Lincoln Mining - La Bufa Project Update
VANCOUVER, July 27 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG ("Lincoln Mining") or the "Company") is pleased to report on the progress at its La Bufa property.
Over the last 10 months the Company has been actively exploring its 2,311 hectare gold and silver property adjacent to the town of Guadalupe y Calvo, in southwestern Chihuahua, Mexico. The purpose of the exploration has been to define drill targets and to build a resource base. Historic records indicate that the area produced over 2 million ounces of gold and over 28 million ounces of silver. The average grade from past production was just over 37 grams per tonne gold and 870 grams per tonne silver. Mining was carried out to depths of 100 to 200 meters. Past production came mainly from quartz breccia veins on the Guadalupe y Calvo concession presently owned by Gammon Gold Inc. ("Gammon"). Lincoln's property encircles Gammon's Guadalupe y Calvo concession. The main mineralized structural zone, which was the source of historical production, trends in a northwesterly direction and carries onto Lincoln Mining's ground. Almost all of the mineralization in the district is hosted in Lower Volcanics.
As previously disclosed, Lincoln Mining conducted a large geophysical survey totaling 20,000 line-meters during December 2009, January and February 2010. This work was carried out on the northern part of the La Bufa Concession. The geophysical program consisted of both resistivity and chargeability surveys which were followed up by rock-chip sampling. Sampling focused on three target areas which were highlighted by the geophysical survey. Geological mapping was also conducted. Two hundred and thirty-four (234) samples were collected from available outcrops. Each sample was typically comprised of various rock-chips from a 2 meter x 2 meter area. Sample spacing was variable, usually tens of meters and based on availability of outcrops and physical access. Samples were sent for assay to Eco Tech Laboratory Ltd. and ALS Chemex Labs Ltd., both certified assayers located in Canada. Quality control was carried out by way of random duplicate assaying and standards that were provided by the labs. Surface assays produced results up to 20+ grams per tonne gold and over 900 grams per tonne silver (see table and attached schematic map which follow).
Three large target areas were identified by coincident geophysical and geochemical anomalies. Target Areas 1 and 2 are long brecciated quartz structures which may extend to considerable depth as suggested by their geophysical signatures. Target Area 1 extends for over 1,000 meters as intermittently exposed zones that exhibit locally high silver and gold values. Target Area 2 extends for over 650 meters and exhibits elevated silver values with attending anomalous gold. A third target is also present between the two district structural zones. Target 3 is a heavily altered quartz monzonite porphyry with potential for stockwork silver-gold mineralization. Target Area 3 appears to be at least 400 meters across with low silver values and locally anomalous gold.
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SAMPLE * TARGET AREAS ANOMALOUS GOLD ANOMALOUS SILVER
No. (gpt) (gpt)
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TARGET AREA 1
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36 " 0.39 434
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60 " 1.98 3.2
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63 " 0.32 164
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66 " 21.5 193
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67 " 0.53 626
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69 " 20.0 16.7
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113 " 0.25 180
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118 " 0.360 7.8
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226 " 0.236 13.5
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229 " 2.20 978
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231 " 13.3 902
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234 " 0.302 8.9
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TARGET AREA 2
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154 " 0.424 11.5
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158 " 0.324 10.9
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160 " 0.119 42.5
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161 " 0.928 87.6
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TARGET AREA 3 (Disseminated
stockwork target)
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35 " - 15.9
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142 " - 8.5
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196 " 0.558 2.0
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199 " - 74.8
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* Non-contiguous, random samples
Lincoln considers the La Bufa concessions to have significant potential. Lincoln's exploration team believes that the prolific Lower Volcanics offer exceptional potential to host multiple economic gold-silver deposits on the La Bufa property. A drilling program is being prepared to test the three new target areas.
For more details on the La Bufa property, including a detailed table of rock-chip assays, please go to the Company's website at www.lincolnmining.com.
Mr. Jeffrey Wilson, the Company's Executive Vice President and a Qualified Person under National Instrument 43-101, supervised the preparation of 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"
Paul Saxton, President & CEO
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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 FUTURE PLANS AND OBJECTIVES OF LINCOLN MINING 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. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANIES' PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND FINANCING, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, REGULATORY CHANGES, TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS 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.
For further information: please contact Investor Relations at 604-688-7377, or visit the Company's website at www.lincolnmining.com
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