A contract between Lincoln Minerals Limited has been signed for the sale of its Barns Estate property, 20 kilometres west of Port Lincoln on South Australia’s lower Eyre Peninsula.
Lincoln acquired the land in 2010, using it as a field base for storage of field equipment and drill samples. Lincoln will continue to lease the sheds and storage areas for the next 12 months, as part of the contract of sale.
Despite having access to the area for future exploration or future development of iron ore, Lincoln has conceded that it is unlikely that the Barns hematite and magnetite deposits will be developed in the near future. Other than tenement expenditure obligations, there will be no major expenditure on the project in the near term as it is placed on care and maintenance.
According to Managing Director Dr John Parker, “The funds raised from the sale of the property ensure that Lincoln will be adequately funded over the next 6 months while Lincoln pursues a mining lease for its flagship Kookaburra Gully graphite project also on the Eyre Peninsula.”