Lincoln Mining announces successful Pine Grove drill results
VANCOUVER, March 2 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG ("Lincoln" or the "Company") is pleased announce the following drill results on the Pine Grove gold property, Lyon County, Nevada.
Pine Grove Property
The Pine Grove is Lincoln's flagship property. Production is planned for late 2011 as an open pit heap/leach operation. Lincoln has received the second set of assays from the 63 confirmation drill hole program required for a new resource calculation which is designed to potentially upgrade the category of the resources on the property. This is all part of the scoping and feasibility studies presently underway. The drilling was carried out on the two patented claim areas, the Wilson and the Wheeler which form part of the property. The holes reported here are primarily from the Wheeler claims.
No 'new area' exploration drilling was included in this program which is designed solely to reaffirm and potentially upgrade the gold resources identified by a 160 hole program conducted by Teck Resources Ltd. in the early 1990's. The historical resources calculated from this earlier drilling are designated as "inferred" because the work was carried out prior to Canadian exchange NI 43-101 reporting requirements (see technical report prepared by Minefill Services, Inc., dated September 30, 2008, on the Company's website). The new intersections will be included with the previous drilling by Teck to produce an updated resource calculation. A total of 16,341 feet of drilling was completed during this program, 11,061 ft on the Wilson and 5,280 ft on the Wheeler. There have been a number of high grade intercepts and these will be taken into consideration in the upcoming exploration program that is intended to expand the resource and also aid in the design of the plant.
Additional exploration drilling programs, designed to increase the size of the resource base, are planned for later in the year. These programs will test numerous prospective areas on the Pine Grove property. Permitting for these programs is in progress under the jurisdiction of the U.S. Forest Service.
Intersections of Significance
Because of the number of intersections in the drilling we have listed only those over 5 feet or greater and 0.7 grams per tonne or greater. The full range of drill results will be posted on the Company's website at www.lincolnmining.com. The following drill holes are from the Wheeler and Wilson properties and holes are vertical unless otherwise noted and the intercepts are not necessarily true thicknesses.
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Drill Hole From To Intersection Grams per
tonne Au
(ft) (ft) (ft) (g/t)
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Wheeler 99@-45degrees 230 250 20 1.34
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Wheeler 99@-45degrees 295 310 15 0.82
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Wheeler 102 55 80 25 1.37
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Wheeler 102 240 245 5 6.14
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Wheeler 104 60 70 10 4.05
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Wheeler 105 45 65 20 1.20
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Wheeler 105 110 115 5 1.10
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Wheeler 105 170 175 5 77.15
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Wheeler 106 0 40 40 6.69
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Wheeler 106 55 95 40 0.96
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Wheeler 106 102 110 8 3.29
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Wheeler 106 140 210 70 2.67
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Wheeler 107 40 45 5 0.75
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Wheeler 108 85 90 5 3.39
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Wheeler 108 105 125 20 1.23
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Wheeler 109 0 5 5 3.46
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Wheeler 109 55 75 20 0.96
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Wheeler 109 105 110 5 1.41
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Wheeler 110 30 100 70 1.51
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Wheeler 111 175 185 10 1.44
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Wheeler 113 110 135 25 1.95
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Wheeler 114 0 15 15 5.11
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Wheeler 114 150 155 5 1.20
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Wheeler 114 175 180 5 3.33
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Wheeler 116 10 70 60 1.47
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Wheeler 116 180 185 5 2.71
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Wheeler 117 85 95 10 46.09
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Wheeler 118 110 140 30 0.70
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Wheeler 118 150 170 20 0.85
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Wheeler 118 195 230 35 1.20
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Wheeler 118 255 260 5 2.82
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Wheeler 119 25 95 70 3.29
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Wilson 97 65 70 5 1.41
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Wilson 97 105 115 10 22.87
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Wilson 98 5 30 25 0.70
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Wilson 98 85 90 5 2.57
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Wilson 98 105 110 5 1.41
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Wilson 98 135 140 5 3.19
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Wilson 99 85 121 36 1.20
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Wilson 99 135 140 5 1.13
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Wilson 100 60 95 35 0.70
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Wilson 100 130 135 5 6.75
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Wilson 101 95 101 6 1.75
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Wilson 101 110 130 20 3.84
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Wilson 101 160 170 10 2.57
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Wilson 102 55 65 10 2.61
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Wilson 103@-70degrees 125 130 5 1.18
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Wilson 103@-70degrees 140 150 10 1.20
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Wilson 103@-70degrees 270 280 10 2.02
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Mr. Jeffrey L. Wilson, the Company's Vice President Exploration and a Qualified Person under Canadian National Instrument 43-101, supervised the preparation of this news release. Diversified Drilling LLC was Lincoln's drilling contractor and drill hole assays were completed by ALS Chemex in Reno, Nevada. The qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
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, 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 and in Mexico under Minera Lincoln de Mexico S.A. de C.V.
On behalf of Lincoln Mining Corporation
"Paul Saxton"
Paul Saxton, President & CEO
NEITHER THE 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.
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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