- Multiple porphyry targets at newly identified Shuteen North
prospect
- Further high-grade gold with base metals rock chip and soil
samples at the West Fox prospect expands mineralised system and
refines mineralising controls
- Extension of the existing corporate agreement covering the
Mongolian portfolio with Resilience Mining Mongolia to include
maiden resource definition for the Bronze Fox project and
reimbursement of costs
- Field season results highlight attractive exploration upside of
Kincora's existing Mongolian asset portfolio, and significant
upside provided for exploration, project generation and development
success under the agreement with Resilience Mining Mongolia
MELBOURNE, Australia,
Feb. 11, 2022 /CNW/ - Kincora Copper
Limited (the Company, Kincora) (TSXV: KCC) (ASX: KCC) is
pleased to provide an exploration and corporate update following
2021 field season activities in Mongolia and an extension of the corporate
agreement with Resilience Mining Mongolia Limited (Resilience)
covering the Mongolian asset portfolio.
Sam Spring, President & CEO,
commented:
"Kincora has continued to
responsibly and systematically advance and add value to our
prospective project pipeline in Mongolia's Southern Gobi, with promising
results, as we work with and pursue the corporate agreement with
Resilience. The agreement with Resilience provides attractive
upside to Kincora shareholders and will streamline focus to our
Macquarie Arc porphyry portfolio in Australia.
Last year's field activities
have identified a new significant scale series of porphyry targets
at Shuteen North, and separately advanced our understanding of the
mineralised controls and size of the system at the more advanced
West Fox target. These results further highlight the potential of
our existing Mongolian project portfolio and logic of having a
motivated and focused group like Resilience drive these assets
forward to the next stage.
The Company has granted
Resilience an extension to IPO on the ASX with a A$7.5 million to A$10
million offering, a new lead manager, reimbursement of
certain Mongolian expenditures, and the definition of a maiden
resource for the Bronze Fox project1.
The targets, team and
foundations are in place for Resilience to add significant value
this field season."
An accompanying detailed Mongolia focused exploration and corporate
update presentation, with further details and figures to this
release, is available at www.kincoracopper.com
Figure 1: A strategic and district scale
position in Mongolia's world-class
Southern Gobi porphyry belt
On
China's doorstep, trucking
distance to the world's largest copper consumer
Figure 2: Field season results generate
and refine multiple targets
Three large and underexplored
porphyry complexes on two adjacent Kincora licenses, which are
covered by the corporate agreement with Resilience. Resilience is
undertaking a maiden JORC &/or 43-101 resource for the Bronze
Fox project at the existing Block Modelled area that supports the
defined Exploration Target 1
Resilience agreement update
On June 30th, 2021,
Kincora executed a definitive acquisition and joint-venture
agreement with Resilience for Kincora's Mongolian asset
portfolio.
This agreement was extended with completion proposed
January 31st, 2022, with a
further extension now being provided subject to:
- Resilience having appointed a new lead manager for the
proposed ASX listing (by 28 February,
2022);
- Refunding Kincora a minimum of 50% of its Mongolian Maintenance
Payments upon receipt of further pre-IPO funding;
- Converting (at Resilience's expense) the Exploration Target to
a JORC and/or NI 43-101 resource for the Bronze Fox project ahead
of IPO 1,2 ; and,
- Resilience raising A$7.5 million
to A$10 million in new equity
alongside IPO on the ASX (by 30 April
2022).
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1 Resilience to convert (at
Resilience's expense) the existing exploration target2
for Bronze Fox to a JORC &/or NI 43-101 resource prior to IPO
on the ASX.
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2 "76
holes for 24,129m supports an exploration target of 416-428Mt at
0.26-0.30% Cu for up to 2,437 Mlb copper & 0.84 Moz gold or
1.3-1.5Mt CuEq.
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This estimate of
the Exploration Target is conceptual in nature and there is
currently insufficient exploration to define a mineral resource. It
is uncertain if further exploration will result in the target being
delineated as a mineral resource. Since, some 24,000 m of drill
core at the Bronze Fox Intrusive Complex has been reviewed and
relogged by Kincora, adding to 8,000 m previously
relogged.
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This exercise
addressed an issue with geological data quality that prevented
reporting of a Mineral Resource in accordance with JORC and
NI43-101 guidelines. A conceptual study undertaken at the same time
as the Exploration Target explored the potential for a small, near
surface oxide SX-EW project at Bronze Fox."
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Sourced from the
Mining Associates Technical Export Report Feb 25, 2021. Please
refer to this report for further details.
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This announcement has been authorised for release by the
Board of Kincora Copper Limited (ARBN 645 457 763)
About Kincora Copper
Kincora Copper is
an active and systematic ASX and TSX-V listed exploration company
(ticker "KCC") focused on world-class copper gold discoveries in
Australia's foremost porphyry
region, the Macquarie Arc, with the ambition to become the leading
pure play porphyry explorer this region. Kincora is also seeking to
realise value from its highly prospective portfolio of porphyry
projects located in the Southern Gobi, Mongolia's foremost porphyry region. For
further information please refer to www.kincoracopper.com
Forward-Looking Statements
Certain information regarding Kincora contained herein may
constitute forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements may include
estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact.
Although Kincora believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Kincora
cautions that actual performance will be affected by a number of
factors, most of which are beyond its control, and that future
events and results may vary substantially from what Kincora
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued
availability of capital and financing and general economic, market
or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The information contained herein is stated as of the current date
and is subject to change after that date. Kincora does not assume
the obligation to revise or update these forward-looking
statements, except as may be required under applicable securities
laws.
Qualified Person
The scientific and technical information in this news release
was prepared in accordance with the standards of the Canadian
Institute of Mining, Metallurgy and Petroleum and National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101") and was reviewed, verified and compiled by Kincora's
geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology,
PhD, member of the Australian Institute of Mining and Metallurgy
and Society of Economic Geologists), Exploration Manager Australia,
who is the Qualified Persons for the purpose of NI 43-101.
JORC Competent Person Statement
Scientific and technical information in this new release has
been reviewed and approved by Mr. Paul
Cromie, a Qualified Person under the definition established
by JORC and have sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity being undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'.
Paul Cromie (BSc Hons. M.Sc.
Economic Geology, PhD, member of the Australian Institute of Mining
and Metallurgy and Society of Economic Geologists), is Exploration
Manager Australia for the Company.
Mr. Paul Cromie consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) or the Australian Securities
Exchange accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Kincora Copper Limited