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Lincoln Minerals hits high-grade graphite ahead of SA resource upgrade

Lincoln Minerals has recorded high-grade hits from drilling at its Kookaburra graphite project in South Australia.

Lincoln Minerals (ASX: LML) has extended an impressive run at its Kookaburra Gully graphite deposit in South Australia recording a string of high-grade hits including an eye-catching 30.5 per cent total graphitic content (TGC) from 80m.

It was only a few months ago, in December last year, when the company lifted the lid on its inaugural resource increasing previous estimates by 87 per cent to 12.26 million tonnes at 7.31 per cent TGC. The latest drilling results have extended the strike of high-grade graphite mineralisation at the operation both at surface and down-dip ahead of a mineral resource upgrade next month.

The company recorded a series of shallow intercepts from its recent step-out drill campaign with another 24m hit grading 16.8 per cent total graphitic content (TGC) from just 1m including 11m at 22.2 per cent TGC from 13m.

Additional shallow assays delivered a 29m intercept going 11.3 per cent TGC from 5m including 3m at 18.4 per cent TGC from 18m. Notably, the company says eight of its 11 holes targeting the northern part of the proposed open pit intersected graphite.

What makes these results particularly exciting is the drilling results are expected to add to our high-grade core that starts at surface.
Lincoln Minerals chief executive officer Jonathon Trewartha

Kookaburra Gully forms part of the company’s Kookaburra graphite project on the Eyre Peninsula and management says its latest step-out drilling results extend mineralisation along strike to the north beyond the previously identified limits of the designed open-pit and are expected to materially increase the overall mineral resource at the operation.

Lincoln also recorded a slew of deeper intercepts at high grades with 22m going 10.8 per cent TGC from 73m with 16m at 18.9 per cent TGC inside from 79m and the 3m hit grading an outstanding 30.5 per cent TGC from 80m. Additional highlights recorded include a 29m section at 10.1 per cent TGC from 32m with 8m going 19.3 per cent TGC from 36m and 6m grading 20.9 per cent TGC from 55m.

The company says its latest assays confirm a strong correlation between graphite mineralisation and previously identified ground electromagnetic anomalies which will support future exploration.

These exceptionally high-grade graphite results from drilling at Kookaburra Gully confirm our confidence that we will continue to rapidly develop what is already the second largest graphite resource on Eyre Peninsula. What makes these results particularly exciting is that the drilling results are expected to add to our high-grade core of 2.0 Mt at 15.2% TGC that starts at surface.
Lincoln Minerals chief executive officer Jonathon Trewartha

Lincoln’s Kookaburra graphite project covers about 120 square kilometres and sits about 30km north of Port Lincoln on the Eyre Peninsula with the Kookaburra Gully deposit currently hosing a mineral resource of 2.9 million tonnes at an impressive 11.4 per cent TGC.

The company is already planning addition drill programs for the second half of the year including a diamond drilling campaign at the Kookaburra Gully, Kookaburra Gully Extension and Koppio deposits.

China is currently the world’s top graphite producer and exporter. It also refines more than 90 per cent of the world’s graphite into the material that is used in virtually all EV battery anodes.

Industry experts believe the vulnerability of the battery supply chain is now highly exposed following China’s decision to restrict its graphite product exports from December last year.

With its recent success from step-out drilling extending the mineralisation at Kookaburra Gully, the market will be keeping a close eye on what Lincoln will unveil when it delivers its upgraded mineral resource for the Kookaburra graphite project in the coming weeks.

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