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Walkabout Resources Ltd

Walkabout Resources continues to progress Lindi Jumbo graphite feasibility study

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

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Upgraded resource will be incorporated into an amended DFS

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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Price: $0.22

Market: ASX
Market Cap: $69.71 m
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Walkabout Resources' updated DFS designed to reduce start up risks for Lindi...

Walkabout Resources Ltd (ASX:WKT) executive director Allan Mulligan talks Proactive Investors through the enhanced outcomes of an updated Definitive Feasibility Study (DFS) for the Lindi Jumo Graphite Project in Tanzania. Mulligan explains that capital costs have been reduced, and that...

on 12/3/19

2 min read