Lindian Resources Limited (ASX: LIN), a mining and exploration company from the metals and mining sector, announced that it had filed applications for two additional tenements – PL/13400/2018 and PL/13564/2019 with a total area of 96.85 km2. Upon being granted the two tenements, Lindian will be holding eight tenements that will cover an area of 310.12km².
Tenement PL/13400/2018 covers two deposits namely the Magamba South Deposit and Kidundai deposits and is located within the broader Lushoto Project area. On the other hand, PL/13564/2019 is located 50km towards North West of Lushoto Project and 13 km from the Tanga Arusha sealed road and railway. Tenement PL/13564/2019 contains the Pare deposit, where the rock chip sampling at the site confirmed the presence of high-grade mineralization.
The company has recently executed the exploration at both the tenements, PL/13564/2019 and PL/13400/2018.
From PL/13564/2019, the exploration resulted in the discovery of Al2O3 with an average grade of 58.53% and SiO2 with an average grade of 5.08%. The highest grade of Al2O3 obtained during the exploration was 62.2% with 3.51% of SiO2.
From PL/13400/2018, the exploration resulted in the discovery of Al2O3 with an average grade of 48.05% and SiO2 with an average grade of 0.9%. The highest grade of Al2O3 obtained during the exploration was 55.6%.
The follow-up work which includes the mapping, systematic sampling and auger drilling is all set, and the company has planned to commence the further program in the second quarter of 2019.
Asimwe Kabunga, who is the Chairperson of Lindian highlighted that they are building a portfolio of high-grade bauxite tenements. He also stated that the high-grade assay results were encouraging from the new tenements and they demonstrate its potential to add significant value to the portfolio of Lindian.
At present, the shares of Lindian Resources Limited are in the suspended status on ASX. On 4 March 2019, Lindian Resources Limited has asked ASX for voluntary suspension extension of the securities till the market receives any further announcement regarding the acquisition of the Malawi rare earth project. The company expects that the suspension of the shares will last until the earlier of the commencement of regular trading on 11 March 2019.
On 1 February 2019, the company declared its quarterly results for the period ended 31 December 2018 where the company highlighted various activities at its Lushoto Project, Tanzania, Kangankunde Project, Malawi and the Uyowa and Kahama Projects.
During the December quarter, the company recommenced the exploration at the Lushoto Bauxite Project, where the focus of the exploration was defining high-grade outcropping mineralization close to rail and road infrastructure.
The company, in July 2018, entered into an exclusive agreement with Rift Valley Resource Developments Limited (“RVR”) and Michael Saner to acquire 75% interest in Kangankunde Rare Earths Project.
The shares of Lindian Resources Limited traded last traded on 1 November 2018 at A$0.019 with approximately 377.81 million outstanding shares.
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