Kincora Provides Exploration Update Final results to hand for Phase 1 drilling at the Bronze Fox project Mining license conversion process ongoing for Bronze Fox Three holes completed for three targets at the East Tsagaan Suvarga project
Kincora Provides Exploration Update
Final results to hand for Phase 1 drilling at the Bronze Fox project
Mining license conversion process ongoing for Bronze Fox
Three holes completed for three targets at the East Tsagaan Suvarga project
Drilling commenced at Badrakh project
VANCOUVER
,
Nov. 18, 2019
/CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV:KCC)
is pleased to provide an update on results from activities to date from the 2019 field season
following first phase target testing drilling at the Bronze Fox and East Tsagaan Suvarga ("East TS")
projects.
A total of 9 holes for 6,112 metres were drilled testing 5 targets across both projects. The first of a
proposed 2-hole program has just commenced at the recently optioned Badrakh project.
Project generation and earlier stage project pipeline exploration activities continue as Kincora is the
most active foreign listed junior seeking to make the next Tier 1 discovery in
Mongolia
.
Bronze Fox:
6 holes completed at two targets for 4,264 metres
Confirmed and better defined a large lower grade porphyry system with localised higher-
grade zones at the West West Kasulu target.
Preparations ongoing for mining license application for the eastern exploration license.
Drilling has added geological information to support an updated block model, enhance the
dataset sufficiently for NI 43-101 purposes and a maiden resource.
East Tsagaan Suvarga:
3 holes completed at three targets for 1848.2 metres
Drilling has failed to confirm the targeted geological concepts meaning the project has
become too high a risk proposition for a junior to solely fund.
Badrakh:
2 holes proposed at two targets for a budgeted 1,000 metres
Drilling has commenced at the recently optioned earn-in Badrakh project (see the
November 11
th
, 2019, press release).
The agreement provides a path to control alongside a well-credentialed vendor and partner,
for a priority drill ready project underpinned by large-scale porphyry targets, which are
favourably located to existing infrastructure and on the doorstep to
China
.
Peter Leaman
, Senior Vice-President of Exploration, commented
, "Field activities have been under
budget, safely and successfully executed, systematically advancing the Company's wholly owned
828.3km
2
district scale portfolio, focused on first phase target testing drilling at Bronze Fox and
East Tsagaan Suvarga.
The Company remains well funded to continue to pursue our dual exploration and project
generation strategy, with two prospective targets being drilled at the Badrakh project, and with
budget for a significant phase 2 drilling in 2020 across the license portfolio."
Bronze Fox
Final assay results from drilling have been received (see Figure 2), with the Kincora team relogging
a total of 6,286.5 metres of core in the West West Kasulu target area to support detailed vein
density and orientation, mineral paragensis analysis and integration to geophysics. Results from field
season activities are interpreted as having better defined the large lower grade porphyry system
with localised higher-grade zones proximal to a key regional fault and localised parallel fault.
Activities have also supported the required datasets for conversion of the existing eastern
exploration license to a mining license, which the Company will now pursue over the winter period as
potential follow up phase 2 drilling targets for the 2020 drilling program are further considered (which
is funded for).
The 2019 drilling and recent field activities (including gathering specific gravity samples for all prior
drilling) have added geological information to support an updated block model, enhanced the dataset
sufficiently for NI 43-101 purposes and a maiden resource. As announced in the
January 25
th
, 2018
press release, prior activities supported an exploration target
416 Mt
to
428 Mt
grading 0.26% to
0.30% copper for up to 2,437Mlb of copper and 0.84Moz gold. The potential quantity and grade
ranges are conceptual in nature and based on nearest neighbour and ordinary krige estimates, and
there has been insufficient exploration to define a mineral resource. It is uncertain if further
exploration will result in the target being delineated as a mineral resource.
