Proactive Investors - Run By Investors For Investors

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

Funds will be used to fast-track the highest grade graphite project in East Africa.
speech bubble that says the word funding
A resource update is expected from the Lindi Jumbo project in the coming weeks

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.

View full WKT profile View Profile

Walkabout Resources Ltd Timeline

Related Articles

Eureka Gold Project
January 11 2019
The company’s drilling programs have upgraded the resource at the Jumbuck Project by 100,000 ounces of gold to 319,000 ounces of gold last year.
September 20 2018
Kodal Minerals is moving rapidly to work up the Bougouni project in Mali
July 12 2018
Series of off-market transactions have seen a 28.7% interest and strategic position in Mongolian copper-gold explorer Kincora transition from weak to strong hands, strengthening its existing exploration and expansion strategy. Despite significant uncertainty and shareholder overhang removed following new cornerstone investor Kincora’s share price has not re-rated – yet.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use