Retraction of metal equivalents and updated visual reporting
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 1
Website: www.kincoracopper.com Email: [email protected]
Retraction of metal
equivalents and updated
visual reporting
Melbourne, Australia — March 24th, 2023
Kincora Copper Limited (ASX & TSXV: KCC, Kincora or the Company) issued a press
release entitled ‘Drilling at Trundle intersects shallow mineralisation’ on 21 March 2023
(Release) and an updated investor presentation on 22 March 2023 (Presentation).
Following discussions with ASX, the Company retracts the information contained in the Release
in relation to reporting on the basis of metal equivalents within Figures 1 and 2, and, in Tables 1
and 2 (on pages 3, 7, 8 and 9 respectively). The reporting of gold and copper equivalent grades
does not meet the requirements of section 50 of the JORC Code and Kincora advises that the
information should not be relied upon for investment decisions.
Further, the Release and Presentation contain core photos of intervals that are yet to have
returned assay results (for hole TRDD037). The presented visual photos and estimates were not
reported in accordance with Australian Institute of Geoscientists (‘AIG’) guidance on visual
estimates.
Herein, the Company has updated the Release and Presentation to conform with section 50 of
the JORC Code and AIG guidance on visual estimates.
This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)
For further information please contact:
Sam Spring, President and Chief Executive Officer : [email protected] or +61431 329 345
Executive office Subsidiary office Australia
400 – 837 West Hastings Street Vista Australia (formerly Leydin Freyer Corp Pty Ltd )
Vancouver, BC V6C 3N6, Canada Level 4, 100 Albert Road
Tel: 1.604.283.1722 South Melbourne, Victoria 3205
Fax: 1.888.241.5996
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, f orecasts, projections,
guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in su ch
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 futu re
events and results may vary substantially from what Kincora currently foresees. Factors that could ca use 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 curr ent 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.
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 2
Website: www.kincoracopper.com Email: [email protected]
Drilling at Trundle intersects
shallow mineralisation
• Kincora’s first drill holes into three prospects at the Trundle project have
intersected significant zones of mineralisation at shallow depths
• Dunn’s North prospect (hole TRDD035)
o 12.5m @ 2.77g/t gold from 77.5m, including 2m @ 14.2g/t gold
o Multiple phase complex with porphyritic quartz-sulfide veins occurring in both near
surface intrusive bodies and volcanic sandstone wall-rock
• Dunn’s South prospect (hole TRDD036)
o 31m @ 0.49g/t gold, 0.25% copper and 55ppm molybdenum from 65.9m,
including:
§ 8.6m @ 1.21g/t gold, 0.26% copper & 90ppm molybdenum from 65.9m,
with 1m @ 6.88g/t gold, 0.30% copper & 46ppm molybdenum
§ 4.5m @ 0.50g/t gold, 0.79% copper & 180ppm molybdenum from
92.4m, with 0.5m @ 1.72g/t gold, 2.54% copper & 721ppm molybdenum
o Multiple phase intrusive complex with zones of high gold-copper and molybdenum
grades suggesting a proximal setting.
• Botfield prospect (hole TRDD037)
o Assay results pending , but notable zones of visible mineralisation have been
prioritized and include:
§ Coarse chalcopyrite-bornite-pyrite epithermal veins (from 128-132m)
§ Massive magnetite pyrite -chalcopyrite skarn (>80% magnetite , from
376-407m)
§ Banded magnetite -pyroxene-feldspar skarn with pyrite-chalcopyrite
(<30% magnetite from 407-425m)
o The Botfield prospect is interpreted to be an uplifted block, in the order
of almost 500m, to the immediately adjacent Southern Extension Zone
discovery
• Drilling is ongoing at the North-East Gold Zone prospect (hole TRDD038)
• High priority follow up hole at the Botfield prospect is planned testing the up -
dip coincident magnetic and Induced Polarisation (IP) chargeability high
anomaly cores
• Kincora notes two neighbouring explorers drilling at the western and southern
extensions of the Trundle project
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 3
Website: www.kincoracopper.com Email: [email protected]
Melbourne, Australia — March 21st, 2023
Kincora Copper Limited (ASX & TSXV: KCC, Kincora or the Company) is pleased to provide
an exploration update from the new phase of drilling at the brownfield Trundle project, located
in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia.
