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Lincoln Minerals (ASX: LML) is pleased to announce it will commence a partnering process for its large-scale Green Iron Project on the Eyre Peninsula in South Australia, which is underpinned by the recently announced 1.2 billion tonne (Bt) magnetite resource1. A review by Lincoln’s new Board and management team has highlighted the development potential of this large-scale multi deposit magnetite project, known as the “Green Iron Project”., which Lincoln has held since 20182.
- Portfolio review by new management team validates significant scale of Lincoln’s Green Iron Project on South Australia’s Eyre Peninsula, underpinned by 1.2 billion tonne magnetite resource1.
- Previously completed studies contemplated production scenarios of 3 – 10 million tonnes per annum of magnetite concentrate analysing all aspects of project development, including mining, processing, logistics, port, power and water.
- Previous incomplete feasibility studies demonstrated the project’s favourable metallurgical properties, including high recoveries, high resultant iron ore grades and favourable grind size characteristics.
- The commencement of a partnering process for Lincoln’s Green Iron Project is the first step towards unlocking shareholder and regional value from its magnetite resource. The Company understands the local Eyre Peninsula community has an interest in our projects and Lincoln looks forward to working constructively with the community to develop this important Green Iron Project.
- Recent initiatives aimed at decarbonising Australia’s steel industry are expected to support third party project interest, noting plans by the SA Government to update its magnetite strategy, in which Lincoln has been requested to participate.
- Project partnering process aimed at advancing the project to Definitive Feasibility Study (DFS) status and complete approval documents to commence imminently, overseen by Lincoln Director Julian Babarczy.
- Value realised from Lincoln’s Green Iron Project will fund and fast-track development of the Kookaburra Graphite Project, the Company’s core asset and primary focus.
The Green Iron Project partnership process, which Lincoln is launching today, seeks to identify a funding and project partner for advancing the Green Iron Project to operational status. The initial phase involves progressing the project to Definitive Feasibility Study (DFS) status and completing necessary approval documents. It is important to note that previous DFS-level studies and regulatory approvals were not finalized, although were well advanced. The goal of the partnering process is to realise value for shareholders and potentially secure funding for the Kookaburra Graphite Project (KGP) while minimizing equity dilution for Lincoln shareholders.
Lincoln Director Julian Babarczy said, “We believe there is substantial potential value in Lincoln’s 100%-owned Green Iron Project, which in our view is currently not reflected in Lincoln’s share price, due to a lack of awareness by the market of the scale and attractiveness of previous study outcomes. During the strong iron ore pricing environment of 2010-2012, the project attracted significant funding as well as strong engagement from major steel companies, however project advancement halted due to the retracement of iron ore prices in subsequent years.
Following our review of the project, it is clear it has a compelling and significant scale, with detailed yet incomplete, advanced stage feasibility studies undertaken on all aspects of the project showing the potential to produce a very high-quality magnetite end-product with favourable metallurgical characteristics, ideal for the production of green steel in the region. I look forward to overseeing this important partnering process for the Company in the months ahead.”
Lincoln CEO Jonathon Trewartha said,“Magnetite, with its environmental advantages, has emerged as an appealing option for sustainable, low carbon steel production. Lincoln’s Green Iron Project, focused on producing a coarse-grind, high-grade iron ore concentrate, is expected to attract interest from potential steel producers, as has been the case with other peers in the region. The project’s unique properties, positive environmental impact, and proximity to established infrastructure and workforce contribute significantly to the project’s attractiveness.”
“Lincoln Minerals has recently unearthed a wealth of assets during an extensive review of the company’s overall portfolio. Among these are the iron ore assets, which represent just one facet of Lincoln’s underlying value and potential. Additionally, we are in the final stages of evaluating Lincoln’s Uranium assets, which we look forward to updating shareholders on shortly.”
“While we remain focused on development of our Kookaburra Graphite Project, our aim is to deliver maximum value to our shareholders and realise value from assets within our broad portfolio in the best interests of shareholders.”
Overview of Lincoln’s Green Iron Project
Lincoln’s Green Iron Project encompasses iron ore rights for a large-scale magnetite project on the Eyre Peninsula in South Australia, with a JORC Mineral Resource estimate of >1.2 Bt of magnetite iron ore, which has demonstrated strong metallurgical recoveries and a high-quality end product (as displayed in Table 1).
Table 1: Combined Total Mineral Resources by Resource classification##For further details relating to Lincoln’s magnetite resource, please refer to ASX release dated 21 March 2024, titled “1.2Bt Eyre Peninsula Green Iron Project Partnering Commences”.
Mineral Resources & Metallurgy1
Underpinning Lincoln’s Green Iron Project is a magnetite Total Mineral Resource of 1.2 Bt at a head grade of 25.7% Fe, which is considered significant due to the optimal location of the resource, the strongly supportive metallurgical characteristics, the overall potential scale of the project as well as the recently emerged preference for high quality magnetite feedstock for green steel production.
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This article includes content from Lincoln Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
Click here for the full ASX Release
This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
