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LML - LINCOLN MINERALS LIMITED


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In reply to: dimit on Wednesday 10/10/07 12:56pm

Pretty impressed with this one. Have watched since listing.

 

By my calcs only around 50m on issue, giving the company a rough market cap of nearly $14m at current trades of 28 cents.

 

Top 20 own nearly 60% of the 50m on issue, leaving around 20m free float. Say another 5-10% held by loyal holders and we are left with around 15m tradeable.

 

JV with Mineral Enterprises for exploration of Gum Flat tenement. (Mineral Enterprises also took up recent placement of 3.5m shares at 30 cents to raise $1.05m).

 

Currently drilling hematite targets at Gum Flat/Eyre Peninsula with 10,000m aircore and slim-hole RC commencing on 13.08.07.

 

From the website... http://www.lincolnminerals.com.au/gum-flat.php

 

*Gum Flat

 

The Gum Flat project area is prospective for a large range of polymetallic minerals including Menninnie Dam style Pb-Zn-Ag (Cu-Au) mineralisation, U mineralisation and Middleback Range iron ore (both hematite and magnetite). Previous exploration drilling is very limited with only a few holes intersecting Precambrian basement. Most of these holes have not been adequately sampled.

 

Extending up to 20km west from Port Lincoln and with two railway lines (one now disused) and a major highway running through the area, EL3422 is ideally located with respect to infrastructure and proximity to a major shipping port.

 

The aggregate length of interpreted banded iron formation (BIF) in EL3422 based on aeromagnetic data is ca. 35km. This represents a significant target for iron ore exploration and associated minerals such as base metals, gold and uranium.

 

Several possible hematite targets have been identified but, in addition to iron ore, the Middleback BIF horizons of the Hutchison Group in this area are closely associated with sulphide-rich and banded calcsilicate units that, elsewhere, are host to numerous small but interesting base metal prospects.

 

Exploration proposed within EL 3422 will test a number of hematite, base metal and uranium exploration targets and these will form the focus of early drilling and exploration. Hematite targets include zones of reduced magnetic amplitude, fault zones with clear evidence of magnetite destruction and favourable structural settings including fold hinges and complex fault patterns. EL 3422 is mainly covered by unconsolidated Quaternary and Tertiary sediments so magnetic interpretation will play a major role in the exploration program. Detailed high-resolution aeromagnetic and radiometric surveys have been flown over selected areas.

 

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Other projects also detailed...

 

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*Cckabidnie

 

The Cckabidnie area has been the focus of base metal, gold and uranium exploration sporadically since the late 1960ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s. It has potential for unconformity uranium mineralisation associated with the base of the Blue Range Beds and also base metal, gold and iron ore mineralisation associated with the BIF-marble-calcsilicate sequence extending south and southwest from the Stanley Mine.

 

Previous exploration centred on the Campoona Syncline where there is high background base metal geochemistry (up to 0.9% Pb in outcrop samples) and Sirotem anomalies associated with BIFs. Drilling 5km ENE of Cckabidnie Corner intersected intervals up to 5m @ 1.14% Zn and 0.11% Pb.

 

A 10 x background gas-in-soil radon anomaly was located by the Pancontinental Mining-PNC-Afmeco Joint Venture 1.5km north-northeast of Cckabidnie Corner with coincident uranium in borehole water and hematite alteration in both the Mesoproterozoic cover and underlying graphitic schist basement. Neither the source of the radon nor uranium anomalies were identified from RAB and core drilling but the anomaly highlights the potential in this region for unconformity-related uranium mineralisation.

 

Pancontinental Mining also recorded scattered surface outcrop uranium anomalies up to 0.075% U in EL 3609.

 

A surface geochemical calcrete gold anomaly (>10ppb Au) extends southwest of Sugarloaf Hill Mine into EL 3609. There is a >100ppm Cu and >100ppm Zn anomaly coincident with the calcrete gold anomaly and work by Lincoln Minerals has identified gold anomalies up to 272ppb Au in calcrete. BIF outcrop nearby has up to 0.97% Zn.

 

The proposed exploration program for the Cckabidnie area will focus on potential unconformity uranium mineralisation associated with the base of the Blue Range Beds combined with ongoing exploration for gold and base metals particularly in the Campoona Syncline and southwest of Sugarloaf Hill.

 

 

*Mount Hill

 

The Mount Hill project is located on the northern edge of the Lincoln Uplands and comprises mainly Hutchison Group metasediments under unconsolidated Cainozoic sediments. The Kalinjala Mylonite Zone runs along the eastern margin and separates Hutchison Group rocks of the Cleve Subdomain from Lincoln Complex gneiss and amphibolite of the Spencer Subdomain. Immediately north of Mount Hill railway siding, Mesoproterozoic sediments of the Blue Range Beds overlie deformed Hutchison Group. The Port Lincoln railway runs through the centre and the Lincoln Highway runs along the eastern edge of the project area.

