- Lindian Resources has released updates on its Pare and Lushoto projects in Tanzania
- 12 drilled holes at Pare show 58.53 per cent aluminium peaking at 62.2 per cent and 5.08 per cent silicon peaking at 3.51 per cent
- The Lushoto site shows aluminium averages of 48.05 per cent peaking at 55.94 per cent and silicon averaging at 0.9 per cent
Lindian Resources has updated shareholders on its progress in Tanzanian mining Pare and Lushoto projects today. Ten metre thick bauxite mineralisation was discovered at Pare and 13 samples from 12 drilled holes were analysed.
The company announced average grades of 58.53 per cent aluminium and 5.08 per cent silicon. Aluminium grades peaked at 62.2 per cent and silicon grades peaked at 3.51 per cent.
A further 54 drilled holes are planned for a total of 66. Further samples have been sent for continued analysis. On-site surveying at Pare began last year.
The company also plans further drilling at the Lushoto project as well, targeting newly identified deposits Magamba South and Kidundai. 44 drilled holes are planned.
Recent analysis from nine samples at Lushoto show aluminium averages at 48.05 per cent, peaking at 55.94 per cent. Silicon samples averaged at 0.9 per cent.
Lindian however dropped 9.09 per cent in the market today. Shares continue to sit at 1 cent a piece in a company market cap of $4.833 million.
The company made mining news earlier this year in April after signing to purchase majority in a Guinea bauxite project.
The company moved to trade US$1 million over two years for 51 per cent in the Gauoal Bauxite Project from KB Bauxite Guinea SARLU.
Shareholders await mining updates on Gauoal, but initial surveillance shows significantly higher grades than Lushoto and Pare.
Twenty-one Gauoal samples have shown aluminium peaking at 73.99 per cent.
Lushoto has been known to house high-grade bauxite since 2003. The Pare and Lushoto projects are located 50 kilometres apart.