Three Kincora Partner Funded Drilling Programs Ramping Up Partner funded programs support ~11,000 metres drill testing up to thirteen large-scale copper- gold porphyry targets before year-end Drilling commenced at the Nyngan Project
Three Kincora Partner Funded Drilling
Programs Ramping Up
Partner funded programs support ~11,000 metres drill testing up to thirteen large-scale copper-
gold porphyry targets before year-end
Drilling commenced at the
Nyngan Project
with earn-in partner AngloGold Ashanti Australia
(
AngloGold Ashanti
)
New district-scale potential with initially up to eight large intrusive complex targets to be drill-
tested for the first time
Includes one existing high priority target covered by a Fleet Space Technologies Pty
Ltd's (
Fleet Space
) Ambient Noise Tomography (ANT) and gravity geophysical
surveys with final interpretations pending
6 to 8 drill holes for 4000-5000 metres planned before year end
Kincora is managing the program and will receive a 10% management fee
First drilling program by Kincora in partnership with AngloGold Ashanti
Neighboring explorer drilling recommenced at the Duck Creek target adjacent to the Nyngan
Project by Inflection Resources (
Inflection
) (in partnership with AngloGold Ashanti) following
encouraging results, including intense hydrothermal alteration and sulphide mineralisation
~1.4km from license boundary
1
Second phase drilling program commenced at the
Cundumbul Project
by Exploration Alliance
partner Earth AI Pty Ltd (
Earth AI
) with step out diamond drilling
5 drill holes for up to 3000 metres testing three targets scheduled to be drilled and reported
before year end
Up to $4.5m to be spent by Earth AI and up to 3% royalty earnt upon new drilling discovery
(qualifying intersection), with Kincora retaining 100% project ownership
Drilling commenced at the
Bronze Fox Project
in Mongolia by Woomera Mining Limited
(
Woomera
) testing the potential for a shallower higher-grade structural zone and resource
expansion drilling coupled with a second mining license conversion
Approximately 2250-3250 metres is planned before the winter year end break
Includes a 900m deep hole stepping out testing the up dip and higher grade potential
within an interpreted structural corridor to previous hole F62 which returned 929m @
0.37% CuEq, including 318m @ 0.53% CuEq and 37m @ 1.01% CuEq
2
Kincora is Woomera's largest shareholder and retains attractive asset level exposure to the
Bronze Fox Project via an earn-in and joint venture agreement
Further value enhancing deals are proposed
Review of new wholly owned Nevertire South Project confirms standout priority drill targets
Discussions with potential technical and funding partners are progressing
Melbourne, Australia--(Newsfile Corp. - October 8, 2024) - Kincora Copper Limited (ASX: KCC) (TSXV:
KCC)
(Kincora
or the
Company
) is pleased to provide an exploration update with partner funded
drilling programs commencing across three of Kincora's portfolio of thirteen copper-gold projects and
following a very favourable review of the newly secured Nevertire South Project.
The ramping up of these programs marks an exciting transition point in the Company's strategy to create
shareholder value through securing highly prospective projects in exploration and mining hotspots,
executing deals with technical partners, securing partner funding to advance drilling and seeking to make
globally significant discoveries.
Sam Spring, President and CEO of Kincora commented:
"Recent deals with four industry partners unlock up to $60 million of multi-year funding and we are
transiting to a very exciting period with initial field activities now ramping up.
These deals provide clear technical endorsement of, and value parameters for, these and our other
wholly owned Kincora projects.
Kincora shareholders now have immediate exposure to up to 11,000m of drilling before year-end
across three projects and testing up to 13 large-scale porphyry targets.
Kincora continues to seek to work with existing and new technical and funding partners to apply
industry leading exploration techniques to systematically advance and de-risk our highly
prospective large-scale project pipeline of porphyry targets.
We are not finished. More deals, partnerships and projects with a clear value path are proposed.
Our recent review of the new Nevertire South Project has been extremely positive supporting what
we believe is the most attractive geologically supported target in the covered extensions of the
Macquarie Arc. Other comparable earlier stage and higher risk projects have recently attracted five
partner deals and potentially over $300m in exploration expenditure."
Standout drill targets at the new Nevertire South Project
(Macquarie Arc, Australia)
Pegged as open ground, Kincora recently secured three bolt-on licenses covering a total of 1,377km
2
(100% ownership), including the Nyngan West, Nyngan South and Nevertire South Projects. This creates
a continuous north-south strike extent of over 100km of the Northern Junee-Narromine Belt (NJNB),
including the Nyngan and Nevertire Projects - see Figure 1.
