KCC.V · 2022-02-23 12:00:00

New higher-grade gold-copper system extension confirmed and expanded New southern zone discovery at the Trundle Park prospect confirmed and extended Most recent hole TRDD030 returns broad intervals of two mineralising phases

Drill Results

New higher-grade gold-copper system

extension confirmed and expanded

New southern zone discovery

at the Trundle Park prospect

confirmed and extended

Most recent hole

TRDD030

returns

broad intervals of two mineralising phases

, both with

zones of

significant visual chalcopyrite

(assay results pending):

Cumulative mineralized skarn intervals enlarged and totals ~250m

Extension of

quartz-carbonate-chalcopyrite vein sets

down dip with

increased veining

and visual chalcopyrite

Skarn bedding and vein orientation provide vectors for following up drill testing of

the interpreted causative porphyry intrusion source

Hole TRDD030 was a scissor hole collared ~685m south from TRDD029

, confirms a

~1.3 km

strike of gold-copper mineralization

and further opens up a significant search

open in all

directions

Previously announced

TRDD029 intersected three blind and new broad higher-grade skarn

zones

Cumulative mineralised intervals some

213m

Assay results are only available for the Upper skarn which has returned

36m

@ 1.17 g/t

gold equivalent

. Remaining results are due in approximately 2 weeks

Second rig has commenced air-core drilling to test the wider intrusive complex and

extent of identified anomalous copper-gold mineralisation at open pit target depths to

the north of Trundle Park

with 54 holes for

2,020m

planned

MELBOURNE, Australia

Feb. 23, 2022

/CNW/ - Kincora Copper Limited (the Company, Kincora)

(TSXV: KCC) (ASX: KCC) is very pleased to provide an exploration update from ongoing drilling at

Trundle Park 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, noted:

"While only two holes in, TRDD030 confirms we are onto something of significance in this

newly identified southern extension of the mineralized system at Trundle Park and provides

increasing confidence of our geological interpretations.

Our working model is that TRDD029 and TRDD030 sit in a down faulted and more

mineralised section of the wider system. We are seeing broad zones of multiple

chalcopyrite bearing mineralizing events and phases, and the most amounts of visual

chalcopyrite to date at the Trundle project.

The intersected skarns zones and vein sets systems have provided important vectors for

follow up drilling and are suggestive of very considerable primary source

An accompanying presentation, including further details on the Trundle project and recent drill

results, is available at

www.kincoracopper.com

Figure 1:

Examples of key mineralised zones in holes TRDD029 & TRDD030 - Trundle Park

prospect

(a)

TRDD029

- Upper skarn top section

@ 735m

occurring within

2m @ 1.94 g/t gold & 0.94% copper from 734-736m,

comprising: prograde garnet (olive)-magnetite

(black)-pyrite (dark yellow)-chalcopyrite (yellow), cut by later retrograde carbonate (tan iron carbonate and white calcite)-hematite (red)-chalcopyrite (yellow)

ii.

TRDD030

- Upper skarn top section

@ 649m

(assay results pending), magnetite (>70%) with garnet (olive) containing disseminated chalcopyrite (yellow) and cut by later

quartz-carbonate-chalcopyrite vein sets (red) and void fillings

(b)

TRDD029

- Upper skarn:

@ 758-762m

(assay results pending): prograde garnet-magnetite (black)-pyrite-chalcopyrite (yellow), cut by later retrograde carbonate (tan iron

carbonate & white calcite)-hematite (red)–chalcopyrite (@760.5m)

ii.

TRDD030

- Upper skarn:

@ 661-666m

(assay results pending): ): magnetite (black) with chalcopyrite, cut by later carbonate-quartz veins with minor hematite and traces

of chalcopyrite blebs (@ 662.3 – 663m), then continuing with garnet (olive)- magnetite (>20%) and disseminated pyrite skarn with chalcopyrite

(c)

TRDD029

- Middle skarn:

@ 891.6m

(assay results pending): prograde garnet-magnetite-pyrite-chalcopyrite (yellow) at 891.6m

ii.

TRDD030

- Middle skarn:

@ 742m

(assay results pending): prograde garnet (olive)-magnetite (grey-black)-minor pyrite and chalcopyrite (yellow), with later void &

fracture fill comprising orthoclase (orange)-calcite and chalcopyrite

iii.

