Kincora Announces Cutting-Edge Geophysics Confirms High Priority Drill Target At The Nyngan Project Ambient Noise Tomography ( ANT ) and gravity geophysical surveys (the "Surveys") have confirmed and refined a regionally significant priority porphyry target located within the
Kincora Announces Cutting-Edge Geophysics
Confirms High Priority Drill Target At The
Nyngan Project
Ambient Noise Tomography (
ANT
) and gravity geophysical surveys (the "Surveys") have
confirmed and refined a regionally significant priority porphyry target located within the
"Ace of
Spades"
region at the Nyngan Project ahead of imminent drill testing
The first ever copper-gold focused drilling program has recently commenced
1
at the northern
portion of the Nyngan Project testing new porphyry district-scale potential with 6-8 drill holes for an
estimated 4000-5000 metres scheduled before the end of year
The Surveys also cover the location of a second designed hole and identified a number of new
potential areas of interest also within the
"Ace of Spades"
region that will be reviewed in light of the
results of the commenced drilling program in conjunction earn-in partner AngloGold Ashanti
Australia (
AngloGold Ashanti
)
The Surveys apply cutting-edge technology utilising the first ever integrated real-time ANT and
ground gravity undertaken by Fleet Space Technologies Pty Ltd (
Fleet Space
) and complement
Kincora and AngloGold Ashanti's planned drilling via an up to $50 million earn-in and joint venture
agreement for the Nyngan and Nevertire Projects
Kincora has recently expanded its partnership with Fleet Space to include: (i) a listed equity
investment, (ii) multiphysics surveys at the Wongarbon Project to identify and refine targets, and,
(iii) Fleet Space having the right to drill test targets to earn an asset level interest in the Wongarbon
Project
2
.
Melbourne, Australia--(Newsfile Corp. - October 22, 2024) - Kincora Copper Limited (TSXV: KCC)
(ASX: KCC) (
Kincora
or the
Company
) is pleased to announce the initial interpretations from new
geophysical surveying at a portion of the northern
"Ace of Spades"
region of the Nyngan Project, located
in the Northern Junee-Narromine Belt (
NJNB
) of the Macquarie Arc, Central West New South Wales.
Sam Spring, President and CEO of Kincora commented:
"The geophysical surveys are being conducted in partnership with Fleet Space and include the first
ever integration of gravity with a real-time ANT survey completed by Fleet Space.
The Cadia intrusive system complex has a ~5.7km footprint, seven deposits within it, with regional
geophysics able to identify key structures and geological units. What we are seeking to confirm in
our first phase of drilling at Nyngan is the potential for multiple new Macquarie Arc intrusive system
complexes that have similar multi-kilometre alteration zones and multiple deposit potential.
The initial results from the Fleet Space surveys, coupled with existing regional geophysics, are
positive providing a more detailed and refined geophysical model for an existing a high priority and
large-scale target that is about to be drilled within the Ace of Spades region.
The Ace of Spades is a very compelling new district scale opportunity, potentially the largest
volcano-intrusive complex of the Macquarie Arc and has never been drilled.
We are now in a very exciting period with the 6 to 8-hole program commenced. This program will
drill a range of large-scale and separate intrusive system targets, focused on the Ace of Spades,
within an existing pipeline of 16 targets that are permitted for drilling within the northern portion of
the Nyngan Project."
Background
Fleet Space's real-time Ambient Noise Tomography (
ANT
) and ground gravity surveys, enabled by their
end-to-end mineral exploration solution, Exosphere, are the first integrated surveys completed by Fleet
Space and seek to apply cutting-edge technology to generate and interpret new homogeneous, primary
datasets with existing regional geophysical surveys and geological data.
The surveys have confirmed and refined a regionally significant priority drill target previously and
separately identified by Kincora, AngloGold Ashanti and Fleet Space within the northern "
Ace of
Spades
" region of the Nyngan Project. Existing regional geophysics strongly indicates that the Nyngan
Project potentially hosts the largest volcano-intrusive complex of the Macquarie Arc offering new district
scale potential situated in the northern under cover extension of the Arc - see Figure 1.
