Projects
Shawinigan
Summary

Shawinigan Property

SHAWINIGAN PROPERTY, PROVINCE OF QUEBEC, CANADA

Montreal Quebec City District
Montreal Quebec City District

In April 2021, Lincoln Gold Mining Inc. announced that it had entered into an option agreement to acquire a 100% interest in the Shawinigan nickel, copper and cobalt property in township of Shawinigan, Quebec, Canada.

The Shawinigan property, located in the southern part of the Province of Quebec, is approximately 130 kilometers (80.78 miles) northeast of Montreal, Canada. The property is three kilometres west of the town of Shawinigan and is accessible by a highway, gravel road, and finally dirt 4X4 roads to and within the property boundary. The property consisted of 21 contiguous mineral claims covering a total area of 12.4 square kilometres (1,240 hectares). The property is also the host of the Lake Huards cobalt prospect located two kilometers east of the lake which was discovered by prospectors in 1956.

In August 2021, the Company announced that it has staked an additional 61 claims to the south and south-west of the original acquired claims. The expanded property now consists of 82 contiguous mineral claims covering a total area of 48.4 square kilometers (4,841.8 hectares). No part of the property, including the recently staked area, are located within an area restricted from exploration or mining activities (see news release dated August 19, 2021).

Initial geological work on the newly staked areas has indicated mineralized zones of zinc, copper, nickel, cobalt and titanium. Iron showing has also been identified. Previous field and drill testing programs have covered only a small area of the property. Most of the previous holes have focused on the area north of the Shawinigan Ni-Cu prospect. Lincoln is now in the process of preparing a preliminary exploration program to initially cover the entire claim areas with a basic geological evaluation designed to locate areas for programs of trenching, drilling and more geophysics.

The topography of the property is moderate relief with altitude ranging from 150 meters to 350 meters above sea level. The main topographic feature is a river running generally northeast, bounded by two hills approximately 100 meters above the valley, through the central part of the property. The northern portion of the property is characterized by a plateau with several marshy areas and ponds. Vegetation is mostly spruce, tamarack and poplar.

Shawinigan Option Claims Boundary
Shawinigan Option Claims Boundary

During 1971 to 1975, the property was explored by Soquem Inc. of Quebec, who conducted 5 programs including geological mapping, soil and rock sampling, mineralogical investigation, magnetometer and EM surveys and diamond drilling that encountered low to medium grade nickel/copper mineralization. Several drill holes intersected Ni/Cu mineralization at a shallow depth of 12 meters (40 to 45 feet) with continuous mineralization over 20.6 meters (68 feet) in hole 704-3A and 80 meters (264 feet) in hole 704-26 and 61.8 meters (204 feet) in hole 704-33. Further drilling was recommended between existing drill holes but was never initiated. The shallow and wide intersections are significant and may indicate a shallow mineralized body and these intersections will be targets for follow up exploration and drilling going forward.

LMG Shawinigan Target Areas
LMG Shawinigan Target Areas

In 2016, helicopter EM/MAG surveys were completed, identifying 68 electromagnetic conductors in three cluster areas. Cobalt was identified with the copper and nickel from the mineralogical investigations. Past exploration has covered only a small area of the property but has demonstrated significant potential for the discovery of Nickel-Copper (NI-Cu) mineralization with zinc-cobalt as by products. All previous exploration is historical and not compliant with National Instrument 43-101 standards and is not to be relied on as current. Further exploration work will be required to classify a current mineral resource or reserve.

In accordance with the option agreement, in addition to making cash payments and issuing shares, Lincoln must incur $2 million in exploration expenditures on the Shawinigan property over the course of 5 years (see news release dated April 22, 2021).

Quebec Location (Stehwien)
Quebec Location (Stehwien)

Given the current short supply of base metals necessary for infrastructure and emerging technologies, Lincoln management believes this a time to take advantage of opportunities in base metal exploration and production. The Shawinigan property has exploration potential, is readily accessible, and has nearby facilities essential for large scale production.

The Shawinigan Ni-Cu property is situated in an area that is well known for hosting Ni-Cu mineralization and is a prime target for Ni-Cu deposits and excellent potential exists for locating more mineralization elsewhere on the property.