Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 65,136
- 91,917
Lindian Resources climbs 32pc after finding new bauxite deposits in Tanzania
Resources
October 27, 2017 | Colin Jacoby
Lindian Resources has identified three new deposits at its Lushoto bauxite project in Tanzania.
Lindian identified and mapped three new outcropping bauxite mineralised areas. These have been named Lukozi deposit, Malibwi deposit and Mbwei deposit with area sizes of 2800m by 700m, 2300m by 600m and 2000m by 350m.
HEAR IT FIRST WITH OUR DAILY NEWSLETTER
We don't spam. Learn more about our Privacy Policy
This brings the total number of bauxite deposits found by Lindian to six within the Lushoto tenement area.
The stock (ASX:LIN) was up as much as 32 per cent to a high of 2.9c on the news before closing the day at 2.4c, up 9 per cent.
“The identification of an additional three mineralised deposits has surpassed all of the board’s expectations when first assessing the Lushoto project,” Lindian chairman Asimwe Kabunga said.
“We have moved from one key deposit which has returned world class assay results to now having six deposits which could form the basis of a substantial bauxite precinct subject to further drilling and assaying confirming the initial testing to date.”
Earlier this year, Lindian inked a deal with unlisted Batan Australia to farm-in and earn a 75 per cent stake in Lushoto.
As part of the final due diligence process, Lindian is testing all six deposits with surface sampling and trenching to confirm the thickness and grade of mineralisation ahead of a drilling campaign in the current quarter.
Lindian is also targeting a maiden JORC resource for the current quarter.
JORC compliance refers to the mining industry’s code for reporting exploration results, mineral resources and ore reserves, managed by the Australasian Joint Ore Reserves Committee.
This could form the basis of long-term direct shipping ore mining operations at Lushoto.
Lindian has a market cap of $6.7 million.
https://stockhead.com.au/resources/lindian-resources-finds-bauxite-tanzanian-jv-project/
Lindian Resources funded to drill for bauxite in Tanzania
13:20 11 Jan 2018
The $500,000 loan facility will assist in completing drilling at the Magambe deposit.
Drilling program will target possible high grade zones of bauxite identified during sampling
Lindian Resources Ltd (ASX:LIN) is poised to start drilling at the Lushoto Bauxite Project in Tanzania.
The company has secured a 12 month $500,000 loan facility to fund the program at the Magambe deposit.
This was one of the key aims when the binding heads of agreement was negotiated in August 2017.
Possible forerunner to progressing to the definitive feasibility stage
The agreement provides Lindian with the option to take a 75% stake in the project should it progress through to the definitive feasibility study stage each would require a further investment of $1.4 million.
Lindian will be targeting high grade zones identified during trenching and sampling activities which saw the project expand to 9 deposits with one deposit returning high-grade levels of available alumina averaging 54%.
Financial terms altered slightly
With regard to consideration for the farm-in agreement which was negotiated with Batan Australia Pty Ltd last year, the timing of the equity component of $200,000 to be issued to the vendors has changed.
This will now be issued after the current prospecting right applications have been processed into issued prospecting rights.
Lindian Resources funded to drill for bauxite in Tanzania