It is well documented that the composite volcanic and intrusive complexes elsewhere in the Macquarie
Arc, which hosts an estimated total mineral endowment of over 160Moz gold equivalent
3
, have large
alteration and geochemical halos that are often identifiable from regional geophysical surveys. For
example the magmatic and alteration footprints at Cadia have a ~5.7km wide footprint, hosting two
skarn and five porphyry deposits with a metal endowment of more than 50Moz gold and more than 9.5Mt
copper
3
, and regional geophysics is able to identify key structures and geological units (see Figure 2 for
an illustration).
Similar large geophysical features are present at the Nyngan Project and the survey area.
Furthermore, the mineralised deposits in the Arc (including Cadia) and other globally significant porphyry
districts generally occur in clusters situated on cross-arc structures. Similar structures have been
identified by the Fleet Space surveys inline with existing regional geophysics - see Figures 1-3.
Two existing 2024 field season Kincora and AngloGold Ashanti drill targets were covered by the Fleet
Space surveys and are to be very shortly drill tested as part of the first ever copper-gold focused drilling
program within the
Ace of Spades
. A 6 to 8-hole for an estimated 4000-5000m program has
commenced and is scheduled before the end of year with earn-in partner AngloGold Ashanti within an
existing pipeline of 16 targets that are permitted for drilling within the northern portion of the Nyngan
Project.
Confirmed and Refined High Priority Target at the
Ace of Spades
The Fleet Space multiphysics surveys have combined proprietary ground exploration techniques that
minimise environmental impact by utilising seismic noise derived from natural and anthropogenic
sources (two ANT surveys complete), with new gravity (two ground gravity surveys complete) and
existing public access regional airborne magnetics and gravity.
Intergration of these datasets have sought to:
(i)
identify and refine targeting of new composite volcanic and intrusive complexes,
(ii)
map the depth to basement,
(iii)
refine key structural features, and,
(iv)
identify changes in velocity and density that may reflect different lithological units.
The regional ANT survey covered an area of approximately 35km
2
with a tighter spaced infill and ground
gravity survey area of approximately 9km
2
. Similar to other Fleet Space surveys in the district, the ANT
velocity model provides a depth profile to approximately 2500m and 1000m in the infill survey.
This marks the first time a Fleet Space real-time ANT survey has been accompanied by an integrated
and coincident ground gravity survey to deliver complimentary nearer surface density models.
The initial interpretation of the Nyngan multiphysics results have confirmed and refined an existing high
priority drill target with several features of interest at both a regional and infill survey level having potential
implications for future exploration.
(i) Regional ANT survey results highlights:
Multiple deep-seated structures consistent with existing magnetics and gravity features, refining
interpreted potential cross-arc structures and separate target domains that may have influenced
the emplacement of intrusions.
Supported the potential for multiple volcanic and intrusive complexes.
Average depth to basement of ~360m across the survey area.
Identified a number of potential new areas of interest with low seismic velocity zones in the
basement sequence (interpreted to potentially be related to hydrothermal alteration), near edges
and/or above high seismic velocity bodies (interpreted to potentially be related to large intrusions
at depth).
(ii) Infill ANT and gravity survey highlights:
Higher resolution of interpreted structures, with velocity and density models refining potential
lithological domains, structures and cross-arc structures.
Supported the potential for multiple intrusive stocks and additional drill hole targets.
Confirms and refines an existing high priority drill target with the originally proposed drill hole collar
moved ~400m.
Imminent drilling will test a large scale target off the shoulder of a pronounced density and magnetic
anomaly associated with a potential cross-arc structure and into a low-intermediate seismic velocity
zone (interpreted to potentially be related to hydrothermal alteration and/or mineralisation) that lies above
a high seismic velocity anomaly at depth (interpreted to potentially relate to a Macquarie Arc intrusion) -
see Figure 3.
