gsfl
13 years ago
Lincoln Confirms Gold/Silver Structures in Northwest Area of La Bufa, Chihuahua, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") is pleased to announce that recent core drilling has established the existence of gold/silver mineralization in several strong quartz-breccia structures and stockwork zones that extend for hundreds of meters at its 100% owned La Bufa project in Chihuahua State, Mexico. Nine (9) angle core holes have been completed for a total of 2,004 meters with an average hole depth of 222 meters in Target 1 in the northwest area. Core recovery has been good to excellent. Drill targets were identified by surface geological mapping, rock-chip sampling, and geophysics. These drill holes targeted high-angle structures that are similar to those that host gold-silver mineralization at the historic El Rosario mine (Aurico), 3 kilometres to the south. Similar structures also occur about 8 kilometers to the south on the Company's property. The purpose of the drilling program is to confirm the presence of structural zones, quartz breccia zones, and stockworks as the extension of the main NW-SE system. Many assays remain pending. Future drilling will offset holes containing anomalous gold and silver intercepts.
Target 1
Drilling commenced in an area with at least three prominent high-angle structures with anomalous gold/silver mineralization and some old surface workings. Angle hole LB-13 at -65° encountered 16.3 meters (not true width) of strong quartz breccia beginning at 22.3 meters and extending to 38.6 meters. Quartz breccia is a major ore host in the district and the intercept confirms the strong, NW-trending structural setting. Assays in the quartz-breccia structure show anomalous silver and gold with very sparse base metals. Anomalous silver values range from 0.7 to 4.4 gpt silver and higher gold values are 0.141 and 1.275 gpt gold. Lincoln geologists believe that the quart-breccia zone is high in the mineralized system.
Hole LB-14 was drilled at an angle of -45° about 70 meters along strike from hole LB-13 and encountered 12.5 meters (not true width) of good quartz, iron-oxide stockwork veining extending from a depth of 12.5 m to 52.0 meters. Assays are anomalous and range from 1.3 to 7.3 gpt silver and 0.102 to 0.420 gpt gold with very sparse base metals.
Hole numbers LB-15 and LB-16 were angled at -65° and -60° respectively and drilled to 151.5 and 181.5. These holes did not intercept any structures. Lincoln geologists believe that the structure is faulted out at these locations.
Hole number LB-17 was angled at -45° and drilled to 231.5 meters. The hole intersected a strong quartz-breccia, heavily oxidized zone from 22.5 to 26.6 meters for a thickness of 4.1 meters (not true width) which was preceded by a strong stockwork zone from 0.0 m to 22.5 meters for a thickness of 22.5 meters (not true width). Higher gold assays ranged from 0.136 grams to 0.652 gpt gold with elevated silver values. The main quartz breccia zone was intersected from 181.5 meters to 190.0 meters for a thickness of 8.5 meters (not true width) which was heavily sheared and broken and was preceded up hole by a good stockwork zone over 17.0 meters in thickness (not true width), all hosted in a rhyolitic intrusive. Anomalous assays range from 0.3 to 2.6 gpt silver with higher gold values of 0.650 to 0.754 gpt gold. Base metals are very sparse.
Hole LB-18 drilled to a depth of 220.5 meters at -45° cut an iron-oxide, hematitic stockwork with pyrite, all hosted in a rhyolitic intrusive from 28.5 to 37.5 meters for a thickness of 9.0 meters (not true width). Assays are pending.
LB-19 was drilled to a depth of 247.5 meters at -45° and cut heavy argillic alteration of quartz, iron-oxide stockworks and quartz breccia in several zones from 9.0 to 13.5 meters, 22.5 to 25.0 meters, 34.5 to 51.5 meters, 102.0 to 105.0 meters and 140.5 150.0 meters. Other quartz breccias with sulphides were intersected from 162.0 to 165.0 meters and 173.7 to 176.2 meters. No intervals represent true widths. Assays are pending.
Hole LB-20 was drilled to a depth of 255.0 meters at an angle of -65°. The hole also hit a stockwork and quartz breccia zone at 21.8 to 26.0 meters for a thickness of 4.2 meters (not true width) and also a quartz, iron-oxide zone from 26.0 to 39.0 meters for a thickness of 13.0 meters (not true width). Assays are pending.
