Walkabout Resources Limited (ASX: WKT) has executed a binding Memorandum of Understanding for its Lindi Jumbo Graphite Project located in Tanzania (Figure 1).

Figure 1. Tanzania location map

The Memorandum of Understanding governs the terms for the staged purchase of 70% of four prospecting licences (PL’s 9992/2014, 9993/2014, 9994/2014 and 9906/2014) totalling an area of 325km² in the emerging graphite province of south eastern Tanzania approximately 75km west of the coastal town of Lindi.

One of the licences is contiguous to the Nachu Graphite Project being developed in the area, which has attracted $150 million in investment. Nachu is renowned for its large graphite flake size. Preliminary reconnaissance work by the company has revealed graphite outcropping at the site and initial test work has indicated similar sized graphite flakes.

The company will conduct an exploration and metallurgical test work program at the Lindi Jumbo Graphite Project to define an inferred resource.

For further information, visit www.wkt.com.au

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