Strong Halo Indicators Of Mineralised Porphyry Intrusion System
Kincora Copper Ltd (TSXV:KCC) has received encouraging results in Its search for the core, ore-grade parts of a cluster of porphyry copper-gold systems at the brownfields project at Trundle on the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia.
John Holliday, Technical Committee chair, and Peter Leaman, Senior VP of Exploration, said assay and petrography results for the second hole at the Trundle project strongly supports the presence of a mineralising porphyry copper-gold system at the Mordialloc target, confirming previously announced visual and internal interpretations. Our initial and ongoing follow up hole, TRDD005, certainly reinforces this view.
“These results coupled with the nature of the pipe like, high-grade “finger” porphyries in the Macquarie Arc, which are vertically extensive but horizontally discrete, suggests TRDD002 ended in an ore-proximal environment,” Holliday and Leaman said.
“Extension of TRDD002, and additional step out holes are planned seeking the core of the targeted system, with TRDD005 already providing very encouraging results. Such a vectoring from drill hole indicators was the exploration approach that was the key to the discovery of Cadia-Ridgeway, the majority of the Northparkes deposits and Alkane’s success at Boda.
“TRDD002 is the first hole to search to such depths. The positive indications in these first two holes drilled at Mordialloc see the target remain open in all directions and to depth”.
President and CEO, Sam Spring, said the first holes of Kincora’s maiden programme at Trundle, at the Trundle Park, Mordialloc and Bayley’s targets, are across ~10km N-S strike.
“Initial drilling provides encouragement for a cluster of fertile porphyry targets and world-class scale potential, in a brownfield setting to Northparkes, warranting further drilling beyond the initial scope of the previously announced six hole programme.
“Our maiden six hole programme at Trundle commenced during the first COVID-19 wave in Australia. It was designed to test three porphyry targets with two holes at each target and leaving the Company well-funded.”
Mr Spring said the conservative nature of the programme was prudent given the onset of COVID-19 and associated market uncertainties, and to ensure the program could be expanded within existing cash reserves.
“Current market conditions have moved significantly in a positive direction for junior explorers with good drilling results. In particular, the gold price is at near eight-year highs, recently moving in positive correlation and lagging a strongly rising copper price; it is a great backdrop to be exploring for gold rich copper porphyries.
“With very attractive peer group valuations to other Australian based exploration success stories it is exciting to start expanding the scope of the existing programme.
“The addition of Paul Cromie as “Exploration Manager Australia” is very well timed in a senior project based role. Paul is an extremely high calibre and successful leader and explorer. Paul will assist oversee the acceleration of exploration at Trundle and across our district scale 1732km2 portfolio in the Lachlan Fold Belt. The Kincora board are very pleased to welcome Paul to the team.”
Previous explorer drilling at the Mordialloc target and the assay results of TRDD002 have returned metal grades comparable to the surrounding parts of the Northparkes deposits and Cadia-Ridgeway within inner- to outer propylitic style hydrothermal alteration.
Visual results from ongoing drilling at TRDD005, the second Kincora hole at the Mordialloc target and follow up located 150 metres south of TRDD002, demonstrate a volcanoclastic sandstone and agglomerate host rock sequence at approximately 632 metres, and over 12 metres down hole with improved epidote-chlorite alteration and visual quartz-calcite-pyrite- chalcopyrite mineralisation materially more intense in comparison to TRDD002. From 643 metres, an 0.5 metre interval with abundant pyrite-epidote-chlorite is overprinted by quartz- calcite-pyrite-chalcopyrite-sphalerite-hematite along veins. Drilling of TRDD005 is ongoing and will shortly resume after the current scheduled break.