A recent drilling program undertaken by Lincoln Resources (ASX: LML) at its Kookaburra Gully graphite project in South Australia has enabled the company to extend mineralisation, hitting intercepts of up to 30.5 percent total graphite content (TGC).
Drilling eleven holes in total at Kookaburra Gully North, Lincoln picked up high-grade intercepts at shallow depths, including 24 metres at 16.8 percent TGC from 1m; 29m at 11.3 percent TGC from 5m; and 3m at 30.5 percent TGC from 80m.
The strike at Kookaburra Gully has been extended approximately 50m to 630m.
The company now aims to update its mineral resource estimate for the deposit by April this year, with the current resource measured, indicated and inferred at 12.26 million tonnes at 7.31 percent TGC.
Future exploration based on a confirmation of correlation between graphite mineralisation and EM anomalies will also be a priority in the near future.
Lincoln CEO Jonathon Trewartha said exploration at the project could propel it into standout territory for South Australian graphite.
“These exceptionally high-grade graphite results from drilling at Kookaburra Gully confirm our confidence that we will continue to rapidly develop what is already the second largest graphite resource on Eyre Peninsula,” he said.
“What makes these results particularly exciting is that the drilling results are expected to add to our high-grade core of 2.0 Mt at 15.2% TGC that starts at surface.
“The exceptionally high-grade mineralisation at surface positions us well to be in the lower quartile of the cost-curve once the pre-feasibility study is updated in the fourth quarter of this calendar year.”