VANCOUVER, BC / ACCESSWIRE / August 19, 2021 /(“Lincoln” or the “Company”) ( ) announces that it has staked an additional 61 claims to the south and south-west of the Shawinigan property in Quebec that it has recently optioned from Fayz and Ramy Yacoub. The expanded property now consists of 82 contiguous mineral claims covering a total area of 48.4 square kilometers (4,841.8 hectares). No part of the property that has been staked is located in an area restricted to exploration.
Initial geological work on the newly staked areas has indicated mineralized zones of zinc, copper, nickel, cobalt and titanium. Iron showings have also been identified. Previous exploration has covered only a limited area of the overall property but demonstrated significant potential for the discovery of these minerals. Lincoln is now in the process of preparing a preliminary exploration program to initially cover the entire claim area with a basic geological evaluation designed to locate areas for programs of trenching, drilling and more geophysics.
About the Shawinigan Property
From 1971 to 1975, the original Shawinigan property was explored by Soquem Inc. of Quebec, which conducted 5 programs including geological mapping, soil and rock sampling, mineralogical investigation, magnetometer and EM surveys and diamond drilling that encountered low to medium grade nickel/copper mineralization. Several drill holes intersected Ni/Cu mineralization at a shallow depth of 12 meters (40 to 45 feet) with continuous mineralization over 20.6 meters (68 feet) in hole 704-3A and 80 meters (264 feet) in hole 704-26 and 61.8 meters (204 feet) in hole 704-33. Further drilling was recommended between existing drill holes but was never initiated. The shallow and wide intersections are significant and may indicate a shallow mineralized body and these intersections will be targets for follow up exploration and drilling going forward.
In 2016, helicopter EM/MAG surveys were completed, identifying 68 electromagnetic conductors in three cluster areas. Cobalt was identified with the copper and nickel from the mineralogical investigations. The property is also the host of the Lake Huards cobalt prospect discovered by prospectors in 1956.
Lincoln has appointed Barbara Stehwien, P.Geo., as the primary Gestim delegate for Lincoln Gold Mining in this area of Quebec. All previous exploration is historical and not compliant with National Instrument 43-101 standards and is not to be relied on as current. Further exploration work will be required to classify a current mineral resource or reserve.
Mr. Paul Saxton, the Company’s President and CEO, is considered a “qualified person” under National Instrument 43-101, and has reviewed and approved the scientific and technical information contained in this news release.
Lincoln is an advanced-stage gold mine exploration and development company holding a 100% interest in the Pine Grove Gold Project, in the Walker Lane structural zone of western Nevada. The Company has a preliminary economic assessment of the Pine Grove Gold Project pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects, which was filed with SEDAR on February 16, 2015. An update of the mineral resource estimate was reported in news release dated September 16, 2019, which can be found on the Company’s website at www.lincolnmining.com. Lincoln is working with the United States Forest Service (“USFS”) to secure the permits necessary to develop the Pine Grove Gold Project into a low-cost heap leach operation with a high-grade gravity circuit.
Lincoln is developing exploration plans for the newly acquired Shawinigan Quebec property to evaluate the copper, nickel, and cobalt opportunities at the site. Per the option agreement Lincoln will expend a minimum of $250,000 over the next 12 months.
Lincoln also owns an interest in a joint venture in respect of the Oro Cruz Gold Property in California. Lincoln’s joint venture partner is advancing the Oro Cruz Gold Property towards further exploration, development and production.
Lincoln holds its interests in the U.S. based projects through its wholly owned subsidiaries, Lincoln Resource Group Corp. and Lincoln Gold US Corporation, both Nevada corporations.
For more information, please contact Paul Saxton, President and CEO of the Company
On behalf of
President and CEO,
Tel: (604) 688-7377
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Pine Grove Gold Project, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward- looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Lincoln’s expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Lincoln does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward- looking statements.
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