Lindian Resources “well capitalised” to advance Kangankunde REE Project in Malawi
Proactive Investors
Published Sep 29, 2023 10:29
Updated Sep 29, 2023 11:30
Lindian Resources “well capitalised” to advance Kangankunde REE Project in Malawi
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) is well-funded with existing cash reserves of A$24 million as it advances the development and commissioning of the Stage-1 mine and processing plant at the Kangankunde Rare Earth Project in Malawi.
Following the recent sales contract with Gerard Metals, the company has fielded approaches from several industry participants for equipment financing, pre-sale and off-take agreements and longer-term debt funding for project development.
At the field, Lindian’s 4000-metre infill drill program is progressing ahead of schedule with almost half the drill holes completed.
This mine development drill program is designed to convert a portion of the inferred mineral resource to indicated in connection with a feasibility study, anticipated to be published in the March quarter of 2024.
Alongside the mine development drill program, the Lindian team is also progressing with geotechnical drilling designs in order to make a structural assessment of the key criteria that have been established with respect to the mine design.
Forward plan
Lindian is well-advanced on an exploration target assessment of mineralisation below the mineral resource estimate, following the completion of the phase 2 deep-drill program
Stephens added: “Infill drilling is well-advanced with first assays ready for despatch, and Lindian’s ongoing mine development drill works will be complemented by the pending announcement of an Exploration Target (NYSE:TGT) for mineralisation at depth below the MRE.
“With a busy operational schedule over the coming months, we look forward to providing more project updates and other corporate developments.”
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