The persistence of favorable structures, alteration and quartz breccias attended by consistent runs of anomalous silver and gold and very sparse base metals suggest that drilling to date is high in the mineralized system.
Target 2
Drilling has also started on stockwork zones over 30 meters wide (not true width) on Target 2, which lies 1,000 metres to the northeast of Target 1. Some of these structural zones were exposed at the surface by the bulldozer while cutting drill roads. Surface sampling has been conducted along the drill roads; assays are pending. Visual inspection shows shattered quartz veins and stockworks.
District Drilling
Drilling at Targets 1 and 2, 2,500 to 3,500 meters distant from the historic El Rosario mine (Aurico), indicates that the main mineralized structures can be identified for at least 5 to 8 kilometers in length in a northwest to southeast direction. In 2008 the Company drilled 12 core holes south of the El Rosario mine on Company ground (see June 23, 2008 press release). The main mineralized structures were also identified in that drilling program.
Quality Assurance and Control
Core is collected and handled only by authorized Company personnel who are trained in Company procedures. Core is transported after each drill shift to a secure prep and storage area in Guadalupe y Calvo where it is washed, measured, photographed, logged, and marked for sampling. Sample intervals are cut into equal halves with a diamond saw under the supervision of a senior geologist. One-half core is bagged and labeled with a unique sample number which is recorded. Certified standards and blanks are inserted into the sample sequence at a frequency of 5% standards and 2.5% blanks. Duplicate samples consisting of ¼ core are also inserted into the sample sequence where deemed appropriate. The samples are trucked to the ALS Chemex prep lab in Chihuahua where they are crushed, pulverized, split (250 g) and shipped to Vancouver, B.C., Canada for analysis.
ALS Chemex complies with, and is registered under, the international standards of ISO 17025:2005. As part of the analytical procedure, ALS Chemex maintains an internal system of duplicates, blanks and standards that are an integral part of each sample batch. ALS Global Laboratories quality assurance and assay procedures are described on their website. All samples are analyzed for gold using conventional fire assay and atomic absorption finish (Au-AA23). Multi-element analyses, including silver, are conducted by an inductively coupled plasma method (ME-MS41). Gold over limits are analyzed by fire assay with gravimetric finish. Silver over limits are analyzed by conventional fire assay. Second lab checks are conducted by Inspectorate on duplicate pulp samples. Pulps and rejects are returned to Lincoln for secure storage.
Mr. Jeffrey Wilson, the Company's Vice President Exploration and a "qualified person" under National Instrument 43-101, reviewed and approved the scientific and technical information contained in this news release.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property in Nevada, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under Lincoln Gold US Corp., a Nevada corporation.
On behalf of Lincoln Mining Corporation
Paul Saxton, President CEO
gsfl
13 years ago
LINCOLN MINING – MESSAGE FROM THE PRESIDENT
Vancouver, British Columbia – Lincoln Mining Corporation, TSX-V: LMG A Strategic Partnership for Lincoln Mining Corporation
Mr. Saxton comments:
On March 31, 2011, Lincoln Mining Corporation (“Lincoln”) issued a press release announcing that it had entered into an exploration financing agreement of up to $10 million with Elgin Mining Inc. (“Elgin”). We have received many comments from Lincoln shareholders, and the investment community, regarding the agreement and consider this to be an opportune time to elaborate on Lincoln’s strategic partnership with Elgin (and its CEO, Mr. Bob Buchan) and what it means for Lincoln and why Lincoln management believes it is a milestone deal for the Company and its shareholders.
The proposed agreement originated with a visit to the Oro Cruz property by Mr. Buchan and me. Mr. Buchan immediately recognized the potential of the project, which he reiterates in the joint news releases of Elgin and Lincoln dated March 31, 2011.
I would like to point out some very positive features of this partnership:
1. Mr. Buchan was quick in making the decision to collaborate with Lincoln in the exploration and development of the Oro Cruz and La Bufa projects. Mr. Buchan has a track record of success with developing gold companies and is the founder and CEO of Kinross Gold Corp. (which is currently one of the largest gold companies in the world with a market capitalization of $16 billion) and most recently Allied Nevada Gold Corp., of which Mr. Buchan is Executive Chair, (currently trading at around $40 per share). Lincoln’s transaction is specifically with Elgin, which I am sure Mr. Buchan aims to make equally successful.