The commenced drilling program is expected to provide enhanced geological understanding of the
geophysical models resulting from the Fleet Space multiphysics surveys. Such learnings are expected to
assist Kincora with future exploration and drill hole targeting at both the Nyngan Project, the recently
expanded partnership with Fleet Space for the Wongarbon Project and the Company's existing pipeline
of eleven other porphyry projects in the Macquarie Arc.
New Potential Drill Targets At the
Ace of Spades
Currently Kincora and AngloGold Ashanti have an existing pipeline of 16 targets that are permitted for
drilling within the northern portion of the Nyngan Project - see Figure 2. Two of these proposed for drilling
before year-end are included in the Fleet Space survey area with a further two permitted covered by the
regional ANT.
Similar to other project level ANT surveys recently undertaken by Fleet Space in the Macquarie Arc at
Waratah Minerals Limited's Spur Project ("Waratah", WTM.ASX)
4
and Inflection Resource's Duck
Creek Project ("Inflection", AUCU.CSE)
5,6
, a number of additional areas of potential interest for new
large intrusive porphyry systems and potential drill targets have been identified in the
Ace of Spades
region.
Inflection has been using Fleet Space ANT survey results, coupled with existing regional geophysics, as
a key exploration tool in its drill hole targeting at Duck Creek.
Results from down-hole geophysical surveying have reported zones of relatively high seismic/shear-
wave velocity associated with competent intervals of monzodiorite, which supports the hypothesis that
intrusions are likely to manifest in the ANT data as zones of elevated seismic velocity. Additionally, the
surveying demonstrates localised areas of low seismic velocity associated with more intense
hydrothermal alteration, which also supports the interpretation that low seismic velocities evident in the
ANT survey can represent zone of hydrothermal alteration
7
.
The results of the multiphysics surveys at Nyngan will be reviewed in light of the commenced drilling
program results in conjunction with AngloGold Ashanti and are expected to also assist with Fleet Space
and Kincora's partnership for the Wongarbon Project.
Further New District-Scale Opportunities
Prospective early stage porphyry positions in the interpreted undercover extensions of the Macquarie
Arc that offer new district scale potential have recently been the focus of five large earn-in and joint
venture agreements supporting potentially over $300 million of exploration expenditure covering over
10,000km
2
. Most recently, only in August, Gold Field's re-entered the Macquarie Arc via a multiple
phase, multiple project option agreement with a private explorer, Gold and Copper
8
.
Spatial and temporal settings, coupled with magnetics, gravity and ANT surveys, supports new district
scale potential and that the largest sections of the Macquarie Arc may be located under post mineral
cover.
Kincora was an early entrant pursuing this strategy, securing a significant portion of the most prospective
and shallow to moderate depth sections of this underexplored (often never drilled) sections of the
Macquarie Arc.
The Company is discussing further partnership opportunities with Fleet Space, amongst other groups,
and notes the recent results of the Fleet Space and Inflection district scale ANT survey (>1800km
2
)
which, when integrated with other existing datasets (including airborne magnetics and gravity), has
resulted in four new priority targets, three of which commence within 2km's of Kincora's wider project
portfolio (four if Duck Creek is included) in the Northern Junee-Narromine Belt (NJNB)
6
- see Figure 1.
Kincora has recently secured three new wholly owned licenses covering 1,377km
2
(the Nyngan West,
Nyngan South and Nevertire South Projects) providing a continuous landholding along >100km strike of
the NJNB (see Figure 1)
9
with a recent extremely positive review of the new Nevertire South Project
supporting what Kincora believes is the most attractive geologically supported target in the covered
extensions of the Macquarie Arc
10
.
Coupled with the highly prospective Wongarbon Project
11
, located on the northern Molong Belt, Kincora
is seeking to confirm multiple new district-scale and porphyry discovery potential.
