By Business Reporter
WALKABOUT Resources has executed a binding memorandum of understanding (MoU) with a local Namibian company, for a staged earn-in to an exclusive prospecting licence that will expand the company’s current lithium exploration grounds.
Walkabout, through its Namibian entity Aardvark Minerals (ARV), will earn an initial 51 percent, through sole funding exploration, to licence EPL5691 in the Orange River pegmatite belt, adjacent to the 100 percent-owned Walkabout licence, EPL6308.
The earn-in can be increased to 75 percent, with the establishment of a maiden Joint Ore Reserve Committee resource on the licence, which will form part of the highly prospective Eureka lithium project.
The licence will expand Walkabout’s exploration footprint to more than 2 000 km2 in the highly prospective and under-explored Orange River pegmatite belt.
The company now controls 90km of pegmatite strike length, targeted for immediate initial exploration within the Eureka project.
ARV will take over all statutory responsibilities for the licence.
“The inclusion of EPL5691 into the Eureka lithium project, and more importantly the addition of vast amounts of previously unmapped and unsampled pegmatites, strengthens the company’s position and our intention is to assemble a dominant holding for lithium prospectivity, within Namibia,” said executive chairperson Trevor Benson.
The MoU is subject to standard due diligence, which is expected to be completed prior to the commencement of exploration activities in the area.
Walkabout Resources Limited is an African focused energy minerals developer, based in Western Australia and listed on the Australia Securities Exchange, under stock code WKT. The company strives to create shareholder growth, through the discovery and development of energy products, such as graphite and coal.
The company’s flagship project is the Lindi Jumbo Graphite Project, located in southeast Tanzania. Walkabout has completed a definitive feasibility study and is seeking to a strategic development partner, in order to fast-track development and get into production by 2018.
Walkabout also has the largest thermal coal asset in central-southern Botswana at the Takatokwane Coal Project, with an inferred resource of 6.88 billion tons.
-Additional reporting by Engineering Weekly
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