First phase drilling results and commencement of phase two at the Fairholme project Air-core drilling program at up to six prospects, including the Gateway and Anomaly 2 prospects commenced, seeking to follow up and expand previous geochemical anomalies, often with
First phase drilling results and
commencement of phase two at the Fairholme
project
Air-core drilling program at up to six prospects, including the Gateway and Anomaly 2 prospects
commenced, seeking to follow up and expand previous geochemical anomalies, often with
coincident geophysical anomalies across the wider Fairholme project
Maiden 5-holes for 1,684 metres diamond-drilling program by Kincora at the Gateway prospect
returned broad anomalous copper, gold and base metal mineralisation (eg KFHD003 with
80m
@ 0.11 g/t gold & 0.16% copper), with localised higher grade zones (eg KFHD001 with
1m
@
1.42 g/t gold &
2m
@ 0.91 g/t gold), and, identified zonation and controls to mineralisation. The
system's strike at Gateway is over
600m
with the upcoming 9-hole air-core program focused on
strike extension and higher grade potential
Kincora has been awarded a
A$200,000
grant for drilling at the Gateway prospect under the
latest New Frontiers Cooperative Drilling program from the NSW Government
1
The Fairholme project is host a number of large mineralised systems located adjacent and on
strike from Evolution Mining's flagship Cowal mine and wider regional exploration portfolio (total
resource inventory ~15Moz gold and >0.5Mt copper
2
)
Diamond drilling (hole TRDD032) continues at the southern trend discovery zone at the Trundle
Park prospect within Kincora's brownfield Trundle project
MELBOURNE
, Australia
,
March 31, 2022
/CNW/ - Kincora Copper Limited (the Company, Kincora)
(TSXV: KCC) (ASX: KCC) is pleased to provide an exploration update for drilling activities at the
Fairholme project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW,
Australia
.
John Holliday
, Technical Committee chair, and
Peter Leaman
, VP of Exploration, noted:
"Our initial five-hole diamond drilling program at the Gateway prospect has confirmed the
mineralised system, and identified zonation and controls. The system covers a strike of
greater than
600m
with the focus now both to extend the southern trend and finding better
grades, with a nine-hole air-core program planned at Gateway.
Importantly, the air-core program will also seek to follow up many geochemical anomalies
at other under-explored prospects across the wider Fairholme project where there is a
16km mineralised strike along trend from the gold corridor at the Cowal mine. For
example, initial drilling at the Anomaly 2 prospect is already returning interesting visual
results following up a single previous drill hole interval of
9m
@ 1.05 g/t gold and 0.04%
copper.
Many of these anomalies, like Anomaly 2, have not been drill tested in over 15 years
despite hosting significant existing mineralised footprints, and the significant resource
growth and exploration success at the adjacent Cowal project."
Figure 1:
A world-class geological setting for gold and copper-gold deposits
The Fairholme project has various similarities to the neighbouring wider Cowal gold-base metals
systems
1
For further details refer to the January 31
st
, 2022 press release
"Kincora awarded $389,500 in drilling grants"
2
The gold corridor at Cowal host a 13.7Moz gold endowment and the Marsden porphyry deposit a further >0.5Mt copper and >1Moz gold resource endowment – source: bespoke
Mar'20 request by Richard Schodde from MinEx Consulting for Kincora Copper. Endowment reported on a pre-mined resource basis.
2
source Evolution Mining Investor Webinar, September 2020.
4
source Evolution Mining BMO conference presentation, February 2022.
Fairholme project
The Fairholme project is host to a number of advanced to early stage exploration prospects across
a 16km north-south mineralised strike, with relatively limited effective previous drilling having
identified multiple and large mineralised systems.
Kincora's initial focus with the completed maiden 5-hole diamond drill hole program, and recently
commenced follow up air-core program, is the Gateway prospect located less than 15km along
strike from the five epithermal, carbonate base-metal deposits that comprise the Cowal mine
(targeted endowment 15Moz gold
3
).
