Walkabout Resources Ltd (ASX: WKT) is an energy minerals developer which is involved in identifying, developing and mining of economically robust energy mineral deposits in Africa. On 19 December 2018, Walkabout Resources announced an upgraded JORC 2012 measured, indicated and inferred mineral resource at the Lindi Jumbo Graphite Project which is located in southeastern Tanzania. Following this news, the share price of the company increased by 4.396 percent as on 19 December 2018.
The company has reported that the global resource tonnage at Lindi project has increased by 41.3 percent from 29.6 million tonnes to 41.8 million tonnes. The company also reported that the 51% percent of the mineral resource which is going to be the part of the initial mining and economic studies is now having Measured resource category of 6.5 million tonnes @ 12.1% TGC and Indicated resource category of 8.4 million tonnes @ 10.5%, both of which combinedly contains 1.67 million tonnes of graphite.
The global mineral resource is now having a new Inferred Resource area which is located directly to the south of the planned open-pit area, and it is made up of six distinct mineralized domains. However, this area will not be the part of the upcoming mining studies, amended the Definitive Feasibility Study and Reserve upgrade as further work will only be done post-production.
The very high-grade Domains namely 7, 8 and 9 which contains 5.0 Mn tonnes at 22.5 percent TGC have been extended towards the north, and they were intersected in all of the trenches and drill holes, and they remained open towards the north and down-dip.
Besides these high-grade domains, seven additional trenches in the north of the deposit intersected spectacular high-grade mineralization at the surface with individual metre samples of up to 44 percent TGC (LJTR07).
Notable trench intersects are:
- LJTR04 – 54m @ 22.4 percent TGC from surface including 10m @ 32.9% TGC from 28m
- LJTR06 – 55 @ 14.9 percent TGC from 12.5m including 17.5m @ 22.3% TGC from 34m
- LJTR07 – 17.3m @ 25.8 percent TGC from 3.2m including 4.5m @ 37.8 percent TGC from 5m and 8m @ 28.7% TGC from 12.5m
- TR010 – 23m @ 21.7 percent TGC from 15m.
In November, the company provided an update on its Eureka Lithium Project in Namibia in which the company reported that the Namibian assay results have confirmed the potential for lithium-cesium-tantalum (LCT) type pegmatites within newly identified pegmatite swarms. In November, the company also completed the underwritten Share Placement Plan (SPP) to raise $3mn for the development of the Lindi Jumbo Graphite Project. At the end of the September quarter, the company was having cash used in operating activities of $1.41 million and the cash and cash equivalent of $4.99 million.
In the last six months, the share price of the company decreased by 35.00 percent as on 18 December 2018. WKT’s shares traded at $0.095 with a market capitalization of circa $27.69 million as on 19 December 2018 (AEST 4:00 PM).
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