Lincoln Minerals Limited has completed the first phase of an anticipated 6000m air core drilling program at its highly prospective Kookaburra Gully Graphite Project on the Eyre Peninsula, South Australia. Phase 1 of drilling consisted of 31 new holes totaling 2693m over the Koppio Graphite Deposit, an area which includes an inferred graphite resource of 1.85Mt at 9.8% (Total Graphitic Carbon - TGC at 5% cutoff). The Koppio mineralisation sits over a strong airborne EM anomaly indicated from reprocessing of airborne electromagnetic (EM) data, and additional ground EM lines were completed prior to drilling commencement.

The drilling was completed on infill lines to create an overall line spacing of approximately 40m which Lincoln hopes will further define the extent and quality of the graphite mineralisation and add to Lincoln's total discovered graphite resource. Representative samples have been collected and submitted to Bureau Veritas laboratories in Adelaide for analysis. The drill rig has now moved to the Kookaburra Gully Extended (KGE) prospect which is along strike to the south of the Company's flagship, the Kookaburra Gully Graphite Deposit which has a Measured, Indicated and Inferred resource reported in accordance with the JORC Code and estimated by a Competent Person as defined by the JORC 2012 Code.

The EM anomaly which is associated with the Kookaburra Gully Graphite Deposit mineralization extends to the south for over 5km. The current drilling program is targeting an area of high conductivity measured in the recently completed ground EM and is previously undrilled. Once the drilling is completed at KGE, the rig will move to the Kookaburra Gully Deposit (subject to permits being awarded), to infill and extend drilling around the Kookaburra Gully Deposit before demobilising.

The aim of the current drilling campaign is to: Test the continuity and extent of the high-grade graphite mineralization identified in previous drilling at Koppio and Kookaburra Gully; Drill the exploration targets at Kookaburra Gully Extended which have strong conductive anomalies associated with graphite mineralization; Provide additional information for the Company's resource estimation studies and importantly, add valuable data toward the review of its mining feasibility study at the Kookaburra Gully graphite deposit.