Adding Extra Holes To Trundle Programme
Kincora Copper Ltd. (TSXV:KCC) is undertaking a non-brokered private placement to raised up to C$5 million to fund an expansion og its Australian drilling campaign.
President and CEO, Sam Spring said he company has received strong indicative support from many existing and new shareholders, and Australian based brokers.
“Initial drilling at the Trundle project has been very positive at our first two targets, Trundle Park and Mordialloc, and strongly warrants expanding the ongoing initial six-hole programme,” Mr Spring said.
“A total of 22 holes are now proposed to aggressively pursue targets that our industry leading exploration team feel offer the potential for multiple clusters of high grade porphyry related copper-gold systems and position Kincora as the leading pure play porphyry explorer in Australia’s foremost porphyry belt.”
Chairman Cameron McRae said a strong and successful offering will provide the platform for a significant drilling program at Trundle, advancement of our district scale project pipeline in the Macquarie Arc and pursuit of a corporate strategy to maximise the value of our portfolio.
“It is pleasing to see our initial drilling results at Trundle attract considerable interest from the market, including resource sector specialists and leading Australian based brokers.”
Initial drilling results at the Trundle project have provided strong encouragement in the search for the core, ore-grade parts of a cluster of porphyry copper-gold systems in a brownfields setting to Australia’s second largest porphyry mine, Northparkes, on the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia.
Given the nature of the skarn and pencil/finger porphyry targets and results to date at the Trundle Park and Mordialloc targets, the primary use of funds of the non-brokered private placement is expanding the current ongoing six-hole programme to a total of 22 holes with a further 11,000 metres of drilling. Other uses of funds include:
- advancing the understanding of the near surface skarn system at the Trundle Park target;
- advancing the Company’s earlier stage licenses and project pipeline (7 additional licenses), several of which are now surrounded by the likes of FMG and Inflection Resources’;
- general working capital; and,
- pursuing a listing on the Australian Securities Exchange (ASX).
Morgans Corporate Limited has been engaged as a finder for a portion of the non-brokered placement, and lead agent and manager for a proposed listing on the Australian Securities Exchange (ASX).