Assay results have confirmed the discovery of a high grade base metals deposit at Lincoln Minerals’ Minbrie exploration licence near Cowell on the east coast of South Australia’s Eyre Peninsula.
The first laboratory assays have also confirmed an increase in the grade of the new copper-lead-zinc-silver discovery. Mineralization averages include 0.76% copper, 7.37% lead, 1.88% zinc, 9 grams/tonne silver and trace gold, with a copper equivalent grade of 3.05%. The results come from a diamond core drill hole within the 130-160 metre interval.
Lincoln Minerals’ managing director Dr John Parker says the discovery represents an exciting new base metal prospect on the Gawler Craton and Eyre Peninsula. “The assay results, however inject even more encouragement for the initial discovery drill hole at Minbrie. With base metal grades ranging up to 4.8% copper, 47.1% lead, 5.5% zinc along with up to 36 grams/tonne silver and trace gold, this discovery is an important exploration target for the company.
“Furthermore, the high lead and close proximity of the Port Pirie lead smelter make this an attractive proposition,” he says.
Lincoln Minerals is an emerging Australian iron ore producer primarily focused on several deposits in the Eyre Peninsula. Its flagship Gum Flat iron ore project, 20km from Port Lincoln, has a total inferred resource of 103 million tonnes and mining is expected to begin this year. The company already has an offtake agreement with Chinese steel mill Jiangyin Huaxi Steel for at least 50% of the hematite and magnetite production from Gum Flat.