Of particular note was securing the Nevertire South Project (962km
2
), which consolidates the southern
section of the Nevertire Magmatic Complex (NMC). Previous explorer drilling on the southern third of the
NMC has returned anomalous mineralisation, favourable fertility, geochemical zonation and alteration
confirming a copper-gold porphyry system setting with age dates confirming a prospective Phase 4
Macquarie Arc intrusive complex.
Figure 1: Existing geophysics and limited drilling to date supports Kincora and AngloGold
Ashanti's interpretation that the Northern Junee-Narromine Belt hosts the potential for multiple
new composite volcanic and intrusive complexes with analogous aeromagnetic signatures
and intrusive level cross arc structures to other Macquarie Arc porphyry complexes (eg Cadia,
Cowal, Boda-Kaiser, Marsden etc)
The Macquarie Arc is a proven Tier 1 terrane and Australia's foremost copper porphyry belt hosting a
number of world-class mines in the southern, more exploration mature, of the Arc hosting over 160Moz
gold equivalent endowment
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/225944_figure1.jpg
Kincora has recently secured three prior Newcrest drill holes from the Cadia mine site for the Nevertire
South Project. Relogging of these holes has been undertaken by Kincora's Technical Director, John
Holliday, significantly upgrading the Project.
The review of these holes, we believe the first since that of Newcrest's in 2006-09, supports Newcrest's
previous view that its limited drilling "
has identified lithologies, alteration and veining consistent with a
setting similar to the Cadia-Ridgeway and Goonumbla porphyry Cu-Au deposits"
3
.
Subsequent age dates have confirmed an analogous setting to the Cadia and Northparkes/ Goonumbla
deposits. Kincora's review confirms that the best of these prior holes (ACDNY006) has not been
followed up despite a very encouraging intersection of anomalous copper mineralisation (from basement
to end of hole), veining and magnetite alteration situated in a highly prospective high volcanic-hosted
level.
In Kincora's view this supports Nevertire South being the most advanced porphyry project and most
attractive geologically supported target in the covered northern extension of the Macquarie Arc, and
noting an untested strike for over 8km from these favorable prior drill results within the NMC. A priority
drill program has been designed, including the ambition to either discover or create a vectoring pattern
to a possible deposit stepping out from ACDNY006.
Earlier stage targets in the Macquarie Arc have recently attracted five major earn-in/option and joint
venture agreements supporting potentially over $300 million in exploration and development expenditure,
including the recent option and joint venture agreements between Gold Fields and privately owned Gold
& Copper Resources
4
.
Discussions with potential technical and funding partners are progressing.
For further details and technical disclosures refer to the following Kincora release:
September 9
th
, 2024, "
Kincora Secures New Strategic Ground On Australia's Premier Porphyry
Copper-Gold Province"
AngloGold Ashanti earn-in and joint venture agreement for the Nyngan and Nevertire
Projects
(Macquarie Arc, Australia)
The Nyngan Project was the first ground Kincora secured in NSW with regional geophysics strongly
indicating the potential to hosts the largest volcano-intrusive complex of the Macquarie Arc (existing
metal endowment of over 160Moz gold equivalent
5
) and offering a new district-scale setting. Limited
prior drilling activities have taken place, and are confined to the southern portion of the Project.
In May 2024, Kincora signed a definitive multiple-phase Earn-in and Joint Venture Agreement over the
Nyngan and Nevertire licences with a wholly owned subsidiary of AngloGold Ashanti plc (NYSE: AU), the
world's fourth largest gold miner by production, which has a successful track record for Greenfields
discovery success.
AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest through:
A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a
minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10%
management fee.
Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to
earn an 80% joint venture interest (Phase II).
Figure 2: Fleet Space's ANT and gravity surveys have covered a regionally significant priority
drill target previously and separately identified by Kincora, AngloGold Ashanti and Fleet Space
within the northern "
Ace of Spades
" region of the Nyngan Project.
This target is to be very
shortly drill tested as part of the first ever copper-gold focused drilling program within this
region. As part of a permitted drill program for up to 16 holes, a 6 to 8-hole for an estimated
4000-5000m program is budgeted before year-end with earn-in partner AngloGold Ashanti
Kincora and Inflection's recent real-time Fleet Space ANT surveys have generated a number of new,
previously unrecognised potential target areas that are currently being reviewed
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/225944_figure%202.jpg
The mobilised drilling program is focused within the northern portion of the Nyngan Project and the
"Ace
of Spades"
region testing a wide range of untested, large intrusive-related copper-gold targets - see
Figure 2.
