Positive assay results for the Trundle and Fairholme projects Trundle project: re-assays of high grade zone in hole TRDD032 Highest grade primary mineralisation interval ever drilled at the Trundle project from only the fourth hole (TRDD032) at the emerging Southern Extension Zone (SEZ)
Positive assay results for the Trundle and
Fairholme projects
Trundle project:
re-assays of high grade zone in hole TRDD032
Highest grade primary mineralisation interval ever drilled at the Trundle project from
only the fourth hole (TRDD032) at the emerging Southern Extension Zone (SEZ)
discovery within the Trundle Park prospect
Duplicate assays undertaken to confirm the metal tenor from the zone which hosts a
probably porphyry vein with chalcopyrite-pyrite-quartz
2m
at 19.9 g/t gold and 2.43% copper
– original assay 12.6 g/t gold and 2.32% copper
– within a broader zone containing
34m
@ 1.45 g/t gold and 0.25% copper
1
Fairholme project:
successful air-core program converts two anomalies into highly
prospective targets and extends the mineralised system strike at the Gateway target to
>1.6km, fully open to the south
Gateway target:
second phase Kincora drilling program returns
anomalous gold and
copper results in all nine holes
, including grades of
up to 3.35g/t gold
900m
additional mineralised footprint strike confirmed by air-core drilling (and
open), with noteworthy results along the most southern trend
10m
at 1 g/t gold and 0.34% copper
(hole FHAC008)
30m
at 0.17% copper and 0.12g/t gold
(FHAC011)
Driftway C target: all three holes returned broad anomalous end of hole copper
18m
at 0.11% copper
(hole FHAC020)
Anomaly 2 target: intersected intrusion related anomalous copper
20m
at 0.11% copper
(hole FHAC003)
6m
at 0.13% copper
(FHAC001)
The Fairholme project hosts a number of large mineralised systems across a 16km strike
located adjacent and on strike from Evolution Mining's flagship Cowal mine and wider
regional exploration portfolio (total endowment ~15Moz gold and >0.5Mt copper
2
)
Follow up air-core and diamond drilling is being planned to expand the open near surface
footprints and evaluate the untested potential for underlying porphyry gold-copper related
systems at shallow to moderate depths
MELBOURNE, Australia
,
Aug. 18, 2022
/CNW/ - Kincora Copper Limited (the Company, Kincora)
(TSXV: KCC) (ASX: KCC) is pleased to provide a highly encouraging exploration update following
drill hole assay results from the
Trundle and Fairholme projects
, 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:
"The confirmed very high-grade result for the chalcopyrite-rich veined interval in hole
TRDD032 is strongly encouraging new evidence for the presence of potential ore grade
porphyry vein mineralisation at Trundle Park, additional to the already discovered
significant skarn mineralisation.
At the Fairholme project results from our maiden air-core drilling program are very
encouraging with two of four historic single hole anomalies converted to prospective and
priority targets, and the large mineralised system at the Gateway target confirmed to over
1.6km and open.
The results include some of the highest gold grade air-core results to date at the project (at
Gateway), attractive broad end of hole copper at Driftway C and good grades also at
Anomaly 2, with these targets all open on strike and porphyry potential at depth untested.
Our plan is to continue advancing these high priority targets with the next stages of drilling
at both Trundle and Fairholme."
Figure 1:
A world-class geological terrane and in the shadow of head frames of existing
flagship mines
The
Fairholme project
has various similarities to the neighbouring wider
Cowal gold-base metals
systems (total mineral endowment ~15Moz gold and >0.5Mt copper
2
)
and the
Trundle project
is situated in the western section of the
Northparkes Igneous Complex (total mineral endowment
~4.5Mt copper and 5.4Moz gold)
Trundle project: re-assays of higher grade interval in hole TRDD032
As has been previously reported
1
the diamond drilling in hole TRDD032 initially recorded assay
results that included
2m
@ 12.55 g/t gold and 2.32% copper, within a broader
34m
@ 1.02 g/t gold
and 0.24% copper (from
818m
). Hole TRDD032 is the fourth hole drilled into the Southern Extension
Zone skarn discovery at the Trundle Park prospect.
Due to the high grades, including the highest primary mineralisation to date at the project, and field
inspection of the core identifying a new and distinct probable porphyry chalcopyrite-pyrite-quartz-
carbonate-muscovite-hematite vein located within the highest grade assay result, duplicate assays
were undertaken to confirm metal tenor.
The re-assay results were materially higher, returning
2m
at 19.9 g/t gold and 2.43% copper
,
within a broader zone containing
34m
@ 1.45 g/t gold and 0.25% copper
– see Table 1.
Table 1:
Trundle Park prospect – Summary of significant intervals following re-assay of the
high-grade zone within diamond drill hole TRDD032
Highest grade primary mineralisation interval drilled yet in hole TRDD032 at the Trundle project from
only the fourth hole at the emerging Southern Extension Zone (SEZ) discovery within the Trundle
Park prospect
Full summary of significant intervals from hole TRDD032 available in Table 13
The re-assays confirm and further illustrate the very high-grade nature of the newly identified
probable porphyry vein, and a further mineralising phase in the Southern Extension Zone discovery.