Kincora's diamond drilling is the first program at Fairholme since Evolution Mining acquired the Cowal
project in 2015 and grown the resource inventory from 3.4Moz gold to 9.6Moz (net of 1.6Moz mine
depletion
4
). The recently commenced Kincora air-core program is the first to follow up various
shallow geochemical anomalies since 1997.
Evolution is also undertaking regional exploration outside of the Cowal mine stating its wider portfolio
is a world-class geologic setting for gold and copper-gold deposits with a number of large
mineralised system footprints on key structures. Kincora's Fairholme project has various geological
similarities to the wider Cowal mineral systems and mine.
The first phase, five-hole diamond program by Kincora at the Gateway prospect has identified
zonation and controls to mineralisation, with the prospects system covering over
600m
in strike. A
second phase and follow up drilling program, air-core, will seek to both extend the southern
mineralised trend and strike, and test for higher-grades.
Kincora has been awarded a
A$200,000
project drilling grant for the diamond and air-core drilling
programs at the Gateway prospect under the latest New Frontiers Cooperative Drilling program
from the NSW Government
1
. The grant follows a competitive expert panel review process, monies
are non-dilutionary and fund direct per meter drilling costs on a matched dollar-for-dollar basis.
Figure 2:
Multiple big mineralised system footprints with relatively limited follow up of
previous shallow geochemical anomalies at a number of prospects
A four-hole air-core program has commenced at Anomaly 2 before moving to complete up to 9-holes
at Gateway. Other permitted and proposed air-core drill prospects listed on right hand side image.
Diamond core drilling program
Kincora's maiden drilling program at Gateway followed up along a previously identified NNW
structural trend with multiple shallows to moderate depth, broad width and high-grade gold-copper
intervals from previous drilling (Figures 2 & 3).
Five-holes for 1,684 metres, namely KHFD001 to KFHD005 (Figure 3) has returned broad
anomalous copper, gold and base metal mineralisation, with localised higher-grade zones. The
mineral system at Gateway covers a strike of over
600m
,
140m
wide and remains open along strike
and at depth (Figure 2).
The program has identified zonation along the NNW-SSE trending structural corridor, with
predominantly gold along the west side, copper-gold in the central zone and gold-zinc towards the
east (Figure 3). The central zone appears to be favourable for gold-copper and remains open for
further testing towards the SSE and NNW (Figure 3).
The highest gold grades in the Kincora holes were observed in KFHD001 with:
1m
@ 1.42 g/t gold
and 0.03% copper from
47 m
downhole (in saprolite) and
2m
@ 0.91 g/t gold and 0.07% copper
from
292m
down hole (foliated volcaniclastic sandstone). Anomalous copper grades were observed
to occur close by to diorite intrusions, but hosted mainly by foliated andesite dominant volcaniclastic
siltstones and sandstones, with some intervals observed with quartz veins containing pyrite and
minor blebs of chalcopyrite.
Notable gold and copper intervals include: KFHD002 with
6m
@ 0.15 g/t gold and 0.32% copper
from
196m
downhole, and
2m
@ 0.20 g/t gold and 0.43% copper from
196m
downhole (in foliated
volcaniclastic siltstones), and KFHD005 with
28m
@ 0.11 g/t gold and 0.14% copper from
470m
,
including:
2m
@ 0.18 g/t gold and 0.34% copper from
472m
, and;
4m
@ 0.26 g/t gold and 0.20%
copper from
488m
downhole (Figure 3). Full significant intervals are available in Tables 2-6.
Figure 3:
Gateway diamond and air-core programs are looking to confirm and expand a
large
mineralised corridor and better understanding the controls of the mineral system
Air-core drilling commenced
An air-core drilling program at up to six prospects at the Fairholme project has commenced. The
program is following up and seeking to expand previous geochemical anomalies, often with
coincident geophysical anomalies, at the Anomaly 2, Gateway, Driftway C,
Glencoe
, Manna Creek
and Kennel prospects within the Fairholme project.
