Lincoln Minerals Limited is an Australian company with a portfolio of high quality uranium, iron ore, base metal (lead-zinc-copper-nickel-silver), gold and iron oxide copper-gold-uranium (IOCGU) exploration projects in the Gawler Craton, South Australia
  Projects - Gum Flat    
 

Gum Flat - Iron Ore

The Gum Flat project area is prospective for a large range of polymetallic minerals including Middleback Range iron ore (both hematite and magnetite), Menninnie Dam style Pb-Zn-Ag (Cu-Au) mineralisation and uranium.

Company drilling for iron ore has identified massive and banded hematite iron formation (BIF) with up to 56.6% Fe overlying broad intervals of magnetite BIF.

Extending up to 20km west from Port Lincoln and with two railway lines (one now disused) and a major highway running through the area, EL3422 is ideally located with respect to infrastructure and proximity to a major shipping port.

The aggregate length of interpreted BIF in EL3422 based on aeromagnetic data is ca. 30km.  This represents a significant target for iron ore exploration and associated minerals such as base metals, gold and uranium. Based on the highest amplitude aeromagnetic anomalies the conceptual iron ore exploration target is at least 250 Mt comprising a hematite-rich cap overlying high grade magnetite BIF. Several hematite targets have been identified.

Lincoln Minerals has formed a Joint Venture with Mineral Enterprises Limited (“MEL”) of Bangalore, India and Mineral Enterprises Australia Pty Ltd (“ME Australia”), for iron ore exploration on EL3422. ME Australia will earn a 20% interest in the Gum Flat Project by contributing a total $1,000,000 of exploration expenditure by 31 December 2008. Subject to rights to withdraw, ME Australia can earn an additional 20% in the Project by contributing a further $1,500,000 of exploration expenditure by 31 December 2010.

ME Australia is a subsidiary of MEL, a diverse Bangalore based corporation with interests in mining, power, infrastructure and bio-diesel. MEL has been extracting iron ore for over four decades and has substantial iron ore reserves in southern India. For further information please refer to their website www.mineralenterprises.org.

This is an exciting development for Lincoln Minerals and will enable the Company to continue to maximise the iron ore potential of the Gum Flat Project for its investors.

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