Kincora Copper Limited (TSXV & ASX: KCC, Kincora or the Company) is pleased have been awarded the Nyngan West, Nyngan South and Nevertire South projects located within the northern under cover extensions of the Macquarie Arc, in central west NSW, Australia.
Sam Spring, President and CEO of Kincora commented:
“Kincora’s strategy to create shareholder value is through obtaining the best ground, concluding commercial deals and making large scale copper-gold discoveries. Recently we have attracted four industry partners and unlocked up to A$60m of multi-year funding.
We are very pleased to have opportunistically secured three bolt-on new projects covering 1,377km2 with clear scale potential and strategic value, now providing Kincora a continuous north-south strike extent of over 100km in the NJNB.
This new ground is adjacent to and on the interpreted extensions of the Nyngan and Nevertire projects where maiden partner funded ground geophysical surveys are already ongoing with Fleet Space, and maiden drilling activities are shortly ramping up in partnership with and funded by AngloGold Ashanti at Nyngan.
The Company and our existing partners are very excited to commence the first ever copper-gold exploration across potentially the largest volcano-intrusive complex of the Macquarie Arc at northern Nyngan, which offers new district scale potential.
Kincora continues to build and advance our project pipeline, exploring further partnerships. In particular, securing the advanced and highly prospective Nevertire South ground in our view significantly enhances our Nevertire project and NJNB portfolio.”
New wholly owned projects
Pegged as open ground, Kincora has been awarded new exploration licenses covering a total of 1,377km2 (100% ownership) including the Nyngan West, Nyngan South and Nevertire South projects – see Figures 1 to 3.
The new licenses are opportunistic new bolt-on projects with clear scale and value path, doubling Kincora’s land position in the NBJB. The NBJB is one of the two major volcanic belts of the Macquarie Arc, where regional magnetics has proven to be effective in mapping the key belts and major intrusive complexes.
The new licenses provide Kincora a continuous north-south strike extent of over 100km in the interpreted shallow to moderate depth sections of the under cover extension of the Macquarie Arc. The new licenses also consolidate the extensions of intrusive complex targets included in the existing earn-in partnership with AngloGold Ashanti.
Regional geophysics strongly indicates that Kincora’s Nyngan license has the potential to host the largest volcano-intrusive complex of the Macquarie Arc, which is currently almost untested with drilling to commence within the month in partnership with AngloGold Ashanti.
Kincora’s portfolio and the wider NJNB offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new ANT surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the Macquarie Arc which host an existing >160Moz gold equivalent endowment (see Figure 2) 1.
To help emphasis the true new district scale potential of the Company’s NJNB portfolio, the total AngloGold Ashanti earn-in and Kincora wholly owned project portfolio now covers a strike length that is twice that of the rapidly emerging Vicuña porphyry district (see Figure 2).
Within the Vicuña district, NGEx Resources Inc in 2009 held three early-stage exploration projects that, at the time, supported a market capitalisation of approximately C$40 million 2. These same projects are all still at a pre-development phase but have yielded four large-scale discoveries currently valued at over C$8.5 billion after the corporate transactions involving BHP and Lundin Mining last month 2, 3.
Of particular note, the new Nevertire South project (962km2) is considered highly prospective and consolidates the ~8 x 12km Nevertire Magmatic Complex, the northern third held in Kincora’s existing partnership with AngloGold Ashanti (see the insert in Figure 2).
Prior explorer drilling at the southern section of the Nevertire Magmatic Complex (within the Nevertire South project) has returned anomalous copper-gold mineralisation, favourable fertility defined by green rock analysis, geochemical zonation and alteration suggestive of an outer porphyry system setting with age dates confirming a highly prospective Phase 4 Macquarie Arc intrusive complex (at approximately 220m depth down hole). This supports Nevertire South being the most advanced porphyry project within the NJNB district (see Figure
Kincora Secures New Strategic Ground On Australia’s Premier Porphyry Copper-Gold Province (September 9, 2024) 2 Website: www.kincoracopper.com Email: enquiries@kincoracopper.com
4), situated under potentially only 100 metres of cover and enhancing the value of the adjacent Nevertire project.
Kincora has recently secured three prior exploration drill holes from the Nevertire South project with relogging planned as discussions with potential technical and funding partners progress.
About the NJNB Project Portfolio
The Macquarie Arc is Australia’s premier porphyry copper-gold province and the undercover extensions of the Arc are a globally significant exploration opportunity offering new district(s) scale discovery potential. The region has recently attracted five major earn-in/option and joint venture agreements supporting potentially over $300 million in exploration and development expenditure, including the recent option and joint venture agreements between Gold Fields and privately owned Gold & Copper Resources 4.
The most recent notable example of a new emerging globally significant porphyry district is the Vicuña district in the central Andes in Argentina on the border of Chile, which is largely consolidated by Lundin group entities and BHP and situated at over 4000m altitude. Within this district NGEx Resources Inc in 2009 held three early stage exploration projects and at the time had a market capitalisation of approximately C$40 million. These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries currently valued at over C$8.5 billion (see Figure 2).
Regional geophysics strongly indicates that the largest sections of the Macquarie Arc still remain untested under post mineral cover within the NJNB. Kincora was the early entrant securing a district scale position in the interpreted shallow to moderate covered core sections of this region by pegging Nyngan and Nevertire (covering now 939 km2).
Post securing AngloGold Ashanti as a partner for the Nyngan and Nevertire projects, Kincora has opportunistically secured (on a 100% ownership basis) the Nyngan West, Nyngan South and Nevertire South projects (covering 1,377 km2) which are viewed as hosting shallow to moderate covered sections of the targeted Macquarie Arc and the extensions of intrusive complex targets included in the existing earn-in partnership with AngloGold Ashanti.
Kincora seeks to continue to systematically advance its project pipeline within the under cover extension of the Macquarie Arc and bring in funding and technical partners.
About the AngloGold Ashanti Partnership
Kincora has an initial multiple-phase Earn-in and Joint Venture Agreement with AngloGold Ashanti for the Nyngan and Nevertire licenses 5.
AngloGold has the right to spend up to A$50 million to earn a 80% interest through:
AngloGold Ashanti is the world’s fourth largest gold miner by production with a successful track record for new Greenfield discovery success. Within the Macquarie Arc, AngloGold Ashanti has secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (Inflection, ticker “AUCU.CSE”) covering greater than 8,000km2 in the NJNB.
Subject to permitting, access and weather conditions Kincora and AngloGold Ashanti’s first drilling program is anticipated to commence within the month. The program seeks to test new district-scale potential with up to eight large intrusive complex targets to be drill-tested for the first time in this initial first phase program. Approximately 6 to 8 drill holes for an estimated 4000-5000 metres are budgeted to be complete before the summer break