Lincoln Minerals Confirms High-grade Uranium Mineralisation at Eridani Project

Lincoln Minerals (ASX:LML) reported interim results from a field sampling program at its Eridani project on South Australia's Eyre Peninsula, saying that the site hosts high-grade uranium mineralisation.

Completed earlier this year, the reconnaissance sampling program was aimed at determining the attractiveness of the asset's geological setting and assessing its potential for uranium mineralisation.

Eridani is focused on the Minbrie West quarry, which was mined for marble and talc in 1919. The site was shut down by the South Australian government in 1944 after the discovery of carnotite, which has radioactive mineral content.

Lincoln performed a review of historic data to confirm the carnotite mineralisation.

“(We) took 12 outcrop samples from the quarry and analysed using pXRF which targeted the yellow mineralisation coating on the rock chips, now confirmed to be carnotite,” the company explained.

Uranium values returned by initial pXRF analysis include 9,250 parts per million (ppm) at MQ12, 6,219 ppm at UMQ11 and 6,890 ppm at UMQ10. Lincoln said these results will help it plan further exploration during Q4.

Future exploration at the project will include mapping, sampling and the review of publicly available geophysical data.

Lincoln will also re-assay historic drill holes completed from 2007 to 2011. These are located 2 kilometres southeast of the Eridani project area, and will help the company better understand the grade and extent of uranium mineralisation.

Eridani is located close to uranium deposits such as Alligator Energy’s (ASX:AGE,OTC Pink:ALGEF) Samphire project.

Lincoln has submitted all samples for laboratory analysis to confirm pXRF readings. Results are expected to be released in October. The company's Kookaburra graphite project prefeasibility study is also due for release next month.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.