March 22, 2007
CORPORATE UPDATE
Carson City, Nevada - March 22, 2007 - LINCOLN GOLD CORP. (OTCBB: LGCP)
PROJECT UPDATES
LINCOLN GOLD CORPORATION (OTCBB:LGCP) is pleased to present the following project updates.
Jenny Hill, Mineral & Nye Counties, Nevada: In February Kinross Gold Corporation commenced drilling various gold targets on the Jenny Hill property. Jenny Hill is comprised of a large claim block (5.7 sq. miles) located in the Black Hills directly between the past producing gold mines of Paradise Peak and Denton-Rawhide. Twenty drill sites have been permitted with the BLM and Kinross has completed ten holes. Drilling is intended to test multiple types of targets to include disseminated gold mineralization (Carlin-type) hosted in the Triassic Luning Formation, gold skarn, and possible gold-bearing stockworks. Kinross may ultimately earn up to a 75% interest in the property from Lincoln Gold by spending US$3.0 million over five years and by preparing a feasibility study and helping to arrange financing on behalf of Lincoln Gold.
JDS, Eureka County, Nevada: Golden Odyssey Exploration Inc. plans to drill test a Carlin-type target on Lincoln Gold's JDS property (2.4 sq. miles) in the Cortez Trend. Drilling is planned for the first quarter of 2007. The target is a gravel-covered pediment play on the southern flank of the northernmost Simpson Park Mountains. Regional and detail gravity data indicate a structural bench at depth which is believed to be favorable "lower plate" Devonian carbonate rocks shattered by intersecting faults. A conspicuous mercury soil gas anomaly has been identified over the buried bedrock bench. The concealed target offers potential similar to other Carlin-type deposits discovered within the Cortez Trend. Golden Odyssey may ultimately earn up to a 75% interest in the property from Lincoln Gold by conducting 6,000 ft of reverse-circulation drilling and by spending an additional US$3.5 million on the property.
Recent deep drilling by Barrick Gold Exploration Inc., approximately 3 miles to the northwest of the JDS target, encountered 45 ft grading 0.237 opt gold between 1,920 ft and 1,965 ft.; offset drilling is planned. Gold mineralization is reported to be hosted in lower-plate carbonate rocks in association with altered igneous dikes. Barrick drilling demonstrates the presence of a significant gold system in the northern Simpson Park Mountains area.
Hannah, Churchill County, Nevada: Lincoln Gold is presently seeking a joint venture partner to continue drilling on its Hannah gold-silver property (0.7 sq mile) in the southern Trinity Range, 55 northeast of Reno, Nevada. Drilling by Lincoln Gold in 2005 resulted in two holes with significant gold and silver intercepts. Shallow oxide gold-silver mineralization occurs in a shear zone that cuts Triassic metavolcanics. The immediate target is a northwest-trending altered outcrop which is 70 ft to100 ft wide and 300 ft long and is covered by gravels at both ends. Drill hole H-01 (-45?) encountered 35 ft grading 0.016 opt gold from 45 ft to 75 ft. Nearby drill hole H-11 (-60?) encountered 10 ft grading 0.094 opt gold and 5.1 opt silver from 15 ft to 25 ft. A ground magnetometer survey was conducted over the main target area in 2006. Survey results indicate a structural target under pediment gravels in near proximity to the mineralized drill holes. Potential exists for shallow, oxide gold-silver mineralization and deeper, bonanza-grade sulfide mineralization. Step-out drilling is warranted.
La Bufa, Chihuahua, Mexico: Lincoln Gold is presently advancing exploration on the La Bufa gold-silver property (7.9 sq. miles) in the Guadalupe y Calvo mining district in southwestern Chihuahua State. Historic district production is estimated at 2 million ozs gold and 28 million ozs silver. Lincoln Gold may earn up to a 60% interest in the property from Almaden Minerals Ltd. by spending US$3.0 million over a four year period. The district lies within the Sierra Madre Occidental and is centered on the El Rosario gold-silver mine (in-active) controlled by Gammon Lake Resources Inc.
Mineralization occurs in an extensive quartz breccia vein system that extends across the El Rosario mine property southward onto the La Bufa exploration property. Lincoln Gold is conducting district-wide exploration and recently completed a soil sampling program that covered 1600 meters (5250 ft) of potential vein strike. Results reveal at least eight significant gold anomalies that warrant follow-up work. Previous core drilling in the vicinity of one gold anomaly by Grid Capital Corp in 2004 encountered multiple quartz veins with intercepts up to 1.82 m (6 ft) grading 9.00 gpt (0.29 opt) gold and 447 gpt (14.4 opt) silver. Lincoln Gold has also completed aerial photography over the entire district for the purpose of generating topographic base maps suitable for detail geologic mapping and future drilling operations.
Pine Grove, Lyon County, Nevada: Lincoln Gold has recently acquired properties with near term gold production potential in the Yerington area of Nevada. The property includes two patented lode claims. These properties were drilled in the early 1990's by a major mining company and gold resources were defined by 185 drill holes. Lincoln expects to carry out more work on the resources during the year.
New Projects: Lincoln Gold is actively reviewing gold exploration properties in the western United States and Mexico. Special emphasis is placed on properties with identified gold resources subject to near-term production.
LINCOLN GOLD CORP.
"Jeffrey L. Wilson"
Vice President of Exploration and COO
For more information contact:
Investor Relations: 800-689-1659 or [email protected]
www.lincolngold.com
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