Kincora Exploration Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 6, 2014) -
Kincora Copper Limited (the "Company", "Kincora") (TSX-VENTURE:KCC)
is pleased to provide an update on results from field season
activities at the flagship Bronze Fox license completed in the
final quarter of 2013:
- Independent and internal reviews of Induced Polarisation ("IP")
survey results highlight a number of new high priority large,
potentially world-class size, copper-gold porphyry targets, often
with supporting geology. Encountered mineralisation (including
significant localised areas of higher grade) coincidence with lower
priority IP chargeability highs, coupled with the success of
similar IP programmes at Oyu Tolgoi and the technical successes
experienced by Kincora in late 2012, supports IP being an effective
exploration tool when integrated with proper geological information
and interpretation.
- Independent consultant review of the Bronze Fox's regional
setting and encountered hydrothermal copper activity confirms
fertile signatures for porphyry mineralisation at multiple
prospects, sharing the same arc with Oyu Tolgoi and a similar
geochemical footprint to other major porphyry deposits.
Unidirectional solidification textures ("UST") and intrusive rocks
support some recent IP generated high priority follow up
targets.
- Analysis and integration of various geological and geophysical
activities completed in the current and previous field seasons are
nearing completion with potential significant bulk tonnage targets
being refined. Most large scale IP targets remain untested
including a 7km long anomaly zone in central Bronze Fox, a 2km
circular anomaly in northern area and a large conductive region
with high chargeability and high gold rock chip samples to the
south.
Commenting on today's announcement, Sam Spring, President and
CEO of Kincora, said:
"Recently received results from two independent consultants, one
relating to IP (geophysical) and the other lithogeochemcial and
petrographic analysis, have been particularly promising and warrant
a specific update ahead of our internal integration, interpretation
and target identification which we expect to be completed
shortly.
In the last quarter Kincora completed one of the most active
copper exploration programmes in Mongolia during 2013, on one of
the most advanced and prospective projects with the benefit of
having one of the youngest exploration licenses. The recently
completed field season activities have helped technically advance
the Bronze Fox project, highlighting that most large scale IP
targets remain untested, but importantly the 2013 programme has
assisted to "explain" previous results and lead to a
reinterpretation of some target zones and existing geological and
geophysical information. A number of analogies between the current
stage of exploration and results at Bronze Fox and Oyu Tolgoi in
2000/01 pre the "discovery hole" have emerged.
Coupled with positive exploration results the Company continues
to look to take additional measures to add shareholder value and
assist in our ambition to become the leading listed independent
copper exploration and development company in the highly
prospective and proven Oyu Tolgoi South Gobi porphyry copper
belt."
IP programme
As previously announced in our October 23rd press release, the
2013 IP programme has confirmed previous, and generated new, large
scale high priority copper porphyry targets on the Company's
flagship Bronze Fox license (15000X). The IP programme penetrated
to a greater target depth than previously experienced but also
covered a number of untested areas providing significant new
information to previous known geology/drilling results.
In summary, the 2013 IP programme has been successful in
defining and refining exploration targets with the following
characteristics:
- Large size: 7km long anomaly zone in central Bronze Fox
(stretching from West Kasulu to Leca Pass-Dunlop Fox), a 2km
circular anomaly in northern area (across Sophie North and Buchanan
Heights) and a large conductive region with high chargeability and
high gold rock chip samples to the south (in the Happy Geo
prospect). Refer to Figures 1 to 3 for further details.
- Style: both "Oyu Tolgoi" long strike style and South American
style circular anomalies identified.
- High anomaly level readings.
- Lithogeochemcial and petrographic analysis, with other existing
geological data, often supports the geophysical results and
targeted anomalies identified from the 2013 IP programme.
Independent and internal interpretation of the 2013 "Search"
system IP programme has highlighted several as yet undrilled and/or
insufficiently tested anomalies in the areas called Sophie
North/Buchanan Heights, Leca Pass, Dunlop Fox, Happy Geo with the
main anomalies at West Kasulu also untested. The majority of
historic drill holes have not penetrated to the target depth of the
IP high priority targets. Broad lower grade mineralization, with
localized areas of higher grade (eg drill holes F62 & 72),
generally near surface, reconcile to lower priority IP
chargeability highs with the main large-scale anomalies not yet
drill tested. The most successful historical drill hole F62, which
intersected +800m of 0.4% CuEq (incl. 37m @ 1.07% CuEq), could
indicate a large-scale porphyry system but did not enter the
nearest IP anomaly.
The 2013 IP results coupled with the success of similar IP
programmes at Oyu Tolgoi and the technical successes experienced by
Kincora in late 2012, supports IP being an effective exploration
tool when integrated with proper geological information and
interpretation. Results from the 2013 field season provide critical
additional data and analysis to refine and prioritize target
generation and has explained, and also led to a reinterpretation
of, a number of previous results.
Of particular note are preliminary IP results that have defined
a classical circular chargeability high, with a resistivity low
almost in the core of the latter, at the Sophie North prospect. The
geophysical profile supports previous drilling results which
returned anomalous copper and gold mineralization near the IP
target zone which coupled with an outcropping tonalite porphyry
with unidirectional solidification textures (USTs) just further
south, supports that the upper mineralized parts of the porphyry
intrusions may have been preserved in a relatively unexplored area
directly to the north of the main drilling zone at the West Kasulu
prospect.
