Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Lindian Resources (LIN) has extended the high-grade bauxite area at its Gaoual Project by more than a kilometre
  • The extension came about after two company geologists paid a visit to the West African site
  • Following today’s news, the company has asked drilling contractor Sahara to prepare for drilling as soon as possible
  • Bauxite is the world’s primary source of aluminium
  • Lindian shares are down 3.7 per cent in mid-afternoon trade today, currently worth 2.6 cents each

Lindian Resources (LIN) has taken a break from court proceedings to update shareholders on its Gaoual Bauxite Project in Guinea, West Africa.

The company’s geological expert, Mark Gifford, and project geologist, Hashimu Millanga, visited the project site last week and made some encouraging discoveries.

Lindian said the two experts confirmed the high-grade conglomerate bauxite in the area extends more than a kilometre past the last surface sample tested.

This means the Bouba conglomerate bauxite plateaux is potentially much larger than Lindian initially thought.

In light of today’s news, Lindian has asked its drilling contractor, Sahara Natural Resources, to prepare for drilling as soon as possible.

Lindian Managing Director Shannon Green said this is a very exciting time of Lindian shareholders.

“The geologists identifying that the areal extent of the Bouba conglomerate bauxite plateaux could potentially be significantly larger than initially identified truly puts Lindian Resources in a unique position with a low market capitalisation and what is shaping up to potentially be a truly world-class project of global significance,” Shannon said.

Lindian is busy working to earn a 75 per cent interest in Gaoual from KB Bauxite Guinea SARLU. The project is one of only two major conglomerate bauxite discoveries in the country.

Bauxite is a type of rock used in the production of several materials, minerals, and cement. Perhaps most importantly, however, the rock is the world’s primary source of aluminium, which is rich within the ore.

Lindian shares are down 3.7 per cent in mid-afternoon trade today, currently worth 2.6 cents each in a $12.63 million market cap.

LIN by the numbers
More From The Market Herald

" EQ Resources (ASX:EQR) wraps up drilling at Mt Carbine

EQ Resources (ASX:EQR) has completed the phase one drilling program at the Mt Carbine Tungsten Mine…

" Sunshine Gold (ASX:SHN) grows rare earths scale at Elphinstone Creek

Sunshine Gold (ASX:SHN) grows the scale of neodymium and praseodymium rare earths.

" Image Resources (ASX:IMA) updates resource estimates at McCalls

Image Resources (ASX:IMA) has provided an update to the mineral resource estimate (MRE) of its recently…

" Kogi Iron (ASX:KFE) closes underwhelming share purchase plan

Kogi Iron (ASX:KFE) has closed its share purchase plan, raising $234,000 to fund upcoming work at…