LIN - Lindian Resources

[springhill]

LIN have completed 4 RC drill traverses consisting of 27 holes totalling 1876m to test the Platinum-Nickel project associated with the Dinguiraye intrusive, in the central part of Guinea.
The results demonstrate elevated levels of Pt-Ni-Co forming laterally continuos zones with in the laterite. Given the extent of the anomolies, approx 25km length in total, it is considered there is potential to form an economic mineralisation in the project area.
Strangely, no grades were reported but talks have begun with various parties to discuss a possible farm-in to fund the next phase of exploration of the area.

MC $4m
Current SP 9.5c
Shares on Issue 43.5m
12mth High/Low 38c/6c
Cash at Hand $2.2m
Expenses this Quarter $125k

Interestingly, newly appointed Non-Executive Director, Paul Jurman, has been granted 350,000 unlisted option exercisable @ 35c expiring 30 Sept 2010, so shows a possible level of confidence at successful progress in the project.

 

[desjosie]

"Another Medusa in the Making" So says the Company.. Am very impressed with what this Explorer has.. drilling results apparently due soon.. buyers bulding up and a nice 20% movement up today on what was not a very good day allround..
Am very happy to have this one and believe it will (should) be a winner jmho

 

[Gerkin]

"Another Medusa in the Making" So says the Company.. Am very impressed with what this Explorer has.. drilling results apparently due soon.. buyers bulding up and a nice 20% movement up today on what was not a very good day allround..
Am very happy to have this one and believe it will (should) be a winner jmho

finally some stocks on this board i like talking about. The backers are very good. Have a look at HUN, CPL, and ROB two days ago

i would expect a drilling announcement next week

would be a tightly held register and will run hard

disclosre, I hold only options so could be in for a 10 bagger

 

[desjosie]

disclosre, I hold only options so could be in for a 10 bagger

Be interested to know how options work..
I know that these ones expire at years end..

 

[desjosie]

below is their last update for anyone interested
(note: It is long)

