Lincoln Minerals is set to commence drilling four months ahead of schedule at its Jungle Dam uranium prospect in South Australia.
The company hopes to get on the ground at Jungle Dam in the third quarter of 2024, with the hope of following up historical intersections of up to 570 parts per million uranium.
Lincoln said historical results have been bolstered by the reinterpretation of historic gravity data in combination with open-source and recently released South Australian Government geological data, which prompted the inclusion of palaeochannel and unconformity-style mineralisation in Lincoln’s exploration model.
Access and interpretation of such data has expedited Lincoln’s drill target activities and removed the need for the company to complete further gravity surveys. This prompted Lincoln to bring forward the drilling program.
Jungle Dam drill targets are of similar style to Alligator Energy’s Samphire project, 80km southeast of Lincoln’s targets.
With a market capitalisation of $235 million, Alligator Energy is one of the world’s most advanced uranium exploration companies, with its Samphire project set to be developed as an in-situ recovery uranium mine.
Lincoln chief executive officer Jonathon Trewartha said the company was making strong headway on the Eyre Peninsula.
“We have made rapid progress in delineating additional highly prospective uranium exploration targets across our tenements using historic and newly available data which has reinforced the prospectivity of our Eyre Peninsula location,” he said.
“Utilising the newer open-source data and historical geophysics has allowed us to eliminate additional gravity surveys that we had previously planned to undertake.”
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