News: Walkabout Resources aims fundraiser at graphite work in Tanzania

Walkabout Resources (ASX:WKT) is planning to focus a recent capital raising program on survey work at its Lindi Jumbo Graphite Project in Tanzania.

Elevating interest to work at Lindi are the prospective adjacent graphite projects owned by Magnis Resources (ASX:MNS).

Promisingly, early results at Lindi confirm that the jumbo graphite flake ratios should be similar to those found on Magnis' Nachu project.

The company is not able to comment on the amount raised as the raising is still being finalised, but managing director Allen Mulligan noted that a majority of the money raised would go into the ground in terms of the survey and a drilling program planned immediately after.

“We’re going to be drilling about 1200 metres, 1000 metres of RC and 200 metres of diamond,” he said.

“The graphite at Lindi has a very high ratio of jumbo and large flake sizes, so that ore commands a premium in the market once it’s been recovered and processed.”

The geophysical survey will cover two zones some 20 kilometres apart at the site with a Versatile Time Domain Electromagnetic (VTEM) system, as well as magnetics and radiometrics.

“The VTEM survey will provide us with precise targets for the initial drilling program which is due to mobilise as soon as we have interpreted the data,” Mulligan said.

“The exceptional conductivity of high-grade graphite ore means the results are particularly useful at identifying orebody width and graphite content.”

Although early days, Walkabout Resources trades at a fraction of its Tanzanian graphite peers in Kibaran Resources (ASX:KNL), Magnis Resources and Black Rock Mining (ASX:BKT).