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Colin Hay

Lincoln Minerals’ (ASX: LML) portfolio review of the Kookaburra Graphite Project’s (KGP) exploration targets in South Australia has increased Lincoln’s confidence in achieving resource growth, with additional graphite occurrences identified within the project area.

The review by the company’s new management team of potential graphite resources has revealed an additional five graphite occurrences for drill targeting. The review, which includes last years, has also led to an increased confidence in the KGP Exploration Targets, which now total 6Mt-126Mt of graphite at 4-16% TGC.

This comprehensive update builds increased confidence in the KGP’s 120 sq. km project area, which contains Lincoln’s dominant landholding across the prolific graphite-bearing southern Hutchison Group stratigraphy. Planning is now underway to define graphite Exploration Targets and prospectivity across the Company’s remaining 862 sq. km of tenements on the Eyre Peninsula.

“The new management team’s review of the existing Exploration Targets at the KGP has clearly confirmed that resource drilling outcomes achieved are comparing favourably with the company’s Exploration Targets,” CEO, Jonathon Trewartha, said.

“The KGP has demonstrated its potential for significant scalability, with potential to be a world-class graphite project, with product quality similar to neighbouring projects. We have now added a further five previously unclassified graphite occurrences within the Project area.

“We are pleased to have declared these updated Exploration Targets across the KGP and look forward to commencing further exploration to expand known mineralisation and test the potential of these new occurrences as we continue to work towards development of the KGP, and across our expansive tenement holding on South Australia’s Eyre Peninsula, which has proven to be Australia’s premier graphite province. An updated Feasibility Study for the project is on track for delivery later this year.”

Next Steps

Lincoln is planning additional drill programmes later in 2024, primarily targeting extensions to known (current) resource areas:

  • Kookaburra Gully: the deposit remains open down dip and to the north and is considered highly prospective for resource growth.
  • Kookaburra Gully Extension: deposit remains open in all directions.
  • Koppio: the deposit remains open down dip, to the north and to the south and is considered highly prospective for resource growth.

In addition, Lincoln aims to complete some targeted diamond drilling at each of the Kookaburra Gully, Kookaburra Gully Extension and Koppio deposits, which will enable the Company to undertake valuable testing for geo-metallurgy and geotechnical purposes. Lincoln has already obtained landowner consent for these exploration activities and has commenced the required Government approval processes.

Additional targets

Lincoln also plans to explore other known graphite occurrences such as Glendara, Pernella and Bald Hill to the south, Follet and Boyd, Wren and Brennand to the north, with on-the-ground mapping and sampling for future exploration planning.

Lincoln tenure on the Eyre Peninsula

Lincoln Minerals and its subsidiary Australian Graphite Pty Ltd holds 100% of graphite rights over 1,151 sq. km of exploration tenure and the Kookaburra Gully Mining Lease on the Eyre Peninsula in South Australia of which 982.5 sq. km are prospective for graphite.

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