Previous drilling provided poor core recovery, so the company is aiming to obtain sufficient geological insights from the new program to refine its exploration planning and to home in on the best targets for future campaigns. It says assays from drilling in 2007 show the mineralisation is typically associated with vein quartz-pyrite and occurs with increased levels of nickel and cobalt.

Of particular interest is a mineralised zone spanning 250m in width along a 400m strike. It is part of a bigger area of up to 2.5km that exhibits a biogeochemical signature in mallee leaves. Past exploration also outlined two key zones with the potential for higher levels of uranium in the region.

Lincoln believes its drill targets are in an area interpreted to be a paleochannel similar in style to ASX-listed Alligator Energy’s Samphire project, located south-east of Jungle Dam in the uranium-rich Eyre Peninsula. It sees several of its uranium targets sharing geological similarities to the Samphire project, which has a JORC-compliant resource of 11.4 million tonnes at 720ppm for 18.1 million pounds of uranium oxide.

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

BHP’s Olympic Dam deposit in SA is considered one of the biggest uranium deposits in the world, containing more than two million tonnes of uranium oxide and helping the State’s uranium mines lead the nation’s production, with 5497 tonnes of uranium oxide produced in 2020.

With the company’s renewed enthusiasm for yellowcake coming at a time when the price of uranium has increased considerably – and with many nations around the world warming to its use as a source of clean energy – discovering a new deposit may well drive Lincoln forward at high speed.

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