of base metals and cobalt in rock samples

Cobalt mineralisation with grades up to 0.13% cobalt has been identified in rock chip sampling.

Copper and silver mineralisation has also been confirmed with grades of up to 1.27% copper and 50.3 grams per tonne silver in individual samples.

Mineralisation within quartz-sulphide veins up to one metre in thickness in outcrops within an existing quarry has been identified, and this will be the subject of follow-up exploration.

Benson sees base and precious metal prospects

Trevor Benson, executive chairman, said: “These separate and very exciting styles of both base-metal and gold mineral occurrences on the Slieve Gallion licence further endorse the diversification strategy embarked upon by the company last year.

“The presence of potentially significant cobalt mineralisation, in a stable jurisdiction such as Northern Ireland, further enhances the value of our diversified portfolio.”

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Tue, 27 Feb 2018 09:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192218/walkabout-resources-to-target-gold-base-metals-and-cobalt-at-slieve-gallion-192218.html
<![CDATA[News - Walkabout Resources expands gold position in Northern Ireland ]]> https://www.proactiveinvestors.com.au/companies/news/192018/walkabout-resources-expands-gold-position-in-northern-ireland-192018.html Walkabout Resources Ltd (ASX:WKT) is expanding its tenements in Northern Ireland through an additional joint venture with partner Koza (UK) Ltd.

This will provide access to the Slieve Gallion licence, which is highly prospective for gold and base metals and is close to the 4.4 million ounce Curraghinalt gold resource of Dalradian Resources Inc (AIM:DLAR).

Antrim Metals JV renegotiated

Walkabout has also negotiated a term sheet with Koza to assume exploration management of the Antrim Metals gold joint venture and earn-in another 25% to extend its holding to 75%.

Trevor Benson, executive chairman, said: “Walkabout’s core business strength is the ability to identify and acquire exploration prospects that create follow-on opportunities.

“The addition of these earn-in joint ventures with Koza, which includes management control, enables us to strengthen our position within the highly prospective Dalradian gold belt.

“This further leverages the company’s strategy to diversify into potential growth opportunities.”

Multi-commodity project

The Slieve Gallion JV is a multi-commodity project that comprises one mineral prospecting licence.

It is adjacent to Dalradian’s DG2 property, which hosts the Curraghinalt gold resource and the Cashel Rock VMS occurrence.

Walkabout will earn-in to 50% of the holding company with a minimum expenditure of US$500,000 in exploration costs.

It can earn an additional 25% upon publication of a jointly agreed pre-feasibility study (PFS) and Koza will enjoy a free carry through to publication of the PFS.

At this point, further development costs will be shared 75/25 and Koza may elect to dilute.

If Koza is diluted to 10% or less, a 2% standard Net Smelter Return is triggered.

Historical data compiled

Koza’s early stage exploration has involved an extensive desktop compilation of historical data with field work targeting historic and Tellus anomalies.

Rock sampling from various outcrop and float has discovered up to 58.5 g/t gold and 2.7% copper.

Walkabout is reviewing the exploration plans and budgets for its tenure in Northern Ireland.

The aim is to prioritise and refine these to ensure that future programs are aligned with its exploration strategy.

Field work is planned

Field work will start on the high-priority targets as soon as the transition into the new company has been completed.

Walkabout recently acquired the Antrim Metals gold JV as part of the Northern Ireland exploration assets of Lonmin PLC (LON:LMI).

A mineralised intersection from the Antrim Metals gold joint venture.

Antrim Metals Limited is the UK registered company jointly owned by Walkabout and Koza UK on a 50:50 basis.

Under a new JV deal, Walkabout will assume management and can earn an additional 25% interest by publishing a JORC resource of 250,000 ounces of gold or gold equivalent.

Koza will free carry until a PFS for a contemplated mining operation is published.

