Lincoln Springs Cobalt Project
Cobalt Demand in Batteries Set to Grow at 14.5%pa to 2027
“Growth in demand for cobalt from the battery sector is set to continue. Demand for lithium-ion batteries is set to grow enormously over the coming decade, driven mostly by the electrification of the automotive sector. This will require huge volumes of additional cobalt oxides and sulphates”. – From Roskill Report Cobalt: Global Industry, Markets & Outlook 2018.
Lincoln Springs is a known copper cobalt deposit, previously mined during 1915 and 1916 for copper ore assaying 24% copper and silver. The project is located in north-east Queensland, approximately 75km west of Ingham and 150km WNW of the major centre of Townsville.
The Lincoln Springs Project is comprised of one granted exploration permit and four application permits. It hosts an extensive vein system within a shear zone that can be traced for 12km. Initial rock chip samples yielded up to 3.16% cobalt. Lincoln Springs also hosts gold anomalies up to 23.75 g/t.
The EPMs are host to numerous prospects, each with historic exploration, mining and assays (but mostly associated with the search for copper, gold and tin- and in particular gold). The cobalt mineral erythrite was identified in the shaft dump during 1969 and returned an assay of 2.5% Co. Lincoln Springs includes the ‘Polly Prospect’. Located in the north- eastern part of EPM 26411.
- Project area has been expanded with 2 new applications increasing the project area by 350% from 198km2 to 705km2.
- New Cobalt – Copper occurrence returning assay results of 8.76% Cu & 0.11% Co discovered 500m north of the Lincoln Springs Prospect.
- A soil sampling program of 300 samples has been completed.
- An Induced Polarisation (IP) survey has now been completed identifying several zones of moderate to strong chargeability sitting within the Lincoln Springs Shear Zone and in close proximity to known Copper-Cobalt mineralisation.