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Kincora Copper provides positive exploration and corporate update for Mongolian portfolio www.juniorminingnetwork.com
MELBOURNE, Australia, Feb. 11, 2022 /CNW/ - Kincora Copper Limited (the Company, Kincora) (TSXV: KCC) (ASX: KCC) is pleased to provide an exploration and corporate update following 2021 field season activities in Mongolia and an extension of the corporate agreement with Resilience Mining Mongolia Limited (Resilience) covering the Mongolian asset portfolio.
Sam Spring, President & CEO, commented:
"Kincora has continued to responsibly and systematically advance and add value to our prospective project pipeline in Mongolia's Southern Gobi, with promising results, as we work with and pursue the corporate agreement with Resilience. The agreement with Resilience provides attractive upside to Kincora shareholders and will streamline focus to our Macquarie Arc porphyry portfolio in Australia.
Last year's field activities have identified a new significant scale series of porphyry targets at Shuteen North, and separately advanced our understanding of the mineralised controls and size of the system at the more advanced West Fox target. These results further highlight the potential of our existing Mongolian project portfolio and logic of having a motivated and focused group like Resilience drive these assets forward to the next stage.
The Company has granted Resilience an extension to IPO on the ASX with a A$7.5 million to A$10 million offering, a new lead manager, reimbursement of certain Mongolian expenditures, and the definition of a maiden resource for the Bronze Fox project1.
The targets, team and foundations are in place for Resilience to add significant value this field season."
An accompanying detailed Mongolia focused exploration and corporate update presentation, with further details and figures to this release, is available at www.kincoracopper.com
Figure 1: A strategic and district scale position in Mongolia's world-class Southern Gobi porphyry belt
On China's doorstep, trucking distance to the world's largest copper consumer
Figure 2: Field season results generate and refine multiple targets
Three large and underexplored porphyry complexes on two adjacent Kincora licenses, which are covered by the corporate agreement with Resilience. Resilience is undertaking a maiden JORC &/or 43-101 resource for the Bronze Fox project at the existing Block Modelled area that supports the defined Exploration Target 1
Resilience agreement update
On June 30th, 2021, Kincora executed a definitive acquisition and joint-venture agreement with Resilience for Kincora's Mongolian asset portfolio.
This agreement was extended with completion proposed January 31st, 2022, with a further extension now being provided subject to:
Resilience having appointed a new lead manager for the proposed ASX listing (by 28 February, 2022);
Refunding Kincora a minimum of 50% of its Mongolian Maintenance Payments upon receipt of further pre-IPO funding;
Converting (at Resilience's expense) the Exploration Target to a JORC and/or NI 43-101 resource for the Bronze Fox project ahead of IPO 1,2 ; and,
Resilience raising A$7.5 million to A$10 million in new equity alongside IPO on the ASX (by 30 April 2022).
1 Resilience to convert (at Resilience's expense) the existing exploration target2 for Bronze Fox to a JORC &/or NI 43-101 resource prior to IPO on the ASX.
2 "76 holes for 24,129m supports an exploration target of 416-428Mt at 0.26-0.30% Cu for up to 2,437 Mlb copper & 0.84 Moz gold or 1.3-1.5Mt CuEq.
This estimate of the Exploration Target is conceptual in nature and there is currently insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. Since, some 24,000 m of drill core at the Bronze Fox Intrusive Complex has been reviewed and relogged by Kincora, adding to 8,000 m previously relogged.
This exercise addressed an issue with geological data quality that prevented reporting of a Mineral Resource in accordance with JORC and NI43-101 guidelines. A conceptual study undertaken at the same time as the Exploration Target explored the potential for a small, near surface oxide SX-EW project at Bronze Fox."
Sourced from the Mining Associates Technical Export Report Feb 25, 2021. Please refer to this report for further details.
This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)
Published Date:2022-02-16
