Lincoln Mining Summarizes Drilling Program La Bufa Property, Chihuahua, Mexico
April 26 2012 - 11:30AM
Marketwired Canada
Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company")
reports that in December 2011 it completed 5,091.3 m of core drilling in 20
angle holes at its 100% owned La Bufa property in Chihuahua State, Mexico. The
property is located in the Guadalupe y Calvo mining district which encompasses a
large, northeast-trending epithermal gold-silver system. Gold-silver
mineralization is hosted in quartz-breccia veins and stockworks that are
localized in a complex zone of high-angle structures. Core drilling focused on
two target areas which were defined by geologic mapping, surface sampling, and
geophysics. Drilling commenced in mid July 2011 and was completed in early
December. Core recovery was excellent. All assays have been received. Drill hole
intercepts reported here are apparent and do not represent true thicknesses.
Eighteen (18) of the 20 holes encountered multiple quartz-breccia veins, quartz
stockwork, or quartz veinlet zones. Eighty-seven (87) quartz zones were
intercepted in the drill holes. Eighty-six percent (86%) of the quartz zones
contained detectable gold and silver (greater than 0.005 ppm Au; greater than
0.2 ppm Ag). Anomalous gold (greater than 0.1 gpt) and silver (greater than 1.0
gpt) are present in 15 holes. Stockwork zones are prevalent and commonly 5 to
12+ m in apparent thickness. Thicker zones of stockwork and quartz veinlets
range from 21 to 54 meters. The best gold intercept is in hole LB-22 which hit
4.38 gpt gold with 11.6 gpt silver from 179.5 to 181.0 m (1.5 m) hosted in
Tertiary andesite with quartz veinlets. The best silver intercept is in hole
LB-23 which hit 249 gpt silver with 0.481 gpt gold from 116.5 to 118.0 m (1.5 m)
hosted in Tertiary andesite with quartz veinlets. Significant base metals are
largely absent.
The drilling program has confirmed the presence of major structures and
anomalous gold and silver with some significant intercepts. The abundance of
quartz breccia veins, quartz stockwork, and quartz veinlets attended by
consistent intercepts of detectable and anomalous gold-silver with low base
metals suggest that drilling to date is high in the mineralized system. Deeper
offset drilling of anomalous zones in both targets is warranted.
Target 1
Nine (9) holes (LB-13 to LB-21) were drilled in Target 1 which consists of at
least three prominent high-angle structures with anomalous gold/silver
mineralization. Intercepts of quartz breccia veins were encountered up to 17.6 m
in thickness and quartz stockwork up to 26.0 m in thickness. Anomalous gold and
silver intercepts are narrow and range from 1.0 to 4.5 m. High values are 1.66
gpt gold with 10.2 gpt silver (hole LB-21) and 1.28 gpt gold and 4.4 gpt silver
(hole LB-13) - see table below.
Target 2
Seven (7) holes (LB-22 to LB-27, LB-29) were drilled in Target 2, approximately
1,000 m northeast of Target 1. Stockwork zones are present at the surface and
the drill road exposed shattered quartz veins and quartz stockwork. Each drill
hole had 3 to 10 zones of quartz breccia vein, quartz stockwork, or quartz
veinlets. Hole LB-27 intercepted 54 m of quartz stockwork. Anomalous gold and
silver intercepts are narrow ranging from 0.7 to 2.7 m with high assays of 4.38
gpt gold (hole LB-22) and 249 gpt silver (hole LB-23) - see table below. This
mineralization is hosted in andesite with quartz veinlets.
Deep Target
One deep hole, LB-32, was drilled near the northern perimeter of the El Rosario
mine property which was recently acquired by Endeavour Silver Corp. from Aurico
Gold Inc. The hole was drilled to 787.5 m and failed to intercept the favorable
"Lower Volcanics" host rock.
Other Drill Holes
Three (3) widely spaced drill holes (LB-28, LB-30, LB-31) were drilled on
scattered targets. Holes LB-28 and LB-29 encountered multiple intercepts ranging
up to 1.355 gpt gold and 21.6 gpt silver - see table below.