This is strongly encouraging new evidence for the presence of potential ore grade porphyry vein
mineralisation at the Trundle Park prospect, additional to the already discovered significant skarn
mineralisation.
Prograde and retrograde skarn alteration and mineralisation have been returned in all four holes to
date within the Southern Extension Zone, with no causative porphyry intrusive source yet confirmed.
Petrographic and mineralogy analysis is pending for highly skarn altered intervals located from
approximately 40 metres below the high-grade probable porphyry vein in TRDD032, which have
returned geochemical signatures suggestive of potential intrusions.
The ongoing review of the Southern Extension Zone is expected to shortly conclude with strong
vectors for follow up and high priority drilling seeking to test the interpreted porphyry source of the
high grade mineralisation in TRDD032.
Figure 2:
Multiple large mineralised system footprints with relatively limited follow up of
previous shallow geochemical anomalies at a number of prospects at the Fairholme project
Maiden air-core drilling at Fairholme
Kincora's first phase air-core drilling program at Fairholme tested five prospects across a 12km
north-south distance (see Figure 2) and was the first since 1997 at all the prospect areas except for
Gateway.
While there had previously been 552 air-core holes for 46,099 metres drilled by prior explorers at
the Fairholme project, there are a number of attractive single or multiple point geochemistry
anomalies not followed up, often with coincident geophysical anomalies and along interpreted key
regional and secondary structures.
Kincora's program was analogous to the original Geopeko reconnaissance RAB drilling to bedrock
program over many targets, largely selected on the basis of geophysical data and insufficiently
followed up geochemical data. This program ultimately led to the discovery of the Cowal gold-base
metal deposits.
The Company's maiden air-core program, 22 holes for 2306 metres, successfully converted two of
four anomalies drilled to highly prospective targets, and confirmed a mineralised system strike of
>1.6km at Gateway target (and open).
Gateway target
: anomalous gold and copper results were returned in all nine air-core holes
across a ~900m strike including the 5
th
highest grade air-core interval to date at the Fairholme
project (3.35 g/t gold over
2m
, from
52m
in hole FDAC008).
The air-core program successfully expanded the mineralising
strike towards the south (and
towards the gold corridor at the
Cowal
mine), with particularly encouraging results in the
southern trend holes. The program also confirmed higher-grade potential, benefiting from the
first phase, 5-hole diamond program completed in 2021 (the latter covered a ~420
x
200m
zone).
The first phase diamond drilling and second phase air-core programs confirmed a zoned and
structurally controlled mineralised
corridor across a greater than 1.6km strike, and open (see
Figures 3 and 4), and were included under the New Frontiers Exploration Program (formerly
known as the New Frontiers Cooperative Drilling Program) from the NSW Government
3
.
Highlights include:
10m
at 1 g/t gold and 0.34% copper, including
2m
at 3.35 g/t gold from
52m
(hole
FHAC008)
30m
at 0.17% copper and 0.12g/t gold (FHAC011)
See Tables
2 and 3 for further details of assay results.
Figure 3:
Gateway prospect: Anomalous gold and copper results in all nine air-core holes,
including 5th highest grade air-core interval to date at the Fairholme project (3.35g/t gold
over
2m
in hole FHAC008, noting a total of 552 prior explorer air-core holes drilled)
850m
mineralised footprint strike confirmed by air-core drilling, with noteworthy results along the
most southern trend
Figure 4:
Gateway prospect: Kincora's first phase diamond drilling and second phase air-
core programs confirmed a zoned and structurally controlled mineralised corridor across a
greater than 1.6km strike, and open
- Anomalous gold and copper results in long section
Driftway C target:
three holes were drilled seeking to primarily follow up a previous single
hole geochemical air-core anomaly. All holes drilled returned broad anomalous copper,
including end of hole primary mineralisation.
Highlights include:
18m
at 0.11% copper (hole FHAC020)
All three holes drilled returning broad >400 ppm copper end of hole (average interval
59m
)
See Tables
4 and 5 for further details of assay results, and Figures 5 and 6(a) for a
plan view and cross section of the location of previous drill hole coverage.
Anomaly 2 target:
four holes were drilled seeking to primarily follow up a previous single
hole geochemical air-core anomaly. All holes drilled returned anomalous copper, with
intrusion related anomalous copper and gold noted in two holes.
Highlights include:
20m
at 0.11% copper (hole FHAC003)
6m
at 0.13% copper (FHAC001)
See Tables
6 and 7 for further details of assay results, and Figures 5 and 6(b
) for a
plan view and cross section of the location of previous drill hole coverage.
Follow up air-core and diamond drilling is now being planned to expand the open near surface
footprints and evaluate the untested potential for underlying porphyry gold-copper related systems at
shallow to moderate depth at the Gateway, Driftway C and Anomaly 2 targets.
Due to recent flooding (following unseasonally high rainfall), proposed drilling of the Manna Creek
prospect had to be postponed.
See Tables
8 to 11 for further details of assay results returned for
the
Glencoe
and Kennel prospects.
