VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 27, 2016) – Lincoln Mining Corporation (TSX VENTURE:LMG) (“Lincoln” or the “Company”) is pleased to announce that a drill program will be commencing at its Pine Grove property in Lyon County, Nevada. This is part of the Goldcliff Resource Corporation (“Goldcliff”) earn-in on the project.
Goldcliff is currently earning a 40% Joint Venture interest in the Pine Grove project from Lincoln Mining Corporation by spending US$1.4 million over three years. Lincoln, the project operator, has proposed a 14 hole, 6,800 feet reverse circulation drill program on the Wilson patented claims. The Joint Venture will drill one fence of holes at the northern limit of the patented claims by stepping out 100 feet from previously drilling. A second fence of holes will be drilled by advancing a further 100 feet to the north, which is still on the patented claims. Mineralized intercepts will be included in an updated resource estimate due early in the second quarter of 2017.
In preparation for additional drilling outside of the patented claims area, which is subject to permitting on land administered by the United States Forest Service, Lincoln personnel are preparing the permit application for this area and other targets not situated on patented claims.
The Wilson patented claims host a measured and indicated resource of 1,514,000 tons grading 0.035 opt gold at a cutoff grade of 0.007 opt gold. Inferred resources are 154,000 tons grading 0.042 opt gold. When combined with the resources outlined on the Wheeler patented claims, the Pine Grove project hosts measured and indicated resources of 3,373,000 tons grading 0.04 opt gold. See the Amended & Restated NI 43-101 Preliminary Economic Assessment for the Pine Grove project, Lyon County, Nevada prepared by Welsh Hagan Associates (formerly Telesto Nevada, Inc.) dated February 4, 2015 that is posted on the Company’s website at www.lincolnmining.com. This resource is open and untested to the north and northeast.
Drill pad construction will commence shortly on the Wilson patented claims. Also commencing are a mapping program and rock-chip sampling on the Southern Cross exploration target developed by previous operator Teck Resources in 1989. Ten rock chip samples were reported from a north facing slope on a ridge approximately 1,500 feet south and up slope from the Wheeler deposit. Six of the samples contain significant gold values ranging from 0.535 g/t Au to 2.013 opt (69.02 g/t) Au and include four samples exceeding 6 g/t Au. The Joint Venture is in possession of the original maps reporting these samples and gold values. (Amended & Restated Pine Grove Technical Report, February 4, 2015 by Telesto).
The Joint Venture will also restart environmental baseline data gathering and begin formal production permitting procedures.
Jeffery Wilson, Vice President Exploration of Lincoln Mining Corporation, and a Qualified Person under NI 43-101, has reviewed the technical disclosure contained in this news release.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with two projects in various stages of exploration and development, which include the advanced stage Pine Grove gold property in Nevada and the pre-development stage Oro Cruz gold property in California. In the United States, the Company operates under Lincoln Gold US Corp. and Lincoln Resource Group Corp., both are Nevada corporations.
On behalf of Lincoln Mining Corporation
Paul Saxton, President & CEO
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