Figure 1: Multiple Fleet Space surveys, existing regional magnetics and gravity surveys, and
limited drilling to date supports Kincora and AngloGold Ashanti's interpretation that the
Northern Junee-Narromine Belt hosts the potential for multiple new composite volcanic and
intrusive complexes with analogous aeromagnetic signatures and intrusive level cross arc
structures to other Macquarie Arc porphyry complexes (eg Cadia, Cowal, Boda-Kaiser,
Marsden etc)
The Macquarie Arc is a proven Tier 1 terrane and Australia's foremost copper porphyry belt hosting a
number of world-class mines in the southern, more exploration mature, of the Arc hosting over 160Moz
gold equivalent endowment.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/227375_dafda03364be6bf7_001full.jpg
Figure 2: Fleet Space's ANT and gravity surveys have refined a regionally significant priority
drill target previously and separately identified by Kincora, AngloGold Ashanti and Fleet Space
within the northern "
Ace of Spades
" region of the Nyngan Project.
This target is to be very
shortly drill tested as part of the first ever copper-gold focused drilling program within this
region. As part of a permitted drill program for up to 16 holes, a 6 to 8-hole for an estimated
4000-5000m program is budgeted before year-end with earn-in partner AngloGold Ashanti.
Kincora and Inflection's recent real-time Fleet Space ANT surveys have generated a number of new,
previously unrecognised potential target areas that are currently being reviewed.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/227375_dafda03364be6bf7_002full.jpg
Figure 3: Imminent drilling will test a large-scale target off the shoulder of a pronounced
density and magnetic anomaly associated with a potential cross-arc structure and into a low-
intermediate seismic velocity zone (interpreted to potentially be related to hydrothermal
alteration and/or mineralisation) that lies above a high seismic velocity anomaly at depth
(interpreted to potentially be an intrusion) - illustration sourced from Fleet Space's Exosphere.
The Fleet Space surveys across the Macquarie Arc have identified and refined existing targets of new
composite volcanic and intrusive complexes, mapped estimated depth to basement, refined key
structural features (including cross-arc structures), and, identified changes in velocity and density that
may reflect different lithological units.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/227375_dafda03364be6bf7_003full.jpg
About the Nyngan Project
The Nyngan Project was the first ground Kincora secured in NSW
12
with regional geophysics strongly
indicating the potential to hosts the largest volcano-intrusive complex of the Macquarie Arc (existing
metal endowment of over 160Moz gold equivalent) and offering a new district-scale setting. Limited prior
drilling activities have taken place, and are limited to the southern portion of the Project.
In May 2024, Kincora signed a definitive multiple-phase Earn-in and Joint Venture Agreement over the
Nyngan and Nevertire licences with a wholly owned subsidiary of AngloGold Ashanti plc (NYSE: AU;
JSE: ANG), the world's fourth largest gold miner by production, which has a successful track record for
Greenfields discovery success.
AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest through:
A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a
minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10%
management fee.
Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to
earn a 80% joint venture interest (Phase II)
13
.
The commenced drilling program is focused within the northern portion of the Nyngan Project and the
"Ace of Spades"
region testing a wide range of untested, large intrusive-related copper-gold targets.
The program will comprise cost-effective mud-rotary drilling through the post mineral cover sequence
with diamond core drilling upon refusal and testing of the targeted basement. The program seeks to
confirm the potential for a series of new Macquarie Arc intrusive complexes and provide vectors for
follow up drilling.
About Fleet Space Technologies
Fleet Space is widely regarded as Australia's leading space company and is seeking to revolutionise
mineral exploration with its vertically integrated technology sack, ExoSphere, which combines the latest
advances in satellite connectivity, 3D multiphysics data acquisition, and AI to map mineral systems in
real-time.
Fleet Space's ExoSphere technology enables an end-to-end approach to high-quality data acquisition,
processing, interpretation and targeting to streamline exploration and improve success rates for new
economic discoveries.
Leveraging Fleet Space's proprietary satellite network in low Earth orbit, smart seismic sensors enabled
with edge computing and rapid data processing ExoSphere delivers real-time 3D mapping of mineral
systems and AI-powered drill targeting with near-zero environmental impact.
In the last quarter, Barrick Gold announced it would partner with Fleet Space to survey copper porphyry
complexes across 1,150km² of the world-class Reko Diq project
14
and in the last month Gold Fields
announced a similar relationship to advance exploration at the Salares Norte project in Chile
15
.