Figure 5:
Anomaly-2, Driftway C & Glencoe prospects: Kincora's first phase air-core program
at the northern Fairholme prospects was the first drilling activities since 1997
Driftway C target: all three holes returned broad anomalous copper, including end of hole
primary mineralisation – see Figure 6 (a) for a cross section
Anomaly 2 target: all four holes drilled returned anomalous copper, with intrusion related
anomalous copper and gold noted in two holes – see Figure 6 (b) for a cross section
Figure 6:
Cross Sections
(from Figure 5)
:
(a) Driftway C target (b) Anomaly 2
target
Exploration outlook
The Company currently has assay results pending for one diamond hole at the Trundle project at the
Mordialloc North-East prospect (TRDD034), in addition to the expected near term conclusion of the
ongoing reviews for the North-East Gold and Southern Extension Zones at the Trundle Park
prospect, as well as for the
Dunn's
and Botfield prospects.
Following the air-core results being to hand for the Fairholme project, air-core and diamond drilling is
being planned to expand the open near surface footprints and evaluate the untested potential for
underlying porphyry gold-copper related systems at shallow to moderate depths.
Permitting and land access is ongoing for a first drill hole at the Nevertire project and a second hole
at the Nyngan project – both projects benefiting from cooperative funding grant support under the
NSW Government's New Frontiers Exploration Program.
Kincora also notes the recent positive drilling result at the Duck Creek prospect by Inflection
Resources Limited ("Inflection" – listed on the CSE under ticker "AUCU").
Inflection has reported strong porphyry-style alteration in the first hole to intersect basement at the
Duck Creek target (a 4.5 x 5km target area). Duck Creek is located only 2.5km from Kincora's
wholly owned Nyngan project, in the interpreted northern extension of the Junee-Narromine belt of
the Macquarie Arc.
Table 2:
Gateway target first phase air-core program – Summary of significant intervals
Table 3:
Gateway target first phase air-core program – Maximum Gold and Copper Results
Table 4:
Driftway C
target first phase air-core program – Summary of significant intervals
Table 5:
Driftway C
target first phase air-core program –Maximum Gold and Copper Results
Table 6:
Anomaly 2 target first phase air-core program – Summary of significant intervals
Table 7:
Anomaly 2 target first phase air-core program – Maximum Gold and Copper Results
Table 8:
Glencoe
target first phase air-core program – Summary of significant intervals
Table 9:
Glencoe
target first phase air-core program –Maximum Gold and Copper Results
Table 10:
Kennel
target first phase air-core program – Summary of significant intervals
Table 11:
Kennel
target first phase air-core program – Maximum Gold and Copper Results
Table 12:
Fairholme project – Diamond and Air-Core Hole Collar Information
1
Original assay results and description of geology for hole TRDD032 were reported on July 18
th
, 2022 – see release
"Highest grade assays to date from Trundle's Southern
Extension Zone discovery"
for further details
2
The gold corridor at Cowal host a 13.7Moz gold endowment and the Marsden porphyry deposit a further >0.5Mt copper and >1Moz gold resource endowment – source: bespoke
Mar'20 request by Richard Schodde from MinEx Consulting for Kincora Copper. Endowment reported on a pre-mined resource basis.
3
See the January 31
st
, 2022 press release "
Kincora awarded $389,500 in drilling grants
" for further details regarding the New Frontiers Exploration Program (formerly known as
the New Frontiers Cooperative Drilling Program) from the NSW Government..
Table 13:
Trundle Park target hole TRDD032 – Summary of significant intervals
Cumulative total skarn horizons of
120m
Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05%
respectively. Internal dilution is below cut off. Internal dilution is below cut off
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
2
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/
Fairholme Project background
The Fairholme Project is located in the southern sector of the Junee-Narromine Belt of the
Macquarie Arc in the Cowal block with license contiguous to Evolution Mining's flagship Cowal mine
and exploration license portfolio (including the
Marsden
porphyry deposit, which hosts a 0.56Mt
copper and 1.1Moz gold resource).
The Cowal mine hosts a cluster of epithermal, quartz-carbonate-base metal-gold mineralisation
deposits across a 7.5 x 2km north-south oriented "gold corridor", located on the western edge of
Lake Cowal. In 2015, Evolution Mining acquired the Cowal mine from Barrick and has since grown
gold inventory from 3.4Moz to 9.6Moz (net of 1.7Moz mine depletion), with a target total endowment
of 15Moz Au (noting total historical production of 4Moz gold).
The Fairholme Project includes two contiguous licenses covering a total of 169.2km
2
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 Fairholme 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 Fairholme and Cowal Projects please refer to Kincora's website:
https://kincoracopper.com/cowal-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, unless above detection limit where the interval is re-
assayed using fire assay method with atomic-absorption finish (Au-AA26 method of ALS). The
technique allows accurately determine the gold grade above 0.01 g/t and suitable for high –
grade samples where grade exceeds 10 g/t.
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.
The following assay techniques have been adopted for drilling at the Fairholme 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
KFHD005.
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
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.
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).
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
SOURCE
Kincora Copper Limited
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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