Lincoln awarded new EL

THE BOURSE WHISPERER: Emerging iron ore miner, Lincoln Minerals has been granted an additional iron ore prospective Exploration License, named Nantuma, located near Warramboo on South Australia’s central Eyre Peninsula.

Nantuma is immediately adjacent Iron Road’s 2.1 billion tonne iron ore deposits.

Lincoln said the new license adds to its portfolio of near mining and advanced iron ore deposits and tenements throughout the Peninsula, including proposed maiden production from Gum Flat near Port Lincoln.

“Nantuma adds to Lincoln Minerals’ portfolio of iron ore projects in the highly prospective Gawler Craton where iron ore has been mined for more than 110 years,” Loncoln Minerals said in its ASX announcement.

Lincoln’s current Eyre Peninsula iron holdings comprise more than 120 million tonnes of JORC classified Inferred and Indicated iron ore resources, with additional high priority iron ore exploration targets in excess of 1 billion tonnes, at Gum Flat, in the Cummins-Wanilla district and at Eurilla.

The company said it aims to commence mining direct shipping (DSO) hematite iron ore from its Gum Flat project late this year to early 2013 subject to getting all necessary approvals.

Lincoln Minerals’ Managing Director, Dr John Parker:
“The new exploration license enhances Lincoln’s long-term focus on iron ore exploration targets on Eyre Peninsula,” Lincoln Minerals managing director Dr John Parker said in the company’s announcement to the Australian Securities Exchange.

“While Iron Road’s Murphy South and Boo Loo deposits are relatively low grade at an average grade of 16.2 per cent iron, Iron Road has demonstrated through prefeasibility test work that a high quality concentrate grading 67 per cent iron may be produced using a coarse grind size of  less than 106 microns.
“Lincoln Minerals looks forward to undertaking detailed aeromagnetic surveys and analysis at Nantuma in the near future to prioritise exploration targets for drill testing later in 2012.

“With the prospects of a potential new bulk minerals port at Port Spencer, only 120 kilometres to the southeast of Nantuma, Eyre Peninsula is shaping up to be a revitalised and substantial modern era iron ore mining district for the future and Lincoln Minerals is keen to be an integral contributor to that new resource profile in the region.”