SUMMARY OF ANOMALOUS GOLD AND SILVER IN LA BUFA CORE HOLES
(NA=Not Applicable)
----------------------------------------------------------------------------
Inter-
cept (m)
(not
No. Best Best true
Target Quartz Gold Silver From To thick-
Hole No. Area TD (m) Angle Zones (gpt) (gpt) (m) (m) ness)
----------------------------------------------------------------------------
LB-13 1 232.00 -65 4 1.28 4.4 23.73 25.33 1.60
LB-14 1 226.50 -45 2 0.355 3.0 3.0 7.50 4.50
LB-15 1 151.50 -65 0 NA NA NA NA NA
LB-16 1 181.00 -60 1 NA NA NA NA NA
LB-17 1 231.50 -45 5 0.216 0.8 184.50 187.50 3.00
0.652 1.8 214.40 215.40 1.00
LB-18 1 220.50 -45 2 0.064 1.5 170.55 171.80 1.25
LB-19 1 247.50 -45 5 NA NA NA NA NA
LB-20 1 255.00 -65 2 0.239 1.5 24.00 26.00 2.00
LB-21 1 258.00 -70 5 1.66 10.2 57.60 58.50 0.90
LB-22 2 247.50 -75 4 0.293 6.4 162.00 163.50 1.50
4.38 11.6 179.50 181.00 1.50
0.538 1.6 184.00 185.50 1.50
1.16 6.6 220.70 222.00 1.30
0.144 2.4 223.50 225.10 1.60
LB-23 2 169.20 -75 4 0.341 8.5 49.50 50.20 0.70
0.481 249 116.50 118.00 1.50
LB-24 2 231.00 -60 6 0.038 19.5 6.00 7.50 1.00
0.016 28.7 194.50 200.50 6.00
LB-25 2 225.00 -60 5 0.122 5.4 198.50 199.50 1.00
LB-26 2 256.50 -45 9 0.110 4.1 18.00 19.50 1.50
0.712 3.1 73.50 75.00 1.50
LB-27 2 248.40 -80 6 0.106 4.1 124.50 126.00 1.50
0.151 1.3 187.50 189.00 1.50
0.388 11.8 244.50 245.70 1.20
LB-28 Other 189.40 -70 7 0.437 11.4 18.00 19.50 1.50
0.122 21.6 27.00 29.70 2.70
0.355 6.7 36.00 37.50 1.50
0.146 0.5 151.50 153.00 1.50
LB-29 2 307.5 -75 10 0.580 28.5 42.00 43.50 1.50
0.119 4.9 58.00 58.50 0.50
0.127 0.2 148.50 150.00 1.50
1.355 4.5 157.50 159.00 1.50
0.119 2.8 190.50 192.00 1.50
0.136 0.3 205.50 207.00 1.50
LB-30 Other 163.50 -50 3 NA NA NA NA NA
LB-31 Other 262.30 -65 7 0.728 0.9 67.50 69.00 1.50
0.208 1.3 160.50 162.00 1.50
0.238 8.2 237.00 238.50 1.50
LB-32 Deep 787.50 -65 0 NA NA NA NA NA
Target
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20 holes 5,091.30 87
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Base Metals
The drilling program revealed low base metal values associated with the
anomalous gold-silver intercepts in the quartz zones. Copper and lead are each
typically less than 100 ppm with spikes greater than 300 ppm. Zinc is typically
in the range of 65 to 95 ppm with spikes greater than 100 ppm. A single base
metal intercept was made in hole LB-24 (Target 2) where 6.0 m of silicified
volcanic breccia was encountered containing 0.60% copper, 28.7 gpt silver,
elevated lead (232 ppm), trace zinc (69 ppm), and trace gold (0.016 ppm).
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
1/4 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
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL
STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE,
INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING LINCOLN'S PLANS TO EXPAND THE
DRILLING PROGRAM AT ITS LA BUFA PROJECT AND OTHER FUTURE PLANS AND OBJECTIVES OF
LINCOLN ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND
UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE
ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE
ANTICIPATED IN SUCH STATEMENTS. ACCORDINGLY, INVESTORS SHOULD NOT PLACE UNDUE
RELIANCE ON FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS
INCLUDE THE RISK THAT ACTUAL RESULTS OF FUTURE EXPLORATION WORK, INCLUDING DRILL
RESULTS AND RESULTS OF ENGINEERING AND METALLURGICAL STUDIES, WILL NOT SUPPORT
THE COMPANY'S PLANS TO ADVANCE THE LA BUFA PROJECT; COST OVERRUNS AND PROJECT
DELAYS; AVAILABILITY OF CAPITAL AND FINANCING NECESSARY TO FUND PLANNED
EXPLORATION WORK ON THE LA BUFA PROJECT AND TO OTHERWISE ADVANCE THE PROJECT;
FLUCTUATIONS IN COMMODITY PRICES AND FOREIGN EXCHANGE RATES; GENERAL ECONOMIC,
MARKET OR BUSINESS CONDITIONS; MINING ACCIDENTS; REGULATORY CHANGES; TIMELINES
OF GOVERNMENT OR REGULATORY APPROVALS AND PERMITTING; AND OTHER RISKS DETAILED
HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY
MAKES ALL REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND
FORWARD-LOOKING INFORMATION ON A TIMELY BASIS TO THE EXTENT REQUIRED BY
APPLICABLE LAWS.
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