JOHANNESBURG (miningweekly.com) – ASX-listed Walkabout Resources has executed a binding memorandum of understanding (MoU) with a local Namibian company for a staged earn-in to an exclusive prospecting licence that will expand the company’s current lithium exploration ground in that country.
Walkabout, through its Namibian entity Aardvark Minerals (ARV), will earn an initial 51%, through sole funding exploration, to licence EPL5691 in the Orange River pegmatite belt, adjacent to the 100% owned Walkabout licence EPL6308.
The earn-in can be increased to 75% with the establishment of a maiden Joint Ore Reserve Committee resource on the licence, which will form part of the highly prospective Eureka lithium project.
The licence will expand Walkabout’s exploration footprint to more than 2 000 km2 in the highly prospective and under-explored Orange River pegmatite belt.
The company now controls 90 km of pegmatite strike length targeted for immediate initial exploration within the Eureka project.
ARV will take over all statutory responsibilities for the licence.
“The inclusion of EPL5691 into the Eureka lithium project and more importantly the addition of vast amounts of previously unmapped and unsampled pegmatites strengthens the company’s position and our intention is to assemble a dominant holding for lithium prospectivity within Namibia,” said executive chairperson Trevor Benson.
The MoU is subject to standard due diligence, which is expected to be completed prior to the commencement of exploration activities in the area.