Lincoln Mining Corporation
TSX VENTURE : LMG

Lincoln Mining Corporation

February 09, 2017 09:30 ET

Lincoln Mining Drills 50 Feet of 5.28 gpt Gold, Identifies New Upper Gold Zone, and Extends Known Mineralization at Pine Grove, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 9, 2017) - Paul Saxton, President of Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") is pleased to announce that it has received all drill hole assay results from its step out drilling program on the northern portion of the Wilson gold deposit at its Pine Grove gold property in Lyon County, Nevada. Drilling was conducted to expand known gold mineralization northward where the Wilson deposit remains open. The drilling program consisted of 14 reverse-circulation drill holes for a total footage of 6,962.5 ft. (2,132.6 m). Most holes were drilled on approximately 100 ft. (30.5 m) centers along two step out fences.

Seven of the 14 drill holes encountered significant gold mineralization. All holes encountered detectable gold. The successful seven holes define a mineralized strike length of at least 510 ft. (155.5 m) with gold mineralization dipping northeastward at 10° to 20°. The principal host rock is Jurassic granodiorite which contains low dipping, stacked gold zones that are 25 to 50 ft. (7.6 to 15.2 m) in thickness and begin as shallow as 55 ft. (16.8 m). Rhyolite porphyry, feldspar porphyry, and dacite dikes are in immediate proximity to the mineralized zones and parallel to mineralization. Five of the drill holes (WL-105, 107, 108, 112, & 117) have intersected a new, shallow, upper gold zone hosted in the granodiorite. This new zone appears open down dip for at least 300 to 400 ft. northward towards the well mineralized hole (WS-17) drilled by Teck Resources in 1991.

The table below lists some of the significant drill hole intercepts (not true thicknesses). To view the entire summary of drill hole intercepts, along with the drill hole location map, please go to the Pine Grove Property section of the Company's website at www.lincolnmining.com.

Hole
No.
Angle From (ft.) To
(ft.)
Intercept
(ft.)
Gold
opt
Intercept
(m)
Gold
gpt
WL-105 -90° 90 120 30 0.062 9.14 2.061
WL-107 -90° 120 150 30 0.042 9.14 1.435
255 280 25 0.046 7.62 1.537
355 380 25 0.089 7.62 3.055
WL-108 -90° 85 125 40 0.038 12.19 1.280
WL-111 -90° 175 200 25 0.071 7.62 2.590
250 275 25 0.034 7.62 1.153
WL-112 -90° 60 110 50 0.030 15.24 1.032
WL-114 -90° 205 255 50 0.154 15.24 5.284
WL-117 -90° 55 95 40 0.017 12.19 0.577
1991 Teck Hole WS-17 -90° 205 250 45 0.030 13.72 1.03

High-grade gold was encountered in drill hole WL-114 to include a 5 ft. drill sample from 205 to 210 ft. that assayed 0.505 opt Au (1.5 m @ 17.3 gpt Au); another sample from 225 to 230 ft. ran 0.604 opt Au (1.5 m @ 20.7 gpt Au). The Wilson drill hole data base contains thirty 5-ft. drill hole intercepts ≥ 0.20 opt Au (≥6.86 gpt Au) including two samples grading 1.17 and 1.44 opt Au (40.12 and 49.38 gpt Au) (not true thicknesses). Lincoln may encounter future high-grade drill hole intercepts as suggested by reported high-grade zones in historical reports and a history of past high-grade production.

Historic mining at Pine Grove produced roughly 240,000 ounces in gold from selected high-grade zones (Jackson, 1996). The Wilson and Wheeler mines were largely worked by lessees (Hill, 1915b). Some 150,000 ounces were produced from the Wilson mine, with about 100,000 ounces produced by the Wheeler mine (Stone, 2007, 2008). Grades reportedly averaged 1.4 oz Au/t at Wilson (104,046 tons of ore), and 1.3 oz Au/t at Wheeler (74,531 tons of ore). (Amended & Restated Technical Report, February 4, 2015 by Telesto).

Pine Grove is controlled 100% by Lincoln Mining Corp. and its joint venture partner, Goldcliff Resource Corporation.

Jeffery Wilson, Vice President of Exploration of Lincoln Mining Corporation, and a Qualified Person under NI 43-101 has reviewed, prepared, and approved the scientific technical disclosure contained in this news release.

Lincoln Mining Corp. is a Canadian precious metals exploration and development company with two projects in various stages of exploration and development, which include the advanced stage Pine Grove gold property in Nevada and the pre-development stage Oro Cruz gold property in California. In the United States, the Company operates under Lincoln Gold US Corp. and Lincoln Resource Group Corp., both are Nevada corporations.

On behalf of Lincoln Mining Corporation

Paul Saxton, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS PRESS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING THE STATUS OF THE COMPANY'S PROPERTIES ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND FINANCING TO MAINTAIN THE COMPANY'S PROJECTS; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS; FLUCTUATING METAL PRICES; REGULATORY CHANGES; TIMELINESS OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND FORWARD-LOOKING INFORMATION ON A TIMELY BASIS.

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