KCC.V · 2019-11-21 12:00:00

Kincora Secures Strategic License in Australia's Leading Porphyry Belt Kincora issued exploration license prospective for gold rich copper porphyries in the Lachlan Fold Belt ("LFB"), Australia's leading porphyry region

Permits & Approvals

Kincora Secures Strategic License in

Australia's Leading Porphyry Belt

Kincora issued exploration license prospective for gold rich copper porphyries in

the Lachlan

Fold Belt ("LFB"),

Australia's

leading porphyry region

Large size and favorable location with encouraging limited drilling inadequately followed up

Kincora to apply for State cooperative drilling funding

LFB lends itself to complementary exploration approach and scale of targets to ongoing

activities in the Southern Gobi,

Mongolia

Kincora's team enjoys previous Tier 1 discovery success in the LFB

VANCOUVER

Nov. 21, 2019

/CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV:KCC)

is pleased have been granted a new exploration license (ELA5844) covering 762km

named the

Nyngan project located in the Lachlan Fold Belt ("LFB"), central

New South Wales

("NSW"),

Australia

The issued direct license application area followed a review of prospective underexplored

undercover terrains in

Australia

by Kincora's Technical Committee and various new project

opportunities. The Kincora team has previous Tier 1 discovery successes in the LFB. The Nyngan

project was selected based on its stratigraphic-structural setting and right rocks, with previous

favourable results of the last drilling program by Newcrest Mining Limited inadequately followed up.

Sam Spring

, President & CEO, commented:

"The Nyngan project provides the Company an

opportunity to explore for porphyry-related gold-copper mineralisation within a relatively under-

explored section of a proven and highly prospective belt. The license is one of the largest in what

Australia's

leading porphyry belt.

Alkane Resources Limited's recent discovery's, subsequent to our application for this license, have

supported a significant re-rating in the valuations of the few juniors active in this region, on

average over 200%; a region which is dominated by the mid-tiers and majors.

The exploration template currently being utilised by Kincora in the Southern Gobi,

Mongolia's

leading porphyry belt, is very complementary to that proposed at the Nyngan project and proven to

be successful in the Lachlan Fold Belt".

Chairman

Cameron McRae

, noted, "Exploring for Tier 1 scale discoveries is a global competition

where jurisdictions vie for investment. Exploration efforts in the Lachlan Fold Belt are greatly

assisted by public access to previous groups activities, accelerating the lead-time to drilling.

Furthermore, we note the cooperative drilling program announced earlier this month by the NSW

government that looks to financially support under cover exploration and targets that demonstrate

strong prospectivity. We plan to apply for State cooperative funding".

Figure 1:

Location of the Nyngan project 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).

Figure 1: Location of the Nyngan project in the Lachlan Fold Belt, Central New South Wales,

Australia (CNW Group/Kincora Copper Limited)

Background

Following recent exploration successes, re-rating of valuations for various exploration juniors and

increased investment capital being allocated in multiple prospective undercover mineral belts in

Australia

, the Kincora Technical Committee has undertaken a review of potential opportunities to

expand and diversify the Company's project pipeline for prospective Tier 1 and large scale

discoveries. The review sought to leverage existing experience and exploration successes in

Australia

, opportunities pursuing a complementary systematic exploration approach as deployed in

Mongolia

. It also provides a broadening of our jurisdictional profile and addresses investor's

concerns we search in the most attractive jurisdictions.

The review focused on various mineral provinces that host a proven world-class deposit(s), are

prospective for further undercover discoveries and included undertaking an appraisal of depth/nature

of cover, exploration maturity and competition status. Certain provinces were downgraded due to

competition, such as the

Paterson

, the latter driven by Rio Tinto's Winu discovery and Newcrest's

successes with Greatland Gold's Havieron project, and others often a combination of various

factors, for example the Gawler Carton due to depth of cover, mature level of exploration, access to

licenses and degree of competition.

The Lachlan Fold Belt ("LFB"),

Australia's

leading porphyry belt, screened technically and

commercially well with a number of projects and opportunities identified and reviewed. The Nyngan

project was selected based on the ability to secure a large license area, its stratigraphic-structural

setting and right rocks, including previous mineralisation from limited drilling to basement, favourable

fertility analysis and age.

