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- Walkabout Resources (WKT) has secured exploration tenure over the highly prospective Amani Gold Project in Tanzania
- Amani has been a goal for the company ever since 2015, when geological mapping and fieldwork confirmed gold potential in the area
- It is believed that this area has the potential to host high-grade gold mineralisation
- Walkabout has also provided an update on the funding of its Lindi Jumbo Graphite Project
- As announced on March 25, the company is continuing to engage with Pareto Securities to raise more than $57 million to fund the project
- However, due to a decline in demand as a result of COVID-19, both companies have entered negations with multiple African development banks to secure funding
- Walkabout is down 3.85 per cent on the market and shares are currently trading for 12.5 cents each
Walkabout Resources (WKT) has secured exploration tenure over the highly prospective Amani Gold Project in Tanzania.
Amani has been a goal for Walkabout ever since 2015, when geological mapping and fieldwork confirmed gold potential in the area.
It is believed that this area has the potential to host high-grade gold mineralisation similar to the Lupa Goldfields in Tanzania.
“Walkabout’s strategy has always been to maintain a diversified portfolio and continually look for high-value exploration opportunities,” Chairman Trevor Benson commented.
“We believe the Amani gold project, with its significant alluvial gold endowment, will potentially provide significant value to the company while not distracting us from the funding and building of the Lindi Jumbo Graphite Project,” he added.
The Amani Gold Project is located approximately 125 kilometres south of Njomba and 50 kilometres east of Lake Malawi in southwestern Tanzania.
Even though there was a small gold rush in the 1990s, the area remains largely unheard among the gold exploration industry in Tanzania. This is largely due to geological mapping of the area that oversimplified the geology.
As alluvial gold nuggets have historically been recovered from Amani, processing the hard rock material has never been a priority and geologists estimate that more than 2.5 tonnes of gold nuggets have been removed.
Unfortunately, most of the fine gold was lost, and only between 30 to 40 per cent was estimated to be recovered.
As a result, Walkabout geologists have visited the Amani region and highlighted the hard-rock as the source of the alluvial workings.
This information has been confirmed by the Department of Earth Sciences at Stellenbosch University in South Africa.
Walkabout has also provided an update on the funding of its Lindi Jumbo Graphite Project in Tanzania.
As announced on March 25, the company is continuing to engage with Pareto Securities to raise US$40 million (around A$57.2 million) to fund the project.
However, due to the COVID-19 pandemic, the funding process has seen a decline in investor demand.
In addition to this process, Walkabout and Pareto have entered negations with multiple African development banks to secure funding.
Walkabout is down 3.85 per cent on the market and shares are trading for 12.5 cents each at 11:12 am AEST.
