Following a review of historical gravity data, Lincoln Minerals (ASX:LML) has decided to begin a drilling program sooner than expected at its Jungle Dam uranium prospect in South Australia.
The company says the reinterpretation of the data, plus open-source data from the South Australian Government, has enhanced its knowledge of the underlying basement geology in the region.
This knowledge has in turn expedited Lincoln’s proposed drilling work — due to begin in September — which aims to confirm a previous result from hole WCRC00 measuring 570 parts per million uranium.
Lincoln, which has a market capitalization of $13.63 million, also aims to uncover other geological insights to facilitate the generation of new targets, replicating previous results and stepping out into further potential zones of uranium enrichment.
CEO Jonathon Trewartha says using the newer open-source data and historical geophysics allows Lincoln to eliminate further gravity surveys that were planned to be conducted in Q3 2024.
“This development not only saves Lincoln substantial cost and time, but also significantly accelerates our drilling schedule, which will now commence in September 2024, four months sooner than expected,” he says.
Write to Aaliyah Rogan at Mining.com.au
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