While stepping into the development phase, Walkabout Resources Ltd (ASX: WKT) has unleashed the results of consolidated performance and achievement made during the last 12 months.
Despite getting hit by volatile investment market, the company had raised $6.9 million through a right issue and $3 million via Share Purchase Plan to strengthen its cash position. With the additional funds in hand, the company had exercised its option to acquire 30% of PL 9992/2014 and move to 100% ownership of the Lindi Jumbo Graphite Project. Further, the company continued to advance all design and engineering and complete costings for the Lindi Jumbo Graphite Project with EPC Partner Jinpeng Engineering.
During 2018, Walkabout has also initiated exploration in Namibia covering 1500 square km of licenses. It has also completed SkyTeam electromagnetic airborne survey, successfully delineating numerous conductive targets over the Tyrone License in Northern Ireland. This outlines the company’s early exploration success including 2.7% copper, 58.5 g/t silver; and 0.13% Co in rock chip samples on the Tyrone license.
To strengthen company’s UK strategy, Walkabout has acquired Scotland exploration licenses which represent several high-grade lead-zinc-silver mines, and gold and copper targets. Further to add considerable long-term value to its assets base, the company had achieved the completion of high-grade extension drilling. It included spectacular surface intersects in trenches of 54m @ 22.4% TGC from surface; and drill intersections of 14m @ 19.7% TGC.
After almost a year of negotiations and regular hard work by the company’s in-country team, Walkabout was awarded the Mining License for its Lindi Jumbo Graphite project during the calendar year 2018. The Mineral Resources at Lindi Jumbo has reportedly been increased by 41% to 41.8 million tonnes. Currently, the transition phase is underway with Walkabout moving from being an exploration company to be a developer of Lindi Jumbo Graphite Project located in southern Tanzania.
Moreover, the company completed hydrological drilling to delineate sufficient water for construction and operational activity at the Lindi Jumbo Project and completed the Relocation Assistance Program (RAP) to enable on-site work to commence.
In a separate announcement to ASX, the company also revealed the appointment of Mr. Michael Elliott to the role of independent Non-Executive Director of the Board.
Mr. Elliott brings in over 34 years of experience working with mining and metals clients around the world. He has been the Global Mining & Metals Sector Leader at Ernst & Young for over ten years. The company expects Mr. Elliott’s appointment to result into the best attraction of development capital for the Lindi Jumbo Project.
In today’s trading session, Walkabout shares fell 2.128% to last trade at $0.092 on 2 January 2019. Over the past 12 months, WKT stock has witnessed a negative performance change of 10.48%. But in the past month, the stock price has gone up by 3.30%.