Lincoln Minerals (ASX: LML) has completed drilling of the northern portion of Kookaburra Gully graphite project on South Australia’s Eyre Peninsula. Assays are expected in early April and an updated Resource statement due shortly thereafter.
“In the past three months, we have increased the resource at the Kookaburra Gully Graphite Project by 87%, and Lincoln is confident this additional drilling, combined with drilling completed in 2017 but previously not included in the Resource calculation, should deliver on the Company’s Resource growth objective which was to double the Resource from the September 2023 level. Pleasingly, this outcome looks set to be achieved in six months, far faster than originally planned, which is a testament to the quality of the KGGP mineralisation," CEO Jonathon Trewartha said.
"With this result achieved earlier than anticipated, Lincoln has now accelerated its plan to update the 35ktpa concentrate Feasibility Study, completed in 2017, with a planned Pre-Feasibility Study for a project producing 60 to 100ktpa of concentrate. This level of output is expected to be far more attractive to potential offtake partners as well as allowing submission of Lincoln’s final program for environment protection and rehabilitation, or PEPR, enabling finalisation of the approvals required for advancement of project development at the KGGP.”
Drilling completed was part of a two-part exploration programme, firstly to extend known KG Resource to the north, and secondly to test electromagnetic anomalies from a Loupe ground magnetic survey conducted in February 2023 to the north-west and north-east of the designed pit.
Results from latest drilling are expected in early April 2024.
Feasibility Study drilling now prioritised
After achieving much faster than anticipated drilling success and expected growth in the KGGP resource base, the remainder of the planned aircore drilling programme will now be modified to focus on a mix of diamond and reverse circulation (RC) drilling, which is required for Feasibility studies.
This Pre-Feasibility study aims to define a project producing 60-100ktpa of high quality graphite concentrate, which is a level of output that is expected to attract significant interest from potential graphite off-take partners.
