Lincoln Minerals Announces High-Grade Uranium Discovery at Eridani Project
LML (LML) Share Update September 2024 Monday 16th
Lincoln Minerals Confirms High-Grade Uranium at Eridani Project
Lincoln Minerals Limited (ASX: LML) has confirmed high-grade uranium mineralization at its Eridani Project located on the Eyre Peninsula in South Australia.
Instant Summary:
- High-grade uranium mineralization confirmed at Eridani Project.
- pXRF analysis results include readings up to 9250ppm U.
- Samples submitted for laboratory analysis with results expected in October.
- Eridani Project is strategically located near significant uranium deposits.
- Additional exploration planned including mapping, sampling, and potential drilling campaigns.
Initial Findings
Lincoln Minerals Limited has announced the discovery of high-grade uranium mineralization at its Eridani Project, located on the Eyre Peninsula in South Australia. The project is situated around the abandoned Minbrie West quarry, which was shut down by the South Australian Government in 1944 due to high radioactivity in the surface geology.
Lincoln completed a first-pass reconnaissance sampling program at Eridani, utilizing portable X-ray fluorescence (pXRF) analysis to confirm the presence of carnotite uranium mineralization. Significant pXRF results include sample MQ12 with 9250ppm U, UMQ11 with 6219ppm U, and UMQ10 with 6890ppm U. All samples have been submitted for laboratory analysis to confirm the pXRF readings, with results expected in October.
Strategic Location
The Eridani Project is strategically located on the eastern Eyre Peninsula, near significant uranium deposits, including Alligator Energy’s Samphire Project. The area is known for its complex geological framework, with multiple NW trending faults crosscutting the Kalinjala Shear Zone, providing potential fluid pathways from weathering Hiltaba suite granites.
Future Exploration Plans
Lincoln Minerals aims to undertake additional exploration activities, including detailed mapping, sampling, and reviewing publicly available geophysical data to assist in potential drilling campaigns. The company is also ahead of schedule with its Kookaburra Graphite Project Pre-Feasibility Study, which is due for completion in October.
Project Background
The Eridani uranium project focuses on the Minbrie West quarry, initially mined for marble and talc in 1919. The site was decommissioned following the discovery of carnotite, a secondary mineral usually formed from the weathering of Uraninite. This discovery in 1944 led to the cessation of mining operations due to its radioactive mineral content.
During a visit by South Australian Government inspectors in 1944, a previously noted shallow trench containing carnotite-stained schistose marble was expanded into a deeper shaft, revealing more extensive carnotite staining on fracture surfaces. The examination also included a search for additional occurrences of carnotite, with further evidence found in the northeastern corner of the quarry.
Recent Field Work
A review of historic drill core logs from EL5851 identified potential targets for uranium mineralization associated with extensive hydrothermal alteration of Donington Suite granites. The alteration occurs along fault and shear zones 2km southeast of the quarry and is proximal to Hiltaba Suite granite intrusions.
The drill holes, initially part of Centrex Metals Ltd’s 2007-2011 iron ore exploration program, were not previously assayed for uranium. However, recent discoveries of uranium mineralization by Alligator Energy Ltd, northeast of the Eridani Project area, have prompted further investigation.
The confirmation of high-grade uranium mineralization at the Eridani Project is a significant development for Lincoln Minerals. This discovery could potentially enhance the company's portfolio and attract investor interest. The strategic location near other significant uranium deposits adds value to the project. However, the final laboratory analysis results will be crucial in determining the full impact on the company's stock and future exploration plans.
Investor Reaction:
Analysts are likely to react positively to the high-grade uranium discovery, especially given the strategic location of the Eridani Project. However, they will be closely monitoring the final laboratory analysis results expected in October. The potential for further exploration and drilling campaigns could also generate interest among investors.
Conclusion:
Investors should keep an eye on the upcoming laboratory analysis results and Lincoln Minerals' future exploration plans at the Eridani Project. The confirmation of high-grade uranium mineralization is a promising development, and the company's strategic response will be key in maintaining investor confidence.