EXPLORATION UPDATE
Lindian Resources Limited is very pleased to provide an update for
exploration on its Masapelid Project in the Philippines.
* High grade gold, silver and base metal assays were
received from underground sampling of the Davaoeno
mine located at Layab. Underground channel sampling
results ranged up to maximum contents of:
* 65.48g/t gold
* 102g/t silver
* 1.68% copper
* 9.31% lead
* 7.13% zinc
* Discovery of a new zone of gold mineralisation at the
Lunar-Magbanua Gold Prospect with results from the
seven surface samples of exposed mineralisation returning:
* 3.21g/t gold
* 6.87g/t gold
* 2.68g/t gold
* 4.78g/t gold
* 3.75g/t gold
* 7.45g/t gold
* 8.41g/t gold
* High grade gold mineralisation has been confirmed at the
Uyajan Gold Prospect with the three assays from rock
sampling returning:
* 5.75 g/t gold
* 66.77g/t gold
* 77.14g/t gold
* Extremely encouraging results have been received from
underground sampling of the Sabang Copper-Gold
Porphyry. Recently completed underground sampling in
the upper levels of the porphyry has returned consistent
copper mineralisation averaging 1.22% copper with
associated silver and gold credits (1.32g/t silver and 0.13g/t
gold).
* Drill contract near completion with diamond drill rig being
mobilised to Masapelid for commencement of drilling
programmes.
GOLD
Davaoeno Mine Prospect
The former Davaoeno gold mine is located on the north eastern extent
of the newly named “Manuel” Vein (Figure 2). The Manuel Vein
being one of the two major vein systems mined historically at
Masapelid.
Dewatering of the previously flooded Davaoeno Mine workings has
allowed Lindian to map and channel sample all available underground
exposures. Results from channel sampling of the gold-massive
sulphide lode system has produced several significant results with
maximum contents of:
* 65.48g/t gold
* 102g/t silver
* 1.68% copper
* 9.31% lead
* 7.13% zinc
Complete results for all underground channel sampling on the
Davaoeno Mine gold-massive sulphide mineralisation is provided in
Table 1 and Figures 3 and 4.
These are outstanding results and show that higher grade gold and
silver mineralisation is associated with a prominent galena leader, or
marker horizon, which can be traced through the underground
workings at Davaoeno.
The association of gold and silver with galena also has important
implications for the reinterpretation of historical Western Mining
Corporation lead in soil geochemical data for Masapelid Island. This
association of gold and galena could lead to identification of other
gold targets at Masapelid.
Interpretation of recently completed geological, alteration and
structural mapping of the Layong and Manuel Vein area and
surrounding area suggests that veins hosting gold mineralisation
within the Layong and Manuel Vein corridors are vein splits related to
a deeper level, major epithermal gold mineralising vein system.
Shaft No.2
The No.2 Shaft is a historic gold operation developed on the Manuel
Vein, 800 metres to the southwest and along strike from the former
Davaoeno Mine.
Shaft No.2 was developed to a vertical depth of 100 feet or
approximately 30 metres. Since cessation of mining and implosion of
the shaft at the commencement of World War II. Implosion filled the
shaft with rock, mud and debris and consequently, the mine has never
been re-entered since that time.
Lindian has been performing refurbishment and clean out works on
Shaft No. 2 during June and July. To support this work, headframe
and hoisting equipment has fabricated and commissioned to provide
for a safe and efficient clean out and re-timbering operations. Work is
advancing and at present, 12 metres of the 30 metre (100 foot) deep
shaft has been recovered and refurbished.
Access to the previous underground workings on the Manuel Vein
will allow Lindian the opportunity to perform sampling on the vein
system to confirm previously report grades and to obtain valuable
information on the controls over mineralization which will permit
targeting of surface diamond drilling.
Consideration is being given to performing similar clean-out and
refurbishment works on the Manuel Vein Main Shaft. The Main Shaft
was developed historically to a depth of 300 feet (approximately 100
metres).
Lunar-Magbanua
Seven samples collected from outcropping, intensively altered and
opaline silica flooded host rock. Sampling of this zone has produced
the following results.
* 3.21g/t gold
* 6.87 g/t gold
* 2.68g/t gold
* 4.78g/t gold
* 3.75g/t gold
* 7.45g/t gold
* 8.41g/t gold
Sampling to date has defined an arcuate zone of gold mineralisation
extending over an area of approximately 400 metres x 50 metres.
Lindian intends to perform further exploration on the Lunar-
Magbanua Prospect given the encouraging and very consistent gold
results obtained from this early stage sampling.
Uyajan
The Uyajan Prospect forms one of several targets proximal to the east
coast of Masapelid Island.
Over the last year, local small scale miners have been mining and
recovering native gold from surface hardpan, beach terraces and
narrow (0.05-0.50 metre wide) quartz vein and quartz vein stockworks
hosted in altered andesite.
A rock chip sample of quartz vein material beneath hardpan was
obtained which returned 5.75 g/t gold.
In addition underground sampling of two narrow ( ±5cm thick) quartz
veins within a quartz vein stockwork zone at Uyajan has produced
66.77 and 77.14 g/t gold.
Given the nature and extent of gold mineralisation in the near surface
zone, Lindian believes that the Uyajan Prospect has very good
exploration potential.
COPPER-GOLD
Sabang Copper-Gold Porphyry
The Sabang Copper-Gold Porphyry is located on the southern portion
of Masapelid Island and covers the Sabang and recently identified
May Tubig porphyries, (Figures 2 and 5). The prospect contains a
copper-gold composite porphyry system previously explored by
Western Mining Corporation in the period 1991-5.
Sabang Prospect
Preliminary exploration and routine mapping of Sabang earlier this
year identified secondary copper mineralisation at surface in historical
small-scale underground excavations. Over the last month, Lindian
has developed 2 adits and underground drives on copper
mineralisation to support exploration activities. Channel sampling of
these underground workings in Adit No.1 has returned assay results
averaging 1.22% copper, 1.32g/t silver and a gold credit of 0.13g/t
(Figure 6). Complete results for underground sampling of Adit No. 1
are provided in Table 2.
These results are significant when compared to other copper-gold
porphyry systems in the Philippines and worldwide and the Company
believes they demonstrate the substantial potential of the Sabang
Porphyry System.
The Sabang copper mineralisation is hosted by a clay-silica-sulphide
altered porphyritic andesite in the near surface environment. Copper
sulphides, principally covellite-bornite, occur as fracture fillings and
disseminations. Observation of all exposures shows that the copper
sulphide to pyrite ratio is much greater than one. Preliminary findings
suggest that near surface copper mineralisation at Sabang may very
well be on the high level core of a significant porphyry copper system.
Adit No. 2 is being advanced and will be sampled over the coming
month.
In addition, 4 test pits are being excavated to expose copper
mineralisation along strike to the west-northwest of Adits No. 1 and 2.
Test pits 2 and 3 have intersected visible copper mineralisation. These
test pits will be deepened over the next month and progressively
sampled.
Given the effectiveness of underground exploration and favourable
topography, the Company has committed to developing further
underground exposures to support exploration ahead of diamond
drilling on the Sabang Prospect
May Tubig Prospect
The recently discovered May Tubig porphyry and intrusive breccia
system extends up to 1,000 metres to the west-northwest of Sabang.
The locally significant west-northwest/east- southeast trending Sabang
Fault passes through both prospects and is interpreted to have a
controlling influence over copper mineralisation at both Sabang and
May Tubig.
Two test pits excavated at May Tubig and along the projected strike
extension of the Sabang Fault has identified a copper-sulphide bearing
intrusive breccia. Samples have been taken from these pits and assays
are pending.
DIAMOND CORE DRILLING PROGRAMME
Lindian is completing mobilisation of a diamond core drilling drill rig
to site. Initial drilling is intended to test gold mineralisation on the
Uyajan Prospect.
A further three drilling rigs are being sourced to perform diamond
drilling on the Manuel Vein system and Sabang Copper-Gold
Porphyry.
Steven Leithead
Managing Director

