Lindian Resources set to start drilling at Lushoto Bauxite Project in Tanzania
According to an update from proactiveinvestors Australia, Lindian Resources Ltd is set to start drilling at the Lushoto Bauxite Project in Tanzania. The company has received a fund of $500,000 for 12 months, to undertake drilling at Magambe deposit.
This was one of the key objectives behind the binding heads of agreement that was negotiated in August 2017. According to the agreement, Lindian Resources has the option to take a 75% stake in the project if it progresses through to the definitive feasibility study stage. The project up to the feasibility study stage would require a further investment of $1.4 million.
Lindian will be drilling at the high grade zones identified during trenching and sampling activities. The sampling expected the project would expand to 9 deposits. The company also expects one high-grade deposit yielding bauxite with an alumina level averaging 54%.
It is to be noted that Lindian identified and mapped three new outcropping bauxite mineralised areas at its Lushoto bauxite project in Tanzania in October 2017. These have been named Lukozi deposit, Malibwi deposit and Mbwei deposit with area sizes of 2800m by 700m, 2300m by 600m and 2000m by 350m.
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