Kincora Copper Limited (ASX:KCC) has been successful with three separate project applications under the latest New Frontiers Cooperative Drilling Grants programme.
The company has received grants for the Fairholme (A$200,000), Jemalong (A$105,000) and Nevertire (A$84,500) projects, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW.
We thank the State Government and Geological Survey of NSW for the financial support to Kincora and the wider industry via the New Frontiers Cooperative Drilling programmes,” President and CEO, Sam Spring, said.
“The programme is another example of the favourable operating environment Kincora benefits from in NSW, particularly at a time of increasing hurdles and ESG considerations across the industry, and notably in the copper sector.
“Competition for this year’s grants was particularly high. The awards follow a competitive expert panel review process of applications, including technical and financial considerations.
“The already completed diamond drilling programme at the Gateway prospect within the Fairholme project, with results expected to be announced shortly, is included in the grants as is the upcoming air-core program.
“Scheduling of drilling at the Nevertire and Jemalong projects will commence with permitting. We look forward to further investing these funds into the ground, drill testing our new geological concepts for these projects and systematically advancing our project pipeline.”
The New Frontiers Cooperative Drilling programme provides grants to successful applicants for exploration drilling programs that demonstrate strong prospectivity, sound financial planning and a proven technical base.
An experienced panel made up of government and independent assessors assesses applications.
The programme is managed by the Geological Survey of NSW, within the Department of Regional NSW, and is part of the NSW Mineral Strategy commitment to promote investment in NSW. Research confirms a well-constructed programme to support exploration can create significant value to the State and be of net benefit to the overall economy.
Such analysis by MinEx Consulting indicates that each additional dollar spent on gold exploration generates an extra $11.40 in revenue in the longer term – similarly multiplier effects are evident for other commodities.
Under the fourth round, a total of 14 groups have been granted awards for drilling at 20 projects, including Kincora’s 100% owned Nevertire project and JV projects Fairholme and Jemalong. Kincora has drilled one of two holes at our 100% owned Nyngan project provided for under the third round of the programme, with planning currently taking place for the second hole.
The company notes other awards issued to neighbouring explorers on adjacent licenses and potentially common mineral systems to our project portfolio.
Rimfire and Sultan Resources have been granted awards for drilling at the Valley and Razorback projects respectively. The Valley is located about 5km west of Kincora’s Mordialloc target at the Trundle project with Rimfire planning a near term deep hole drilling programme.
Rimfire is seeking to test the potential for a blind Ordovician intrusive system under younger cover and the potential western margin of the Northparkes Caldera/Igneous Complex. Sultan has already commenced a maiden drilling program of up to 9-holes at the Razorback project testing a gold-copper anomaly.
Visual results for the first two-holes have been reported with the prospect in close proximity to the license boundary of, and shares common geophysical anomalies, to Kincora’s Cundumbul project.