 

[Gerkin]

Be interested to know how options work..
I know that these ones expire at years end..

basically its an option to buy into the FPO at 15 cents on or before 31st december. if LIN above 15cthey are in the money, if below, they are worthless.

good results should send LIN closer to 20 imho

pretty risky if you were to buy now butcould be a good punt

 

[springhill]

Ordinary shares: 155,517,160
Options: ($0.08 - exp 31 Dec 2014) 131,871,754
Market Cap: $30.3 million
Cash: (as at 25 May 2012) $5.23 million

Major Shareholders
Top 20 49.34%
Directors and Management 13.33%

Philippines Projects
 Masapelid
Flagship Project -Gold and Copper-Gold targets.
Masapelid – Sabang Prospect
Exploration Target of 5,000,000 - 10,000,000 tonnes at 9g/t to 11g/t gold
Previously released results include:
433.00 metres from 17.00 metres at 0.73g/t gold, 5.84g/t silver and 0.26% copper.
385.10 metres from 20.00 metres at 0.79g/t gold, 6.54g/t silver and 0.32% copper.
250.30 metres from 14.00 metres at 0.31% copper and 2.12g/t silver.

222.00 metres from 3.00 metres at 0.40% copper, 1.61g/t silver and 0.15g/t gold.
492.80 metres from 8.00 metres at 0.21% copper, 0.09g/t gold and 1.42g/t silver.
Masapelid – Layab Prospect
Exploration Target of 500,000-1,000,000 tonnes at 13g/t to 17g/t gold plus significant silver credits
2.00 metres from 42.00 metres at 39.31g/t gold and 27.05g/t silver1.00 metre from 182.00 metres at 12.17g/t gold and 76.80g/t silver
2.00 metres from 125.00 metres at 118.35g/t gold, 105.20g/t silver, 0.86% lead and 1.16g/t zinc

