KCC.V · 2023-01-19 12:00:00

Kincora commences new phase of drilling at the brownfield Trundle project High impact drilling has commenced at the Dunn's North prospect following up shallow ore grade mineralisation: 10m

Exploration Programs

Kincora commences new phase of drilling at

the brownfield Trundle project

High impact drilling has commenced at the

Dunn's

North prospect following up shallow ore grade

mineralisation:

10m

@ 1.99g/t gold and 0.12% copper from

36m

(end of hole

48m

) interpreted to have

drilled short and on the margin of an associated untested porphyry complex

Current phase of drilling at the Trundle project will test 5 adjacent system and separate large

scale porphyry targets across an existing 3.2km mineralised strike

Follows up open ore grades at three shallow and one deeper target, the latter supported

by the NSW Government's New Frontiers Exploration grants program for a designed

1100m

hole testing the porphyry source of the emerging Southern Extension Zone skarn

discovery

Program will comprised ~3350m of diamond drilling, continue into mid 2Q'2023, with first

assays expected

March 2023

Trundle is the only brownfield

project held by a listed junior in

Australia's

foremost porphyry belt

and is located within the same mineralized complex as

Australia's

second largest porphyry mine

(endowment 24Moz gold equivalent)

MELBOURNE, Australia

Jan. 19, 2023

/CNW/ - Kincora Copper Limited (ASX: KCC) (TSXV:

KCC) (

Kincora

or the

Company

) is pleased to announce the commencement of drilling at the

Dunn's

North prospect situated at the brownfield Trundle 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, commented:

Drilling at

Dunn's

North will for the first time follow up shallow ore grade mineralisation, 10

metres @ 1.99 g/t gold and 0.12% copper from only 36 metres, returned above and on the

margin of significant, untested, coincident magnetic and Induced Polarisation (IP)

geophysical features. The target is a larger porphyry deposit responsible for that ore grade

mineralisation and the geophysical features.

The

Dunn's

North prospect is the first to be tested of five high conviction, standalone, large-

scale, new porphyry discovery opportunities that are scheduled to be drilled during this

program at Trundle. This conviction is underpinned by strong geological vectors and

complementary geophysics identified in our recent extensive technical reviews."

Dunn's

North prospect

Kincora's next phase of drilling at the Trundle project has commenced at the

Dunn's

North prospect

which will for the first time follow up shallow ore grade mineralisation that is interpreted to have

drilled short and on the margin of an associated and untested porphyry complex.

Favorable gold, copper and pathfinder element results were identified at the

Dunn's

North and South

prospects during Kincora's detailed 2022 technical reviews of the Trundle Park prospect and

adjacent open mineral systems. This included results from limited prior explorer drilling at the wider

Dunn's

prospect area and Kincora's 2022 air-core drilling program at a region north of the

Dunn's

North prospect that returned favourable intrusives and gold anomalism.

Of particular note was Placer Pacific Ltd's RAB and percussion drilling, and basement sampling, at

the wider

Dunn's

prospect in 1986. This program returned favourable host volcanics intruded by a

least three mineralised bodies of mafic monzonite and monzodiorite, including

10m

@ 1.99g/t gold

and 0.12% copper from

36m

within a total hole interval of

48m

@ 0.44 g/t gold and 0.04% copper

from surface. As Figures 1-3 illustrate, this ore grade interval sits short and on the margin of a

subsequent High Powered Exploration (HPX) Typhoon™ IP chargeability high

– suggesting

sulphides such as copper and/or gold – coincident with the shoulder of regionally significant magnetic

feature – suggesting a porphyry complex.

At the neighbouring

Dunn's

South prospect, which based on magnetics, previous down-hole

mineralisation and basement sampling is interpreted be the southern extension of the

Dunn's

North

system, limited drilling by Newcrest Mining Limited has confirmed a favourable host and porphyry

system environment. Petrology and fertility analysis indicates fertile and mineralised shoshonitic

intrusives comparable to Northparkes and Cadia, with Kincora relogging of diamond core identifying

at least four felsic intrusion types and quartz-carbonate-pyrite veins with chalcopyrite and bornite.

The designed maiden Kincora drilling program at the

Dunn's

prospects will for the first time test the

core magnetic and interpreted porphyry complex:

Dunn's

North

: commenced hole TRDD035 is designed to drill through shallow and open

mineralisation, including

48m

@ 0.44 g/t gold and 0.04% copper from surface to end of hole

with

10m

at 1.99 g/t gold and 0.12% copper from

36m

, into a previously untested coincident

chargeability and magnetic high, and resistivity anomaly. The geophysical features supports a

further 200-

400m

extension to the existing mineralised system – see Figures 2 and 3.