While there has previously been 552 air-core holes for 46,099 metres drilled at the Fairholme
project, there are a number of very attractive single or multiple point geochemistry anomalies not
followed up – for example at the Anomaly 2 prospect where previous drilling returned
9m
@ 1.05g/t
gold and 0.04% copper from
75m
depth (Figure 2).
Kincora's air-core program is the first since 1997 at many of these target areas (last air-core drilling
by Newcrest Mining) and drilling is initially taking place at the Anomaly 2 prospect. Initial visual
results of drill hole three of the program (FHAC003), see Figure 5, are already providing
encouragement.
Following on from the testing of Anomaly 2, a 9-hole program at the Gateway prospect is seeking to
expand the mineralising strike towards the south (and towards the gold corridor at the Cowal mine)
and test for higher-grade potential, benefiting from the first phase, 5-hole diamond program
completed in 2021. Depending on ground conditions and access, permits and plans are approved for
up to 28-holes at the prospects outlined in Figure 2.
The ongoing program is analogous to the original Geopeko reconnaissance RAB drilling to bedrock
program over targets, largely selected on the basis of geophysical data and insufficiently followed up
geochemical data. This program ultimately led to the discovery of the Cowal gold-base metal
deposits.
Figure 4:
Air-core drilling is underway initially at the Anomaly 2 prospect, for the first time
following up
9m
@ 1.05g/t gold and 0.04% copper
End of hole at FHAC003: refusal at
151m
in quartz-diorite with carbonate-epidote veins, FeOx
veinlets and epidote alteration
Table 1:
Fairholme project, Gateway prospect - Collar Information
Table 2:
Fairholme project, Gateway prospect: KFHD001 - Summary of significant intervals
Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05%
respectively. Internal dilution is below cut off
Table 3:
Fairholme project, Gateway prospect: KFHD002 - Summary of significant intervals
Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05%
respectively. Internal dilution is below cut off; and, * Dilutions related with Core loss
Table 4:
Fairholme project, Gateway prospect: KFHD003 - Summary of significant intervals
Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05%
respectively. Internal dilution is below cut off; and, * Dilutions related with Core loss
Table 5:
Fairholme project, Gateway prospect: KFHD004 - Summary of significant intervals
Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05%
respectively. Internal dilution is below cut off; and, * Dilutions related with Core loss
Table 6:
Fairholme project, Gateway prospect: KFHD005 - Summary of significant intervals
Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05%
respectively. Internal dilution is below cut off; and, * Dilutions related with Core loss
Fairholme Project background
The Fairholme Project is located in the southern sector of the Junee-Narromine Belt of the
Macquarie Arc in the Cowal block with license contiguous to Evolution Mining's flagship Cowal mine
and exploration license portfolio (including the
Marsden
porphyry deposit, which hosts a 0.56Mt
copper and 1.1Moz gold resource).
The Cowal mine hosts a cluster of epithermal, quartz-carbonate-base metal-gold mineralisation
deposits across a 7.5 x 2km north-south oriented "gold corridor", located on the western edge of
Lake Cowal. In 2015, Evolution Mining acquired the Cowal mine from Barrick and has since grown
gold inventory from 3.4Moz to 9.6Moz (net of 1.7Moz mine depletion), with a target total endowment
of 15Moz Au (noting total historical production of 4Moz gold).
The Fairholme Project includes two contiguous licenses covering a total of 169.2km
2
and was
secured by Kincora in the
March 2020
agreement with RareX Limited ("REE" on the ASX). Kincora
is the operator, holds a 65% interest in the Fairholme Project and is the sole funder until a positive
scoping study is delivered at which time a fund or dilute joint venture will be formed.
For further information on the Fairholme and Cowal Projects please refer to Kincora's website:
https://kincoracopper.com/cowal-project/
This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN
645 457 763)
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.
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.
Drilling, Assaying, Logging and QA/QC Procedures
Sampling and QA/QC procedures are carried out by Kincora Copper Limited, and its contractors,
using the Company's protocols as per industry best practise.
All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW,
Australia
.
In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing
prepared standards and blanks for 5% of all assayed samples.
Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of
our field geologists. All drill core was logged to best industry standard by well-trained geologists and
Kincora's drill core sampling protocol consisted a collection of samples over all of the logged core.