READ: Walkabout Resources secures equipment funding for Lindi Jumbo Graphite Project

Walkabout is fast-tracking the development of the high-grade Lindi Jumbo Graphite Project in Tanzania and is exploring for lithium at the Eureka Lithium Project in Namibia.

The company holds 70% of four licences at Lindi Jumbo with an option to acquire the remaining 30%.

READ: Walkabout Resources closes rights issue oversubscribed

The company recently closed a $6.7 million 1:3 renounceable rights issue oversubscribed after a strong response from shareholders.

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Thu, 22 Feb 2018 10:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192018/walkabout-resources-expands-gold-position-in-northern-ireland-192018.html
<![CDATA[News - Walkabout Resources secures equipment funding for Lindi Jumbo Graphite Project ]]> https://www.proactiveinvestors.com.au/companies/news/191869/walkabout-resources-secures-equipment-funding-for-lindi-jumbo-graphite-project-191869.html Walkabout Resources Ltd (ASX:WKT) has received approval from China Export Credit and Insurance Agency for funding 80% of the China-sourced project equipment for its Lindi Jumbo Graphite Project in Tanzania.

This amounts to a gross deferred loan amount of US$9.75 million of which US$1.95 million (20%) is a pre-paid deposit by the company.

Trevor Benson, chairman, said; “The approval of deferred loan funding for the project completes a major cornerstone of our funding plan.

“The project is progressing extremely well in spite of the legislative delays being experienced in Tanzania.”

Engineering design is beyond 80% complete

Walkabout is finalising engineering design at Lindi which is currently beyond 80% complete.

The engineer has allocated and stored two mill shells in order to reduce lead times and facilitate construction once the project start-up is given by the company.

Tanzania recently restructured the country’s mining regulations.

Walkabout has met with the newly appointed acting chief executive officer of the Tanzanian Mining Commission and is assured that progress on implementation of the regulations is well underway.

READ: Walkabout Resources expands lithium exploration footprint in Namibia

Walkabout’s initial exploration set-up and field access at the Eureka Lithium Project in Namibia has commenced and mapping and sampling is underway.

Northern Ireland Exploration, UK

Walkabout has received final transactional approval for the acquisition of a diversified exploration portfolio in Northern Ireland from Lonmin Plc (LON:LMI), an international metal producer.

The Northern Ireland exploration portfolio provides “ready to go” exploration projects and assets with significant upside potential in minerals such as gold, lithium and base metals.

Walkabout has already identified numerous exploration targets and has commenced exploration activities aimed at generating drill targets.

READ: Walkabout Resources closes rights issue oversubscribed ]]>
Tue, 20 Feb 2018 12:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191869/walkabout-resources-secures-equipment-funding-for-lindi-jumbo-graphite-project-191869.html
<![CDATA[News - Walkabout Resources' entire board buys shares in recent rights issue ]]> https://www.proactiveinvestors.com.au/companies/news/190869/walkabout-resources-entire-board-buys-shares-in-recent-rights-issue-190869.html Walkabout Resources Ltd (ASX:WKT) has received a vote of confidence as all four members of its board have disclosed that they participated in the recent rights issue.

The recently oversubscribed 1:3 rights issue priced at $0.10 was targeting $6.7 million and received applications amounting to $6.9 million.

When combined with the $3.4 million oversubscribed placement in December, the company has secured over $10 million in funding.

Funds used to fast track Lindi graphite project

Walkabout is fast-tracking the development of the high-grade Lindi Jumbo Project in Tanzania to take advantage of buoyant prices in large and jumbo flake graphite.

Importantly, the circa $10 million in funds raised allows for the continued development of Lindi.

READ: Walkabout Resources raising $10 million for projects in Africa and Northern Ireland

The company currently holds 70% of four licences at Lindi with an option to acquire the remaining 30% share for US$1 million.

Further activity in Namibia and Ireland

In addition to the Lindi project, Walkabout is also exploring for lithium in southern Namibia at the Eureka Lithium Project.

An initial fast-track program of exploration work is planned to commence in January 2018.