The program will comprise cost-effective mud-rotary drilling through the post mineral cover sequence
with diamond core drilling upon refusal and testing of the targeted basement. The program seeks to
confirm the potential for a series of new Macquarie Arc intrusive complexes and provide vectors for
follow up drilling.
Kincora notes neighbouring explorer drilling by Inflection has just recommenced at the Duck Creek target
adjacent to the Nyngan Project (also in partnership with AngloGold Ashanti). This follows encouraging
results, including intense hydrothermal alteration and sulphide mineralisation ~1.4km from license
boundary in hole DCKDH020
1
- see Figure 2.
Inflection has reported hole DCKDH020 returned a broad zone of elevated copper (max 788ppm) and
arsenic values average 43.9ppm over a 448.5m interval (max 212ppm) noting these are
"highly
anomalous as 200m to 500m from the Cadia Ridgeway ore body (Newmont Corporation) reports
arsenic in the 20ppm to 30ppm range and copper in the 200ppm to 300ppm range."
DCKCDH020 is
being followed up with a number of step-out drills to explore for a possible porphyry source for the
alteration and geochemical data
1
.
For further details and technical disclosures refer to the following Kincora releases:
August 14
th
, 2024, "
Kincora and AngloGold Ashanti's First Drilling Program"
May 28
th
, 2024,
"AngloGold Ashanti to earn-in to the NJNB Project"
Fleet Space proprietary geophysical partnership for the Nyngan Project
(Macquarie Arc, Australia)
Fleet Space was Australia's fastest growing company in 2023
6
and is widely recognised as Australia's
leading space exploration company. Fleet Space seeks to revolutionise mineral exploration with its
vertically integrated technology stack, ExoSphere, which combines the latest advances in satellite
connectivity, 3D multiphysics data acquisition, and AI to map mineral systems in real-time.
Kincora, in partnership with Fleet Space, has recently completed Fleet Space's first ever integration of
Ambient Noise Tomography (ANT) and ground gravity geophysical surveys within a portion of the
"Ace
of Spades"
region of the Nyngan Project - see Figure 2.
The surveys cover a regionally significant priority drill target previously and separately identified by
Kincora, AngloGold Ashanti and Fleet Space, with final interpretations of the surveys pending.
Within the immediate district Fleet Space has recently completed the world's largest real-time ANT
copper survey with Inflection Resources, undertaken a total of four project level surveys (including for
Waratah's Spur Project, Inflection's Duck Creek Project and Alkane's Boda-Kaiser deposits) and built a
proprietary AI-powered district scale copper prospectivity map. The Fleet Space surveys complement
Kincora and AngloGold Ashanti's earn-in and joint venture agreement and exploration approach.
For further details and technical disclosures refer to the following Kincora releases:
July 25
th
, 2024, "
ANT and Gravity Geophysical Surveys at the Nyngan Project"
Earth AI success based Exploration Alliance for the Cundumbul Project
(Macquarie Arc, Australia)
Earth AI is a private Artificial Intelligence (AI) and Machine Learning explorer that has a vertically
integrated approach to targeting, testing and verifying new critical mineral discoveries.
Earth AI is the operator of the Exploration Alliance for the Cundumbul Project and has the right to
contribute up to $4.5m of total exploration expenditure over a three-year period (having recently
exercised an option for an additional year).
Subject to a minimum of 1,500 metres of diamond drilling (already satisfied) and a Qualifying Drilling
Intersection resulting in a new discovery (as defined within the Exploration Alliance Agreement), Earth AI
is entitled to a Net Smelter Royalty (NSR) of up to 3% in connection with a to be agreed upon area
surrounding the discovery (Area of Interest, size dependent on the extent of the newly discovered mineral
system). Kincora retains 100% ownership of the Project.
Field mapping, soil and rock chip sampling by Earth AI has identified a new 2.2km x 800m copper target
in the central portion of the Cundumbul license with an ongoing multiple phase drilling program seeking
to test three separate targets across a 750m strike associated with a zoned hydrothermal quartz breccia
system (a key geological marker at the Boda-Kaiser deposits to the north in the same volcanic belt of
the Macquarie Arc).
