Lincoln’s Kookaburra Gully MRE soars higher

Lincoln Minerals (ASX:LML) reports its inaugural Mineral Resource Estimate (MRE) at the Kookaburra Gully Graphite Project has significantly increased the overall resource to 12.26 million tonnes @ 7.31% total graphitic carbon (TGC). 

Kookaburra Gully SW has an extended inferred MRE of 5.12Mt @ 4.86% TGC for 249,000 tonnes of contained graphite @ 2% TGC cut-off. This also comprises an indicated resource of 580,000t @ 7.73% TGC for 45,000t of contained graphite. 

The project comprises the Kookaburra Gully, Koppio and Kookaburra Gully SW Extended deposits, which now collectively total 12.26Mt @ 7.31% TGC at a 2% TGC cut-off (an 87% increase) for 896,000t of contained graphite (an 80% increase).

Lincoln Minerals Chief Executive Officer (CEO) Jonathan Trewartha says combining the 3-month drilling program with the inaugural resource, the company is confident it will deliver a resource to support the 10-plus year LOM. 

“The resource upgrade provides strong momentum for our plans to commence an update to the Feasibility Study expected to commence mid-2024 and is scheduled for delivery in the second half of 2024.”

Trewartha says the MRE is an ‘amazing’ result for the company and clearly highlights the ‘significant’ scale potential for Kookaburra. 

“This significant MRE upgrade now positions Lincoln Minerals with the second largest known graphite resource on South Australia’s Eyre Peninsula, underscoring the region’s strategic characteristics, as Australia’s premier graphite province.”

Lincoln notes ‘significant strike extent remains untested, with potential for resource growth. 

The Kookaburra Gully project comprises the Kookaburra Gully, Koppio, and Kookaburra Gully SW Extended deposits. 

Lincoln Minerals is an ASX-listed minerals explorer focused on the development of its Kookaburra Gully project. 

As of 30 September 2023, the company had $550,000 cash and cash equivalents at hand, according to its latest quarterly report. Post quarter-end, the company completed a placement to raise $1.7 million.

Write to Aaliyah Rogan at Mining.com.au    

Images: Lincoln Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.