Walkabout is also planning reconnaissance and follow up work in Northern Ireland in relation to exploration for precious and base metals.

As well as conducting work and studies on existing licences, management will be examining acquisition prospects in that region.

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Wed, 31 Jan 2018 11:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190869/walkabout-resources-entire-board-buys-shares-in-recent-rights-issue-190869.html
<![CDATA[News - Walkabout Resources closes rights issue oversubscribed ]]> https://www.proactiveinvestors.com.au/companies/news/190331/walkabout-resources-closes-rights-issue-oversubscribed-190331.html Walkabout Resources (ASX:WKT) has closed its $6.7 million 1:3 renounceable rights issue oversubscribed after a strong response from shareholders.

The rights issue gave shareholders the opportunity to take up new shares priced at $0.10 with a 1:4 attaching option.

Applications were received for $6.9 million worth of shares and the company is now scaling back the offer to its $6.7 million maximum as required.

READ: Walkabout Resources expands lithium exploration footprint in Namibia

Walkabout is fast-tracking the development of its 70% owned high-grade Lindi Jumbo Graphite Project in Tanzania.

In addition to Lindi, Walkabout is also exploring for lithium in southern Namibia at the Eureka Lithium Project.

Positively, shares have recently been trading at a premium to the rights issue price, closing last Friday at $0.13.

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Mon, 22 Jan 2018 08:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190331/walkabout-resources-closes-rights-issue-oversubscribed-190331.html
<![CDATA[News - Walkabout Resources expands lithium exploration footprint in Namibia ]]> https://www.proactiveinvestors.com.au/companies/news/189904/walkabout-resources-expands-lithium-exploration-footprint-in-namibia-189904.html Walkabout Resources (ASX:WKT) has executed a binding memorandum of understanding (MOU) to earn-in to a lithium prospective licence in the Warmbad area of southern Namibia.

The addition of the new license to Walkabout’s Eureka Lithium Project area further expands the company’s footprint in the highly prospective Orange River Pegmatite Belt in southern Namibia.

The company’s shares closed circa 26% higher on Thursday, at $0.125.

Trevor Benson, executive chairman, said; “The inclusion of EPL5691 into the Eureka Lithium Project and more importantly the addition of vast amounts of previously unmapped and un-sampled pegmatites strengthens the company’s position and our intention is to assemble a dominant holding for lithium prospectivity within Namibia.”

Exploration footprint rises to 2,000+ square kilometres

The addition of the license to the Eureka Lithium Project gives the company a commanding landholding position of over 2,000 square kilometres.

The Orange River Pegmatite Belt in southern Namibia is potentially one of the country’s most prospective regions for lithium bearing pegmatites.

Combined strike length in excess of 90 kilometres

The license hosts more than 120 newly mapped pegmatites that are mainly clustered in two areas of the tenement with a strike length in excess of 65 line kilometres (1,500 hectares).

Importantly, historical lithium occurrences of unknown grade have been documented on the license.

The addition of the new pegmatites brings the total number of pegmatites targeted for exploration within the Eureka Project to almost 200 with a combined strike length in excess of 90 kilometres.

Staged earn-in through sole funded exploration

Walkabout’s wholly owned Namibian entity has signed an MOU with a local Namibian company for a staged earn-in to the license by sole funding the exploration.

The initial earn-in of 51% can be converted to 75% with the establishment of a maiden JORC resource.

READ: Walkabout Resources raising $10 million for projects in Africa and Northern Ireland

The company is raising up to $10.1 million for its projects in Africa and Northern Ireland via a capital raising comprising a share placement and a rights issue.

Walkabout has already secured $3.4 million from institutional and sophisticated investors through a share placement at $0.101 each.

READ: Walkabout Resources opens rights issue to advance lithium and graphite assets

The company’s rights issue aimed at raising up to $6.7 million at $0.10 per share is currently open.