Sample interval selection was based on geological controls or mineralization or metre intervals,
and/or guidance from the Technical Committee provided subsequent to daily drill and logging
reports. Sample intervals are cut by the Company and delivered by the Company direct to ALS.
All reported assay results are performed by ALS and widths reported are drill core lengths. There is
insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the
relationship between mineralization widths and intercept lengths.
True widths are not known at this stage.
Significant mineralised intervals for drilling at the Fairholme project are reported based upon
following cut off grade criteria:
Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10g/t
and 0.05% respectively.
Significant mineralised intervals are reported with dilution on the basis of:
Internal dilution is below the aforementioned respective cut off's; and,
Dilutions related with core loss as flagged by a "*".
The following assay techniques have been adopted for drilling at the Fairholme project:
Gold: Au-AA24 (Fire assay), reported.
Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-
MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report for
KFHD005.
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
Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves
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 mineralization
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.
The review and verification process for the information disclosed herein for the Trundle, Fairholme
and Nyngan projects have included the receipt of all material exploration data, results and sampling
procedures of previous operators and review of such information by Kincora's geological staff using
standard verification procedures.
JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).
Criteria
JORC Code explanation
Commentary
Sampling
techniques
Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.).
These examples should not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity and the appropriate
calibration of any measurement tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Report.
In cases where 'industry standard' work has been done this would be relatively simple
(e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation
may be required, such as where there is coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant
disclosure of detailed information
Kincora Copper Limited is the operator of the Fairholme
Project, with drilling using diamond coring methods by DrillIt
Consulting Pty Ltd, from which sub-samples were taken
over 2 m intervals and pulverised to produce suitable
aliquots for fire assay and ICP-MS.
Diamond drilling was used to obtain orientated samples
from the ground, which was then structurally,
geotechnically and geologically logged.
Sample interval selection was based on geological controls
and mineralization.
Sampling was completed to industry standards with 1⁄4
core for PQ and HQ diameter diamond sent to the lab for
each sample interval.
Samples were assayed via the following methods:
- Gold: Au-AA24 (Fire assay)
- Multiple elements: ME-ICP61 (4 acid digestion with ICP-
AES analysis for 33 elements) and ME-MS61 (4 acid
digestion with ICP-AES & ICP-MS analysis for 48 elements)
Historic sampling on other projects included soils, rock
chips and drilling (aircore, PCD, RC and diamond core).
Drilling
techniques
Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka,
sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drilling by Kincora at Fairholme used diamond core drilling
with PQ, and HQ diameter core depending on drilling depth.
All Kincora core was oriented using a Reflex ACE
electronic tool.
Historic drilling on Kincora projects used a variety of
methods including aircore, polycrystalline diamond, reverse
circulation, and diamond core. Methods are clearly stated in
the body of the previous reports with any historic
exploration results.
Drill sample
recovery
Method of recording and assessing core and chip sample recoveries and results
assessed.
Measures taken to maximise sample recovery and ensure representative nature of the
samples.
Whether a relationship exists between sample recovery and grade and whether sample
bias may have occurred due to preferential loss/gain of fine/coarse material.
Drill Core recovery was logged.
Diamond drill core recoveries are contained in the body of
the announcement.
Core recoveries were recorded by measuring the total
length of recovered core expressed as a proportion of the
drilled run length.
Core recoveries for most of Kincora's drilling were in
average over 93.6%
Poor recovery zones are generally associated with thick
cover zones and the upper oxidised parts of drill holes.
There is no relationship between core recoveries and
grades.
Logging
Whether core and chip samples have been geologically and geotechnically logged to a level
of detail to support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.)
photography.
The total length and percentage of the relevant intersections logged.
All Kincora holes are geologically logged for their entire
length including lithology, alteration, mineralisation
(sulphides and oxides), veining and structure.
Logging is mostly qualitative in nature, with some visual
estimation of mineral proportions that is semi-quantitative.
Measurements are taken on structures where core is
orientated.