TRDD030

- Middle skarn:

@ 750-753m

(assay results pending): prograde magnetite-garnet skarn with visible disseminations of chalcopyrite (yellow), in turn cut by

quartz-carbonate void and vein fillings with traces of chalcopyrite blebs with inset photo @ 752m

(d)

TRDD029

- Quartz-carbonate-chalcopyrite vein sets

: (assay results pending): Examples of carbonate-quartz veins with chalcopyrite (yellow)

at 474m

and

510m

. Both

veins occur outside of the skarn zones and are hosted by volcaniclastic rocks

ii.

TRDD030

- Quartz-carbonate-chalcopyrite vein sets

@ 819-822.5m

(assay results pending): Example of a carbonate-quartz-chalcopyrite vein cutting chlorite-sericite-

hematite altered volcanoclastic rocks with insert at 821.4m, zoomed into the chalcopyrite vein. This vein occurs within the Middle Skarn zone.

See January 25

, 2022 press release "Newly discovered higher-grade zones expand the large-scale gold-copper system at Trundle Park" for further details, technical

disclosures and QAQC procedures

gold equivalent calculated @ US$1834/oz gold and US$4.52/lb copper with 100% recoveries

Photos of selected intervals which are not representative of the mineralization hosted on the whole property or Trundle Park prospect but are of the alteration and lithology's

intersected in the mineralised zones in these sections of drill holes TRDD029 and TRDD030, and current working geological interpretation presented in Figure 3. See Table 2

for visual estimates and descriptions of the selected photos of core.

There is insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the relationship between mineralization widths and intercept lengths.

True widths are not known.

Figure 2:

Hole TRDD031 is ongoing at the Trundle Park prospect with a second rig

commencing

shallow air-core drilling to test the wider intrusive complex to the north at the

Dunn's

and Ravenswood South prospects

Figure 3:

Significant new mineralised zones intersected in TRDD029 are confirmed and

extended in TRDD030 with

gold-copper mineralization across

∼

1.3 km strike and open

(a) Plan view of Trundle Park prospect, multiple visually significant mineralised zones in holes

TRDD029 and TRDD030 - see Figure 2 (b) & (c) for sections

(b)

Working Leapfrog alteration model and section of the Trundle Park prospect

(Section line looking southeast through Figure 2 (a). Length ~1450m and width ~600m)

(c)

Key alteration, lithology in TRDD029/30 and intrusions with significant mineralised intervals/holes

Illustration TRDD031 target, incl. plan view of skarn bedding & vein orientation from TRDD029/30 over magnetics (TMI)

(Section line looking southeast through Figure 2 (a). Length ~1450m and width ~600m)

Drill hole TRDD0

Hole TRDD030 was collared approximately

685m

SSE as a scissor hole testing the up and down dip

extent of the Upper skarn zone in TRDD029 and for a causative porphyry intrusion.

As previously announced

, TRDD029 was designed to test the nearer surface intrusions returned in

TRDD028 and the southern strike of an emerging mineralised corridor. The hole was continued with

newly identified quartz-carbonate-chalcopyrite vein sets increasing with depth before intersecting

multiple blind and new broad higher-grade skarn zones. This was a significant positive development

for the project, with these skarn zones exhibiting favourable prograde development, characterised by

garnet-magnetite-pyrite, within three notable separate intervals: the Upper Skarn; Middle Skarn;

and, Lower Skarn zones, with significant cumulative altered and/or mineralised intervals of some

213m

Each of these three zones had visible disseminated chalcopyrite associated with the prograde skarn

intervals, often with magnetite. garnet and pyrite. Good examples of bladed magnetite were also

observed in the prograde skarn assemblages in hole TRDD029.

As previously announced, the assay results for the Upper Skarn zone included

36m

@ 0.68 g/t gold

and 0.29% copper from

732m

with the balance of the hole delivered to ALS Orange and remaining

results expected in approximately 2 weeks (impacted by current congestion at the laboratory). Core

for TRDD030 has also been delivered to the lab and is expected in approximately 6 weeks

A second stage of copper development is noticed with bleb-like chalcopyrite occurring in a retro-

grade skarn stage with carbonate (both iron-carbonate and calcite) along with orthoclase (orange K-

feldspar) and hematite (specular and bladed).

