Lincoln Gold Announces Signing of Drill Contract for the Pine Grove Property
VANCOUVER, BC / ACCESSWIRE / June 24, 2021 / Lincoln Gold Mining Inc. (“Lincoln” or the “Company”) (TSXV:LMG) is pleased to announce that it has signed a drilling contract with KB Drilling Co. Inc. of Moundhouse, Nevada to carry out a core hole drilling program at its Pine Grove project south of Yerington, Nevada, with an anticipated start date in September 2021.
This drilling program is an important next step in determining processing options for higher grade gold, potential expansion of known gold mineralization, and final pit design.
There are three primary objectives to this drill program:
- Three previously drilled rotary holes will be twinned to compare with current drill core results. This will better assist the Company in identifying high grade zones of mineralization and designing the recovery system for the higher-grade mineralization on the property. When the Pine Grove mine operated from 1865 to 1886, it was reported that approximately 240,000 gold ounces were produced at an average grade of 1.3 - 1.4 ounces per ton (see news release of February 19, 2017).
- Two geotechnical holes are planned for each mining pit (4 holes total) to determine the pit slopes for the final overall design.
- Potential expansion of known gold mineralization in the Wilson Pit area (see news release of September 16, 2019).
The Company is pleased to take this next key step in advancing the permitting process. Understanding and segregating the high-grade gold zones at the Pine Grove project area is an important part of the overall production plan.
Lincoln Gold Mining Inc. 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 prepared a preliminary economic assessment of the Pine Grove Gold Project pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Lincoln is working with the U.S. Forest Service 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 Lincoln Gold Mining Inc.
President and CEO, Lincoln Gold Mining Inc.
Tel: (604) 688-7377
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
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.
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 royalty buydown, 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.
SOURCE: Lincoln Gold Mining Inc.
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