All core is photographed.
Historic drilling was logged with logging mostly recorded on
paper in reports lodged with the NSW Department of Mines.
Sub-
sampling
techniques
and sample
preparation
If core, whether cut or sawn and whether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or
dry.
For all sample types, the nature, quality and appropriateness of the sample preparation
technique.
Quality control procedures adopted for all sub-sampling stages to maximise representivity
of samples.
Measures taken to ensure that the sampling is representative of the in situ material
collected, including for instance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being sampled.
Once all geological information was extracted from the drill
core, the sample intervals were cut with an Almonte
automatic core saw, bagged and delivered to the
laboratory.
This is an appropriate sampling technique for this style of
mineralization and is the industry standard for sampling of
diamond drill core.
PQ and HQ sub-samples were quarter core.
Sample sizes are considered appropriate for the
disseminated, generally fine-grained nature of
mineralisation being sampled.
·
Quality of
assay data
and
laboratory
tests
The nature, quality and appropriateness of the assaying and laboratory procedures used
and whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used
in determining the analysis including instrument make and model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external
laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and
precision have been established.
Gold was determined by fire assay and a suite of other
elements including Cu and Mo by 4-acid digest with ICP-
AES finish at ALS laboratories in Orange and Brisbane.
Techniques are considered total for all elements.
For all holes every 20th sample was either a commercially
supplied pulp standard or pulp blank.
Results for blanks and standards are checked upon receipt
of assay certificates. All standards have reported within
certified limits of accuracy and precision.
Historic assays on other projects were mostly gold by fire
assay and other elements by ICP.
Verification
of sampling
and
assaying
The verification of significant intersections by either independent or alternative company
personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data storage
(physical and electronic) protocols.
Discuss any adjustment to assay data.
Significant intercepts were calculated by Kincora's
geological staff.
No twinned holes have been completed.
The intercepts have not been verified by independent
personal.
Logging data is captured digitally on electronic logging
tablets and sampling data is captured on paper logs and
transcribed to an electronic format into a relational
database maintained at Kincora's Mongolian office.
Transcribed data is verified by the logging geologist.
Assay data is received from the laboratory in electronic
format and uploaded to the master database.
No adjustments to assay data have been made.
Outstanding assays are outlined in the body of the
announcement.
Location of
data points
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),
trenches, mine workings and other locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
Collar positions are set up using a hand-held GPS and later
picked up with a DGPS to less than 10cm horizontal and
vertical accuracy.
Drillholes are surveyed downhole every 30m using an
electronic multi-shot magnetic instrument.
Due to the presence of magnetite in some alteration zones,
azimuth readings are occasionally unreliable and magnetic
intensity data from the survey tool is used to identify these
readings and flag them as such in the database.
Grid system used is the Map Grid of Australia Zone 55,
GDA 94 datum.
Topography in the area of Fairholme is near-flat and drill
collar elevations provide adequate control
Data
spacing
and
distribution
Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to establish the degree of geological
and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation
procedure(s) and classifications applied.
Whether sample compositing has been applied.
Kincora drilling at Fairholme is at an early stage, with drill
holes stepping out from previous mineralisation intercepts
at various distances.
Data spacing at this stage is insufficient to establish the
continuity required for a Mineral Resource estimate.
No sample compositing was applied to Kincora drilling.
Historic drilling on Fairholme and other projects was
completed at various drill hole spacings and no other
projects have spacing sufficient to establish a mineral
resource.
Orientation
of data in
relation to
geological
structure
Whether the orientation of sampling achieves unbiased sampling of possible structures and
the extent to which this is known, considering the deposit type.
If the relationship between the drilling orientation and the orientation of key mineralised
structures is considered to have introduced a sampling bias, this should be assessed and
reported if material.
The orientation of Kincora drilling at Fairholme has changed
as new information on the orientation of mineralisation and
structures has become available.
The angled drill holes were directed as best possible
across the known lithological and interpreted mineralised
structures.
There does not appear to be a sampling bias introduced by
hole orientation in that drilling not parallel to mineralised
structures.