As anticipated, TRDD030 has provided significant new skarn bedding and true width data, but also

positively surprised with the following key developments:

Extension of quartz-carbonate-chalcopyrite vein sets

: Increased vein sets and visual

chalcopyrite where noted over

330m

down dip from TRDD029 – see Figure 1 (d) (assays

pending). New confirmationary vein orientations have been gained from TRDD030, with a similar

NE-trending direction as noted in TRDD029, possibly developed as leakage along fractures

emanating from a deeper copper bearing system and providing vectors for follow up drilling.

Strike and depth extension of mineralised skarns

: The cumulative altered and/or mineralized

skarn intervals were extended and totals almost

250m

(assays pending) (relative to some

213m

in TRDD029). Respective units of the Upper, Middle and Lower Skarns from TRDD029 were

intersected in TRDD030. For example, the Middle skarn zone was extended vertically over

100m

and over

150m

horizontality (at end of zone).

The working interpretation is that TRDD029 and TRDD030 sit in a down faulted, preserved, less

faulted and more mineralised section of the wider Trundle Park system.

Multiple chalcopyrite bearing events and phases have been noted with the highest visual chalcopyrite

seen to date at the Trundle project. The size of the skarns (very significant in the context of the

Macquarie Arc) and vein set systems are suggestive of a significant primary source.

Holes TRDD029 and TRDD030 have provided important geological vectors for follow up. Initial

follow up hole TRDD031 has commenced, a

50m

step out west of TRDD030, targeting the

interpreted up dip potential of the system. TRDD031 will test recently gained skarn bedding,

chalcopyrite quartz vein orientation and the core of a magnetic high anomaly.

Air-core drilling commenced

Following completion of annual farming harvests, the return of favourable ground conditions and

intrusions being intersected nearer surface in holes TRDD028 and TRDD029 at the Trundle Park

prospect, a second rig has commenced a shallow air-core drilling program.

This program will test priority areas of the wider intrusive complex to the north of Trundle Park at the

Dunn's

and Ravenswood South prospects, located 2km north and 5.5km north-west respectively.

A planned 54 holes for 2,020 metres is expected to be completed within a month at the Trundle

project, following up previous copper -gold geochemistry anomalies.

Shallow near surface drill hole coverage at the majority of the Trundle project is broadly spaced

relative to the nature of the narrow but vertically extensive Macquarie Arc porphyry model with many

identified geochemical anomalies not sufficiently followed up.

The commenced air-core program seeks to better understand the potential for nearer surface

intrusions and extent of identified anomalous copper-gold mineralisation at open pit target depths

within these prospect areas.

Table 1:

Trundle project - Collar Information

For further details, including QAQC procedures, please refer to the following press releases:

July 6, 2020 - Kincora announces high-grade gold-copper results from first hole at Trundle

July 23, 2020 - Kincora reports further strong encouragement at Trundle

September 3, 2020 - Kincora provides update on expanded drilling program at Trundle

November 30, 2020 - Kincora intersects broad mineralised zones at Trundle

January 20, 2021 - Kincora intersects further shallow mineralization at Trundle

March 2021 - Independent Technical Report for the ASX prospectus

April 22, 2021 - Exploration Update

July 8, 2021 - Exploration portfolio drilling update

August 17 2021 - Significant gold-bearing intervals at Trundle Park

10.

December 7 2021 - Porphyry system extended to surface and depth at Trundle Park

11.

January 25, 2022 - Newly discovered higher-grade zones expand the large-scale gold-copper system at Trundle Park

Table 2:

Visual estimates and descriptions of Figure 1 core

In relation to the disclosure of selected intervals of drill core and visual mineralisation, the Company

cautions that estimates of sulphide mineral abundance and lithology from preliminary geological

logging should not be considered a proxy for quantitative analysis of laboratory assay results or

detailed petrology. Assay results are required to determine the actual widths and grade of the visual

mineralisation. Geological logging will be further calibrated with full assay, petrology results and

further team review.

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 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). Kincora is the operator, holds a

65% interest in the Trundle Project and is the sole funder until a positive scoping study is delivered at

which time a fund or dilute joint venture will be formed.