Figure 2:
Bronze Fox phase 1 2019/20 drilling program - Significant intercepts
1
Previously not reported intercepts outlined in bold outline – intervals reported as down hole length,
not true widths
Hole ID
Prospect
From (m)
To (m)
Interval (m)
Au (g/t)
Cu (%)
CuEq (%)
F103
West West Kasulu
1.2
76
74.8
0.02
0.08
0.10
and
76
198
122
0.09
0.18
0.25
including
140
160
20
0.20
0.41
0.64
including
146
154
8
0.41
0.70
1.07
and
328
476
148
0.03
0.13
0.16
and
542
554
12
0.04
0.17
0.21
and
596
972
376
0.05
0.20
0.26
including
700
820
120
0.06
0.31
0.41
including
740
746
6
0.10
0.58
0.74
and
972
1075
103
0.02
0.06
0.09
F104
Western Trend
2
16
14
0.05
0.09
0.14
and
108
114
6
0.02
0.16
0.29
and
146
188
42
0.13
0.18
0.32
including
146
150
4
0.38
0.66
1.00
F105
Western Trend
176
182
6
0.06
0.17
0.22
including
178
180
2
0.17
0.49
0.64
F106
Western Trend
210
212
2
0.12
0.02
0.13
and
246
248
2
0.22
0.01
0.20
and
374
376
2
0.33
0.01
0.30
F107
West West Kasulu
10
16
6
0.02
0.08
0.09
and
24
58
34
0.02
0.07
0.09
and
78
142
64
0.03
0.08
0.11
including
98
110
12
0.06
0.15
0.21
and
156
204
48
0.03
0.08
0.11
and
242
342
100
0.03
0.08
0.11
including
306
308
2
0.41
0.11
0.48
including
320
322
2
0.05
0.33
0.38
and
404
562
158
0.10
0.15
0.26
including
506
536
30
0.35
0.17
0.50
including
528
536
8
1.07
0.25
1.26
and
574
732
158
0.06
0.30
0.38
including
630
640
10
0.07
0.45
0.54
including
654
676
22
0.09
0.45
0.55
including
688
694
6
0.10
0.42
0.53
including
702
732
30
0.07
0.37
0.50
and
812
848
36
0.27
0.22
0.47
including
828
838
10
0.56
0.28
0.79
including
836
838
2
1.44
0.36
1.65
and
880
890
10
0.23
0.15
0.37
including
880
882
2
0.95
0.22
1.14
F108
West West Kasulu
72
84
12
0.02
0.07
0.10
and
120
140
20
0.04
0.09
0.14
and
148
156
8
0.06
0.22
0.28
including
154
156
2
0.14
0.55
0.67
and
160
192
32
0.05
0.13
0.18
including
168
176
8
0.08
0.17
0.26
and
200
314
114
0.04
0.13
0.17
including
240
242
2
0.06
0.42
0.53
including
270
280
10
0.09
0.18
0.31
including
300
312
12
0.06
0.24
0.32
including
306
308
2
0.07
0.70
0.77
and
322
414
92
0.07
0.15
0.23
including
340
348
8
0.40
0.11
0.53
including
374
398
24
0.06
0.25
0.33
including
384
390
6
0.14
0.59
0.72
and
420
538
118
0.03
0.08
0.11
including
484
486
2
0.44
0.03
0.42
and
538
548
10
0.04
0.17
0.21
including
544
546
2
0.06
0.32
0.41
and
552
562
10
0.03
0.19
0.23
including
554
556
2
0.05
0.39
0.44
and
572
612
40
0.04
0.22
0.26
including
586
600
14
0.05
0.33
0.38
and
618
632
14
0.04
0.17
0.22
including
620
624
4
0.08
0.31
0.39
and
632
680
48
0.04
0.16
0.20
including
658
674
16
0.05
0.24
0.29
and
680
692
12
0.07
0.22
0.29
including
680
684
4
0.13
0.41
0.54
and
696
704
8
0.03
0.11
0.14
and
712
738
26
0.06
0.14
0.20
including
714
716
2
0.40
0.50
0.86
and
746
768
22
0.22
0.12
0.32
including
750
754
4
0.39
0.27
0.62
including
760
762
2
1.33
0.07
1.26
East Tsagaan Suvarga
Kincora's wholly owned East Tsagaan Suvarga ("East TS") project is located approximately 10-15
kms to the east of the Tsagaan Suvarga porphyry mine ("TS"). With previous drilling having
confirmed East TS sits within a brownfield setting of the targeted Devonian age Tsagaan Suvarga
Intrusive Complex ("TSIC"), and subsequent ground magnetics and Induced Polarisation ("IP")
refining a number of large scale coincident anomalies, the 2019 drilling program sought to confirm
the potential for a preserved porphyry system may be present beneath the younger cover in a
favourable preserved porphyry setting, a similar style and setting to the Hugo and/or Heruga
orebodies within the Oyu Tolgoi mineralised system.
