Lincoln secures funding for Minbrie

Lincoln Minerals has secured fresh funding to accelerate exploration at its Minbrie copper-zinc project in South Australia.

The company announced it had raised $231,550 at $0.005 per share, with funds to be used for relogging and assaying more than 2200m of existing drill core.

The approach, described by Lincoln as equivalent to completing an entire drill program at no additional cost, is part of a strategy to fast-track exploration and reduce timelines.

“Our new shareholders have positioned themselves to benefit from the potential upside as we define priority targets at (the) Minbrie project,” Lincoln chief executive officer Jonathon Trewartha said.

“As we relog and assay the substantial inventory of existing drill core for copper and zinc, it provides us with valuable insights equivalent to a 2200m drill program, delivering immediate exploration value at no additional cost.”

Not ruling out further drilling, the company is able to focus on relogging and assaying existing material to generate new targets, effectively deferring new drilling while still advancing the project.

The Minbrie project has already delivered promising results, with discovery hole BUDD192 returning 29.5m at 0.8 per cent copper, 7.5 per cent lead, 1.9 per cent zinc and 9 grams per tonne silver.

Multiple sulphide-rich zones have been identified along a 7km strike, with drill target prioritisation expected by June.

“Our findings to date confirm we have all the ingredients present for a major discovery, and we look forward to reporting full results once they are available,” Trewartha said.

“It’s an exciting time as we shape the future of Lincoln Minerals.”

Lincoln is also pursuing an R&D tax incentive rebate to support its cash position and has reduced operational expenditure to approximately $80,000 per month, excluding exploration.