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Fri, 12 Jan 2018 07:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189904/walkabout-resources-expands-lithium-exploration-footprint-in-namibia-189904.html
<![CDATA[News - Walkabout Resources opens rights issue to advance lithium and graphite assets ]]> https://www.proactiveinvestors.com.au/companies/news/189485/walkabout-resources-opens-rights-issue-to-advance-lithium-and-graphite-assets-189485.html Walkabout Resources Ltd (ASX:WKT) has opened a rights issue with the aim of raising up to $6.7 million.

The 1:3 renounceable pro rata entitlement offer at $0.10 per share is part of a $10.1 million capital raising program to support the company’s projects in Africa and Northern Ireland.

The offer is partially underwritten by Patersons Securities Limited.

Walkabout has sent a prospectus for the issue to shareholders who have until 17 January 2018 to accept the offer.

READ: Walkabout Resources raising $10 million for projects in Africa and Northern Ireland

The company has already secured $3.4 million from institutional and sophisticated investors through a share placement at $0.101 each.

Lithium exploration program

The new funding will help underwrite exploration of Walkabout's lithium prospects in Namibia.

The company recently acquired two licences in the prospective Orange River Pegmatite Belt (ORPB) in in the Karas region of southern Namibia, including the Eureka Lithium Project.

Recent mapping has highlighted the outcrop of more than 60 previously unmapped pegmatites on the properties that have not previously been exposed to modern exploration techniques for lithium.

An exploration program is planned to start this month at Eureka.

Option to acquire remaining 30% of Lindi Jumbo

Walkabout holds 70% of the Lindi Jumbo Graphite Project in Tanzania and plans to use the funds to exercise an option to acquire the remaining 30% from the vendor for US$1 million.

Funds will also be used to order equipment from China required to commence project development.

Lindi Jumbo is awaiting the grant of a mining licence from the Tanzanian government.

Northern Ireland portfolio

The company has also acquired the entire Northern Ireland exploration portfolio of Lonmin PLC (LON:LMI).

These licences are prospective for gold, base metals and other minerals, including lithium.

Walkabout plans reconnaissance and follow up work on these licences.

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Thu, 04 Jan 2018 13:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189485/walkabout-resources-opens-rights-issue-to-advance-lithium-and-graphite-assets-189485.html
<![CDATA[News - Walkabout Resources raising $10 million for projects in Africa and Northern Ireland ]]> https://www.proactiveinvestors.com.au/companies/news/188403/walkabout-resources-raising-10-million-for-projects-in-africa-and-northern-ireland-188403.html Walkabout Resources Ltd (ASX:WKT) is raising up to $10.1 million for its projects in Africa and Northern Ireland via a capital raising comprising a share placement and a rights issue.

READ: Walkabout Resources worth three times current valuation according to Perth broker

Trevor Benson, executive chairman, said: “This funding package allows Walkabout to implement further development of the Lindi Jumbo Graphite Project in Tanzania and to initiate exploration programs over the extensive lithium exploration licences in Namibia.

“In addition, we will be able to implement an exploration program over the Northern Ireland licences which were recently acquired.”

READ: Walkabout Resources acquires Lonmin’s Northern Ireland exploration portfolio

The company has already secured $3.4 million from institutional and sophisticated investors through a share placement at $0.101 each.

In conjunction with the placement, Walkabout is undertaking a renounceable pro rata entitlement offer (rights issue) to raise up to circa $6.7 million at $0.10 per share.

The company is planning to finalise a prospectus for the rights issue and release it to the ASX next week.

Lindi Jumbo Graphite Project

The new funding provides further momentum and underwrites the project development for the Lindi Jumbo Graphite Project in Tanzania.

Currently, Walkabout holds 70% of the Lindi project with an option to acquire the remaining 30% for US$1 million.

The company has adopted a fast-track strategy for project development in order to receive maximum advantage of impending structural changes to the international natural flake graphite market.

The project is “ready to build” and is awaiting the grant of a mining licence from the Tanzanian government.

