Lincoln review of historic drill data confirms 7km base metals strike

Lincoln Minerals has re-evaluated all historical drill data from a 2011 program at its Minbrie copper and base metals project in South Australia, revealing mineralisation across 7 kilometres with multiple sulphide-rich zones.

The company says analysis of data from diamond drilling, previously undertaken by Australian-based iron ore and phosphate miner Centrex Limited at the Minbrie project on South Australia’s Eyre Peninsula, indicates substantial-scale potential at the site.

Lincoln Minerals has discovered multiple sulphide-rich zones across a 7km strike zone and plans to drive the project hard to test its full potential.

Lincoln’s analysis of the historical data revealed 85 per cent of drill holes did not reach target depth. Of those drilled to the required depth and that penetrated the footwall sequence, a mere 16pc were assayed for base metals. This occurred because Centrex was chasing iron ore at the time.

The small portion of drill core assayed back in the day now presents Lincoln with a massive opportunity, as the company maintained the rights to all base and precious metals and Centrex retained the iron rights.

Centrex drilled 263 holes and completed assays on a small sample group. Of these, about 19 holes showed significant anomalous values of more than 500 parts per million of one or all the base metals of copper–lead–zinc.

‘Re-examining historic drill holes from Centrex’s 2011 program continues to uncover significant potential and we are focussed on refining high-priority drill targets in this highly prospective base metals region of South Australia.’

Lincoln Minerals chief executive officer Jonathon Trewartha

Management revealed last week a stellar result for a 2011 discovery diamond hole that intercepted 29.5 metres grading 0.8 per cent copper, 7.5pc lead, 1.9pc zinc and 9 grams per tonne silver from 131.1m. The hole pierced the previously untested footwall sequence.

The company today announced a further three mineralised holes have been unearthed from the historical program, boosting Lincoln’s belief in its model of an extensive district-scale mineralised system. A range of new targets will be generated from the results, adding to the project’s exploration potential.

One hole 1.2km north along strike from the discovery hole intercepted sulphides along the contact between the banded iron formation and the dolomite footwall sequence, in a similar structure to the impressive discovery hole, reinforcing management’s belief in its model of an extensive mineral system. Drilling at this hole returned 3m going 0.2pc lead and 0.4pc zinc from 347.1m and 8m at 0.1pc lead and 0.4pc zinc from 363.9m, including a 2m slice of 0.3pc lead and 1.4pc zinc from 369.9m.

Another hole 5.3km southwest of the discovery hole produced a 2m section grading 0.7pc copper from 92m.

Management says a significant 474m portion of the historic drill core was never assayed for base metals and this will now be done as a top priority to help identify more exploration targets. This will lead to a targeted assault with a drill bit.

Lincoln Minerals chief executive officer Jonathon Trewartha said: “Our initial analyses of the historic drill holes at Minbrie have already delivered exciting results, identifying a 7km mineralised target zone. Re-examining historic drill holes from Centrex’s 2011 program continues to uncover significant potential and we are focussed on refining high-priority drill targets in this highly prospective base metals region of South Australia.”

Lincoln is continuing to re-log all the historic drill core that intersected the highly promising footwall sequence. It is conducting portable XRF analysis on the core and potentially lab assays on key footwall intervals for both base and precious metals.

The footwall sequence presents as rock material sitting beneath the mineralised contact zone or under an inclined geological fault.

Management is planning to broaden its testwork to include an analysis of pulps from previous drilling for gold and silver, in addition to the critical minerals gallium, germanium, iridium and rare earth elements.

These elements are commonly associated with magnetite iron and base metals in the Eyre Peninsula region, which is considered a premier mining jurisdiction.

The Minbrie copper and base metals project is close to multiple base metal discoveries and mining operations.

To its north, the renowned Gawler Craton is a hugely prospective geological feature hosting world-class iron oxide-copper-gold-uranium deposits, including BHP’s massive Olympic Dam, Prominent Hill and Carrapateena trio of mines.

Lincoln has wisely interrogated existing data to uncover a potentially large mineral system consisting of in-demand base and precious metals at a fraction of the cost of drilling and assaying a similar-sized discovery. Let’s see how big this canny find can become.

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Is your ASX-listed company doing something interesting? Contact: [e-mail]

Is your ASX-listed company doing something interesting? Contact: [e-mail]