For further details and technical disclosures refer to the following Kincora releases:
May 20, 2024, "
Exploration Alliance partner Earth AI drilling commenced at the Cundumbul
project"
October 6
th
, 2022,
"Alliance with Artificial Intelligence Explorer for Cundumbul project"
Woomera earn-in and joint venture agreement for the Bronze Fox Project
(Southern Gobi, Mongolia)
Following a successful strategic review process for Kincora's Mongolian assets, a definitive Earn-In
Implement Agreement (EIA) was signed on September 30
th
, 2024, with ASX listed Woomera Mining
Limited (Woomera, ASX ticker "WML").
Woomera is a funded, successful and motivated partner with Kincora retaining attractive exposure to the
Mongolian assets by becoming Woomera's largest shareholder and with an earn-in and carry/bullet
payment and NSR model.
Woomera has commenced a maiden drilling program with a three-pronged approach:
1
.
Confirmation of a shallower, higher grade corridor:
a single diamond drill hole for up to 900m
depth is designed to confirm new high grade discovery potential within an open structural zone
associated with a series of four prior drill holes which all returned intervals of over 1% copper,
including prior hole F62 which returned 929m @ 0.37% CuEq including 318m @ 0.53% CuEq and
37m @ 1.01% CuEq
2
.
Woomera's designed hole seeks to test an open western strike for potential higher grades at
shallower levels than prior drilling associated with a mapped vein corridor coincident with Induced
Polarisation (IP), gravity and magnetic anomalies.
Given the spacing and depth of the higher grade mineralisation returned in the series of four prior
holes is excluded from the existing JORC Mineral Resource Estimate and the designed hole has
the potential to demonstrate significant upside potential in volume and grade of the existing
resource if successful.
2
.
Expand existing shallow resource inventory
: infill and expansion drilling is planned on the
western higher-grade trend to the existing JORC Resource of 194Mt at 0.26% CuEq
2
. The
program is expected to increase both the tonnage and grade of the existing resource if successful.
3
.
Securing mining licence:
infill and expansion drilling is expected to be sufficient to satisfy the
criteria needed to secure a mining license on the western exploration license, in addition to the
existing mining license on the eastern license. Securing the second mining license would provide a
minimum of 30-year security of tenure across the full Bronze Fox project, that covers ~175km
2
and
includes three large and near surface intrusive complexes.
For further details and technical disclosures refer to the following Woomera releases:
September 30
th
, 2024, "
Woomera to Commence Drilling at Bronze Fox Project"
August 20
th
, 2024,
"Prospectus"
References:
1
Inflection Resources Provides Drilling Update from Phase II Duck Creek Exploration Program in New South Wales - press release October 3, 2024
2
Kincora Copper ASX Announcement: Mineral resource and updated exploration target for Bronze Fox, July 26
th
2022 and Woomera Mining ASX
Release: Woomera secures advanced copper / gold project in world-class Mongolian Copper Belt, August 12
th
, 2024
3
Newcrest Mining Limited final annual report (2009) for EL6337 (open file)
4
Gold Fields H1 2024 Results - August 23, 2024
5
Sourced from MinEx Consulting for Kincora
6
According to the Australian Financial Review (2023).
About Kincora
Kincora Copper is dual listed on the ASX and TSX-V (ticker "KCC") and is an active explorer and
project generator focused on world-class copper-gold discoveries. The company recently executed four
agreements that unlock up to A$60 million in multiple year partners funding. Further new projects that
offer a clear value path and targeted partnerships are proposed.
Kincora's portfolio includes district scale landholdings and scalable drill-ready targets in both Australia
and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and, the
Company is targeting initial exposure to up to 10,000m of drilling before year-end 2024 before ramping
up to over 30,000 metres pa of drilling.
For more information please visit Kincora's website at
www.kincoracopper.com
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
or +61431 329 345
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
Level 4, 100 Albert Road
South Melbourne, Victoria 3205
Qualified Person
The scientific and technical information in this announcement 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 staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior
Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian
Institute of Geoscientists), Non-Executive Director and Chairman of Kincora's Technical Committee, who
are Qualified Person(s) for the purpose of NI 43-101.
JORC Competent Person Statement
Information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves
are those that have been previously reported (with the original release referred to in this announcement)
and the Company is not aware of any new information or data which materially affect the information
included in those prior reports and, in the case of Mineral Resources or Ore Reserves the material
assumptions and technical parameters underpinning the estimates have not materially changed, and
have been reviewed and approved by John Holliday and Peter Leaman, who are Competent Person(s)
under the definition established by JORC and has sufficient experience which is relevant to the style of
mineralisation 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'. John Holliday and Peter Leaman consent to
the inclusion in this report of the matters based on the information in the form and context in which it
appears. The review and verification process for the information disclosed herein for Kincora's 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.
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.
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