Lincoln looks to PFS as resource upgrade looms

Graphite developer Lincoln Minerals (ASX:LML) is fast-tracking a Feasibility Study for its Kookaburra Gully Graphite Project (KGGP) in South Australia after expanding the project’s resource base ahead of schedule. 

The move comes after Lincoln completed 25 aircore holes on the northern section of the Kookaburra Gully deposit, with graphite intersected in multiple holes. 

While final assays from the drilling are still pending, due in April 2024, Lincoln says it expects these results to help it upgrade the KGGP graphite resource when combined with historical drilling results not currently part of the resource estimate. 

The core goal of Lincoln’s recent exploration work has been to double the September 2023 graphite resource for the project, which came in at 4.99 million tonnes @ 9.08 total graphitic carbon (TGC) for 454,000 tonnes of contained graphite for the measured and indicated categories and 1.58Mt @ 9.51% TGC for 150,000 tonnes of contained graphite for the inferred category. 

Lincoln increased this resource by 87% in December 2023, making the KGGP the second-largest graphite resource in South Australia’s Eyre Peninsula, and the company now says with the new aircore results, it should be able to achieve its goal of doubling the September 2023 resource earlier than anticipated. 

CEO Jonathon Trewartha says achieving this resource goal in just 6 months is ‘far faster’ than the company originally planned.

“With this result achieved earlier than anticipated, Lincoln has now accelerated its plan to update the 35,000-tonne-per-annum concentrate Feasibility Study, completed in 2017, with a planned Pre-Feasibility Study for a project producing 60 to 100kpta of concentrate. 

This level of output is expected to be far more attractive to potential offtake partners, as well as allow submission of Lincoln’s final program for environmental protection and rehabilitation, or PEPR, enabling finalisation of the approvals required for advancement of project development at the KGGP.”

“With this result achieved earlier than anticipated, Lincoln has now accelerated its plan to update the 35,000-tonne-per-annum concentrate Feasibility Study…”

While Lincoln still has some further aircore drilling planned as part of its current work at the KGGP, the company says the faster-than-expected resource upgrade has prompted it to modify its drilling program to include a mix of diamond and reverse circulation (RC) drilling, which is required for the Feasibility Study.

The KGGP remains Lincoln’s core asset, but the company also owns the Eurilla Project, the Gum Flat Iron Ore Project, and the Minbrie Copper Project, all also in South Australia.

Lincoln Minerals had around $1.6 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report. 

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Images: Lincoln Minerals 
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.