The Kookaburra Gully graphite project (KGGP) has grown to be the second biggest known resource on South Australia’s Eyre Peninsula, ASX-listed Lincoln Minerals reported on Friday.

The company announced an inaugural mineral resource estimate for the Kookaburra Gully SW Extended deposit at KGGP with an inferred resource of 5.12-million tonnes at 4.86% total graphitic carbon (TGC) for 249 000 t of contained graphite. This also comprises an indicated resource of 0.58-million tonnes at 7.73% TGC for 45 000 t of contained graphite.

Besides Kookaburra Gully SW Extended, KGGP also comprises the Kookaburra Gully and Koppio deposits. The project now collectively holds 12.26-million tonnes at 7.31% TGC at a 2% TGC cutoff, representing an 87% increase for 896 000 t of contained graphite.

“I am confident that the addition of this inaugural resource, when combined with the next three months drilling at our high-grade Kookaburra Gully and Koppio deposits, will deliver us a resource to support a potential 10-year life-of-mine at significantly higher production than the 2017 feasibility study, which was based on a production rate of 35 000 t/y graphite concentrate, and which yielded an internal rate of return of 33%,” commented Lincoln CEO Jonathan Trewartha.

An update to the feasibility study will start in mid-2024 and is scheduled for delivery in the second half of 2024.