Lincoln locks in new KGP graphite targets

Graphite developer Lincoln Minerals (ASX:LML) is touting the potential for further resource growth at its Kookaburra Graphite Project (KGP) in South Australia as it updates the project’s exploration targets. 

Following a portfolio review of potential graphite resources from its new management team, the $10.22 million market capitalisation company reports that it has unveiled an extra 5 graphite occurrences for drill targeting.

The exploration targets that comprise the KGP now total between 6 million tonnes and 126Mt of graphite at 4%-16% total graphitic carbon (TGC). 

Lincoln says this suggests a ‘significant’ further upside from the project’s current Mineral Resource Estimate (MRE) of 12.3 million tonnes @ 7.31% TGC. 

The company says it will further validate the exploration targets before the end of March 2024, with assays from recent drilling work expected in the coming weeks. 

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.

Today’s updated exploration targets relate to a 120km-square area of the Kookaburra project, and Lincoln is now planning to assess the graphite potential of the remaining 862km-square of Eyre Peninsular tenements in South Australia. 

As part of this work, Lincoln is planning further drilling at the project for 2024, aiming to extend known mineralisation in the area and test new step-out targets. 

Lincoln Minerals CEO Jonathon Trewartha says the company’s review of the existing exploration targets at the KGP has ‘clearly confirmed’ that its drilling outcomes are comparing favourably with its exploration targets. 

“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 5 previously unclassified graphite occurrences within the project area.”

Trewartha adds that the company’s upcoming exploration plans will help pave the way for an updated KGP Prefeasibility Study (PFS) later this year. 

The KGP exploration targets comprise 12 prospective areas, including Kookaburra Gully, the Koppio Graphite Mine, Glendara, and Follet and Boyd. 

Images: Lincoln Minerals
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Written By Joshua Smith
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