Lithogeochemcial and Petrographic analysis
Following a recent site visit from Professor Tony Crawford
various samples and lithogeochemcial and petrographic analysis has
been completed with final findings and recommendations being
positive.
A lithogeochemical fertility discrimination exercise has shown
convincingly that the intrusive rocks across the Bronze Fox Igneous
Complex have fertile signatures, encouraging further exploration.
The presence of porphyry copper-style quartz-chalcopyrite veining
over considerable depth intervals experienced in late 2012 in at
least the West Kasulu prospect supports the 'fertile'
discrimination outcome for Bronze Fox, and indicates that rocks
further afield, for example Leca Pass and Sophie North, share the
same fertile signature and thus mineralization potential.
The encountered geochemical footprint matches other major
porphyry deposits. Rocks sampled at surface from close to the newly
identified Sophie North IP anomaly often show well developed
porphyritic textures, rather than equigranular medium-grained
textures such as those at West Kasulu, suggesting this area may
represent a higher level of the Bronze Fox Igneous Complex.
Internal integration and interpretation
Analysis and integration of various activities completed in the
current field season and previous work are ongoing, particularly
given the ability to reconcile both recent and historical
geophysical analysis against existing drilling data and recent
advancements in internal and independent understanding and
interpretation of geology. Key focus areas of continuing analysis
include the Sophie North prospect, a large conductive zone around
the Happy Geo prospect with a discrete high chargeability anomaly
to the south of Happy Geo and further geophysical interpretation of
anomalies relative to previous drilling and alteration zone
mineralogy at the West Kasulu and Leca Pass prospects which have
also identified further targets with are not yet drill tested.
The working model of the extensive hydrothermal copper activity
encountered at Bronze Fox is currently being integrated and refined
with a focus on high priority follow up drill targets that offer
significant bulk tonnage potential, which are expected to be drill
tested in the 2014 field season.
To view Figures 1-3, please visit the following link:
http://media3.marketwire.com/docs/920382i.pdf
For further details please refer to our current corporate
presentation:
http://kincoracopper.com/investors/corporate-presentation
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 John Rickus, Chairman and
Director of Kincora Copper, who is the Qualified Person for the
purpose of NI 43-101.
About Kincora Copper Limited
Kincora Copper Limited is a junior resource company engaged in
the acquisition, exploration and development of mineral properties
with a focus on copper/gold projects in Mongolia.
Kincora's ambition is to be the leading listed independent
copper exploration and development company in the highly
prospective and proven Oyu Tolgoi South Gobi porphyry copper belt
in southeast Mongolia. The Company is exploring it's wholly owned
Bronze Fox project which hosts an extremely large and strategically
located mineralized footprint covering over 40km2 within a 223km2
licenses area. Analysis has confirmed a fertile arc for porphyry
style deposits with extensive lower grade copper-gold
mineralization, with localized areas of higher grade, intersected
in many drill holes over the last three years, and localized higher
grade, across a 7km strike (open).
Kincora recently completed one the most active copper
exploration programmes in Mongolia during 2013, on one of the most
advanced and prospective projects with one of the youngest
exploration licenses. Results of the Induced Polarization ("IP")
geophysical programme coupled with internal and independent
interpretation of geology and drilling results provides a number of
high priority large, potentially world-class size, copper-gold
porphyry targets.
The Bronze Fox project is situated only 250km from the Chinese
border and ~140km along Oyu Tolgoi mineralization structural
corridor and ~40km from Tsagaan Suvarga (with potential cross
cutting faulting). The immediate region is one of the most rapidly
developing mining centres anywhere in the globe despite being one
of the last underexplored frontiers and a productive copper
porphyry belt.
Oyu Tolgoi ("OT"), has invested capital to date +US$7bn with
current production of 100,000t/day of ore ramping up to potentially
160,000t/day. Tsagaan Suvarga, with an estimated capex of US$1bn
and a target production of 40,000t/day, with OT, is one of two
greenfield construction projects that are expected to enter initial
production within a 3-year construction period, a proximity
unlikely to be achieved within a comparable region anywhere else in
the world in the near-medium term. Porphyry deposits seldom occur
in isolation with the South Gobi's geology and tectonic setting
highly prospective for large size discoveries. With the long
drilling intersections of copper and gold mineralization across an
extensive strike (and open), and locally with smaller higher copper
grade in the drill holes, the Bronze Fox project has emerged with
bulk tonnage OT style porphyry potential.
The aim of the 2013 field season was to add value at the asset
level while remaining comfortably funded by both refining existing
exploration data and specifying target generation of large scale,
potentially world-class size, porphyry copper-gold targets. Cash
balance of C$1.65m (30th Sep'13) supports at least minimum
expenditure requirements for 2014. Efforts to recover Golden Grouse
licenses, Tourmaline Hills and North Fox, following recent
revocation, as part of a total of 106 licenses, have commenced.
The Company is listed on the TSX Venture Exchange, was formed in
mid 2011, with its head office located in Vancouver, Canada, and a
regional office in Ulaanbaatar, Mongolia.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Kincora Copper LimitedSam SpringPresident and Chief Executive
Officer+614 31 329
345sam.spring@kincoracopper.comwww.kincoracopper.com
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