Advanced graphite explorer,
Highlights
Exploration and Infill resource drilling programs completed on its graphite tenements on South
Visual indications of graphite mineralisation evident from geological logging of two drill holes at the Kookaburra Gully Extended target; assays pending
LML to work towards a Mineral Resource Estimate update in 2023, adding to its resources inventory for the Kookaburra Gully Graphite project
Successful capital raise via Rights Issue of
Quotation of Rights Issue shares under ASX ticker LMLND due to
Kookaburra Gully Graphite project
The Company's flagship asset, the Kookaburra Gully Graphite project, is located approximately 35km north of Port Lincoln on the
The Company is working to update this resource during 2023 and add to its graphite inventory, with the main target areas being: Kookaburra Gully Mineral resource and immediate strike extensions to the north
Kookaburra Gully Extended prospect in which previous drilling has intersected significant graphite mineralisation under EM conductive areas, along an 8km strike to the south, Koppio Prospect which has an Inferred Graphite Resource (refer LML ASX announcement
Graphite is a key component in the manufacture of batteries and Lincoln's cornerstone Kookaburra Gully Graphite project has the potential to contribute graphite products to the growing demand for batteries and their component minerals, driven by the increase in Electric Vehicle production and battery storage facilities.
Kookaburra Gully's highly prospective graphite mineralised areas(Figure 1) are known, from previous drilling, to be associated with areas of conductive response indicated from reprocessing of Airborne EM geophysical data (ASX Release 16/12/2022: Geophysics identifies graphite targets for 2023). During the quarter, the Company also completed a ground-based Electromagnetic (EM) survey over key graphite prospects to assist in target definition for a drilling program comprised of 5643 metres of aircore drilling.
In
Koppio Prospect: The Company completed 31 holes for 2693m of infill aircore drilling program to strengthen the confidence level of the previously estimated Inferred Graphite Mineral Resource (Inferred Graphite Resource of 1.85Mt @ 9.8% TGC (Total Graphitic Carbon) at 5% cutoff) (ASX Release
Lincoln completed an initial phase of drilling at the Koppio prospect with drilling targeted at infilling existing broad spaced drilling to approximately 40m drill sections, aimed at increasing the geological confidence of this area. Results are pending. The second phase of drilling was completed within the KGE prospect where a ground-based EM survey was completed prior to drilling to assist in targeting the drillholes. Preliminary results indicated a subtle elongate conductive zone extending over 600m in a northeast-southwest direction.
As this area was untested prior to this exploration program, Lincoln drilled holes on broad-spaced lines of approximately 400m line spacing and 40m between holes across the interpreted trend of the geology and interpreted prospective conductive zones. A single interval with visible graphite content on the margin of the anomaly was intersected and additional closer-spaced infill drilling on 80m line spacing either side, along strike of the initial indication, produced another visible graphite intersection to the north. This visible graphite is potentially prospective and may be open along strike to the north but may also indicate that this area contains some geological complexity and requires follow up drilling. Representative samples have been collected and submitted to
Corporate
The Company completed a successful rights issue, raising
Contact:
Email: cath.norman@lincolnminerals.com.au
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