Australia-based Lincoln Minerals has recorded high-grade flake graphite mineralization at its Kookaburra Gully Graphite discovery in Eyre Peninsula, South Australia.
The company reported a total indicated and inferred mineral resource of 2.25 million tonnes grading 15% total graphitic carbon (TGC) at nominal cut-off grade of 5% TGC.
The resource also contains 338,000 tonnes of graphite at a similar TGC; the graphite mineralization meanwhile extends to 125m below ground level and over 500m in strike length.
At 2% TGC, the total and inferred mineral resource noted at the mine was 3.16 million tonnes grading 11.5% with 363,000 tonnes of graphite.
The company stated that the findings are consistent with the maiden high-grade JORC Code.
Lincoln managing director Dr John Parker stated that the findings further boost the company’s confidence to further the graphite resources into long-life graphite mining.
"Drilling the Kookaburra Gully Graphite Project and defining over 2Mt of mineralization at 15% TGC in this timeframe has been a fantastic result for Lincoln," added Parker.
Lincoln is meanwhile planning for pilot-scale operation by the end of 2013, awaiting the necessary financial aid and approvals.
Full mining, production and processing at the mine is however planned through 2014.
"The delineation of a world-class flake graphite resource at Kookaburra Gully underpins a mining operation of a minimum 200,000 tonnes of ore per year, for at least 10 years. This means sustained revenues and returns for the Company," revealed Parker.