The drilling is testing 5 shallow large-scale porphyry and porphyry-related skarn targets across
the 3.2km strike of the mineralised magnetic complex at the southern portion of the Trundle
license.
John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, noted:
“Kincora’s first three drill holes from the current drill program at Trundle
have been very encouraging, with all having intersected zones of potential
ore grade mineralisation at relatively shallow depths.
The Botfield massive, mineralised magnetite skarn intersection has indicated
that the 0.75 -1km long Botfield magnetic high anomaly is likely caused by a
large magnetite skarn body. This is interpreted to be part of a very large
porphyry-related copper-gold system. The magnetic anomaly had not been
tested effectively by historic drilling. The Botfield prospect will be followed up
by a priority hole into the core of the magnetic anomaly 250m further to the
east.
We believe the Botfield skarn is the uplifted, nearer surface part of the
extensive and well mineralised skarn system at our previously discovered
Southern Extension Zone. Botfield hol e TRDD037 intersected massive
magnetite skarn from only 330 metres vertical depth compared to 710 metres
vertical depth in TRDD032 located 430 metres to the west.
Additionally, intersecting porphyry style mineralisation at shallow depths
with good grades a t the Dunn’s North and South prospects, located 640
metres apart, provides significant encouragement in a new area of
exploration. Our understanding of these new prospects has been greatly
improved with gold and porphyry A veins logged at Dunn’s North and gold,
copper and notably high molybdenum grades at Dunn’s South. A review of
these prospects, and adjacent open prospects, is ongoing.”
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 4
Website: www.kincoracopper.com Email: [email protected]
Figure 1: Kincora’s ongoing phase of drilling at the Trundle project is testing 5 adjacent system targets across a 3.2km mineralised
and magnetic system complex (Dunn’s North, Dunn’s South, NE-Gold Zone, Botfield and the Southern Extension Zone (SEZ)). Neighbouring
explorer drilling is testing the western and southern extensions of existing known mineralised systems and potential common targets.
Completed Commenced
Historic drilling
>500ppm Cu &/or >0.1g/t Au
Geochemistry footprint of Trundle prospects
(projected to surface)
Background :Total Magnetics, TMI
Current phase of drilling holes
Trundle license: EL8222
Kincora diamond drill hole
Kincora air-core drill hole
>500ppm Cu &/or >0.1g/t Au
N
Rimfire prospects
FMG prospects
Magnetic
anomalies
Planned
Dunn’s
North
NE Gold
Zone
SEZ
Cross
section in
Figure 2
Open
3.2km
mineralised
corridor
0
5km
Collar
Highlights of Kincora’s first ever
holes into following 3 prospects:
Dunn’s
South
Botfield
Open
Dunn’s North: 12.5m @ 2.77g/t Au
(from 77.5m)
Dunn’s South: 44.4m @ 0.36g/t Au, 0.19% Cu
& 41ppm Mo from 52.5m, incl:
• 8.6m @ 1.21g/t Au, 0.26% Cu, 90ppm Mo
• 4.5m @ 0.50g/t Au, 0.79% Cu, 180ppm Mo
Botfield: notable intervals (assays pending)
• Coarse banded chalcopyrite-bornite-pyrite
epithermal veins (from 128-132m)
• Massive magnetite-pyrite-chalcopyrite skarn
(from 376-407m)
• Banded magnetite-pyroxene-feldspar skarn
with pyrite and chalcopyrite (407-425m)
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 5
Website: www.kincoracopper.com Email: [email protected]
Trundle drilling
Kincora’s new phase of drilling at the Trundle project commenced in January 1, and is testing 5
adjacent systems and separate large-scale porphyry targets across an existing 3.2km
mineralised strike – see Figure 1.
Assay results have been returned for Kincora’s first holes at the Dunn’s North and Dunn’s South
prospects, located 640m metres apart. These assays have confirmed significant zones of
potentially ore grade porphyry mineralisation at shallow depths – see Tables 1 and 2. Petrology
and fertility analysis is pending with a review commenced of these prospects, and adjacent open
prospects, for follow up exploration.
