Pine Grove

Pine Grove – Core Drilling Analysis

Pine Grove claims and exploration target areas

Pine Grove general exploration target area

The property is located approximately 71 miles southeast of Reno Nevada and 21 miles south of the farming and mining town of Yerington in the Pine Grove Hills, Humboldt-Toiyabe National Forest, Lyon County, western Nevada. Access is excellent via paved Nevada State Highway 208 to the East Walker Road (gravel) southward to the Pine Grove drainage and then 4 miles by dirt road onto the center of the property. The property encompasses nearly all the Pine Grove (Wilson) mining district.

Lincoln controls 100% mineral interest in claims covering nearly 7.2 square miles (18.1 square kilometers). The Company holds a mining lease on the Wheeler mine (4 patented claims) and 243 unpatented claims (lode, placer and millsite) that surround the Wilson patented claims. The Company's land position covers significant gold mineralization in the district, exploration targets, and adequate land for mine and processing facilities. The patented claims (private property) are under the jurisdiction of the State of Nevada. Unpatented claims are under the jurisdiction of the U.S. Forest Service.  

As funding becomes available, the final stages of the permitting process will be undertaken, along with a NI 43-101 resource update. A Pre-Feasibility Study update is planned for the project once all permitting has been completed.

Geology & Mineralization    

The Pine Gove district is dominated by Jurassic granodiorite and its variations. The granodiorite has undergone potassium alteration and locally displays abundant secondary biotite. Dikes and sills of various compositions (andesite, dacite, rhyolite) have intruded the granodiorite within the Pine Grove fault zone. These dikes and sills are thought to be the source of the gold mineralization. Native gold is associated with small quartz veinlets, stockworks, and disseminations hosted primarily in the granodiorite. Where unoxidized, mineralized quartz veinlets contain minor pyrite, minor chalcopyrite, pyrrhotite, and native gold. Elevated copper is present. The style of mineralization appears to be of the "Shear Zone" sub-type of Plutonic-Related Gold Quartz Veins and Veinlets." The shallow-dipping, Pine Grove fault zone is approximately 600 ft wide and at least 1 mile long and appears to be the primary structural control for gold mineralization. The fault zone is an excellent exploration target. Significant gold mineralization occurs as stacked, sub-horizontal zones and pods ranging from 5 to 70 ft in thickness. Most of the mineralization drilled to date is shallow, less than 200 ft in depth. Although high-grade gold (>0.5 oz per ton) was the target in the 1800s, the lower grade gold mineralization ranging from 0.01 to >0.1 oz per gold is the present material of economic interest.

Mineral Resources

Resources reported in the Amended and Restated NI 43-101 Preliminary Economic Assessment for the Pine Grove Project, Lyon County, Nevada, dated February 4, 2015, prepared by Welsh Hagan Associates and filed on SEDAR on February 16, 2015 are reported below. The resources were classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions and are reported as measured, indicated (Table 1) and inferred (Table 2). To comply with the CIM definition of "reasonable prospects for economic extraction", only those blocks contained within a designed pit shell as Mineral Resources. A link to the technical report is provided below.

The PEA reports that significant exploration potential exists beyond current resources and recommends that infill and offset drilling be performed around the Wilson deposit, deep drilling in the Wheeler deposit, and expansion exploration drilling in known outlying anomalous intercepts.

As funding becomes available, additional exploration drilling programs will be developed to potentially increase the size of the resource base. These programs will test numerous prospective areas of the Pine Grove property. District exploration may include additional soil geochemical surveys, continue geologic mapping, and drilling on new and existing targets. Immediate work will focus on completing environmental baseline reports, water well and condemnation drill programs to finalize permitting. An updated NI 43-101 technical report and an updated Pre-Feasibility report is also planned.

(Click here to view the NI 43-101 Preliminary Economic Assessment for the Pine Grove Project, Lyon County, Nevada dated February 4, 2015).

Table 1: Total Measured and Indicated Gold Resources at Pine Grove (at March 25, 2022):

Table 2: Total Inferred Gold Resources at Pine Grove (at March 25, 2022):

Notes to Tables 1 & 2:

• Mineral Resources are reported using a gold price of $1425/oz.
• Rounding of tons and contained gold results in apparent differences in totals and are in accordance with reporting guidelines.
• Contained metal estimates remain subject to factors such as mining dilution and process recovery losses.
• Mineral Resources that are not mineral reserves do not have demonstrated economic viability.