Lincoln Minerals (ASX:LML) has more than doubled, as well as increased the confidence, of the resource inventory at its Kookaburra Graphite Project (KGP) in South Australia.
The company has grown the total resource by 114% to 12.8 million tonnes at 7.6% total graphitic carbon (TGC) for 973,000 tonnes of contained graphite. Meanwhile, the quantity of resources in the highest confidence measured category has also doubled, to 1Mt.
The result was due to an increase in the resource at the Kookaburra Gully prospect, which now hosts 3.5Mt at 11.7% TGC for 12,000 tonnes of contained graphite.
Lincoln says the latest resource update, which was done in just seven months, confirms the KGP as the second largest graphite resource on the Eyre Peninsula.
“After joining the company late last year, we set an ambitious target to increase our mineral resource estimate at the Kookaburra Graphite Project by at least 100% and I’m pleased to say that we have now exceeded that goal,” CEO Jonathon Trewartha says.
“This resource upgrade at KGP cements the project’s position as the second largest known graphite resource on South Australia’s Eyre Peninsula – Australia’s premier graphite province.”
Trewartha says the updated resource will serve as the basis for a Prefeasibility update planned for release in the second half of 2024.
The PFS will target production at a much higher rate of 60,000 to 100,000t per year, which Lincoln believes will position the KGP as a tier 1 graphite project and should garner strong interest from project partners and offtakers.
The high-grade component of the resource has grown to 2.9Mt at 13.6% TGC from 2Mt at 15.2% TGC (from surface).
Lincoln says the expanded high-grade core at surface and recently modelled flat lying orebody at the Kookaburra Gully Extension will drive improved economics.
The company expects further resource upside, outlining an exploration target of 6Mt to 126Mt at 4-16% TGC and flagging plans for additional drilling this year aimed at extending known mineralisation and testing new high-impact step out targets
