Kincora De-Risks Bulk Tonnage Exploration Targets
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 5, 2014) -
Kincora Copper Limited (the "Company", "Kincora") (TSX-VENTURE:KCC)
is pleased to provide an overview on our internal interpretations
of last years exploration programme at our flagship Bronze Fox
license having integrated them with previous geology and
geophysical results. This follows the recent receipt of positive
findings from three independent consultants, further reinforcing an
independent groups' technical review late 2012, advancing and
refining multiple bulk tonnage copper porphyry targets.
Key findings include:
- Favourable regional setting within the same tectonic and
intra-oceanic arc as Oyu Tolgoi and Tsagaan Suvarga copper
deposits
- Geochemical footprint matching other major globally significant
porphyry deposits, many of which are major mines
- Fertile signatures for economic porphyry deposits confirmed at
many proposed drilling targets and various zones within the known
40km2 mineralized area at Bronze Fox
- Previous results coincident with lower priority Induced
Polarization (IP) chargeability anomalies supporting IP being an
effective exploration tool
- Multiple large-scale copper porphyry targets with favourable
geology and geophysics drill ready supporting the possibility of
bulk tonnage ore mineralization in "finger type" porphyries similar
to Oyu Tolgoi or Northparkes in New South Wales
- Happy Geo prospect has emerged as an attractive, earlier stage,
at or near surface follow up exploration target, plus the potential
for porphyry targets at depth
Commenting on today's announcement, Sam Spring, President and
CEO of Kincora, said:
"Internally we are very pleased because drilling in late
2012 was extremely encouraging with localized higher grade, for
example over 4% copper in our last hole, and broad lower grade
intersections, including at least 800m @ +0.40% CuEq, with 37m @
+1% CuEq, in an earlier hole. Our 2013 field season deployed some
of the same wide ranging and detailed exploration techniques used
at Oyu Tolgoi to significantly increase the confidence in high
priority, and large scale targets that demonstrated exceptional
corresponding prospectivity. Last years' activities, independent
consultants analysis and discussions with various industry groups
have assisted to "explain" previous results, convincingly prove a
fertility signature for copper porphyries and in de-risking
multiple drill ready targets.
Considering the size of the anomalies and advance stage of
target areas, two key attractions and relatively unique
characteristics of Bronze Fox, successful proof of concept
activities in 2014 could provide visibility of significant
copper-gold resource potential of Oyu Tolgoi or finger style copper
porphyries. While earlier stage, the Happy Geo prospect has too
emerged as an attractive exploration target, reinforcing that
Bronze Fox continues to look better as more activities are
undertaken. Kincora is persisting with additional measures to add
shareholder value and is encouraged by initial, and further
proposed, reform to the Mongolian mineral sectors legislative
environment, amongst other efforts to provide additional advantages
to the private sector."
Copper-gold porphyry targets refined and de-risked
Since 2010, Kincora has undertaken soil geochemistry, Vector IP
and some sections of DDIP, ground magnetic surveys, and drilled a
further 70 holes inside of the Bronze Fox license area. Drilling
has expanded the known mineralization footprint to about 40km2,
remaining open, confirming porphyry style of copper-gold resource
potential with extensive lower grade intersections from at or near
surface and proven to 1,360 metres. Results of the last drilling
programme, in late 2012 were extremely encouraging with a number of
porphyry intersections confirming the potential for a high-grade
deposit (localized +4% Cu in our last hole - F72 - drilled into a
new target area based upon then recent IP analysis) with broad
lower grade (eg +800m @ +0.40%CuEq, including 37m @ greater than 1%
CuEq - F62) intersections.
Various lithogeochemcial and petrographic analysis undertaken in
2013, including extensive sampling and site visits, has
independently supported that Bronze Fox is in the same tectonic and
arc environment as Oyu Tolgoi and Tsagaan Suvarga, and increased
the confidence that Kincora is exploring in the right terrain, or a
fertile arc, at our various prospects, and prospects targeted in
2014, encouraging further exploration. The porphyry fertile
signatures and visual interpretation of core inspected indicated
that the current drilling concentration area at the West Kasulu
prospect is possibly the distal peripheral of a porphyry system,
the later interpreted to be within a relatively short distance of
this previous drilling concentration area in the Bronze Fox
license. This analysis also indicates a geochemical footprint
across multiple prospects at Bronze Fox that matches other major
globally significant porphyry deposits.
Previous geology and geophysics supported the potential of a
copper-gold resource. Indeed early stage studies had commenced on a
potentially small scale near production heap-leach SX-EW operation
utilising near surface oxide mineralization, and deeper drilling
results at the end of the 2012 confirmed the potential for
high-grade copper porphyry mineralization. However, the lack of IP
data below 400 metres depth, and only in certain areas, limited the
ability to reconcile previous drilling and indications of
significant scale hydrothermal fluids that support potential
concealed higher grade copper porphyry mineralization. Given the
limited zones of outcropping primary mineralization, known regional
(block) faulting and target of Oyu Tolgoi ('OT') or finger porphyry
style copper systems, Induced Polarization, coupled with existing
magnetics, has been proven to be an effective exploration tool when
integrated with proper geological information and interpretation.
The success of similar IP programmes at OT and the technical
successes experienced by Kincora in late 2012, with drilling at
previous IP anomalies returning alteration, sulfides and copper
mineralization (+4% localized copper intersection in F72), adds
significant substance to IP analysis particularly given existing
geological data available at Bronze Fox, which is one of the most
advance copper exploration projects in Mongolia.