For further information on the Trundle and Northparkes Projects please refer to Kincora's website:

https://kincoracopper.com/the-trundle-project/

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

(ARBN 645 457 763)

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) or the Australian Securities Exchange

accepts responsibility for the adequacy or accuracy of this release.

Drilling, Assaying, Logging and QA/QC Procedures

Sampling and QA/QC procedures are carried out by Kincora Copper Limited, and its contractors,

using the Company's protocols as per industry best practise.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW,

Australia

In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing

prepared standards and blanks for 5% of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of

our field geologists. 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 all of the logged core.

Sample interval selection was based on geological controls or mineralization or metre intervals,

and/or guidance from the Technical Committee provided subsequent to daily drill and logging

reports. Sample intervals are cut by the Company and delivered by the Company direct to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There is

insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the

relationship between mineralization widths and intercept lengths.

True widths are not known at this stage.

Significant mineralised intervals for drilling at the Trundle project are reported based upon two

different cut off grade criteria:

Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of

0.20g/t and 0.10% respectively; and,

Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10g/t

and 0.05% respectively.

Significant mineralised intervals are reported with dilution on the basis of:

Internal dilution is below the aforementioned respective cut off's; and,

Dilutions related with core loss as flagged by a "*".

The following assay techniques have been adopted for drilling at the Trundle project:

Gold: Au-AA24 (Fire assay), reported.

Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-

MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report for

TRDD001 and former reported for holes TRDD002-TRDD022.

Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with

ICP-AES analysis) has been assayed, but not reported.

Assay results >10g/t gold and/or 1% copper are re-assayed.

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

Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves

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 mineralization

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.

The review and verification process for the information disclosed herein for the Trundle, Fairholme

and Nyngan projects have included the receipt of all material exploration data, results and sampling

procedures of previous operators and review of such information by Kincora's geological staff using

standard verification procedures.

JORC TABLE 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections).

Criteria

JORC Code explanation

Commentary

Sampling

techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific

specialised industry standard measurement tools appropriate to the minerals

under investigation, such as down hole gamma sondes, or handheld XRF

instruments, etc.). These examples should not be taken as limiting the broad

meaning of sampling.

Include reference to measures taken to ensure sample representivity and the

appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public

Report.

In cases where 'industry standard' work has been done this would be relatively

simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from

which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases

more explanation may be required, such as where there is coarse gold that has

inherent sampling problems. Unusual commodities or mineralisation types (eg

submarine nodules) may warrant disclosure of detailed information

Kincora Copper Limited is the operator of the Trundle

Project, with drilling using diamond coring methods by DrillIt

Consulting Pty Ltd, from which sub-samples were taken

over 2 m intervals and pulverised to produce suitable

aliquots for fire assay and ICP-MS.

Diamond drilling was used to obtain orientated samples

from the ground, which was then structurally,

geotechnically and geologically logged.

Sample interval selection was based on geological controls

and mineralization.

Sampling was completed to industry standards with 1⁄4

core for PQ and HQ diameter diamond core and 1⁄2 core

for NQ diameter diamond core sent to the lab for each

sample interval.

Samples were assayed via the following methods:

Gold: Au-AA24 (Fire assay)

Multiple elements: ME-ICP61 (4 acid digestion with

ICP-AES analysis for 33 elements) and ME-MS61

(4 acid digestion with ICP-AES & ICP-MS analysis

for 48 elements)

Copper oxides and selected intervals with native

copper: ME-ICP44 (Aqua regia digestion with ICP-

AES analysis) has been assayed, but not reported

Assay results >10g/t gold and/or 1% copper are

re-assayed

Historic sampling on other projects included soils, rock

chips and drilling (aircore, RAB, RC and diamond core).

Drilling

techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger,

Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth

of diamond tails, face-sampling bit or other type, whether core is oriented and if so,

by what method, etc.).

Drilling by Kincora at Trundle used diamond core drilling

with PQ, HQ and NQ diameter core depending on drilling

depth.

All Kincora core was oriented using a Reflex ACE

electronic tool.

