Lincoln Minerals Limited (ASX:LML) has released a positive inaugural Mineral Resource Estimate (MRE) for the Kookaburra Gully SW Extended deposit, part of its high-grade Kookaburra Gully Graphite Project (KGGP) in Australia’s premier graphite province on South Australia’s Eyre Peninsula.
Highlights:
- Kookaburra Gully Graphite Project (KGGP) overall Mineral Resource increases 87% to 12.26Mt at 7.31% total graphitic carbon (TGC).
- Upgrade driven by inaugural Mineral Resource Estimate for Kookaburra Gully SW Extended of 5.12Mt at 4.86% TGC (Inferred) and 0.58Mt at 7.73% TGC (Indicated) for total of 293,900 tonnes of contained graphite.
- Overall KGGP contained graphite increased by 80% to 896,000 tonnes.
- Significant strike extent remains untested, with potential for resource growth
- KGGP is now the second largest known resource on South Australia’s Eyre Peninsula, confirming Lincoln’s strategic position in Australia’s premier graphite province.
- Three-month drill program to commence focussed on increasing confidence at the high- grade Kookaburra Gully and Koppio deposits.
- An updated KGGP Feasibility Study at higher planned throughput due in 2H CY24.
This is an amazing result for Lincoln Minerals at our Kookaburra Gully Graphite Project, with this important upgrade coming from the South-West Extended deposit, clearly demonstrating the significant scale potential of Lincoln’s Kookaburra Gully Graphite Project,” CEO, Jonathon Trewartha, said.
“This significant MRE upgrade now positions Lincoln Minerals with the second largest known graphite resource on South Australia’s Eyre Peninsula, underscoring the region’s strategic characteristics, as Australia’s premier graphite province.
“I am confident that the addition of this inaugural resource, when combined with the next three months drilling at our high-grade Kookaburra Gully and Koppio Deposits will deliver us a resource to support a potential 10-year life of mine at significantly higher production than the 2017 Feasibility Study, which was based on a production rate of 35Ktpa graphite concentrate, and which yielded a IRR of 33%.
“The resource upgrade provides strong momentum for our plans to commence an update to the Feasibility Study expected to commence mid-2024 and is scheduled for delivery in the second half of 2024.”
