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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.
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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.

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