Kincora closes agreement with RareX Definitive agreement completed with RareX Limited for New South Wales located copper-gold assets Kincora's portfolio in the Lachlan Fold Belt includes a district scale land package and industry
Kincora closes agreement with RareX
Definitive agreement completed with RareX Limited for
New South Wales
located copper-gold
assets
Kincora's portfolio in the Lachlan Fold Belt includes a district scale land package and industry
leading proposition of copper-gold targets
Near term drilling planned at the brownfield Trundle project
Favorable year-end cash position of
$3.5 million
VANCOUVER
, March 19, 2020 /CNW/ - Kincora Copper Ltd. (the "Company", "Kincora")
(TSXV:KCC) is pleased to provide an update on its activities in the Macquarie Arc of the Lachlan
Fold Belt ("LFB"),
Australia's
foremost porphyry region.
Legal and technical due diligence and definitive agreements have been completed with RareX
Limited ("RareX"), and consideration paid, as per the binding Memorandum of Understanding
("MoU") announced
January 30
th
, 2020.
Kincora has a controlling interest across a 1,732km
2
land position in the key belts of the Macquarie
Arc, with confirmed strategic appeal and pipeline of targets being systematically advanced. This
includes the flagship Trundle project, the only brownfield porphyry project held by a listed junior in
the Lachlan Fold Belt, located less than 30km from the China Molybdenum Company (CMOC)
operated Northparkes copper-gold mine, which has total endowment (past production and current
resources) of over 20Moz gold-equivalent
1
.
Sam Spring
, President & CEO, commented:
"Kincora is well positioned and funded for high impact,
value add drilling at a number of the most compelling drill targets in
Australia's
foremost porphyry
belt, a belt that has recently attractive considerable investment and positive re-rating of active
exploration peers.
This will shortly commence at the brownfield Trundle project, which sits within the same system as
Australia's
second largest porphyry mine (Northparkes) with demonstrated similar and extensive
mineralisation.
Details of the upcoming program are expected to be shortly announced and will focus on three
known mineralized Northparkes porphyry targets, seeking to confirm the discovery of a new cluster
of deposits".
Figure 1: Kincora and RareX’s district scale license portfolio covers a total of 1732km2 in the
Lachlan Fold Belt, central New South Wales, Australia. Distribution of Ordovician volcanic belts,
showing major porphyry copper-gold mining centres and the extent of younger cover sequences
based on 1:250,000 scale mapping. The Lachlan Fold Belt hosts Newcrest’s Cadia-Ridgeway camp
(located in the Molong belt) and China Molybdenum Group’s Northparkes mine (Junee-Narromine
volcanic belt). (CNW Group/Kincora Copper Limited)
Reference:
1
Anglogold Ashanti Australia Limited, Jul'14 open file report EL7751 (publically available from the
DiGS Geological Survey of NSW).
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
Peter Leaman
, B.Sc (Hons) Geology,
FAusIMM, Senior Vice-President of Exploration of Kincora Copper, who is the Qualified Person for
the purpose of NI 43-101.
The review and verification process for the information disclosed herein on the RareX projects has
included the receipt of all material exploration data, results and sampling procedures of previous
operators under a confidentiality agreement and review of such information by Kincora's geological
staff using standard verification procedures.
About Kincora Copper Limited (KCC – TSXV)
Kincora is an active junior and systematic explorer seeking to make a major discovery in
Mongolia
,
the Lachlan Fold Belt in
Australia
and other prospective complementary jurisdictions.
Our technical team is credited with multiple discoveries of Tier 1 copper assets and in
June 2019
the
Company completed an oversubscribed
$6.25m
offering supporting an aggressive drilling and
program generation strategy.
In the third quarter of 2019, the Company made the strategic decision to opportunistically pursue
entry into the Macquarie Arc, in Central West of
New South Wales
(NSW),
Australia
. This is
Australia's
foremost porphyry belt, home to the giant Cadia mine, the Northparkes mine and recent
Boda discovery by Alkane Resources.
The Macquarie Arc is synergistic in line with Kincora's core focus. It offers: the same scale of target
(world-class); the same commodity mix (copper-gold or gold-copper); the same mineralized setting
(porphyry &/or epithermal gold); supports a similar systematic exploration approach/exploration
methods; and, is a region where the team has had significant exploration success.
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) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE
Kincora Copper Limited
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%SEDAR: 00003952E
For further information:
Sam Spring, President and Chief Executive Officer,
[email protected] or +61431 329 345
CO: Kincora Copper Limited
CNW 06:00e 19-MAR-20