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The announcement by Lincoln Minerals about the Eridani Project contains promising early-stage exploration results, but there are some important considerations when assessing its significance:
Positive Aspects:1. High-Grade Uranium Results: The pXRF (portable X-ray fluorescence) results confirm significant uranium mineralization, with readings as high as 9250 ppm U in one of the samples (MQ12). This is a strong indicator of the presence of uranium, specifically in the form of carnotite mineralization, which is historically known to be found in the area.
2. Strategic Location: The project is located near other significant uranium deposits, such as Alligator Energy's Samphire Project. This proximity to known deposits adds credibility to the potential of the Eridani Project.
3. Exploration Potential: The project is still in its early stages, and Lincoln Minerals is planning additional exploration, including mapping and potential drilling campaigns. There is also a plan to re-assay historical drill cores, which could provide further valuable data.
4. Upcoming Laboratory Confirmation: The pXRF results, while not definitive, are indicative of uranium concentrations in the samples. Laboratory analyses, expected in October, will confirm these results and provide more accurate data, which could solidify the project's value.
5. Historical Context: The site has a history of uranium exploration dating back to the 1940s when the area was shut down due to radioactivity. Revisiting this site with modern exploration techniques could reveal untapped potential.
Points to Consider:1. Preliminary Nature of Results: The current results are based on pXRF readings, which are an early-stage tool for indicating mineral presence but are not as precise as full laboratory assays. While the results are encouraging, the final lab results will be crucial.
2. Selective Sampling: The report mentions that the sampling was selective and that the results are representative of specific mineralized zones, not the entire area. This means the grades reported are from high-potential spots and may not reflect the average grade of the broader deposit.
3. Further Work Required: The announcement emphasizes the need for further exploration, including drilling. While the results are promising, they don't yet provide a full picture of the project's economic viability.
Conclusion:This is a good announcement, especially for investors looking for early-stage exploration opportunities in uranium. The high-grade uranium results are promising, and the project's location near other uranium deposits adds to its potential. However, the results are preliminary, and further exploration and lab results will be needed to fully assess the project's value.
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