Sample
security
The measures taken to ensure sample security.
Kincora staff or their contractors oversaw all stages of
drill core sampling. Bagged samples were placed inside
polyweave sacks that were zip-tied, stored in a locked
container and then transported to the laboratory by Kincora
field personnel.
Audits or
reviews
The results of any audits or reviews of sampling techniques and data.
Mining Associates has completed an review of sampling
techniques and procedures dated January 31st, 2021, as
outlined in the Independent Technical Report included in the
ASX listing prospectus, which is available at:
https://www.kincoracopper.com/investors/asx-prospectus
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria
JORC Code explanation
Commentary
Mineral
tenement
and land
tenure
status
Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
The security of the tenure held at the time of reporting
along with any known impediments to obtaining a licence to
operate in the area.
Kincora holds three exploration licences in NSW and rights to a further six exploration
licences through an agreement with RareX Limited (RareX, formerly known as Clancy
Exploration).
EL8222 (Trundle), EL6552 (Fairholme), EL6915 (Fairholme Manna), EL8502 (Jemalong),
EL6661 (Cundumbul) and EL7748 (Condobolin) are in a JV with RareX where Kincora has
a 65% interest in the respective 6 licenses and is the operator /sole funder of all further
exploration until a positive scoping study or preliminary economic assessment ("PEA") on
a project by project basis. Upon completion of PEA, a joint venture will be formed with
standard funding/dilution and right of first refusal on transfers.
EL8960 (Nevertire), EL8929 (Nyngan) and EL9320 (Mulla) are wholly owned by Kincora.
All licences are in good standing and there are no known impediments to obtaining a
licence to operate.
Exploration
done by
other parties
Acknowledgment and appraisal of exploration by other
parties.
·
All Kincora projects have had previous exploration work undertaken.
The review and verification process for the information disclosed herein and of other parties for
the Trundle project has included the receipt of all material exploration data, results and sampling
procedures of previous operators and review of such information by Kincora's geological staff
using standard verification procedures. Further details of exploration efforts and data of other
parties are providing in the March 1
st
, 2021, Independent Technical Report included in the ASX
listing prospectus, which is available at:
https://www.kincoracopper.com/investors/asx-prospectus
Geology
·
Deposit type, geological setting and style of mineralisation.
All projects ex
EL7748 (Condobolin) are within the Macquarie Arc, part of the Lachlan
Orogen.
Rocks comprise successions of volcano-sedimentary rocks of Ordovician age intruded
by suites of subduction arc-related intermediate to felsic intrusions of late Ordovician to
early Silurian age.
Kincora is exploring for porphyry-style copper and gold mineralisation, copper-gold skarn
plus related high sulphidation and epithermal gold systems.
Drill hole
Information
A summary of all information material to the understanding
of the exploration results including a tabulation of the
following information for all Material drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea level
in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.
Detailed information on Kincora's drilling at Fairholme is given in the body of the report.
Data
aggregation
methods
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(e.g. cutting of high grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should
be shown in detail.
The assumptions used for any reporting of metal
equivalent values should be clearly stated.
For Kincora drilling at Fairholme the following methods were used:
Porphyry gold-copper intercepts were aggregated using a cut-off grade of 0.10 g/t Au
and 0.05% Cu respectively.
Internal dilution below cut off included was generally less than 25% of the total reported
intersection length.
Core loss was included as dilution at zero values.
Average gold and copper grades calculated as averages weighted to sample lengths.
Historic drilling results in other project areas are reported at different cut-off grades
depending on the nature of mineralisation.
Relationship
between
mineralisation
widths
and
intercept
lengths
These relationships are particularly important in the
reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect
(eg 'down hole length, true width not known').
·
Due to the uncertainty of mineralisation orientation, the true width of mineralisation is not
known at Fairholme.
Intercepts from historic drilling reported at other projects are also of unknown true width.
Diagrams
Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any
significant discovery being reported These should include,
but not be limited to a plan view of drill hole collar locations
and appropriate sectional views.
Relevant diagrams are included in the body of the report.