It was identified that previous favourable results of the last drilling program by Newcrest in the

Nyngan regional has been inadequately followed up and existing exploration datasets provided the

foundation for a relatively short lead time for a maiden drilling program seeking to test new targets

and concepts. The Company benefits from knowledge and previous exploration success in the belt

from Technical Committee chairman and board member

John Holliday

being a principal discoverer

and site manager of the Cadia and

Marsden

porphyry Tier 1 gold-copper deposits in this belt,

formerly Chief Geoscientist of Newcrest Mining Limited and is still based in the region.

Nyngan project

The Nyngan project covers a significant portion of the interpreted northern sector of the Junee-

Narromine volcanic belt, across a greater than 50km strike approximately 225km NNW along trend

from the China Molybdenum Group operated Northparkes copper-gold mine, which has a total

endowment (past production and current resources) of approximately 20Moz Au-equivalent

The structural setting at Nyngan is likened to the Lachlan Transverse Zone ("LTZ") that has been

interpreted as a fundamental control on the formation of Newcrest's Cadia-Ridgeway camp

(approximately 90Moz Au-Eq endowment) and the Northparkes porphyry deposits

The licence covers 762km

and is situated in close proximity to the Nyngan township. The major

mining centres of Northparkes and Cadia-Ridgeway are located approximately 225km and 325km

respectively to the SE of the project area. Access is well served by the Mitchell Highway and various

secondary sealed/unsealed roads traversing the license.

The Junee-Narromine volcanic belt (Figure 1) is one of the four belts (including the Molong Volcanic

Belt) of the Ordovician to early Silurian Macquarie Arc, an intra-oceanic island arc developed along

part of the boundary between the Australian and proto-Pacific plates.

Figure 2:

Location, access and limited drilling to basement at ELA5844

Only 4 holes have intersected basement across >50km strike of the northern, under cover section of

the Junee-Narromine volcanic belt, which hosts a favourable stratigraphic-structural setting, and right

rocks

Figure 2: Location, access and limited drilling to basement at ELA5844 (CNW Group/Kincora

Copper Limited)

Porphyry copper-gold deposits in the Molong Volcanic Belt are concentrated within the LTZ, an arc-

normal trending structure that lies parallel to the transform boundary along the southern margin of

the restored Macquarie Arc. The Nyngan project sits on a jog in the Junee-Narromine belt, where

there is a structural grain that is parallel to the LTZ, possibly indicating another locus for porphyry

formation

The project straddles a major tectonic break between the Ordovician Junee-Narromine Volcanic Belt

and overlying Siluro-Devonian sedimentary successions (the Jemolong Shelf and Lambie Fluviatile

Basin), and the Ordovician metasedimentary Girilambone Group and associated Fifield Arc. This

tectonic domain boundary is marked by Cambrian-Ordovician oceanic crustal rocks, and is readily

identified in the magnetic data. Silurian-Devonian granite suites represent the youngest Palaeozoic

magmatic event in the area. Devonian and older basement stratigraphy in the Nyngan area is

overlain by essentially flat-lying Mesozoic and younger sedimentary cover successions

The Nyngan region has attracted interest from a number of companies, originally in pursuit of iron-

oxide copper-gold and then large tonnage porphyry copper-gold mineralisation. Areas prospective

for hydrothermal alteration and porphyry stocks have been widely recognized and interpreted from

previous magnetics and gravity surveys by a number of explorers. However, only a few holes have

been drilled to the basement in the region, in total 6 drilled below 200 metres depth of which 4

intersected basement between 192 metre and 320 metre depth (see Figure 2). This is despite the

region being widely considered to have the right stratigraphic-structural setting and right rocks,

including favourable fertility analysis, age dating and previous mineralisation from this limited drilling

to basement.

Recent exploration success by Alkane Resource Limited drilling similar depth and style targets has

stimulated exploration and corporate activities in the wider region.

Previous exploration of note on the current Nyngan license area includes original activities by BHP

Minerals in the mid 1980's focused on Olympic-Dam style mineralisation. One hole was drilled on the

current tenure intersecting a hornblende/gabbroic intrusive at a depth of 192 metres.

