Kincora Copper drills 51 m of 1.17 g/t Au at Trundle

2020-07-06 06:12 ET – News Release

Mr. Sam Spring reports

KINCORA ANNOUNCES HIGH-GRADE GOLD-COPPER RESULTS FROM FIRST HOLE AT TRUNDLE

Kincora Copper Ltd. has released assay results of the first hole at the Trundle project, within the Trundle Park target, which has returned multiple significant intervals of gold and copper mineralization.

John Holliday, Technical Committee chair, and Peter Leaman, Senior VP of Exploration, commented: “We are extremely pleased and excited by the results of this first hole, it is not often you see such high grades near surface within a porphyry environment.

Assay results support previously announced visual interpretations of multiple zones of significant gold and copper mineralisation. This supports the skarn being a standalone target at depths and intervals often mined by both open cut and underground methods, but the high-grade zones within broader moderate mineralised zones are very importantly illustrating significant magmatic fluids associated with the adjacent porphyry intrusion system, which is a much larger target .

These results from this first hole at the Trundle Park target, plus visual indications from the second hole 8.5km north at the Mordialloc target are very encouraging. The Trundle project is interpreted to sit within the interpreted Northparkes Intrusive Complex, placing Kincora in a unique global setting being a listed junior exploring a large system in a prospective brownfield field setting.”

The skarn and porphyry intrusion system setting intersected at the Trundle Park target is a common geological setting of many large porphyry systems. Within the Macquarie Arc, the Big and Little Cadia skarns at Cadia have produced an estimated 140,000t of high-grade copper (5-7%) and greater than 1.5Mt iron ore2, and were important to the discovery of multiple adjacent causative intrusions and deposits that make up the largest porphyry system in Australia.

The average depth of prior drilling at the Trundle Park target is only 28 metres.

The fourth hole of the ongoing maiden Kincora drilling program at the Trundle project, and follow up hole to TRDD001, has recently been completed at the Trundle Park target (detailed review of core pending) with drilling activities remobilized to complete the previously announced third hole at the Bayleys porphyry target.

Assay results from Kincora’s second hole at the Mordialloc target (TRDD002), are expected within two weeks. As announced on June 9 th, 2020, TRDD002 has intersected strong alteration halo indicators of a mineralized porphyry intrusion system supporting the targeted geological setting of a high-level, preserved porphyry system. These indicators include significant intervals with visually interpreted localized moderate copper grades and inner propylitic zone alteration. A follow up hole at the Mordialloc target is expected to commence in July.

  
   Table 2:   Trundle Park hole TRDD001 - Significant Interval Results 
Hole ID    From (m)  To (m)  Interval (m) Au (g/t) Cu (%) Dilution  
TRDD001    39.0      90.0    51.0         1.17     0.54   32 %     1
including  57.6      78.1    20.5         1.94     1.18   8%       1
incl       57.6      65.6    8.0          3.07     1.95   0%        
incl       57.6      59.6    2.0          5.78     2.78   0%        
including  75.9      78.1    2.2          4.32     2.43   0%       1
and        284.0     302.0   18.0         0.53     0.05   11%      2
including  284.0     287.0   3.0          1.80     0.18   0%        
and        664.0     685.1   21.1         0.25     0.03   5%       2
* End of hole                                                       


  

1 – Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively. Internal dilution is below cut off.

2- Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively. Internal dilution is below cut off.

Analysis of copper discovery benchmarks and recent gold and copper discoveries included in an accompanying updated corporate presentation (see slides 29, 30 and 34) – available at: https://www.kincoracopper.com/investors/presentations

The Trundle project

The Trundle project is located 30km west of the China Molybdenum Company Limited (CMOC) operated Northparkes copper-gold project, in the same Northparkes Igneous Complex.

Past explorer drilling has been extensive with the completion of 2208 holes for 61,146 metres but deeper drilling utilising modern exploration knowledge has been very limited.

Over 92% of prior drilling has been to less than 50 metres depth, a depth that the existing major mines in this belt suggest is just too shallow, with just 11 holes beyond 300 metres (0.5% of holes drilled).

Existing significant drill intersections supports vectoring to very compelling targets for Kincora’s ongoing phase 1 drilling program at three existing mineralised systems – Trundle Park, Mordiallic and Bayleys. These systems have not been drilled since industry leading Induced Polarisation survey’s, including HPX’s proprietary Typhoon system, and magnetic modelling were completed.

Upcoming Events

July 17 th, 2020: Noosa Mining Virtual conference at 10am Australian Eastern Standard Time

QA/QC Procedures

Sampling and QA/QC procedures are carried out by Kincora Copper Limited, and its contractors, using the Company’s protocols as per industry best practise.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW, Australia. In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists.

All drill core was logged to best industry standard by well-trained geologists and Kincora’s drill core sampling protocol consisted a collection of samples over mineralized sections of the logged core.

Sample interval selection was based on geological controls or mineralization, and/or guidance from the Technical Committee provided subsequent to daily drill and logging reports. Sample intervals reflect geological boundaries, are cut by the Company and samples prepared in line with these geological boundaries, and delivered to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There is insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the relationship between mineralization widths and intercept lengths, true widths are not known. The following assay techniques have been adopted:

Gold: Au-AA24 (Fire assay), reported. Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report. Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported. Assay results >10g/t gold and/or 1% copper are re-assayed.

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Technical Committee Chairman, who are the Qualified Persons for the purpose of NI 43-101.

The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures.

About Kincora Copper Limited

Kincora is an active junior and systematic explorer seeking to make a major discovery in Mongolia, the Lachlan Fold Belt in Australia and other prospective complementary jurisdictions.

Our technical team is credited with multiple discoveries of Tier 1 copper assets. In 3Q’19, Kincora made the strategic decision to opportunistically pursue entry into the Macquarie Arc, in Central West of NSW. This is Australia’s foremost porphyry belt, home to the giant Cadia, Northparkes mines and recent Boda discovery by Alkane Resources.

We seek Safe Harbor.

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