2. Initially, Elgin has committed to invest $4 million in Lincoln by investing $3 million on the Oro Cruz property in California and $1 million on the La Bufa project in Mexico. No Lincoln shares will be issued for this investment, thereby creating absolutely no dilution to Lincoln shareholders. It should be emphasized that if Lincoln were to carry out this exploration itself by raising the required funds through an equity financing, it would add another 35 to 40 million shares to Lincoln’s total. Only after this initial investment has been made by Elgin will it then have the option to earn into the projects to a maximum of 60%.
3. We believe that both the Oro Cruz and La Bufa have the potential to develop into significant gold deposits. If exploration success results in Elgin earning its maximum position Lincoln would retain a 40% interest in project(s) of considerable size, at substantially reduced cost. If this happens then we will have accomplished a great deal for our shareholders. A successful exploration program will enable Elgin to work with Lincoln to ensure that the
projects are developed and funded to production and with a minimal dilution to Lincoln’s stock. We believe that by the time Elgin’s earn-in has occurred, substantial value will be added to the project(s) assets as a result of the investment which would provide Lincoln with an outstanding partner for future production.
4. Exploration will continue at La Bufa. Management believes the potential for the discovery of a large resource exists at the La Bufa project. Gammon Gold has recently reported a multi-million gold and silver inferred resource on their adjacent property (News Release February 28, 2011). We know that the main geological structures that have resource bearing potential cut across both the Gammon Gold ground and the Lincoln ground. We plan to start drilling on the La Bufa property in early June. Also note that permitting for drilling at Oro Cruz is in progress and drilling is anticipated later in the year.
As a result of Elgin’s investment and with continuing exploration success, we anticipate Lincoln will emerge as a stronger presence in the junior gold market.
In closing, we would like to thank our shareholders for their continued support; our management team is committed to developing projects and new opportunities with maximum shareholder value in mind.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Oro Cruz gold property in California, the Pine Grove gold property in Nevada and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under Lincoln Gold US Corp., a Nevada corporation.
For further information, please contact Investor Relations at 604-688-7377 or visit the Company’s website at www.lincolnmining.com.
On behalf of Lincoln Mining Corporation
“Paul Saxton”
Paul Saxton, President & CEO
gsfl
13 years ago
Lincoln Mining to Commence Drilling La Bufa Project
Apr. 26, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") is pleased to announce that drilling at its 100% owned La Bufa property in Chihuahua State, Mexico is scheduled to start in early June. A 5,000 meter drill program is initially planned. This is the first drilling that has been carried out on the property since 2003 & 2008, when 17 holes in total were drilled in the southeast part of the property. Drill intercept results included 10.70 gpt of gold and 516 gpt silver over 1.5m, 8.70 gpt gold and 503 gpt silver over 1.61m, 1.55 gpt gold and 91.1 gpt silver over 0.40m and 0.402 gpt gold and 6.60 gpt silver over 1.55m (see Company's news release of June 23, 2008 for complete results).
Since 2008 Lincoln geologists have been focusing on defining drill targets in the northwest part of the property, which the Company's management believes to have substantially more mineral potential than the southeast area. Programs of geophysics, rock-chip and soil sampling, and geologic mapping have been completed covering an area of over 15 square kilometers (see news release of July 27, 2010). Five large, distinct targets have been identified all the way from Gammon Gold's GyC property boundary in the south to the northern boundary of the La Bufa property, a distance of over 5 kilometers. The targets are all focused on the "lower volcanic" or older rocks and historic production has been estimated at over 2 million ounces of gold and 28 million ounces of silver. Also Gammon Gold has recently announced inferred resources of over 1 million ounces of gold and 45.6 million ounces of silver on its GyC property (See February 28, 2011 news release by Gammon Gold).
Lincoln is now finalizing its environmental reviews and permitting and is about to choose its drill contractor.
For more details on the La Bufa property, or to view the La Bufa technical report of January 5, 2009 filed, on SEDAR on February 10, 2009, please refer to Lincoln's website or go to www.sedar.com.
Mr. Jeffrey Wilson, Lincoln's Vice President Exploration and a "qualified person" within the meaning of NI 43-101, has reviewed and approved the information contained in this news release.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Oro Cruz gold property in California, the Pine Grove gold property in Nevada and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under Lincoln Gold US Corp., a Nevada corporation.