Previously released rock chip and mullock sampling results of the Layong Vein:
283.42g/t gold and 455.30g/t silver
46.48g/t gold and 165.60g/t silver

Previously released rock chip and mullock sampling results of the Uyajan Prospect:
173.15g/t gold and 56.70g/t silver

Focus on Sabang New Discovery Zone and Layab Prospect.
Aim to announce maiden JORC resource 2012.
Objective to advance projects to mining studies within 24 months.
Expanding drilling programme for 2012.
40,000 meters of RC drilling over the next 4-6 months.
Continuous news flow expected from drilling results.
Fully funded to meet requirements for drill out of Sabang and Layab.


 Salacot (Gold)
Historic gold mining centre. +80,000 ounces produced.

 Exciban (Gold)
Historic gold mine. Mined grades >30g/t gold.

 Abra (Gold)
Recent discovery of gold at surface to 11.47g/t gold. Projects well located.

 Del Gallego
Former Freeport project – gold and coppergold.

 Buena Aurora and Mt Balantingon
Early stage gold and copper-gold projects respectively.




Most recent drill results for Sabang (2/7/12)
HIGHLIGHTS
• Supergene copper silver mineralisation intersected in hole BMS-018 comprising: 20.00 metres from 35.00 metres at 1.42% copper and 172.69g/t silver, including: 5.00 metres from 35.00 metres at 2.69% copper and 182.30g/t silver.
• Supergene copper silver mineralisation intersected in hole BMS-012 comprising:
Upper copper silver zone containing: 29.00 metres from 8.00 metres at 0.64% copper and 8.58g/t silver.
Lower copper silver zone containing: 10.00 metres from 65.00 metres at 0.42% copper and 20.57g/t silver.
Gold silver zone containing: 3.00 metres from 318.00 metres at 6.01g/t gold, 8.17g/t silver and 0.27% copper.
• Supergene copper silver mineralisation intersected in hole BMS-013 comprising: 32.00 metres from 3.00 metres at 0.50% copper and 6.66g/t silver.
• Gold silver mineralisation intersected in shallow hole BMS-016 comprising: 49.60 metres from 31.00 metres at 0.77g/t gold, 6.33g/t silver, and 0.59% zinc.
Hole BMS-016 terminated in gold-silver mineralisation at 80.60 metres due to hole cave-in and collapse.

 

[springhill]

CONTINUING WORLD CLASS RESULTS FROM MASAPELID

HIGHLIGHTS
• High grade gold mineralisation intersected in hole BMS-024 comprising:
High Grade Gold Zone:
8.00 metres from 127.00 metres at 10.82g/t gold, including:
2.00 metres from 127.00 metres at 38.40g/t gold.

• Holes BMS-019 intersected extraordinarily high grade silver mineralisation (which is dominant in that hole) along with gold, and copper in the Supergene copper-silver ±gold zone.
Intersection include:
Supergene Copper-Silver Zone:
11.00 metres from 35.00 metres at 0.24g/t gold, 136.88g/t silver, and 0.57% copper in the supergene copper-silver zone, including:
4.00 metres from 42.00 metres at 0.57g/t gold, 331.68g/t silver and 0.97% copper.

• High grade gold silver mineralisation intersected in hole BMS-020 as well as copper, lead and zinc mineralisation comprising:
High Grade Gold-Silver Zone:
4.00 metres from 109.00 metres at 2.18g/t gold, 96.98g/t silver, 0.30% copper, 0.70% lead and 1.29% zinc, including:
2.00 metres from 110.00 metres at 3.74g/t gold, 178.35g/t silver, 0.50% copper, 0.89% lead and 1.76% zinc: and
1.00 metre from 139.00 metres at 17.02g/t gold, 117.70g/t silver, 0.21% copper, 5.68% lead and 1.84% zinc.