While assay results are pending for the first hole drilled at the Botfield prospect, notable zones
of visible mineralisation have been prioritized. These include a zone of coarse chalcopyrite-
bornite-pyrite epithermal veins, as well as massive and banded magnetite pyrite-chalcopyrite
skarn horizons.
A step out hole from previous shallow intrusive mineralisation at the North-East Gold Zone is
in progress, with a priority follow up hole at the Botfield prospect then planned.
Botfield prospect
Kincora’s first hole at the Botfield prospect, TRDD037, sought to test for the first time a large
magnetic high complex coincident with shallow anomalous copper-gold and an IP chargeability
high anomaly.
The concept Kincora sought to test was of a large untested skarn and/or porphyry complex,
potentially associated with the emerging Southern Extension Zone (SEZ) discovery. This
discovery was made by Kincora in the past 18 months to the west, and the southern extension of
the multiple phase intrusive complexes intersected by Kincora and previous explorer drilling.
While assay results are pending, notable zones of visible mineralisation have been prioritized
and include:
• Coarse banded chalcopyrite-bornite-pyrite epithermal veins (from 128-132m)
• Massive magnetite-pyrite-chalcopyrite skarn (>80% magnetite, from 376-407m)
• Banded magnetite-pyroxene-feldspar skarn with pyrite and chalcopyrite (<30%
magnetite from 407-425m)
Hole TRDD037 supports the current working interpretation that the Botfield prospect is
located in an uplifted block, in the order of almost 500m, to the immediately adjacent SEZ
prospect across an interpreted significant N-S fault zone – see Figures 1 and 2.
The relatively shallow chalcopyrite-bornite-pyrite epithermal veins are new to the project, and
support vectors to a more proximal and prospective level in porphyry system - see Photo 1 (a).
Hole TRDD037 intersected over 30 metres of massive magnetite skarn from only 330 metres
vertical depth (see Photo 1 (b)) compared to an interpreted equivalent horizon of 34 metres
from 710 metres vertical depth in TRDD032, located 430 metres to the west, with similar
stratigraphic horizons above and below these zones.
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 6
Website: www.kincoracopper.com Email: [email protected]
The geophysical inversions and targets for TRDD037 correlate well with visual logging and
current interpretations of the returned diamond core, benefiting from the relatively shallow
depths and width of the massive magnetic zone and associated sulphides.
The Botfield prospect has been prioritised for follow up. Planned hole TRDD039 will step out a
further 250 metres to the east testing the up-dip coincident magnetic and induced polarisation
(IP) chargeability anomaly cores, and at potentially open-pitable depths.
Assay results from completed hole TRDD037, and planned TRDD039, will assist in
determining the next phases of drilling at the Botfield and SEZ prospects.
As announced in December 20222, Kincora has been awarded a drilling grant from the latest
New Frontiers Exploration program by the New South Wales State Government to follow up the
intersected 34m @ 1.45 g/t gold and 0.25% copper in skarn, including an interpreted porphyry
vein that drove 2m at 19.9 g/t gold and 2.43% copper (hole TRDD032) within the SEZ 3.
Photo 1: Examples of key high grade mineralised zones from hole TRDD037
Assay results pending
(a) Strong hematite-chlorite alteration overprinted by quartz-sericite-carbonate veins hosting coarse
chalcopyrite-bornite-pyrite @ 128.6-131.5m.
Core box-47 photo @ 128.20-131.46m with sulphides ranging from 2 to 4% pyrite, 0.6 to 2% chalcopyrite
and <1.5% bornite based on visual estimates, and, with insert photo @ 131.4m hosting visual estimates of
4% pyrite, 2% chalcopyrite and 1.5% bornite from (130– 131.65m).
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 7
Website: www.kincoracopper.com Email: [email protected]
(b) Massive magnetite skarn (>80% magnetite based on visual estimates) with minor patches of garnet
(brown) and pyroxene (tan-green) @ 376.3-406.8m. Disseminated pyrite -/+ disseminated/blebs of
chalcopyrite. Minor patches of retrograde calcite and orthoclase fill voids and fractures.