Extensive portfolio in Namibia and Northern Ireland

Walkabout recently acquired two lithium licences in the highly prospective Orange River Pegmatite Belt (ORPB) in the Karas region of southern Namibia.

READ: Walkabout Resources expands its Namibian lithium exploration portfolio

Recent mapping has highlighted the outcrop of more than 60 previously unmapped pegmatites on the properties that have not previously been exposed to modern exploration techniques for lithium.

The company has also acquired the entire exploration portfolio of Lonmin PLC (LON:LMI) in Northern Ireland.

These licences are prospective for gold, base metals and other minerals including lithium.

Well funded for next steps

Walkabout is planning to use the new funds to exercise the option to acquire the remaining 30% of the Lindi Jumbo Graphite Project from the vendor for US$1 million.

The company will also use the funds for ordering equipment from China required to commence project development at Lindi.

An initial fast-track program of exploration work at the Eureka Lithium Project in Namibia is planned to commence in January 2018.

Walkabout is also planning reconnaissance and follow up work in Northern Ireland on existing licences and studies in selecting and acquiring further prospective exploration sites.

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Thu, 07 Dec 2017 11:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188403/walkabout-resources-raising-10-million-for-projects-in-africa-and-northern-ireland-188403.html
<![CDATA[News - Walkabout Resources to lift cash for exclusive lithium licenses ]]> https://www.proactiveinvestors.com.au/companies/news/188228/walkabout-resources-to-lift-cash-for-exclusive-lithium-licenses-188228.html Walkabout Resources Ltd (ASX:WKT) has a dual strategy of lithium and graphite in Africa.

Walkabout holds a large footprint in the highly prospective and underexplored licenses in the Orange River Pegmatite Belt of Namibia.

READ: Walkabout Resources expands its Namibian lithium exploration portfolio

The company also holds a 70% stake in the Lindi Jumbo Graphite Project in Tanzania, with an option to acquire the remaining 30%.

To advance the next steps, Walkabout is now heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

The halt will remain in place until the opening of trade on Thursday 7th December 2017, or earlier if an announcement is made to the market.

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Tue, 05 Dec 2017 10:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188228/walkabout-resources-to-lift-cash-for-exclusive-lithium-licenses-188228.html
<![CDATA[News - Walkabout Resources expands its Namibian lithium exploration portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/187552/walkabout-resources-expands-its-namibian-lithium-exploration-portfolio-187552.html Walkabout Resources Ltd (ASX:WKT) has received a letter of grant for a second exclusive prospecting licence (EPL) located in southern Namibia.

The company now holds a large footprint of more than 1,500 square kilometres in the highly prospective and underexplored Orange River Pegmatite Belt (ORPB) of Namibia.

Trevor Benson, executive chairman, commented: “The team has been working very hard at securing these premium unexplored licences with 27 kilometres of known pegmatite swarms running through them.

"Our intention is to assemble a pre-dominant holding for lithium prospectivity within Namibia and with these licences now underpinning such a program, this can quickly be realised.”

Walkabout’s shares closed 15.79% higher on Tuesday, at $0.11.

Eureka lithium project has some early positive results

The project is now called the Eureka lithium project in line with its proximity to the Eureka Shear Zone identified across the area.

More than 60 previously unmapped and un-sampled pegmatites have been documented on Walkabout licences that were not previously exposed to modern exploration techniques for lithium.

Importantly, pegmatite swarms with a combined strike length of 27 line kilometres and individual pegmatite bodies up to two kilometres in length have been delineated.

A recent reconnaissance trip to the region has indicated that many of the pegmatites have a high probability of further extending along strike beneath a thin veneer of recent sediments.

The remainder of the project area is predominantly sediment covered with further possibility of discovering “blind” pegmatite bodies along structural target zones.

Recent work by others in the region has confirmed the presence of lithium caesium-tantalum (LCT) type pegmatites with grades of more than 1.6% lithium oxide reported from rock samples.