• Re-assay of selected samples from previously reported diamond drill hole BMS-018, has resulted in the restatement of the silver and base metal grades for an improved overall headline intersection for hole BMS-018 of:
217.00 metres from 27.00 metres at 0.25g/t gold, 22.78g/t silver, 0.38% copper, 0.11% lead and 0.31% zinc, which includes:
Supergene Copper-Silver Zone:
28.00 metres from 28 metres at 1.27g/t gold, 140.50g/t silver, 1.10% copper and 0.23% lead.

 

[greggles]

Lindian Resources seeing some volume and share price movement today after they announced that a major milestone to the company's option (announced 6 August 2018) to acquire up to a 75% interest in the Kangankunde Rare Earths Project in Malawi has been reached with the signing of a consent order between the Malawi Ministry of Natural Resources and Environmental Affairs and Michael Saner, effectively ending 15 years of litigation regarding the project.

The announcement also stated that Kangankunde has been reported as one of the world's largest Rare Earth projects outside of China.

Given that LIN's market cap is less than $7.5 million, there could be some real potential here if this project gets off the ground. They also have bauxite interests in Tanzania so they're not just a one trick pony. The LIN share price is up 46.7% to 2.2c today, after having reached an intraday high of 2.8c.

 

[barney]

The announcement also stated that Kangankunde has been reported as one of the world's largest Rare Earth projects outside of China.

Looked a bit scary at first glance but they recently raised $1.5 million so someone thinks they can make a few bob out of it

Biggest one day Volume the Co has ever seen although it was sold down from the highs …. Definitely a no guts no glory trade ….. Interesting.

 

[greggles]

I've picked Lindian Resources in the November stock tipping competition as further good news has been announced since my post of 27 September and I suspect LIN may be ready for the next leg up after consolidating between 1.6c and 2.3c during October.

I'm hoping some more good news is announced in November.

 

[Country Lad]

I was thinking of this one for the August comp but unfortunately, it is suspended pending release of an update of the proposed acquisition of Rift Valley Resource Developments Limited, so can’t enter it.

If they will fail to negotiate the acquisition of the Kangankunde Rare Earths Project it will be business as usual looking for bauxite with nothing much happening.

If they can negotiate the deal they will need to find US$30 million cash they don’t have over some yet to be determined period.

So why was I going to pick it? Mainly because of the unusual trading over the past couple of months since they have been playing around trying to buy Rift Valley Resource Developments and legal angst trying to win the acquisition might mean there is a bit more to this. There is a good chance of course, that it will fall regardless of the outcome.

 

[Dona Ferentes]

• During the quarter, Lindian confirmed it had reached an out-of-court settlement in connection with a dispute in the Malawi Supreme Court of Appeal, relating to its proposed acquisition of up to a 75% interest in the Kangankunde Rare Earths Project.
• Successful completion of a $2m share placement, through the issue of 20m fully-paid ordinary shares to a high net-worth investor at 10c per share – a 16% premium to the previous closing price.

At the end of the quarter, the Company was debt free and held $2.177m in cash.

Lindian’s focus for the quarter has been on negotiating the terms of a legally-binding transaction whereby the Company can acquire a 100% interest in Rift Valley Resource Developments Limited and its Kangankunde Rare Earths Project, along with the ongoing development of its bauxite projects in Guinea.

........ one for the brave, I'd reckon. At least there is a consistency, keeping th focus on African projects

 

[Country Lad]

