Kincora provides corporate update for Mongolian portfolio
Kincora provides corporate update for
Mongolian portfolio
MELBOURNE, Australia
,
July 8, 2022
/CNW/ - Kincora Copper Limited (the Company, Kincora)
(TSXV: KCC) (ASX: KCC) provides the following update on the status of its joint venture agreement
(Joint Venture Agreement) with Resilience Mining Mongolia Limited (Resilience) in relation to its
existing Mongolian asset portfolio.
Since entering the Joint Venture Agreement on
June 30
th
2021, the Company has granted Resilience
a number of extensions to the date for satisfaction of the conditions to the Joint Venture Agreement
which include Resilience achieving a minimum capital raising and admission to ASX. The most recent
extension was the subject of the Company's
March 1
st
2022, announcement titled "
Resource
estimate work commenced from Bronze Fox project in
Mongolia
".
As at today's date,
notwithstanding the ongoing extensions, key conditions to the Joint Venture Agreement remain
unsatisfied.
The Company wishes to advise that it has issued a notice to Resilience notifying it of the failure of
conditions under the Joint Venture Agreement. The effect of the notice is that, unless a mutually
agreeable further variation can be reached, the Joint Venture Agreement will terminate in 30 days
and enables the Company to pursue other strategic options for the Mongolian asset portfolio.
Kincora has indicated that it is willing to consider any further proposal, which may be put forward by
Resilience during the 30-day notice period, but highlights that the Company remains committed to
seeing the asset portfolio move forward and extracting appropriate value from it.
Sam Spring
, President & CEO, commented:
"
Our Board has considered that the course of action taken was necessary to seek to
resolve the future and direction of our wholly owned Mongolian asset portfolio.
We have worked closely with Resilience for a significant period of time, and while the door
is still open to them, today's notification provides the framework to pursue other strategic
options at a time of recent significant investment in the world-class Southern Gobi porphyry
belt.
The Company remains committed to extracting appropriate value from the Mongolian
assets for the benefit of our shareholders, while we continue to focus our efforts and
energy towards active and systematic exploration activities in
Australia
".
In addition to the above, for the purposes of this update, the Company notes that it has received,
and is in the process of assessing, the data in respect of a JORC Resource prepared by Resilience
in respect of the Bronze Fox project in Mongolia. The Company will make a further release following
completion of its review of the Resilience data and/or publication by Resilience of a JORC Resource
compliant press release or Mineral Resource Estimate report.
The Company will provide further updates in due course.
Figure 1:
Kincora's wholly owned, 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
Recent significant investments in the Southern Gobi porphyry belt:
Oyu Tolgoi partners reach comprehensive agreement and approve commencement of
underground mining operations (estimated total capex
US$6.9 billion
) –
January 2022
Rio Tinto's
US$2.7 billion
cash offer for minority Turquoise Hill Resource's shareholders to
increase its effective ownership in the Oyu Tolgoi project –
March 2022
Xanadu Mining's total staged investment of up to
A$58 million
from Zijing Mining (a global top 10
copper producer) –
April 2022
Figure 1: Kincora’s wholly owned, strategic and district scale position in Mongolia’s world-class
Southern Gobi porphyry belt (CNW Group/Kincora Copper Limited)
Kincora's wholly owned Mongolian portfolio assets included the Bronze Fox mining license,
Tourmaline Hills and
Red Well
exploration licenses, the White Pearl camp and one of (if not) the
largest project generation databases for
Mongolia
.
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
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%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: 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
CO: Kincora Copper Limited
CNW 05:30e 08-JUL-22