New High-Grade Gold With Copper Samples At West Fox Prospect
Kincora Copper Ltd (TSXV:KCC) has achieved positive results following field season of activities in Mongolia post the issuance of a mining license for the eastern portion of the Bronze Fox Intrusive Complex (BFIC).
The primary focus of exploration was on the margin of an adjacent second large porphyry system, the Tourmaline Hills Intrusive Complex (THIC), at a newly identified gold-base metals target within the West Fox prospect.
President and CEO, Sam Spring, said field activities have identified three new target zones and returned generally higher-grade gold and copper assay results than previous Ivanhoe Mining (IMMI) activities.
Other underexplored regions prospective for intermediate sulphidation epithermal targets on the margin of the THIC and BFIC have been identified for field reconnaissance.
“The previous focus of limited drilling, geophysics and surface reconnaissance by Kincora within and around the margins of the Tourmaline Hills Intrusive Complex was testing the potential for large concealed porphyry targets,” Mr Spring said.
“This year’s field activities at Tourmaline Hills benefitted from Kincora’s activities in the Macquarie Arc, Australia. We applied a new conceptual target model similar to the Cowal gold-base metal project (flagship project of Evolution Mining, with a 9Moz gold resource inventory) and the target of the Company’s neighbouring Fairholme project, which we are planning on drilling in 2021, located less than 15km from Cowal.
“We are encouraged by the results and new targets at West Fox, and scope for further similar targets on the margins of the two large intrusions at the Bronze Fox project.
“We feel these results also highlight the larger picture upside to Kincora from the recently announced agreement with Resilience Mining to realise the inherent value of our Mongolian portfolio and their complementary Mongolia strategy, as we focus on our core Australian operations.”
Prior to Kincora’s current core activities in NSW, the company’s focus was on exploration and project generation in Mongolia targeting large-scale porphyry discoveries. A peak landholding of 13 license covering 1689 sq. km has been systematically explored and refined to 3 licenses covering 321 sq. km.
The company has retained one of the largest land packages in the Southern Gobi porphyry belt and undertaken the largest project generation and exploration initiatives by any foreign group in recent times in Mongolia.
In September 2020, a mining licence was issued over the eastern license and portion of the Bronze Fox project, centred over the Bronze Fox Intrusive Complex (BFIC) within this license.
The mining license provides tenure for a 30-year period. An independent block model supports a 416-428Mt @ 0.26-0.30% copper exploration target (0.20% copper cut off), with desktop studies having been undertaken for a potential small-scale oxide development project. Relatively limited drilling supports upside at one of the largest copper systems in Mongolia with only a small portion of the Bronze Fox intrusion (and Tourmaline Hill’s intrusion) drill tested.
During 2020, surface exploration activities commenced at and around the neighbouring Tourmaline Hills Intrusive Complex (THIC), which is also a large, outcropping gold-copper system with limited drilling and often the focus of informal gold mining activities.