Walkabout Resources Limited said it has decided to invest in the highly prospective Lindi Graphite Project in south-eastern Tanzania.  The project is located to the northeast along strike from the world class high quality Nachu Graphite Project.

 

The company has in the past revealed the option for a staged purchase of 70% of four prospecting licenses (PL’s 9992/2014, 9993/2014, 9994/2014 and 9906/2014) totalling 325km2 in the world class graphite province in south-eastern Tanzania approximately 75km to the west of the coastal town of Lindi. One of the licences is contiguous to the World Class Nachu Graphite Project being developed by Magnis Resources.

 

The reconnaissance mapping and sampling program conducted during November has confirmed a NE-SW graphite strike of approximately 3km that is interpreted to be the northern extension of the high quality Nachu Graphite Project Zones into the Lindi Graphite Project licences. In addition, the mapping program continues to identify prospective rock units of the Usagaran (Mozambique Belt) Proterozoic system which hosts a number of high quality, large flake size graphite deposits in south eastern Tanzania.

 

Allan Mulligan said they see the Lindi Graphite Project as a potential fast track opportunity with the ability to leverage off the knowledge gained by other explorers in the region.

“Our vision for the Lindi Graphite Project is simple and direct. Fast track the exploration and metallurgy to the stage where an end-user can be introduced and then develop, in partnership, a market specific operation that delivers into those fixed contracts,” he stated.

 

“This market has determined that Junior Explorers need to constantly re-invent themselves. Whilst Walkabout remains committed to pursuing its development strategy at our 7 billion tonne Takatokwane Coal Project, we believe that exploring these potential commercial-quality graphite licences is an opportunity that must be followed up.”

 

The company revealed that upon the decision to invest and satisfaction of the conditions precedent, it will earn 70% in each of the four licences comprising the Project Area.