Lincoln Minerals (ASX: LML) has combined historical exploration work with some modern day field work to identify a slew of uranium shows over its Eyre Peninsular ground that it will now focus on in earnest. The company says soaring uranium prices have reinvigorated its plans for dedicated uranium exploration, which have been on hold since the market downturn over a decade ago.
A scout drilling program back in 2007 at its Jungle Dam prospect returned a 4m intercept grading 500 parts per million uranium within a wider 18m section going 180ppm uranium that was never properly followed up. Lincoln also recorded peak uranium values of 570ppm from a 1m hit at that operation.
Further data analysis shows previous explorer Afmeco intersected up to 350ppm uranium in a drill hole near the contact with intrusive granites at its Carinya prospect, while field mapping at Carinya and the White Flat targets graded up to 1088ppm uranium using portable Niton X-ray fluorescent analysis.
An additional target has been identified at Lincoln’s Minbrie project at its Eridani prospect through a review of new and historical datasets.
The company plans to explore these prospect areas in coming months and has highlighted the potential to generate additional uranium targets due to the supportive geological setting, modern geoscience data and nearby high-quality uranium projects on the Eyre Peninsula. This will include a review of the South Australian Department of Energy and Mining’s radiometric datasets and new gravity surveys.
Lincoln says it will also assess previous assay results from recent non-uranium based drilling near the new prospects in addition to a review of geochemical data from sampling.
Plans are already in place for a gravity survey next quarter aimed at defining new targets at Jungle Dam ahead of a drilling campaign in the fourth quarter to define the extent of new and previously discovered mineralisation. The survey will also cover the Carinya and White Flat prospects to define new targets before the end of the year.
A site visit is planned for the Eridani area, with on-the-ground exploration set to kick off as soon as approvals are granted for field reconnaissance and sample collection.
With increased momentum to transition away from fossil fuels to enhance energy security, the demand for uranium continues to rise, underscoring its critical role as a stable and dependable source of energy. This changing market context presents Lincoln Minerals with potential opportunities to revisit and leverage its long-standing uranium project pipeline, which aligns perfectly with the Company’s attractive broader energy transition projects.
Lincoln Minerals chief executive officer Jonathon Trewartha
Since 2020, several new uranium projects have emerged on the Eyre Peninsula, including Pinnacle Minerals' Wirrulla project, Alligator Energy's Samphire project and Power Minerals' Whichelby project, all showing significant potential for growth and development in the region's uranium sector.
Lincoln believes several of its uranium targets share geological similarities to the Samphire project which sits about 40km to the north-east with a JORC-compliant resource of 11.4 million tonnes at 720ppm for 18.1 million pounds of uranium oxide.
According to Geoscience Australia, South Australia is considered the most uranium-friendly State in the nation as it actively supports exploration for the controversial metal. In fact, the project approvals process in South Australia has even been streamlined.
BHP’s Olympic Dam deposit in SA is considered one of the biggest uranium deposits in the world, containing more than two million tonnes of uranium oxide.
Australia holds a strategic position in the market with almost a third of the global uranium resources, yet only 8 per cent of the world’s total is produced in the nation.
SA uranium mines lead the nation’s production with 5497 tonnes of uranium oxide produced in 2020. It is also home to one of only two Australian ports approved for uranium exports.
With uranium coming back into vogue and a grab bag of prospective targets across its extensive South Australian holdings, Lincoln appears to be gaining significant momentum in its bid to play a part in the energy transition industry.
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