Upcoming plans

The new license gives Walkabout a commanding landholder position in what is potentially one of the country’s most prospective regions for lithium bearing pegmatites, with known historic lithium occurrences.

The company will proceed with initial pre-exploration environmental reporting prior to a focussed on-site exploration program planned to commence shortly.

Walkabout has also been in ongoing discussions with various landholders to evaluate other opportunities in Namibia, with the negotiations with some in advanced stages.

READ NEXT: Walkabout Resources acquires Lonmin’s Northern Ireland exploration portfolio ]]>
Tue, 21 Nov 2017 16:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187552/walkabout-resources-expands-its-namibian-lithium-exploration-portfolio-187552.html
<![CDATA[News - Walkabout Resources acquires Lonmin’s Northern Ireland exploration portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/187265/walkabout-resources-acquires-lonmins-northern-ireland-exploration-portfolio-187265.html Walkabout Resources Ltd (ASX:WKT) has finalised the acquisition of a diversified exploration portfolio in Northern Ireland from Lonmin Plc (LON:LMI), an international platinum group metal producer.

This low-cost acquisition of an extensive exploration portfolio from an international major gives Walkabout access to one of the most geologically diverse and relatively under explored regions.

The new acquisition will have no impact on Walkabout’s aggressive development timeline for its Lindi Graphite Project in Tanzania which is proceeding according to plan.

Trevor Benson, executive chairman, commented: “The opportunity to acquire such an extensive high quality exploration portfolio from a major such as Lonmin is indicative of our team’s significant international expertise to assess the geological potential and move quickly to capitalise on these rare opportunities.

“This acquisition further provides a platform for growth and diversification both geographically and in terms of commodities.”

Low-cost acquisition of an extensive portfolio

Walkabout has acquired 100% of Lonmin’s Northern Ireland exploration portfolio and assets for US$100,000 in two payments.

This includes the operating company Lonmin Northern Ireland Ltd and all exploration licences and applications held by it.

Walkabout will also own 50% of a joint venture for gold in the highly prospective “Dalradian Gold Belt” with Koza UK Ltd.

It is worth noting that more than US$7 million has been expended on Lonmin’s Northern Ireland portfolio to date.

Walkabout will pay Lonmin a 2% net smelter return on minerals and metals extracted from the licences.

“Ready to go” exploration projects

The Northern Ireland exploration portfolio provides “ready to go” exploration projects and assets with significant upside potential in minerals such as gold, lithium and base metals.

In 2008, Lonmin targeted Northern Ireland as one of the most geologically diverse regions capable of hosting platinum group metal (PGM), and base metals mineralisation.

Lonmin has used airborne geophysics and soil analysis to identify prospective areas for PGM, base metals and gold covering circa 1000 square kilometres.

The mineral prospecting licenses are located along the same major structure hosting a number of significant high grade gold deposits in Northern Ireland - the “Dalradian Gold Belt”.

Lonmin made a gold discovery while following up on a deep gravity target in search for PGM’s, where 5.6 g/t gold was intersected.

With Lonmin’s primary focus on PGM exploration, the gold rights within the licenses were farmed out into an earn-in JV with Koza UK.

At this time, Koza holds 50% of the gold rights under the JV and Walkabout holds the remaining 50% as the vendor party.

Lithium, gold and base metals exploration underway

Lonmin has amassed an extensive exploration database within Northern Ireland which includes the detailed analysis of thousands of rock, bedrock, drill core and soil samples.

Walkabout considers this database to be of immense value as it enables the company to rapidly evaluate target commodities that were not necessarily the focus of previous exploration drives.

Independent geological targeting for selected minerals including lithium, gold and base metals is currently under way.

