Minbrie Project (Base Metals and Vanadium)
Lincoln has rights to all minerals and metals other than iron on EL 4884 shared with Centrex Metals Limited and their JV partner the Baogang Group.
Under the terms of its agreements with Centrex, Lincoln has access to all Centrex-Baougang drilling data from the Bungalow-Minbrie area on east-central Eyre Peninsula. Previous work at the Bungalow end of the project area has outlined significant vanadium associated with magnetite iron ore in a sub-vertical zone of ferrovanadium mineralisation that yields a magnetic concentrate (7% to 11.4% DTR) averaging 0.4% to 0.6% V2O5 with 59% to 65% Fe and 0.7% to 1.5% TiO2.
As announced in January 2012, drilling at Minbrie has identified significant copper-lead-zinc and silver mineralisation. The new discovery was made in diamond core drillhole, BUDD192 (676974mE, 6282951mN, MGA94 Zone 53, angled -60° toward 135°) within the interval 131.1m to 160.6m. Laboratory assay results over that 29.5m interval define an average grade of 0.76% Cu, 7.37% Pb, 1.88% Zn, 9.0g/t Ag and trace gold. Base metal grades range up to 4.8% Cu (145-146m), 47.1% Pb (141-142m), 5.5% Zn (133-134m) along with up to 36 g/t Ag (145-146m) and trace gold up to 0.1 g/t Au (156-157m and 158-159m).
In early 2013, a ground electromagnetic survey was conducted over the discovery drill hole. Four lines, each 1 km long and oriented in a NW-SE direction 200m apart, were surveyed across the discovery drillhole. There was a strong horizontal EM response at the base of the Q-T sediments due to the presence of highly saline groundwater along that interface. Unfortunately that masked any subtle EM responses within the underlying basement rock that might have been attributable to massive sulphide mineralisation.
While this work represents an early stage of base metal exploration on this prospect, Lincoln Minerals is very encouraged by these discoveries and is looking for a suitable joint venture partner to progress the project.