Lincoln chases 7km-long anomaly at Yallunda project in SA

Lincoln Minerals has launched a uranium exploration campaign at its Yallunda project on SA’s Eyre Peninsula, as it focuses on a 7km-long anomaly identified from a mix of geophysical and geochemical datasets.

Management says it has kicked off an exploration program for environmental protection and rehabilitation (EPEPR) and the lodgement of landowner notifications as it undertakes field reconnaissance and a sampling program across the uranium tenements at its 100 per cent-owned Yallunda project. It is initially focusing its energies on the 7km anomaly, with plans for soil, calcrete and rock-chip sampling in tow.

Results from the program will assist with site selection for a follow-up geophysical gravity survey and will be integrated with the historical data information to provide Lincoln with the opportunity to unveil the true uranium potential of its underexplored region.

The company recently reviewed all of the targets generated from its exploration programs between 2007 and 2011 and completed an assessment of available historical exploration datasets using modern technical processing. Historic airborne radiometric data highlighted an anomaly returning more than 150 parts per million uranium equivalent across the prospective site.

New airborne radiometric data released by the SA Department of Energy and Mines confirms the anomalous zone, with readings exceeding 150ppm. The data shows that the anomalous zone sits on the eastern margin of the Eyre Peninsula, with the local geology hosting significant magnetite deposits and Lincoln’s own promising Kookaburra Gully graphite deposit.

The company also referred to a 2011 airborne radiometric survey that was completed by its then-joint venture (JV) partner, Eyre Iron. The survey was responsible for identifying the 7km-long uranium surface anomaly.

Lincoln also has in its kit-bag the Jungle Dam uranium project that sits within the same Eyre Peninsula region. A gravity survey from 2008 has been integrated with modern ground gravity imaging to refine the company’s drill targets that surround historic intercepts of uranium mineralisation.

Management says the latest gravity and geological information sourced from SA Government data has been pivotal to improving its knowledge of the morphology of the basement ground in its project area. It has also noted that an upcoming preliminary feasibility study (PFS) for Kookaburra Gully is ahead of schedule and due for completion next month.

According to Geoscience Australia, SA is considered the nation’s most uranium-friendly State as it actively supports exploration for the controversial metal. In fact, the project approvals process in SA has even been streamlined.

With several projects in SA that show great promise for “yellowcake”, Lincoln’s uranium vehicle may be about to move into top gear.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au