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Wed, 15 Nov 2017 12:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187265/walkabout-resources-acquires-lonmins-northern-ireland-exploration-portfolio-187265.html
<![CDATA[News - Walkabout Resources worth three times current valuation according to Perth broker ]]> https://www.proactiveinvestors.com.au/companies/news/186903/walkabout-resources-worth-three-times-current-valuation-according-to-perth-broker-186903.html Walkabout Resources Ltd (ASX:WKT) has received a Speculative Buy from Patersons.

The Perth broker has applied a target price of $0.25, three times higher than yesterdays close of $0.084. The following is an extract from the report.

Jumbo graphite development opportunity:

Walkabout Resources Limited (WKT) is an Australian graphite developer in Tanzania.

The Company recently completed a Definitive Feasibility Study (DFS) on the Lindi Jumbo Graphite Project (“Lindi”) (70% owned with an option to acquire 100%).

The DFS estimated production of 40ktpa of graphite in concentrate and was updated in August 2017.

The update includes a new capital estimate (US$30m), updated schedules, metallurgical test work and the potential impact of legislative changes in Tanzania to the Mining Act comprising of a 16% free carried interest by the Government.

WKT has announced that has met with the Tanzanian Government, we see this as a move in the right direction and potential way forward.

The Lindi Project has a JORC Ore Reserve of 5.0Mt at 16.13% total graphitic carbon (TGC, April 2017).

The Company has developed a proprietary processing technique which yields exceptionally high ratios of Large (+180μm), Jumbo (+300μm) and Super Jumbo (+500μm) flakes into concentrate.

WKT has further exploration ground prospective for graphite in Tanzania and, also explores for lithium in Namibia and coal in Botswana.

Importantly, WKT has in principle Chinese part funding and both Chinese and European off-take agreements for Lindi.

We endorse WKT’s business plan as the Company aims to develop the Lindi Project under a conservative approach by engaging the right partners to minimise project risk.

We initiate coverage of WKT with a Speculative Buy recommendation and a price target of $0.25/sh.

Considerable upside for expansion at Lindi:

The exploration ground at Lindi remains open in all directions.

Given the high grade of the project (16.13%).

We would consider a cut-off grade of 7.5% TGC as Resources grade for some other graphite companies.

Tanzanian situation remains risky, however showing signs of improvement:

The announcement by Barrick Gold (ABX-US), could be taken as an inflection point.

Its subsidiary Acacia Mining (ACA-LN), would pay $300m and split the ‘economic benefits’ from operations with Tanzania under a deal proposed to resolve the months-long dispute.

Valuation:

We have valued the Lindi project at $85m under conservative assumptions, we included 50% of our Lindi’s valuation, 12% discount rate to account for country risk and uncertainties and 50/50 debt to equity.

Further upside remains if project equity reaches 100% ($0.37/sh) and a 70/30 debt to equity would increase the valuation to $0.54/sh.

We also have included the potential 16% free carried equity by the Tanzanian Government.

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Wed, 08 Nov 2017 09:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186903/walkabout-resources-worth-three-times-current-valuation-according-to-perth-broker-186903.html
<![CDATA[News - Walkabout Resources further boosts its cash position for Lindi graphite ]]> https://www.proactiveinvestors.com.au/companies/news/184707/walkabout-resources-further-boosts-its-cash-position-for-lindi-graphite-184707.html Walkabout Resources Ltd (ASX:WKT) continues to attract investment as shareholders support the company's focus on the Lindi Jumbo Graphite Project in Tanzania.

Walkabout has now closed a fully-subscribed placement to raise $1.555 million at $0.0711 per share.

Funds will be used for engineering and procurement work at Lindi.

The placement follows a strategic investment from Jinpeng Mining.

READ NOW: Walkabout attracts cornerstone investment from Chinese engineering firm Jinpeng Mining

Trevor Benson, chairman, commented on the placement:

"We thank the shareholders for their continued support and to Jinpeng, our new major shareholder, for their support and for endorsing the quality and economics of the Lindi Project."

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Thu, 28 Sep 2017 11:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184707/walkabout-resources-further-boosts-its-cash-position-for-lindi-graphite-184707.html