Announcement this morning and the price up `26%

Highlights:
• Lindian has entered into an agreement to acquire 100% of the shares in Rift Valley Resource Developments Limited (Rift Valley), the owner of the Kangankunde Rare Earths Project (the Kangankunde Project), for a total purchase price of US$30 million
• Kangankunde Project is a carbonatite-hosted system and a globally significant deposit with major potential in size and grade, with a granted mining licence, ML 0290
• Historical Estimates reported an Inferred Mineral Resource (JORC 2004)
• The ratio of Neodymium and Praseodymium (NdPr) in concentrate is about 19%
• Previously metallurgical test work supports the deposit being amenable to a low-cost gravity separation concentration producing a 60% REO concentrate
• The Project is located near excellent infrastructure;
• The Nacala corridor railway line is located 9km to the east providing access to the deep-water Port of Nacala
• The M1 highway and main power transmission line are located 4km to the west of the project • Project economics have not been independently updated since 2011. Since then, NdPr, a highly strategic and critical product, has become increasingly valuable and important in permanent magnets for electric vehicles
• Immediate technical works program includes community engagement, redeveloping access for planned drill programs and sampling for updating metallurgical testwork leading to engineering works programmes
• The purchase price is payable in four tranches, comprising a non-refundable deposit of US$2.5 million, and a further US$27.5 million payable in three tranches within 48 months from signature date of the share purchase agreement
• The Transaction remains subject to the approval of Lindian shareholders which is to be sought at a general meeting expected to be held in September.

The $2.5 million deposit takes care of their cash so-

Lindian is confident it will be able to raise sufficient funding (either through raising equity in Lindian or the Lindian subsidiary that is to acquire the shares in Rift Valley) so as to be able to pay the tranches of the purchase price as and when such amounts are required to be paid. As announced earlier today, Lindian has received a binding commitment to raise $3 million (before costs) to subscribe for 15,000,000 fully paid ordinary shares at $0.20 per share (Placement).

It now has $3 million in kitty

 

[Dona Ferentes]

Lindian no longer into bauxite but focusing on the Kangankunde REE side. Stockhead has a go talking it up, based on the first two drillholes.


Rare earths were reported over the entire length of the holes from surface, with both also ending in mineralisation.

The holes will be extended with core drilling to find out how deep the deposit goes, the company says.

Results include 110m from surface at average of 2.9% TREO (hole KGKRC00) and 250m from surface averaging 2.9% TREO (hole KGKRC002).

Importantly, high value EV/wind turbine ingredient neodymium-praseodymium (NdPr) makes up 21% of the TREO content.

The mineralisation is also low in uranium and thorium. That’s important, LIN CEO Alistair Stephens says.

“… the non-radioactivity of the Kangankunde rare earths mineralisation [is] a highly unique and extremely commercially advantageous characteristic, with the potential for concentrates from Kangankunde to be shipped anywhere in the world, free of Class 7 restrictions,” he says.

“The commercial significance of this cannot be understated.”

With about 4,500m of a planned 12,500m of Phase 1 drilling completed so far, assays will be flowing thick and fast in early 2023, Stephens says.

“These first assay results are absolutely outstanding in terms of grade, distribution and continuity, and with a steady stream of assays to follow, we are confident of delivering more of the same and building the case that in 2023, Kangankunde will rapidly emerge as a standout, globally significant rare earths project in terms of grade, scale and non-radioactivity.

“Today’s results should be regarded as a leading indicator of this.

“I am not aware of another deposit anywhere in the world demonstrating such high grades of rare earths mineralisation over these continuous lengths to such depth.”

LIN expects to deliver an exploration target and maiden mineral resource estimate sometime in Q2 CY2023.

 

[Dona Ferentes]

still touting Bauxite on the PR, but that could be in the hope of selling it on?

last trades at 23c

KANGANKUNDE PROJECT UPDATE
• Tranche 2 US$7.5m payment to acquire Kangankunde Rare Earths Project completed – Lindian remains well funded to advance current works program
• Interest from participants in the rare earth industry has escalated in assisting Lindian’s development of a proposed demonstration plant
• Kangankunde’s mining licence and environmental approvals enable project to be fast-tracked
• Phase 1 drilling program advancing well with a steady stream of assays to continue – maiden Mineral Resource Estimate on track for Q2 CY2023
• Small scale metallurgical test work underway in South Africa with larger scale testing to commence in Australia shortly – results on track for this quarter

*Well funded until next update?

 

[greggles]

Assay results from Kangankunde continue to impress. LIN up 18.4% today.

 

[frugal.rock]

Chart update.