Lincoln Minerals (ASX: $LML) Kookaburra Graphite Project Update

Lincoln Minerals (ASX: $LML) has provided an update on its Kookaburra Graphite Project (KGP) on South Australia's Eyre Peninsula. The company's portfolio review of the KGP's Exploration Targets has led to an increased confidence in achieving resource growth, with additional graphite occurrences identified within the project area. The total graphite Exploration Target at KGP, excluding known Mineral Resources, now ranges from 6Mt to 126Mt with deposit grades ranging from 4-16% TGC. Lincoln plans to assess the graphite potential of its remaining 862km2 of Eyre Peninsula tenements. The updated project studies targeted for 2H 2024 expect to confirm Lincoln's KGP as a highly attractive, tier one graphite project with significant scale potential.

Executive Commentary

Lincoln Chief Executive Officer Jonathon Trewartha stated, 'The new management team's review of the existing Exploration Targets at the KGP has clearly confirmed that resource drilling outcomes achieved are comparing favorably with the Company's Exploration Targets. The KGP has demonstrated its potential for significant scalability, with potential to be a world-class graphite project, with product quality similar to neighboring projects. We have now added a further five previously unclassified graphite occurrences within the Project area.'

Summary of Kookaburra Graphite Project Update

Lincoln Minerals' update on the Kookaburra Graphite Project (KGP) showcases an increased confidence in achieving resource growth and significant scale potential. The company's total graphite Exploration Target at KGP, excluding known Mineral Resources, now ranges from 6Mt to 126Mt with deposit grades ranging from 4-16% TGC. The updated project studies targeted for 2H 2024 expect to confirm Lincoln's KGP as a highly attractive, tier one graphite project with significant scale potential. Lincoln plans additional drilling at KGP in 2024 to extend known mineralization and test new step-out targets. The company aims to complete further validation of the Exploration Targets by March 2024, with assay results from recent drilling expected to be received soon. An updated Feasibility Study for the project is on track for delivery later this year. Lincoln's ambitions for the KGP and its expansive tenement holding on South Australia's Eyre Peninsula position it as a key player in Australia's premier graphite province.