Lincoln Mining Summarizes Drilling Program La Bufa Property, Chihuahua, Mexico
April 26, 2012
Vancouver, British Columbia – Lincoln Mining Corporation, TSX-V: LMG (“Lincoln” or the “Company”) reports that in December 2011 it completed 5,091.3 m of core drilling in 20 angle holes at its 100% owned La Bufa property in Chihuahua State, Mexico. The property is located in the Guadalupe y Calvo mining district which encompasses a large, northeast-trending epithermal gold-silver system. Gold-silver mineralization is hosted in quartz-breccia veins and stockworks that are localized in a complex zone of high-angle structures. Core drilling focused on two target areas which were defined by geologic mapping, surface sampling, and geophysics. Drilling commenced in mid July 2011 and was completed in early December. Core recovery was excellent. All assays have been received. Drill hole intercepts reported here are apparent and do not represent true thicknesses.
Eighteen (18) of the 20 holes encountered multiple quartz-breccia veins, quartz stockwork, or quartz veinlet zones. Eighty-seven (87) quartz zones were intercepted in the drill holes. Eighty-six percent (86%) of the quartz zones contained detectable gold and silver (>0.005 ppm Au; >0.2. ppm Ag). Anomalous gold (>0.1 gpt) and silver (>1.0 gpt) are present in 15 holes. Stockwork zones are prevalent and commonly 5 to 12+ m in apparent thickness. Thicker zones of stockwork and quartz veinlets range from 21 to 54 meters. The best gold intercept is in hole LB-22 which hit 4.38 gpt gold with 11.6 gpt silver from 179.5 to 181.0 m (1.5 m) hosted in Tertiary andesite with quartz veinlets. The best silver intercept is in hole LB-23 which hit 249 gpt silver with 0.481 gpt gold from 116.5 to 118.0 m (1.5 m) hosted in Tertiary andesite with quartz veinlets. Significant base metals are largely absent.
The drilling program has confirmed the presence of major structures and anomalous gold and silver with some significant intercepts. The abundance of quartz breccia veins, quartz stockwork, and quartz veinlets attended by consistent intercepts of detectable and anomalous gold-silver with low base metals suggest that drilling to date is high in the mineralized system. Deeper offset drilling of anomalous zones in both targets is warranted.
Nine (9) holes (LB-13 to LB-21) were drilled in Target 1 which consists of at least three prominent high-angle structures with anomalous gold/silver mineralization. Intercepts of quartz breccia veins were encountered up to 17.6 m in thickness and quartz stockwork up to 26.0 m in thickness. Anomalous gold and silver intercepts are narrow and range from 1.0 to 4.5 m. High values are 1.66 gpt gold with 10.2 gpt silver (hole LB-21) and 1.28 gpt gold and 4.4 gpt silver (hole LB-13) - see table below.
Seven (7) holes (LB-22 to LB-27, LB-29) were drilled in Target 2, approximately 1,000 m northeast of Target 1. Stockwork zones are present at the surface and the drill road exposed shattered quartz veins and quartz stockwork. Each drill hole had 3 to 10 zones of quartz breccia vein, quartz stockwork, or quartz veinlets. Hole LB-27 intercepted 54 m of quartz stockwork. Anomalous gold and silver intercepts are narrow ranging from 0.7 to 2.7 m with high assays of 4.38 gpt gold (hole LB-22) and 249 gpt silver (hole LB-23) – see table below. This mineralization is hosted in andesite with quartz veinlets.
One deep hole, LB-32, was drilled near the northern perimeter of the El Rosario mine property which was recently acquired by Endeavour Silver Corp. from Aurico Gold Inc. The hole was drilled to 787.5 m and failed to intercept the favorable “Lower Volcanics” host rock.
Other Drill Holes
Three (3) widely spaced drill holes (LB-28, LB-30, LB-31) were drilled on scattered targets. Holes LB-28 and LB-29 encountered multiple intercepts ranging up to 1.355 gpt gold and 21.6 gpt silver – see table below.
SUMMARY OF ANOMALOUS GOLD AND SILVER IN LA BUFA CORE HOLES (NA=Not Applicable)
The drilling program revealed low base metal values associated with the anomalous gold-silver intercepts in the quartz zones. Copper and lead are each typically less than 100 ppm with spikes greater than 300 ppm. Zinc is typically in the range of 65 to 95 ppm with spikes greater than 100 ppm. A single base metal intercept was made in hole LB-24 (Target 2) where 6.0 m of silicified volcanic breccia was encountered containing 0.60% copper, 28.7 gpt silver, elevated lead (232 ppm), trace zinc (69 ppm), and trace gold (0.016 ppm).
Quality Assurance and Control
Core is collected and handled only by authorized Company personnel who are trained in Company procedures. Core is transported after each drill shift to a secure prep and storage area in Guadalupe y Calvo where it is washed, measured, photographed, logged, and marked for sampling. Sample intervals are cut into equal halves with a diamond saw under the supervision of a senior geologist. One-half core is bagged and labeled with a unique sample number which is recorded. Certified standards and blanks are inserted into the sample sequence at a frequency of 5% standards and 2.5% blanks. Duplicate samples consisting of ¼ core are also inserted into the sample sequence where deemed appropriate. The samples are trucked to the ALS Chemex prep lab in Chihuahua where they are crushed, pulverized, split (250 g) and shipped to Vancouver, B.C., Canada for analysis.
ALS Chemex complies with, and is registered under, the international standards of ISO 17025:2005. As part of the analytical procedure, ALS Chemex maintains an internal system of duplicates, blanks and standards that are an integral part of each sample batch. ALS Global Laboratories quality assurance and assay procedures are described on their website. All samples are analyzed for gold using conventional fire assay and atomic absorption finish (Au-AA23). Multi-element analyses, including silver, are conducted by an inductively coupled plasma method (ME-MS41). Gold over limits are analyzed by fire assay with gravimetric finish. Silver over limits are analyzed by conventional fire assay. Second lab checks are conducted by Inspectorate on duplicate pulp samples. Pulps and rejects are returned to Lincoln for secure storage.
Mr. Jeffrey Wilson, the Company’s Vice President Exploration and a "qualified person" under National Instrument 43-101, reviewed and approved the scientific and technical information contained in 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.
For further information, please contact Investor Relations at 604-688-7377 or visit the Company’s website at www.lincolnmining.com.
On behalf of Lincoln Mining Corporation
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 LINCOLN'S PLANS TO EXPAND THE DRILLING PROGRAM AT ITS LA BUFA PROJECT AND OTHER FUTURE PLANS AND OBJECTIVES OF LINCOLN 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. ACCORDINGLY, INVESTORS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE THE RISK THAT ACTUAL RESULTS OF FUTURE EXPLORATION WORK, INCLUDING DRILL RESULTS AND RESULTS OF ENGINEERING AND METALLURGICAL STUDIES, WILL NOT SUPPORT THE COMPANY'S PLANS TO ADVANCE THE LA BUFA PROJECT; COST OVERRUNS AND PROJECT DELAYS; AVAILABILITY OF CAPITAL AND FINANCING NECESSARY TO FUND PLANNED EXPLORATION WORK ON THE LA BUFA PROJECT AND TO OTHERWISE ADVANCE THE PROJECT; FLUCTUATIONS IN COMMODITY PRICES AND FOREIGN EXCHANGE RATES; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS; MINING ACCIDENTS; REGULATORY CHANGES; TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS AND PERMITTING; 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 TO THE EXTENT REQUIRED BY APPLICABLE LAWS.
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