Historic drilling on Kincora projects used a variety of

methods including aircore, rotary air blast, reverse

circulation, and diamond core. Methods are clearly stated in

the body of the previous reports with any historic

exploration results.

Drill sample

recovery

Method of recording and assessing core and chip sample recoveries and results

assessed.

Measures taken to maximise sample recovery and ensure representative nature of

the samples.

Whether a relationship exists between sample recovery and grade and whether

sample bias may have occurred due to preferential loss/gain of fine/coarse

material.

Drill Core recovery was logged.

Diamond drill core recoveries are contained in the body of

the announcement.

Core recoveries were recorded by measuring the total

length of recovered core expressed as a proportion of the

drilled run length.

Core recoveries for most of Kincora's drilling were in

average over 96.7%, with two holes averaging 85.0%

Poor recovery zones are generally associated with later

fault zones and the upper oxidised parts of drill holes.

There is no relationship between core recoveries and

grades.

Logging

Whether core and chip samples have been geologically and geotechnically logged

to a level of detail to support appropriate Mineral Resource estimation, mining

studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel,

etc.) photography.

The total length and percentage of the relevant intersections logged.

All Kincora holes are geologically logged for their entire

length including lithology, alteration, mineralisation

(sulphides and oxides), veining and structure.

Logging is mostly qualitative in nature, with some visual

estimation of mineral proportions that is semi-quantitative.

Measurements are taken on structures where core is

orientated.

All core is photographed.

Historic drilling was logged with logging mostly recorded on

paper in reports lodged with the NSW Department of Mines.

Sub-

sampling

techniques

and sample

preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled

wet or dry.

For all sample types, the nature, quality and appropriateness of the sample

preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise

representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ material

collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being

sampled.

Once all geological information was extracted from the drill

core, the sample intervals were cut with an Almonte

automatic core saw, bagged and delivered to the

laboratory.

This is an appropriate sampling technique for this style of

mineralization and is the industry standard for sampling of

diamond drill core.

PQ and HQ sub-samples were quarter core and NQ half

core.

Sample sizes are considered appropriate for the

disseminated, generally fine-grained nature of

mineralisation being sampled.

Duplicate sampling on some native copper bearing intervals

in TRDD001 was undertaken to determine if quarter core

samples were representative, with results indicating that

sampling precision was acceptable. No other duplicate

samples were taken.

Quality of

assay data

and

laboratory

tests

The nature, quality and appropriateness of the assaying and laboratory procedures

used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the

parameters used in determining the analysis including instrument make and

model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates,

external laboratory checks) and whether acceptable levels of accuracy (ie lack of

bias) and precision have been established.

Gold was determined by fire assay and a suite of other

elements including Cu and Mo by 4-acid digest with ICP-

AES finish at ALS laboratories in Orange and Brisbane.

Over-grade Cu (>1%) was diluted and re-assayed by

AAS.

Techniques are considered total for all elements. Native

copper mineralisation in TRDD001 was re-assayed to

check for any effects of incomplete digestion and no

issues were found.

For holes up to TRDD007 every 20th sample was either a

commercially supplied pulp standard or pulp blank. After

TRDD007 coarse blanks were utilised.

Results for blanks and standards are checked upon receipt

of assay certificates. All standards have reported within

certified limits of accuracy and precision.

Historic assays on other projects were mostly gold by fire

assay and other elements by ICP.

Verification

of sampling

and

assaying

The verification of significant intersections by either independent or alternative

company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data

storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

Significant intercepts were calculated by Kincora's

geological staff.

No twinned holes have been completed.

The intercepts have not been verified by independent

personal.

Logging data is captured digitally on electronic logging

tablets and sampling data is captured on paper logs and

transcribed to an electronic format into a relational

database maintained at Kincora's Mongolian office.

Transcribed data is verified by the logging geologist.

Assay data is received from the laboratory in electronic

format and uploaded to the master database.

No adjustments to assay data have been made.

Outstanding assays are outlined in the body of the

announcement.

Location of

data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole

surveys), trenches, mine workings and other locations used in Mineral Resource

estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Collar positions are set up using a hand-held GPS and later

picked up with a DGPS to less than 10cm horizontal and

vertical accuracy.

Drillholes are surveyed downhole every 30m using an

electronic multi-shot magnetic instrument.