The maiden target testing drill program focused on three independent targets with a total of 1848.2
metres drilled (ETS holes #15, 16 and 17). Drilling this field season (ETS017) and previously at the
most northern target failed to intercept the TSIC at explorable depths. The targeted TSIC was
intercepted in ETS015 and ETS016, with quartz monzonite; weak to moderate chlorite altered and
disseminated pyrite observed.
Activities this field season have failed to provide the targeted vectors to refine targets for Phase 2
step out or infill drilling, which coupled with the depth of cover means that further drilling is too high a
risk for a junior to solely fund.
Figure 6:
East TS 2019 drilling program - Drill hole collar locations
Hole ID
Prospect
East
North
Elevation
Azimuth (°)
Inc (°)
Depth (m)
ETS015
Target 1
300108
4865235
858.9
0
-90
645.2
ETS016
Target 2
298503
4863833
854.7
0
-90
703.0
ETS017
Target 3
299381
4867131
852.7
0
-90
500.0
Badrakh
Drilling has commenced at the recently optioned earn-in Badrakh project (see the
November 11
th
,
2019, press release), that will for the first time test the potential for a preserved and large scale
copper-gold porphyry system, as well as for a nearer surface supergene cap.
New activities and reinterpretation of previous field geological mapping, soil and rock chip sampling,
ground magnetics and induced polarization ("IP") has been undertaken by Kincora with two holes
proposed this field season.
The first hole, BDD001, will test a large scale coincident chargeability high oversetting a donut
magnetic anomaly on the margin of a silica cap, brecciated quartz–baryte zone and a phyllic
alteration zone. Anomalous copper, gold and molybdenum geochemistry lies on the margin of an
interpreted fault zone, potentially related to an underlying system that hole BDD001 is looking to
test. The exploration concept to be tested by this first hole is outlined in Figure 8.
Drilling will for the first time test the potential for a large-scale porphyry system (CNW
Group/Kincora Copper Limited)
The second hole proposed this field is within the western section of the outcropping phyllic and
propylitic alteration system, in proximity to hole KHUD002, that intersected chalcocite and
chalcopyrite, in a weak supergene cap but failed to test the underlying primary potential.
Qualified Person and Sample Protocol
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
, Senior Vice-President
of Exploration of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.
All samples have been assayed at ALS Laboratory in Ulaanbaatar,
Mongolia
. In addition to internal
checks by ALS Laboratory, the Company incorporates a QA/QC sample protocol utilizing prepared
standards, blanks and duplicates for 5% of all assayed samples. All samples undergo 4 Acid ICP-
MS (48 element) geochemistry. 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
2 m
intervals over mineralized sections of the logged core. Sample interval selection was based on
geological controls or mineralization, and/or guidance from the Technical Committee provided
subsequent to daily drill and logging reports.
Drill core selected for assaying was cut in half with a diamond saw, with half of the core placed in
sample bags and the remaining half securely retained in core boxes at Kincora's exploration camp.
All samples were organized into batches of 30 including a commercially prepared standard, blank
and either a field duplicate, consisting of two quarter-core intervals, or a laboratory duplicate. QC
monitoring is an active and ongoing process on batch by batch basis.
1
Significant intercepts - intercepts reported as an interval with "from" and "to" and not as true widths
About Kincora Copper Limited (KCC – TSXV)
Kincora is an active junior seeking to make a major discovery in Mongolia.
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 our drilling and program
generation strategy.
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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http://www.newswire.ca/en/releases/archive/November2019/18/c0008.html
%SEDAR: 00003952E
For further information:
Sam Spring, President and Chief Executive Officer,
[email protected] or +61431 329 345
CO: Kincora Copper Limited
CNW 05:00e 18-NOV-19