Recently, Inflection Resources' announced new targets generated by ExoSphere, leading AngloGold to
accelerate their Exploration Agreement and drilling with Inflection
5
. Inflection and Fleet Space have also
recently announced the results of the world's largest real-time ANT survey across 1818km², built an AI-
powered district scale copper prospectivity map which, when integrated with other existing datasets
(including airborne magnetics and gravity), has resulted in four new priority targets, three of which are
within 2km's of Kincora wider project portfolio in the northern Junee-Narromine Belt.
In July 2024, Kincora formed an initial partnership to conduct the first ever integrated real-time ANT and
ground gravity undertaken by Fleet Space within the
"Ace of Spades"
region at the Nyngan Project.
In mid October 2024, Kincora expanded its partnership with Fleet Space to include: (i) a listed equity
investment, (ii) multiphysics surveys at the Wongarbon Project to identify and refine targets, and, (iii)
Fleet Space having the right to drill test targets to earn an asset level interest in the Wongarbon Project.
ExoSphere's rapid global adoption has propelled Fleet Space's exponential growth, including a
A$50
million Series C
funding round, a doubling of its valuation to A$350 million, plans to send a variant of
ExoSphere to the Moon in
2026
, and recognition as Australia's fastest growing company by the
Australian Financial Review (2023).
For more information please visit Fleet Space's website at
https://www.fleetspace.com
.
About Kincora
Kincora Copper is dual listed on the ASX and TSX-V (ticker "KCC") and is an active explorer and
project generator focused on world-class copper-gold discoveries that has recently executed five
agreements that unlock over A$60 million in potential multiple year partner funding. Further new projects
that offer a clear value path and targeted partnerships are proposed.
Kincora's portfolio includes district scale landholdings and scale-able drill ready targets in both Australia
and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and, the
Company is targeting exposure to 10,000-30,000m pa of drilling.
For more information please visit Kincora's website at
www.kincoracopper.com
.
References:
1
Three Kincora Partner Funded Drilling Programs Ramping Up - Kincora press release October 7, 2024
2
Kincora announces Strategic Investment and Expanded Partnership with Fleet Space - press release October 15, 2024
3
Sourced from MinEx Consulting for Kincora
4
ANT geophysics defines additional epithermal-porphyry targets at Spur Project - Waratah press release May 23, 2024
5
Reimaging porphyry copper exploration using Exosphere: Ambient Noise Tomography from the Duck Creek project, Macquarie - Fleet and
Inflection Case Study 2023
6
Inflection Resources Defines New Priority Targets Based on Results of Regional ANT Survey in New South Wales - Inflection press release
September 12, 2024
7
Inflection Resources Provides Drilling Update from Phase II Duck Creek Exploration Program in New South Wales - Inflection press release
October 3, 2024
8
Gold Fields H1 2024 Results - August 23, 2024
9
Kincora Secures New Strategic Ground On Australia's Premier Porphyry Copper-Gold Province - Kincora press release September 9, 2024
10
Three Kincora Partner Funded Drilling Programs Ramping Up - Kincora press release October 7, 2024
11
New Major, Virgin Porphyry Complex And Drill Targets Secured - Kincora press release June 3, 2024
12
Kincora secures strategic license in Australia's leading porphyry belt - Kincora press release November 21, 2019
13
AngloGold Ashanti to earn-in to the NJNB Project - Kincora press release May 28, 2024
14
Fleet Space's Exosphere Enhances Barrick Gold's Data-Driven Copper Exploration at Reko Diq - Fleet Space press release July 9, 2024
15
Gold Fields Taps ExoSphere To Advance Exploration at Salares Norte in Chile - Fleet Space press release October 3, 2024
This announcement has been authorised for release by the Board of Kincora Copper Limited
(ARBN 645 457 763)
For further information please contact:
Sam Spring, President and Chief Executive Officer
or +61431 329 345
Executive office
400 - 837 West Hastings Street
Vancouver, BC V6C 3N6, Canada
Tel: 1.604.283.1
Fax: 1.888.241.5996
Subsidiary office Australia
Vista Australia
Level 4, 100 Albert Road