ASX-listed Lindian Resources has announced that three highly prospective bauxite tenements comprising the Lushoto Bauxite project in Tanzania have been granted.
The granted tenements PL 11176/2017, PL 11177/2017 and PL 11178/2018 cover an area of 53.2 km² and include the high-grade alumina low silica Magamba Bauxite Deposit.
The granting of these tenements gives Lindian Resources the confidence to execute a high impact exploration programme which will allow the company to add significant value to the project whilst it continues discussions with potential farm-in and strategic offtake partners.
Targeted sampling programmes have been previously completed at Magamba and the surrounding tenements, with Lindian Resources now preparing to conduct a detailed exploration programme that will include drilling aimed at defining a JORC compliant resource.
“This is an outstanding development for the company and the granting of these highly prospective bauxite licences adds considerable value to the its portfolio,” comments Lindian Resources chairman, Asimwe Kabunga.
“We have wasted no time, with exploration work due to commence this week, and a low cost, high impact auger drilling programme also scheduled to be undertaken this quarter.
“I would also like to take this opportunity to thank the Tanzanian authorities for the granting of the Magamba tenements.
“Lindian Resources looks forward to working closely with the relevant authorities in Tanzania to advance the project for the benefits of all stakeholders.
“As well, this is not distracting us from our key focus – being the development of the Kangankunde rare earths project in Malawi.
“The granting of the EPL in respect of the Kangankunde rare earths project will be another key value event for the company.
“Importantly, we already have an experienced and dedicated technical team currently in Tanzania which will work across projects in both countries.
“I look forward to keeping shareholders updated on a number of key developments across both projects,” he continues.