Walkabout Resources has signed a memorandum of understanding (MoU) with a local Namibian company for a staged earn-in to an exclusive prospecting licence EPL5691 in the Warmbad area of southern Namibia.
The deal was executed through Walkabout’s wholly owned Namibian entity Aardvark Minerals (Proprietary) (ARV) and will form part of the company’s Eureka lithium project.
EPL5691 is adjacent to and lies directly south of the 100%-owned Walkabout licence EPL6308.
The addition of the project area’s licence further expands ARV’s footprint in the country’s Orange River Pegmatite Belt (ORPB) in Karas region through accruing a further 120 previously unmapped and unsampled pegmatites on EPL5691.
Through the licence, the project will expand to 2,000km² in ORPB.
Walkabout Resources executive chairman Trevor Benson said: “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.”
As part of the deal, an initial 51% earn-in can be increased to 75% following Walkabout establishing a maiden JORC-compliant resource on the licence.
The deal will also see ARV take over all statutory responsibilities for the licence.
For 51% interest in the project, ARV commits to A$200,000 ($157,084) exploration expenditure on EPL5691 licence, while a payment of A$10,000 ($7,854) upon the decision to proceed with delineation of an inferred JORC resource.