Core box-122 photo @ 375.74-379.09m with sulphides ranging from 0.2 to 0.5% pyrite and <0.1%
chalcopyrite based on visual estimates and with insert photo @ 377.3m hosting visual estimates of 0.2%
pyrite and <0.1% chalcopyrite (377-378m).
CAUTIONARY NOTE:
Photos are of selected intervals which are not representative of the mineralization hosted on the whole
property or the Trundle Park prospect, which the Botfield and Southern Extension Zones are hosted, but
are of the alteration and lithology’s intersected in the mineralized zones in these sections of diamond drill
hole TRDD037.
There is insufficient drilling data to date to demonstrate continuity of mineralized domains and
determine the relationship between mineralization widths and intercept lengths, true widths are not
known.
In relation to the disclosure of visual results and estimates, the Company cautions that
visual results and estimates should not be considered a proxy or substitute for laboratory
analysis, which are required to determine the widths and grade of the mineralisation.
Kincora has prioritised the processing and assay results for the intervals presented in Photo 1, which are
anticipated to be to hand and reported next month.
TRDD037: Preliminary – Summary log (updated: as @ 9thMarch 2023
•376.3m to 406.8m (30.5m down hole): Examples of massive magnetite skarn (>80% magnetite) with minor patches of garnet
and pyroxene with magnetite. Magnetite appears to over-print the garnet and pyroxene. Disseminated pyrite throughout
(>1 %) and traces of visible chalcopyrite (i.e., at 382.5m). Some minor patches of retrograde calcite and orthoclase
(retrograde) filling voids and fractures in the magnetite.
Retraction of metal equivalents and updated visual reporting (March 23, 2023) 8
Website: www.kincoracopper.com Email: [email protected]
Figure 2: The Botfield prospect is interpreted to be an uplifted block to the adjacent Southern Extension Zone (SEZ) discovery
Large magnetic complex coincident with shallow copper-gold and chargeability anomaly is indicative of a large untested skarn &/or porphyry complex
TRDD030
4m @ 0.53 g/t Au, 0.14% Cu, &:
29m @ 0.53 g/t Au, 0.22% Cu, incl.:
5m @ 1.46 g/t Au, 0.56% Cu, &:
22m @ 0.51 g/t Au, 0.09% Cu, incl.:
4m @ 1.68 g/t Au, 0.09% Cu
cumulative 164m skarn horizons
TRDD031
2m @ 0.07 g/t Au, 0.21% Cu, &:
2m @ 0.31 g/t Au, 0.13% Cu
cumulative 54m skarn horizons
TRDD032
104m @ 0.59 g/t Au, 0.11% Cu incl.:
34m @ 1.45 g/t Au, 0.25% Cu
incl.: 2m @ 19.9 g/t Au, 2.43% Cu
cumulative 120m skarn horizons
TRDD029
36m @ 0.68 g/t Au, 0.29% Cu incl.:
4m @ 1.19 g/t Au, 0.59% Cu, &:
34m @ 0.38 g/t Au, 0.30% Cu
cumulative 196m skarn horizons
E
Cross Section
2m @ 19.9g/t Au, 2.43% Cu
PORPHYRY
TARGET *
SKARN/
PORPHYRY
TARGET
300m Section thickness 400m (dashed trace >200m)
Quartz-carbonate-chalcopyrite vein set
Quartz-tourmaline-bornite-(+/-
covellite +/- chalcopyrite) veining
Coarse banded chalcopyrite-bornite-
pyrite epithermal veins
Skarn
Limestone
Off-section trace
Chalcopyrite-pyrite-quartz-carbonate-
muscovite-hematite (porphyry) vein
Historical trace
Planned hole
Induced
Polarisation (IP)
Chargeability
(m V/V)
30
W
20
Historical workings
(projected)
PORPHYRY
TARGET
TRDD037
(Assays pending)
Southern Extension Zone
(SEZ)
High grade porphyry vein
Drilled – assays
pending
0.10
0.06
Total Magnetic
iso-surface lines
Botfield
Planned hole
TRDD039
Downhole geochemistry
0.5 0.5
Au
(g/t)
Cu
(%)