 

The base of the Blue Range Beds is considered to be a high priority unconformity uranium target. Not only does the basal unconformity overlie probable graphitic schists associated with Hutchison Group BIFs but it also intersects and is locally offset by a major regional fault. There is potential for both East Alligator River and Athabasca Basin style mineralistion. At the Mount Hill prospect, Pancontinental located a ?faulted contact between prospective Hutchison Group carbonates and the Blue Range Beds with a coincident ground radiometric anomaly. Trenching, rock chip and soil sampling identified uranium anomalism up to 260ppm U (in silicified Katunga Dolomite/ironstone) with associated thorium, lead and nickel.

 

There are a series of long north- to northeast-trending aeromagnetic anomalies. The eastern Sunny Brae anomaly is the structurally most complex with evidence of tight folding and faulting and forms the eastern limb of a major antiformal structure that plunges north under the Mesoproterozoic sediments. The Salt Creek and Burrawing mines occur along strike to the south. The western Mount Hill aeromagnetic anomalies form the western limb of the antiformal structure and represent two parallel BIF units in the south. Both anomaly trends are considered high priority base metal targets. The Sunny Brae prospect is a stream sediment geochemical copper-zinc anomaly with 0.11% Cu, 0.56% Zn and associated lead.

 

There are a number of drainage systems within the project area that may have potential for palaeochannels uranium mineralisation. The Dutton River is considered the highest priority target since it drains an area immediately adjacent to the Mesoproterozoic Blue Range Beds unconformity. The mouth of the Dutton River near Port Neill has anomalous radioactivity.

 

 

*Wilcherry

 

The Wilcherry Project comprises two exploration licences along strike from the Weednanna gold (copper-iron) and Menninnie Dam zinc-lead-silver deposits to the northwest. These tenements straddle the boundary between the Cleve and Coolanie subdomains and are within the Central Gawler Gold Province. Therefore there is considerable potential for major gold and/or base metal mineralisation maybe with associated hydrothermal iron oxide and/or sericite alteration.

 

In addition to Menninnie Dam, previous exploration led to the discovery of several gold and base metal occurrences in the region including:

 

Weednanna which has returned multiple gold and copper intersections e.g. 9m @ 24.6 g/t Au from 7m in hole 98WDDH1; 12m @ 11.4 g/t Au from 68m in hole 06WDRC007 ; and 29 metres at 0.9% copper from 47m in hole 99WDRC61. The mineralisation is associated with a skarn-altered calcsilicate assemblage and strong iron metasomatism;

 

Telephone Dam which returned high-grade zinc and lead intersections including a 4m intersection of 17.2% Pb, 8.9% Zn and 474 ppm Ag from only 24m;

 

Rock chip mainly jaspilitic samples at Lake Gilles South prospect ranging up to 50ppm U, 0.29% Pb, 0.27% Zn and 0.2% Bi. The high base metal values occur where trace galena was recorded in ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“quartz-veined hydrothermal shear zonesÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

 

No specific uranium anomalies have been identified in the immediate area of these tenements but the margins of Lake Gilles are prospective for sediment hosted or palaeochannel uranium mineralisation.

 

 

*Torrens

 

The Lake Torrens project (EL 3563) is located on the margin of Lake Torrens southeast of Carapateena and Punt Hill in a similar structural position along a major NNW-trending lineament. Carrapateena (RMG/Teck Cominco) is a complex haematite breccia system containing Olympic Dam style sulphide mineralisation (178m @ 1.83% Cu + 0.64g/t Au) from 476-654m. Drilling stopped in mineralisation.

 

At Punt Hill, iron-oxide copper-gold style (bornite and chalcopyrite) mineralisation occurs within highly hematite altered Gawler Range Volcanics and hematite breccia at depths from ~750-960m. Mineralisation occurs on coincident/semi-coincident gravity and magnetic anomalies along a regional NW-trending fault.

 

The Lake Torrens project is east of the Torrens Hinge Zone in an area where depths to Mesoproterozoic basement are traditionally believed to be >1,000m.

 

 

*Kimba Gap (Stony Hill)

 

The Stony Hill Project is located on the western side of the Middleback Ranges within the Middleback Subdomain and contains scattered BIF outcrops surrounded by Lincoln Complex granite gneiss. Exposure of Hutchison Group rocks is poor.

