Lincoln Minerals (ASX: LML) confirms high-grade copper zones at Minbrie, drilling to begin H2 2025

Lincoln Minerals Limited (ASX: LML) has taken a decisive step toward unlocking the copper and base metals potential of its 100%-owned Minbrie Project in South Australia. Through a detailed re-logging and re-assay program involving legacy drill core, the company is surfacing evidence of a previously underappreciated multi-phase sulphide system extending over 7km of strike length. The work is part of a strategic shift that could reposition Lincoln as a serious player in Australia’s base metals resurgence, fueled by the growing global demand for copper and critical minerals.

In an update released on June 2, 2025, Lincoln confirmed that its relogging efforts—centered around the Northern section of the Minbrie Project—are identifying compelling structural and geochemical correlations between historical and newly assessed drillholes. These findings have renewed market attention toward Lincoln’s exploration program and validated its low-cost strategy of leveraging historical datasets through modern analysis tools like portable XRF and targeted lab assays.

Why Are BUDD192 and BURCD030 Drillholes Pivotal to Lincoln’s Copper Thesis?

The confirmation of mineral continuity between discovery hole BUDD192 and BURCD030 is central to Lincoln’s current drilling narrative. Originally drilled by Centrex Metals in 2011 during a magnetite-focused campaign, BUDD192 intersected 12m @ 1.4% copper (Cu), 12.4% zinc (Zn), 2.0% lead (Pb), and 13 g/t silver (Ag) from 139m. Lincoln’s 2025 re-assay program at Bureau Veritas validated these grades, reinforcing confidence in the geological model underpinning the Minbrie prospect.

What elevates the significance of BURCD030 is its abrupt termination just four metres before intersecting a copper-rich zone, as revealed through pXRF analysis showing bornite mineralisation with readings of up to 3.03% Cu at 274m. While portable XRF (pXRF) values are approximations and require laboratory confirmation, they serve as critical early indicators, especially when layered with stratigraphic and lithological consistency. Based on this correlation, BURCD030 has been elevated to a priority target for new drilling later in 2025.

How Widespread Is Mineralisation Across the Minbrie Project Area?

The 7km-long corridor of sulphide-bearing stratigraphy at Minbrie has now been subdivided into Northern, Central, and Southern sections. The Northern zone, which houses BUDD192 and BURCD030, has been prioritized due to its dense sulphide veining and historical drilling density. Lincoln has re-logged 28 legacy holes in this area alone, amounting to 1,775 metres of diamond core, from which 620 pXRF readings were collected and 224 mineralised intervals selected for lab analysis.

A key revelation from this re-logging effort is the identification of four distinct generations of sulphide mineralisation, including bornite, chalcopyrite, sphalerite, galena, and pentlandite. This multi-phase mineralisation suggests the presence of a robust and dynamic hydrothermal system, increasing the project’s potential to host high-grade copper and polymetallic resources. Historical logging had misclassified many of these intervals as generic “sulphide veining,” underscoring the impact of modern techniques in upgrading asset value.

What Is the Technical and Regulatory Framework Behind the Re-Assay Campaign?

Lincoln’s current campaign includes both portable XRF scanning and laboratory assays. The pXRF assessments use the Olympus Vanta XRF model (V2MR-CCC-X) with factory calibrations spanning a wide range of elements from magnesium to uranium. While pXRF cannot replace lab testing, its ability to rapidly detect elevated base metal values in specific intervals has allowed Lincoln to streamline which legacy cores warrant full laboratory treatment.

The company’s JORC-compliant methodology and the inclusion of clear QAQC controls—including the use of silica blanks, certified reference materials, and multi-point temperature-consistent readings—align with best practices under ASX listing rules. The detailed reporting of assay conditions in recent announcements reflects Lincoln’s commitment to maintaining technical rigor in anticipation of further investor and regulatory scrutiny.

What Is the Broader Economic Context for Copper Exploration in 2025?

Lincoln’s strategic reactivation of Minbrie comes amid a broader copper supercycle thesis driven by global decarbonization policies and critical mineral stockpiling. Copper, a key conductor in renewable energy and electric vehicles, remains central to infrastructure transition narratives across the U.S., EU, and East Asia. Australia, with its stable jurisdiction and high-grade mineral belts, continues to attract capital inflows toward early-stage copper assets, particularly in the Gawler Craton region, where Minbrie is located.

The state of South Australia, where the project resides, ranks among the most mining-friendly jurisdictions globally. With Minbrie located less than 25km from critical regional infrastructure and 265km from Port Pirie Smelter, logistics and permitting pathways are expected to be straightforward. The 100% ownership of non-iron rights by Lincoln further simplifies commercial arrangements.

What Are Analysts and Early Investors Saying About Lincoln Minerals’ Exploration Momentum?

Market analysts tracking microcap mining stocks have taken note of Lincoln’s systematic and cost-effective approach. Although the stock has seen limited trading volume in May 2025, investor webinar activity on May 28—featuring CEO Jonathon Trewartha and Exploration Geologist Justin Gum—garnered positive engagement from retail and institutional attendees. Trewartha emphasized that Minbrie’s true potential lies not only in its existing copper intersections but in the large volume of untouched core from earlier magnetite exploration campaigns.

Preliminary sentiment from mining-focused funds is cautiously optimistic, with analysts indicating that confirmed laboratory assay results in June will likely serve as the next major price catalyst. There has been no significant institutional movement reported through ASX filings yet, but increased retail interest in battery metal exposure could turn Minbrie into a speculative favorite if drilling results align with geological expectations.

What’s Next for Lincoln’s Drilling Plans in H2 2025?

The coming months will be pivotal. Lincoln plans to complete its full assay dataset by late June 2025, which will feed into the finalisation of a 3D geological model and selection of top-priority drill targets. Drilling is expected to begin in the second half of the year, starting with BURCD030’s downhole extension and potentially a step-out from BUDD192’s mineralised envelope. These drills aim to validate the continuity and thickness of the sulphide zones and evaluate potential for open-pit configurations at shallow depths (<300m).

Concurrently, Lincoln is advancing regional geological interpretations to refine its deposit model—whether SEDEX, VMS, epithermal, or porphyry—each carrying different implications for scale and processing. The company is also exploring funding partnerships and joint ventures to accelerate development, especially if results confirm commercial viability.

Why Minbrie Could Become a Flagship Project for Lincoln Minerals

In light of the geological validation, infrastructure proximity, and alignment with global copper demand trends, Lincoln’s Minbrie Project is transitioning from overlooked legacy asset to potential flagship operation. If the June assays and second-half drill campaign confirm continuity and grade, the project could support Lincoln’s ambition to emerge as a mid-tier copper and base metals developer in Australia’s critical minerals landscape.

The decision to extract value from historical drilling by leveraging modern technologies not only de-risks the exploration process but also positions Lincoln among a growing class of juniors tapping into South Australia’s resource-rich terrains. With critical updates scheduled over the coming months, Minbrie’s trajectory could become a bellwether for data-led resource revitalization in Australia.