On behalf of Lincoln Mining Corporation
"Paul Saxton
gsfl
13 years ago
LINCOLN MINING: 2010 YEAR IN REVIEW
Vancouver, British Columbia – Lincoln Mining Corporation, TSX-V: LMG (“Lincoln” or the “Company”). Paul Saxton, President and CEO of Lincoln Mining Corporation, is pleased to report on the Company’s progress during 2010, marking its first full year of trading on the TSX- V.
The Company’s immediate objective is to become a precious metals producer within 2 years with increasing production each year after that.
During 2010 the Company advanced all three of its 100% controlled gold/silver projects; the Pine Grove in Nevada, the Oro Cruz in southern California and the La Bufa in Chihuahua, Mexico. The Company’s focus has been advancing the Pine Grove to develop an updated resource calculation, while also conducting further exploration work at its Oro Cruz and La Bufa projects. Details of all the exploration work can be found on the Company’s website, www.lincolnmining.com. Lincoln also completed an equity financing during the year which netted $4.0 million.
During the year, a number of work programs were undertaken at the Pine Grove all designed to place the property into production. In February, a 63 drill-hole confirmation program was completed. The drilling was carried out on the two patented claim areas, the Wilson and the Wheeler which form part of the property, to reaffirm and potentially upgrade the gold resources identified by a 160-hole program conducted by Teck Resources Ltd. in the early 1990’s. A number of the current drill-hole assay results are consistent with the high grade aspect of the previous underground mining grades. For detailed results, please see the Company’s press release dated March 2, 2010.
In anticipation of future production, Lincoln has been considering an open pit, heap leach type of operation for Pine Grove. The process plant may have to be redesigned to ensure that the coarse gold from these high grade areas is recovered as well as the low grade finer gold. Metallurgical test work continues at McClelland Labs in Reno to determine potential gold recoveries from the various types of mineralization. Permitting and environmental studies will continue in 2011. In addition, geotechnical drilling is planned as well as more exploration drilling necessary to better define the high grade zones that have been intercepted.
At the Oro Cruz property in southern California, a National Instrument 43-101 compliant technical report on resources was completed by Tetra Tech of Denver (see complete report filed on SEDAR September 21, 2010 at www.sedar.com or on the Company’s website) which has defined an inferred resource of 341,800 ounces grading 2.2 g/t using a cut-off of 0.6 g/t. This resource is being used as a base to potentially upgrade the resource and expand the deposit. The technical report recommends a twin hole program, bulk density and metallurgical test work to convert Inferred resources to Indicated and Measured. In addition, five satellite gold zones
have been identified and over 10 targets in the area have been defined for future exploration. This preliminary information suggests the area has substantial room to grow the resource and a work program has been developed with that objective in mind. With the current resource, the project has near-term production potential. In the latter part of 2010, Lincoln staked an additional 63 claims in an area it believes to have exploration potential. The Company has hired Mintec, Inc. of Tucson, Arizona to complete an initial open pit design on the project and will use Tetra Tech of San Bernardino, California to begin environmental baseline studies on the property. As with the Pine Grove project this property has excellent infrastructure to accommodate access, utilities and facilities.
As a result of the geophysical survey, trench sampling, and mapping carried out in 2010, the La Bufa project is becoming an increasingly attractive exploration target. The property is situated in an outstanding location within the Sierra Occidental belt. The high grade historical production is a good indicator of the potential of the property with the investment of a major work program. Lincoln’s mining concessions encircle the areas of past production with key targets and extensions now well defined by all the Company’s exploration work. Over 22,000 line meters of geophysics have been completed, numerous soil and rock samples were taken and the area has been mapped in detail. Samples grading up to 1 ounce of gold and 28 ounces of silver have been reported. The host rock for the gold and silver is the “Lower Volcanics” and this setting combined with the data from geophysics and rock and soil sampling programs have given us numerous drill targets. Please see the Company’s press release dated July 27, 2010 for more information.
The Company will continue to develop its exploration strategies with a view to maximizing shareholder value and focusing on its long term goal to build Lincoln Mining into a mid tier gold producer.
On behalf of Lincoln Mining Corporation
“Paul Saxton”
Paul Saxton, President & CEO
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