OT style mineralization generally features relatively narrow
(comparing with North and South American porphyries), long strike
orebodies, and good extension to depth. As such, the Search IP
system, utilized in the 2013 IP survey, which has penetrated to
over 800m to 1000m, was selected as the optimal tool to assist
locating the mineralization or alteration zone with disseminated
sulfides (which is normal for porphyry mineralization) with good
extension to depth which may indicate disseminated pyrite/sulfides
channels, and support the possibility of ore mineralization based
on the comparison of previous drilling results and the distribution
of the IP chargeability anomalies. It is thought that those
mineralization or alteration zones with good extension to depth
have a better chance to host higher-grade mineralization, and
economic orebodies.
At Bronze Fox, the 2013 IP analysis illustrates that prior
drilling failed to adequately test most large chargeability high
anomalies with previous encountered mineralization coincident with
lower priority IP chargeability zones. Prior to the 2013 programme
earlier geophysics could not provide an adequate guide for either
depth extension potential of identified mineralized zones nor for
targets below 400m below surface, with drilling being largely lead
from encouraging mineralization encountered in previous core. For
example the aforementioned holes, F62 and F72, illustrate the grade
of CuEq and IP chargeability co-relationship, which support that
high chargeability is coincident with sulfides of mineralization
zones. The new IP results coupled with the latest alteration and
veining studies have "explained" previous results, particularly the
extensive 0.20 to +0.30% copper intersections to date, and lead to
a reinterpretation and refinement of targets. In F62, over 800m
graded at least 0.4% CuEq with subsequent IP analysis indicating
the hole only interested the periphery of a relatively weak anomaly
target (noting higher grades, including 37m @ +1%CuEq, were
coincident with being within less than 500m from the interpreted IP
anomaly zone) and subsequent alteration and veining studies
indicate a less prospective portion of the interpreted porphyry
system. The application of the 2013 Search IP programme, coupled
with existing geology and geophysics, and independent analysis
undertaken by Professor Tony Crawford and Plus Minerals (Imants
Kavalieris) has advanced and refined target generation.
A number of analogies between the current stage of exploration
and results at Bronze Fox and Oyu Tolgoi pre "discovery hole" have
emerged after our 2013 field season, including geophysical
anomalies remaining largely untested with favourable mineralization
coincident nearer surface and lower priority IP targets. At Oyu
Tolgoi, previous BHP and Ivanhoe drilling failed to reach the
geophysical targets, with a change in exploration approach to test
the geophysical and hypogene potential resulting in OTD 150,
between previous shallow holes (BHP 9 and BHP 10), being the first
'deep' hole and credited as the "discovery hole".
At Bronze Fox nine drilling target zones have been identified
following the latest IP survey results being integrated with
geology, soil geochemistry, rock chip assay result, ground magnetic
survey and historical drilling results. IP survey results
illustrate multiple significant strike (+1-2km) chargeability high
anomalies with good extension to depth that may indicate
disseminated pyrite/sulfides channels.
Two targets of particular note are:
- Sophie North - a classical geophysical circular feature ~2km x
3km from an estimated ~300-500m depth to +900m. Previous drilling
failed to enter IP target zones but returned anomalous copper and
gold mineralisation (holes lost in an alteration zone).
- Eastern West Kasulu/Leca Pass - Numerous holes close to IP
targets have returned favourable grades but have failed to test the
target zone. Multiple specific +1-1.5km anomalies targeted for
potential drilling with regional scout holes and geology providing
favourable results.
Successful "proof of concept" activities at the identified
targets, including Sophie North and Eastern West Kasulu/Leca Pass,
with economic grade (or high grade) intersections, could support a
significant copper ore resource. Collectively there is large-scale
copper-gold resource potential which is one of the underlying
attractions of Bronze Fox. Previous phases of exploration have been
favourable, refined and de-risked target generation, and while
there is no certainty of exploration success, numerous drill ready
targets have been defined, with few other activities that could
meaningfully further de-risk these targets (ex-Happy Geo, discussed
further below) based on previous experience at Bronze Fox and other
porphyry exploration projects.
Happy Geo prospect
Following the very high and large chargeability anomalies
identified by the Search IP surveyed in 2013 and 3D IP undertaken
in 2012, a further 68 rock samples were collected in late 2013 from
various alteration zones focused around the Happy Geo prospect.
This region is a relatively early stage exploration area,
activities really only commenced in 2013. Favourable soil and rock
chip samples, with good gold anomalies and outcrop, were returned
during the 2012 and 2103 field seasons. Plus Minerals' short wave
infra-red (SWIR) spectrometer analysis of the 68 recent samples
confirmed zones of argillic, sericitic and and silicification
alteration with pyrite coincident with the IP chargeability
anomalies. The SWIR analysis indicates alteration maybe related to
an underlying porphyry system but further analysis is planned and
required to confirm this.
Further integration of data and analysis on this area is ongoing
and while early stage, and very different to the more advanced
northern targets, it could indicated some additional resource
potential besides the known copper potential areas in Sophie North,
West Kasulu, Leca Pass etc. Two zones of outcrop, both with at
least a 1-1.5km strike, have been identified at Happy Geo with rock
chip samples of up to 91g/t gold.
For further details please refer to our recently updated
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
across an extensive and open strike over the last three years.
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 long drill
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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