Due to the presence of magnetite in some alteration zones,

azimuth readings are occasionally unreliable and magnetic

intensity data from the survey tool is used to identify these

readings and flag them as such in the database.

Grid system used is the Map Grid of Australia Zone 55,

GDA 94 datum.

Topography in the area of Trundle is near-flat and drill

collar elevations provide adequate control

Data

spacing

and

distribution

Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to establish the degree of

geological and grade continuity appropriate for the Mineral Resource and Ore

Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

Kincora drilling at Trundle is at an early stage, with drill

holes stepping out from previous mineralisation intercepts

at various distances.

Data spacing at this stage is insufficient to establish the

continuity required for a Mineral Resource estimate.

No sample compositing was applied to Kincora drilling.

Historic drilling on Trundle and other projects was

completed at various drill hole spacings and no other

projects have spacing sufficient to establish a mineral

resource.

Orientation

of data in

relation to

geological

structure

Whether the orientation of sampling achieves unbiased sampling of possible

structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key

mineralised structures is considered to have introduced a sampling bias, this

should be assessed and reported if material.

The orientation of Kincora drilling at Trundle has changed

as new information on the orientation of mineralisation and

structures has become available.

The angled drill holes were directed as best possible

across the known lithological and interpreted mineralised

structures.

There does not appear to be a sampling bias introduced by

hole orientation in that drilling not parallel to mineralised

structures.

Sample

security

The measures taken to ensure sample security.

Kincora staff or their contractors oversaw all stages of

drill core sampling. Bagged samples were placed inside

polyweave sacks that were zip-tied, stored in a locked

container and then transported to the laboratory by Kincora

field personnel.

Audits or

reviews

The results of any audits or reviews of sampling techniques and data.

Mining Associates has completed an review of sampling

techniques and procedures dated January 31st, 2021, as

outlined in the Independent Technical Report included in the

ASX listing prospectus, which is available at:

https://www.kincoracopper.com/investors/asx-prospectus

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral

tenement and

land tenure

status

Type, reference name/number, location and

ownership including agreements or material issues

with third parties such as joint ventures,

partnerships, overriding royalties, native title

interests, historical sites, wilderness or national

park and environmental settings.

The security of the tenure held at the time of

reporting along with any known impediments to

obtaining a licence to operate in the area.

Kincora holds three exploration licences in NSW and rights to a further six exploration

licences through an agreement with RareX Limited (RareX, formerly known as Clancy

Exploration).

EL8222 (Trundle), EL6552 (Fairholme), EL6915 (Fairholme Manna), EL8502 (Jemalong),

EL6661 (Cundumbul) and EL7748 (Condobolin) are in a JV with RareX where Kincora

has a 65% interest in the respective 6 licenses and is the operator /sole funder of all

further exploration until a positive scoping study or preliminary economic assessment

("PEA") on a project by project basis. Upon completion of PEA, a joint venture will be

formed with standard funding/dilution and right of first refusal on transfers.

EL8960 (Nevertire), EL8929 (Nyngan) and EL9320 (Mulla) are wholly owned by Kincora.

All licences are in good standing and there are no known impediments to obtaining a

licence to operate.

Exploration

done by

other parties

Acknowledgment and appraisal of exploration by

other parties.

All Kincora projects have had previous exploration work undertaken.

The review and verification process for the information disclosed herein and of other

parties for the Trundle project has included the receipt of all material exploration data,

results and sampling procedures of previous operators and review of such information

by Kincora's geological staff using standard verification procedures. Further details of

exploration efforts and data of other parties are providing in the March 1

, 2021,

Independent Technical Report included in the ASX listing prospectus, which is available

at:

https://www.kincoracopper.com/investors/asx-prospectus

Geology

Deposit type, geological setting and style of

mineralisation.

All projects ex EL7748 (Condobolin) are within the Macquarie Arc, part of the Lachlan

Orogen.

Rocks comprise successions of volcano-sedimentary rocks of Ordovician age intruded

by suites of subduction arc-related intermediate to felsic intrusions of late Ordovician to

early Silurian age.

Kincora is exploring for porphyry-style copper and gold mineralisation, copper-gold

skarn plus related high sulphidation and epithermal gold systems.

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