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EUROPE

Irish eyes smile on Walkabout

An opportunity to acquire Lonmin plc’s
Northern Ireland exploration portfolio
was too good for Walkabout Resources

Ltd to pass up.

While development of the Lindi Jumbo

graphite project in Tanzania will remain

the company’s primary focus, Walkabout

is also keen to advance a suite of “ready

to go” tenements prospective for gold,

lithium and base metals.

Walkabout forked out just $US100,000

for the collection of assets which techni-

cal director Andrew Cunningham said

were worth “much more than what we’ve Walkabout has acquired a suite a former Lonmin exploration licences in Northern Ireland

paid for them”.

“It’s an opportunity that we could not

have passed on,” Cunningham told Pay- alt deposit as well as the Cavanacaw Walkabout insists the decision to ac-

dirt. (540,000oz) and Clontibret (600,000oz) quire the Northern Ireland assets was

“We have a look at a lot of projects on deposits held by fellow AIM-listed com- unrelated to the proposed legislative

a weekly basis and this came through panies Galantas Gold Corp and Conroy changes in Tanzania which have cast

as a very good deal for us. Lonmin has Gold and Natural Resources plc. Walka- doubt over the potential future develop-

stopped all exploration worldwide be- bout’s tenements are proximal to each of ment of several resources projects, in-

cause they’re consolidating, so they ap- those deposits. cluding Lindi Jumbo.

proached us and asked if we would be in- Cunningham said very little focused Executive director Allan Mulligan has

terested in their Northern Ireland assets. exploration had ever been undertaken met with various ministries in Tanzania

“This gives us a nice footprint in North- in Northern Ireland despite the extensive to seek clarification on the proposed

ern Ireland and sets us up in country for mapping carried out across the neigh- amendments to the country’s mining

a cost which is worth way more than the bouring United Kingdom. laws, as the company awaits the award

amount of money we’ve paid for it.” “A lot of it is overlain by basalts, but it of a mining licence.

The transaction also includes a 50% is clear from our interpretation and from “Everything is hinging on our mining li-

interest in an active JV with Koza UK Ltd previous work done by various parties cence application being progressed and

on the highly prospective Dalradian gold that the structures which control the min- we’re hoping that will be granted in the

belt, with intercepts of up to 8.05 g/t gold eralisation in the Republic of Ireland and near future,” Cunningham said.

reported from shallow drilling. also in certain parts of Northern Ireland “Things aren’t standing still in Tanza-

Walkabout will also spend a further extend right through the licences that nia. The engineering is progressing very

$500,000 to initially earn 50% of another we’ve picked up,” he said. well and the detailed equipment has

licence held by Koza, with the company “We see huge potential for further dis- been delivered.

able to lift its stake to 75% upon the an- coveries within Northern Ireland along “Our project is still very robust with a

nouncement of a JORC-compliant re- these structures, similar to what has [post-tax] NPV of $US180 million, even

source. been found in base metals and gold in after the changes the Tanzanian Gov-

Independent geologists are currently the Republic of Ireland.” ernment has made.”

reviewing the dataset provided by Lon- Cunningham said the company had According to the revised DFS, Walka-

min, which was previously only interest- also expressed interest in pegging bout can develop a 40,000 tpa operation

ed in the platinum and palladium poten- ground in the Republic of Ireland, but at Lindi Jumbo for $US29.6 million – a

tial of the three licences. would focus on the opportunities award- reduction of $US9.1 million on original

“There are some very good gold and ed in Northern Ireland for the time being. estimates – mostly due to the inclusion of

base metal prospects on these more Chinese-sourced equipment

licences which we think are a lot and installation from the compa-

more interesting than the PGEs,” ny’s EPCM partner Jinpeng Mining

Cunningham said. and Machinery Co Ltd.

“We’ve taken all the data and Meanwhile, Walkabout has ac-

we’ve given it to independent ge- quired a second prospecting li-

ologists to look at and we’re now cence in Namibia as it ramps up

working through those to come up its lithium exploration plans. The

with our own targets. We’re also company now holds 1,500sq km

preparing a couple of other appli- of prospective tenure across the

cations in Northern Ireland which Orange River pegmatite belt in the

will probably go in over the next country’s south.

couple of weeks.” – Michael Washbourne
Northern Ireland is host to Dalra-
dian Gold Ltd’s 4.4 moz Curraghin- Lindi Jumbo in Tanzania remains Walkabout’s primary focus

AUSTRALIA’S PAYDIRT DECEMBER 2017 - JANUARY 2018 PAGE 101