 

BIFs are associated with other Hutchison Group units including the Katunga Dolomite, calcsilicate gneisses similar to Menninnie Dam and a pyritic sulphide-rich iron formation at the base of the Lower Middleback BIF sequence in the Middleback Ranges. There is potential for gold and/or base metals within these units but, to date, there has been little recorded gold or base metal exploration within these tenements.

 

A detailed low-level combined aeromagnetic and radiometric survey was flown in early 2007 and identified significant radiometric uranium-only anomalies in the Kimba Gap area on the western edge of local salt pans. These anomalies will form the focus of early exploration in this project area.

 

 

*Carinya (Koppio - Tumby Bay)

 

The Carinya-Koppio-Tumby Bay project has been previously explored for uranium, base metals and iron ore on a reconnaissance basis and contains sporadic outcrops of Hutchison Group quartzite, marble, calcsilicate gneiss, BIF, garnet gneiss and amphibolite. Outcrop is more extensive in the east but much of the region is capped by intense Tertiary weathering and ferricrete that mask basement lithologies.

 

Hutchison Group outcrop extends from Port Lincoln on the western side of the Kalinjala Mylonite Zone to north of Lipson and Koppio. To the east of the mylonite is undifferentiated Lincoln Complex granite gneiss (Donnington Granitoid Suite) and amphibolite. A 1400m x 600m gabbro (C0onta Gabbro) intrudes the Lincoln Complex just west of Tumby Bay.

 

There are several historic mines in the Koppio-Lipson area along with high-grade iron ore, anomalous uranium, gold and base metals. The Tumby Bay, Flinders and Port Lincoln mines are located mainly within outcropping marble and BIF of the lower Hutchison Group (Katunga Dolomite and Lower Middleback Jaspilite equivalents) immediately adjacent to and just within the Kalinjala Mylonite Zone. Each of these mines produced a few tonnes of mainly high-grade copper carbonate ore but copper sulphides have been recorded from deeper levels.

 

The uranium potential of the region is still largely untested. Several radiometric anomalies have been identified near Carinya, Koppio West, Pillaworta, Koppio East, White Flat and an area 5km northwest of Louth Bay. Widespread uranium anomalism has also been recorded in the lateritic regolith.

 

The area northwest of Louth Bay includes a spot sample with 0.15% U at 15.3m depth in drillhole TBD4. This area is along strike from Hospital, Frasers and other prospects in the Port Lincoln area and is in retrograde altered granite gneiss immediately adjacent to the Kalinjala Mylonite Zone. This 40km-long alteration zone is a high priority uranium target.

 

A detailed radiometric survey at Carinya defined a large (ca. 800m long) uranium-only anomaly that has been largely untested. A strong uranium radiometric anomaly also occurs at Koppio where drilling has identified trace gold up to 50ppb Au and anomalous uranium up to 0.026% U.

 

The C0onta Gabbro (or Tumby Bay Nickel Prospect) has been the target of nickel-chrome exploration based on elevated rock chip and stream sediment samples. Basic to ultrabasic diorites to peridotites crop out over an area of 0.7 km 2 with up to 0.2% Cr and 0.15% Ni.

 

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Not a bad little explorer with a good management team, looking forward to results. BRR interview also worth the listen for those who haven't.

 

Cheers,

 

lush

 

 

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In reply to: LUSH on Wednesday 10/10/07 01:36pm

you perhaps could comment on the impact the sale of a chunk of the asset to an indian company will have.consider the guj,ags debacles??selling of a piece of the assets this early on in the company life is not positive imho.100%ownership of tenement is very important ??

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  • 7 months later...

On the move again with market depth building. Here's a co that explores the 2 hottest flavours of current time - iron ore & uranium in SA where uranium mining is actually allowed.

Makes this one worth a pun again atm imo.

Cheers

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  • 1 year later...

This little iron potential is moving along quietly. It doesn't get the attention of its WA cousins but is probably further ahead with better resources than some WA iron potentials that are much higher capitalised. LML has started a consolidation pattern, but has the potential to break out on developmental news.

 

LMLO also has nine months to run so plenty of opportunity to leverage.

 

Cheers

 

 

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  • 8 years later...

SA mining boss disappointed over shock removal

Valerina Changarathil, The Advertiser

January 3, 2018 12:30am

THE driving force behind a multimillion-dollar South Australian mine development on Eyre Peninsula is no longer involved with the company after its board did not renew his contract.

 

SA businessman Dr John Parker ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“ceasedÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ to be managing director of Lincoln Minerals at the end of December.

http://www.adelaidenow.com.au/business/sa-...7ed86c3b37a3f0d

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