VANCOUVER, BC / ACCESSWIRE / September 16, 2019 / Lincoln Mining Corporation (“Lincoln” or the “Company”) (TSXV:LMG) announces that following a recent review of all available data regarding the Pine Grove Gold Project (the “Property”), including in particular, the results of its most recent surface drill program, it has updated the mineral resource estimate for the Property. The updated resource estimate will be included in the permitting process as the project advances towards production.
The updated mineral resource estimate for the Wheeler and Wilson deposits comprising the Pine Grove Project totals 210,962 ounces gold from 5,888,107 tons at 0.036 ounces/ton Measured and Indicated and 1,324 ounces gold from 43,450 tons at 0.030 ounces/ton Inferred (see table below).
Pine Grove Gold Project Mineral Resource Estimate effective September 12, 2019
- Mineral Resources that are not mineral reserves do not have demonstrated economic viability.
- Mineral Resource models were prepared in conformity with The Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November, 2003) and are classified per the CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014).
- The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated or Measured Mineral Resources and it is uncertain if further exploration will result in upgrading the Inferred Mineral Resource to Indicated or Measured Mineral Resource category.
- Mineral Resource estimates are reported using a long-term gold price of US$1,400/oz.
- Excludes all mineralization that exists outside of the optimized open pits.
- The lower cut-off grade of 0.007 ounces per tonne of gold represents material that will be processed using a conventional cyanide heap-leach method and the higher cut-off grade of 0.10 ounces per tonne of gold represents material that will be processed through a mill.
In accordance with CIM Guidance for advanced mineral resource statements, the Mineral Resource estimates set forth in this news release were constrained using open pit optimization algorithms.
In addition, all existing drill hole information and existing underground development information was used to create 3D domains that constrain areas of anomalous gold mineralization. Cross sections and level plan slices were also used to aid with the modeling. Individual units were generally not defined as the drill information is not to this scale, rather, the domains represent areas that have common characteristics. The interpolation was then constrained by these 3D domains to avoid the “spilling over” of grade to areas outside of the interpreted zones. Three main zones with anomalous gold grades exist at both the Wheeler and Wilson deposits and each zone was estimated independently from the other zones to ensure no “over spill” of grade occurred.
For a description of the other key assumptions, parameters and methods used to estimate the mineral resources set forth in this news release and any known legal, political, environmental or other risks that could materially affect the mineral resource estimate please refer to the current technical report entitled "Amended and Restated NI 43-101 Preliminary Economic Assessment for the Pine Grove Project, Lyon County, Nevada" dated February 4, 2015 prepared by Patricia A. Maloney SME-RM, Douglas W. Willis, CPG, Randall K. Martin, SME-RN, John D. Welsh, PE and Thom Seal, PE.
As the increase in mineral resource does not constitute a material change in relation to the Company, the Company will not file a technical report supporting the updated mineral resource estimate.
Frank Hrdy, P. Geo. (Independent Consultant), a qualified person (“QP”) within the meaning ascribed to that term in National Instrument 43-101 - Standards of Disclosure for Mineral Projects has approved all scientific or technical information in this new release. Mr. Hrdy verified the scientific and technical information in this news release by reviewing the original assay certificates and by independently resampling selected portions of the drill cuttings.
About Lincoln Mining Corp.
Lincoln Mining is a Canadian based precious metals exploration and development company with two projects in various stages of exploration and development, namely the Pine Grove Gold Project in Nevada and the Oro Cruz Gold Project in California which it operates through its wholly-owned subsidiaries, Lincoln Gold US Corporation and Lincoln Resource Group Corp., both Nevada corporations.
For more information, please contact Paul Saxton, President and CEO of the Company.
On behalf of Lincoln Mining Corporation,
Paul Saxton, President and CEO
Lincoln Mining Corp.
1 (604) 688-7377
Email: [email protected]
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
This news release contains "forward-looking information "and "forward looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation: statements with respect to Mineral Resource estimates, the PFS, and future permitting and development activities. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would".
Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources, the realization of resource estimates, gold prices, the availability of necessary financing, the timing and amount of future exploration and development expenditures, the, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, unanticipated costs and expenses, inaccurate resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. In addition, mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Reference should be made to the Company's public filings available under its profile on www.sedar.com for further risk factors.
These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE: Lincoln Mining Corporation