"The first phase drilling program consisting of reverse circulation and percussion pre-collars with diamond tails totaling 3145 meters has been completed at the East TS target and been successful, in line with our expectations for the program, said Peter Leaman, senior vice president of exploration.

He said the group's efforts at East TS provided a template to systematically replicate across the rest of the group's commanding portfolio in the world-class Oyu Tolgoi-Tsagaan Suvarga Devonian copper belt.

It saw 3,145 metres sunk for 13 holes, the company said in a statement.

Interpreted results for the first phase drilling programme, including traditional assay results, age dating, fertility and green rock analysis, ongoing and proposed geophysical programmes, and their integrated interpretations and follow up programmes for the next stage of systematic target testing will be provided following Kincora's next Technical Workshop, it added.

The BTIC sits almost half way between the Oyu Tolgoi and Tsagaan Suvarga Devonian porphyry systems.

Such a structural setting is common for most large-scale porphyry deposits globally.

Limited exploration so far, including drilling has returned copper-gold mineralization (up to 18 metres (m) at 0.66% Cu Eq (copper equivalent) and 18m at 0.75% Cu Eq) on the margin of a large target under shallow to moderate cover.

A two-drill rig programme has recently started at the license.

Outcropping mineralization and systematic exploration integrating geology and geophysics has refined multiple potential drill targets that are the focus of the ongoing first phase 2,850 metre, hole 6 drill programme.

Yesterday, Kincora said it had closed its second tranche placing with the European Bank for Reconstruction and Development (EBRD) and raised C$1.4mln.

It follows the closing of the first tranche on August 22, 2017, with total gross funds raised being now C$5.92mln.

Shares in Kincora shed 2.86% to US$0.34.