Newcrest considered the Nyngan Volcanic Complex to be prospective for analogues of known

porphyry copper-gold systems to the south and undertook shallow drilling in 1996 before picking up

ground again and drilling deeper in 2005/06. Subsequent lithogeochemistry from Newcrest's last

drilling program has matched well the well defined Late Ordovician shoshonitic Macquarie Arc

basalts and andesites that are associated with the main mineralised systems in the Lachlan Fold

Belt.

Of the last Newcrest drilling program four holes were completed, three intersecting basement at

depths of 255 metres to 322 metres. Drill hole ACDNY002 recorded bornite-chalcopyrite-chalcocite-

pyrite mineralisation associated with strong hematite alteration in clasts and volcaniclastic

conglomerate – highlights included in Figure 3. No drilling has intersected basement in the license

area or general region since this last program of Newcrest's.

Figure 3:

Summary intersections for Newcrest hole ACDNY002

From

Metres

Au (g/t)

Cu (ppm)

278

314

0.01

106

314

324

<0.01

606

inc. 322

323

0.01

1625

323

340

<0.1

New discoveries trigger exploration and corporate activities

Subsequent to Kincora's Technical Committee review of prospective undercover mineral provinces

and direct application on

August 30

, 2019, for the Nyngan project license, Alkane Resources

Limited's (Ticker: ALK-ASX) recent exploration successes have reinvigorated interest and activities

in Lachlan Fold Belt.

Two new discovery's, in both the Molong and Junee-Narromine volcanic belts, have underpinned a

re-rating of various listed exploration peers, supported recent capital raisings, and increasing

exploration and proposed corporate activities. The landholding across the belt is dominanted by

various mid and larger capitalized groups – see Figure 1.

A key catalyst has been a new discovery announced on

September 9

, 2019, at Alkane's Bodo

prospect within the Northern Molong belt that returned significant gold-copper porphyry

mineralisation, including 502 metres at 0.48g/t gold and 0.2% copper with 12 metres at 3.28g/t gold

and 0.67% copper

. This intersection has been described my some as the best porphyry exploration

discovery in broader Lachlan Fold Belt, away from the three mine centres (Cadia, Cowal and

Northparkes), in the last 20 year.

Alkane has also had exploration success at three gold prospects supporting a 15.8-23.8Mt @ 1.7-

2.2g/t gold target south of their Tomingley Gold Operations ("TGO") in the Southern Junee-

Narromine belt

The mineralization hosted on adjacent and nearby properties is not necessarily indicative of

mineralization hosted on the Company's property.

Cooperative drilling and access to public file exploration data

November 1

, 2019, the NSW government announced its New Frontiers Cooperative Drilling

Program and latest round of drilling grants open for application, its third such program

. Under the

two-year program a total of

A$2 million

is available to reimburse half of direct drilling costs with a

maximum grant to any individual project of

A$200,000

The program is managed by the Geological Survey of NSW and is part of the NSW Mineral Strategy

commitment to promote investment in mineral exploration. Applications are encouraged for drilling

projects in relatively untested and prospective regions, to test new geological ideas and/or in areas

where the target is under cover. Kincora plans to apply for a grant to support drilling activities at the

Nyngan project.

Exploration in NSW, and in particular the Lachlan Fold Belt where considerable exploration and

regional studies have taken place, is greatly assisted by public access to previous groups activities,

accelerating the lead-time to drilling.

Kincora has reviewed the core and taken samples from the last drilling program to basement by

Newcrest (see Figure 4) and the online MinView system is a good example of existing exploration

data publicly available in this belt (

https://minview.geoscience.nsw.gov.au

References:

Anglogold Ashanti Australia Limited, July 2014 open file report for EL7751

Alkane Resources Limited, September 9, 2019, press release "

Discovery of Significant Porphyry Gold-Copper mineralisation at Boda prospect within Northern Molong

Porphyry Project"

Alkane Resources Limited, July 9, 2019, press release

"Significant Exploration Target Defined at Tomingley"

supported by resource definition drilling updated on August 8

and September 23, 2019.

NSW Government, Division of Resources and Geoscience, November 1, 2019 press release - https://www.resourcesandgeoscience.nsw.gov.au/about-us/news/2019/$2-

million-in-new-grants-to-encourage-exploration-of-greenfield-areas-in-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.

About Kincora Copper Limited (KCC – TSXV)

Kincora is an active junior seeking to make a major discovery in

Mongolia

, 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 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

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/November2019/21/c8669.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 21-NOV-19

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