Dunn's

South

: planned hole TRDD036 is designed to drill through shallow and open

mineralisation, including

100m

@ 0.4 g/t gold, with

at 1.69 g/t gold and

at 1.96 g/t gold,

into the core of a previously untested magnetic anomaly. Limited prior drilling returned the

previously noted multiple phase and mineralised intrusive system despite drilling away from the

magnetic complex and target zone.

The

Dunn's

North and then

Dunn's

South prospects are the first of a total of five adjacent systems

and separate large-scale porphyry targets to be tested in this current phase of drilling across an

existing 3.2km mineralised strike, which remains open, at the Trundle project.

For further details please refer to an updated accompanying corporate presentation that is available

at:

https://kincoracopper.com/corporate-presentation/

This announcement has been authorised for release by the Board of Kincora Copper Limited

(ARBN 645 457 763)

Footnotes

Typhoon

™

is a proprietary geophysical system and technology of I-Pulse and Ivanhoe Electric Inc (NYSE American: IE; TSX: IE), and the latters predecessor company, High Power

Exploration Inc (HPX). In 2015, HPX completed a Typhoon™ survey across the Trundle license as part of a project earn-in (vender of the project at that time being Clancy

Exploration), and, identified and ranked 17 resulting targets. Only one hole was drilled post this survey, which was a technical success, before the last commodity cycle down turn

when HPX exited the Trundle project (and other similar stage projects globally). For further information on Typhoon

™

please refer to

https://ivanhoeelectric.com/technologies/typhoon/

for further details please refer to the October 27, 2022 press release

"Trundle Project Presentation"

for further details please refer to the December 23, 2022 press release

"Kincora awarded drilling grant for brownfield Trundle project"

Trundle project background

The Trundle project is located in the Junee-Narromine volcanic belt of the Macquarie Arc, less than 30km from the mill at the Northparkes mines in a brownfield setting

within the westerly rift separated part of the Northparkes Igneous Complex ("NIC"). The NIC hosts a mineral endowment of approximately 24Moz AuEq (at 0.6% Cu and

0.2g/t Au) and is Australia's second largest porphyry mine comprising of 22 intrusive porphyry discoveries, 9 of which with positive economics.

The Trundle Project includes one single license covering 167km

and was secured by Kincora in the March 2020 agreement with RareX Limited ("REE" on the ASX).

For further information on the Trundle and Northparkes Projects please refer to Kincora's website: https://kincoracopper.com/the-trundle-project/

Geochemistry (AuEq): Gold Equivalent (AuEq) assumptions US$1800/oz Au and US$3.55 lb Cu (100% recoveries).

Chargeability inversion follows HPX's Typhoon™ 3D Induced Polarisation (IP) survey in 2015. Strong inductive EM Coupling is present in specific areas across the Trundle license

(including the Dunn's prospects' area) but in general EM Coupling is noted as minimal. Late time readings may have influenced and reduced the absolute mV/v anomaly strength but

extensive pre and post survey modeling support a reliable estimation of the subsurface distribution of conductive and chargeable materials.

Streamline Competent Persons Statement (ASX Listing Rule 5.23)

The information contained in this announcement related to past exploration results of the Company is

extracted from, or was set out in:

the ASX release made by the Company on

October 27, 2022

, titled "

Trundle Project

Presentation

" which included a competent person statement from

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.

The Company confirms that it is not aware of any new information or data which materially affects

the information included in the original market announcements.

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.

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

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/January2023/19/c0429.html

%SEDAR: 00003952E

For further information:

Sam Spring, President and Chief Executive Officer,

[email protected] or +61431 329 345; For media enquiries: Media & Capital

Partners, Angela East at [email protected]; Executive office Canada: 400 - 837

West Hastings Street, Vancouver, BC V6C 3N6, Canada, Tel: 1.604.283.1722, Fax:

1.888.241.5996; Subsidiary office Australia: Vista Australia (formerly Leydin Freyer Corp Pty Ltd),

Level 4, 100 Albert Road, South Melbourne, Victoria 3205, Tel: +613 9692 7222

CO: Kincora Copper Limited

CNW 05:30e 19-JAN-23

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