(MENAFN- ProactiveInvestors - Australia) Lincoln Minerals (ASX:LML) has surged on the back of commencement of maiden resource definition drilling at its Kookaburra Gully graphite project in South Australia.
Shares in Lincoln were up over 19% today to trade at 0.12 a share, while prices over the last five trading days have been up over 71%.
The prospects for Lincoln appear especially stellar after it started resource drilling following a successful electromagnetic aerial survey over the project which defined a 4.5 kilometre anomaly.
A subsequent conceptual scoping study showed a $37.8 million plant could process 200,000 tonnes per annum to produce between 16,000-20,000 tonnes per year of high grade flake graphite concentrate.
The Kookaburra Gully prospect is located about 35 kilometres north of Port Lincoln and based on an earlier exploration by
Pancontinental Mining in early-mid 1980s, has an inferred resource of 880,000 tonnes at 11.5% graphitic carbon. It extended down to a depth of 50 metres below ground level
The maiden drilling campaign is aimed at testing the strike length and the depth extent of the Kookaburra Gully graphite mineralisation as well as drilling adjacent to the historic Koppio graphite mine.
That mine currently has a small inferred resources but coarse flake graphite units range up to 32% graphitic carbon.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.