- Mongolian Government issues the new Shavagtai exploration
licence to Kincora
- Shavagtai increases Kincora's footprint around one of the
most important untested intrusive complex's in the world-class
Southern Gobi copper belt
- Shavagtai is adjacent to Kincora's Khuren Tsav licence,
which hosts the Bayan Tal target, a large scale copper-gold
mineralized system, with previously recorded Devonian age
comparable to Oyu Tolgoi
- Kincora has elected to relinquish licence areas which do not
meet our rigorous exploration criteria, dropping 103
km2 of the Amtgain Toirom license
- Kincora's dominant landholding in the region now totals 1437
km2, as exploration and expansion
activities continue and activities of others increase in the
belt
VANCOUVER, June 8, 2017 /CNW/ - Kincora Copper Limited
(the "Company", "Kincora") (TSXV:KCC) is pleased to announce the
recent issuance by the Mineral Resources, Petroleum Authority of
Mongolia ("MRPAM") of a new
copper-gold exploration license adjoining one of our existing and
large scale priority exploration licenses that hosts the Bayan Tal
Igneous Complex ("BTIC").
Limited previous exploration at the Bayan Tal target on the
Khuren Tsav license returned favourable copper-gold widths and
grades on or near to the distal southern outcropping margin of an
interpreted large-scale target at shallow to moderate cover with
the first comparable Devonian age stratigraphy and conglomerate to
Oyu Tolgoi ("OT"), since OT. Previous results include 18m @ 0.75%
Cu Eq (trench) and 18m 0.66% Cu Eq in drill hole IBEX006.
The new Shavagtai license is the second Kincora has secured via
the direct application system since the new ground in the eastern
section of the country was opened up in the second half of 2015
following a 5-year moratorium for issuing new exploration licenses.
Other larger-scale and longer-term explorers in the belt have also
been successful securing new ground in this belt and are now
resuming exploration activities (refer to Figure-2 in the Appendix
to this press release). As stated by Minister of Mining and Heavy
Industry, Dashdorj Tsedev, at PDAC earlier this year, it is
proposed that total land available for exploration in Mongolia will be increased from the current
9.6% to 20.9%.
Sam Spring, President and CEO
commented, "It is pleasing to see our portfolio increase around
the mineralized Bayan Tal target which is one of the most advanced
and prospective untested intrusive complex's in the Oyu
Tolgoi-Tsagaan Suvarga Devonian copper belt.
The new license, in addition to the issuance of our
Red Well license last year (noting
drilling activities currently ongoing on an adjacent license by
large scale incumbent), further demonstrates Kincora's ability to
pick up prospective exploration land in Mongolia. Our regional exploration across the
belt, expansive proprietary database, existing network, unique
Technical Committee credited multiple Tier 1 copper discoveries,
and year round Southern Gobi camp provides a competitive advantage
for new project generation.
Discussions remain ongoing for more advanced and/or
strategically important new opportunities to provide further scale
and continue our counter-cyclical expansion and exploration
strategy. There has been a noticeable increase in activities in the
belt, with increasing exploration and drilling activities,
incumbents expanding land holdings and new entrants undertaking due
diligence.
Post the IBEX transaction being completed late last year
further additions of strategic land and divestments of less
prospective licenses will be part of Kincora's ongoing strategy and
has become possible since favourable changes to the Mongolian
mining sector's legislative environment. Following recent
exploration activities, 103 km2 of
unprospective ground has been voluntarily relinquished as we
undertake the first modern systematic Tier 1 drill testing and
district scale reconnaissance exploration program the world-class,
under-explored Southern Gobi Devonian copper gold belt."
Background
Kincora is pleased to announce that its wholly owned subsidiary
Golden Grouse Ibex LLC has been granted a new exploration license
by the Mineral Resources, Petroleum Authority of Mongolia ("MRPAM", previously known as the
Mineral Resources Authority of Mongolia, "MRAM") that covers
20km2, named "Shavagtai" (Sagebrush), and is
located adjacent to its existing Khuren Tsav, 14396 license
(403km2).
The issuance of the Shavagtai license with full 12 year term
follows Kincora in February 2016
securing the "Ulaan khudag" (Red
Well) license, located as close as 15km along trend from the
Oyu Tolgoi and Shivee Tolgoi mineralized systems (the former which
extends a known 26km's) at the Oyu Tolgoi project, and the eastern
section of the country only being opened up in the second half of
2015 following a 5 year moratorium for issuing new exploration
licenses.
As part of a standard procedure going forward for all licenses,
our Technical Committee has reviewed the Amtgain Toirom, 14876
license to ensure it fits within our exploration parameters and
following recent activities, on this licenses and across the belt,
including last years extensive ground magnetics survey and
historical Induced Polarisation ("IP"), 103km2 of the
original 162km2 license has been voluntarily
relinquished as Kincora advances its wholly owned and dominant land
position in the belt up the value curve.
Further details on this license are included on the Kincora
website as an Appendix to this press release:
http://kincoracopper.com/research-reports
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, Senior Vice-President of
Exploration of Kincora Copper, who is the Qualified Person for the
purpose of NI 43-101.
About Kincora
Kincora is a junior resource company engaged in
the acquisition, exploration and development of mineral properties,
with a focus on copper-gold projects in Mongolia. For further information:
www.kincoracopper.com.
Forward-Looking Statements
Certain information regarding Kincora contained
herein may constitute forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements may
include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements
of fact. Although Kincora believes that the expectations reflected
in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct.
Kincora cautions that actual performance will be affected by a
number of factors, most of which are beyond its control, and that
future events and results may vary substantially from what Kincora
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued
availability of capital and financing and general economic, market
or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The information contained herein is stated as of the current date
and is subject to change after that date. Kincora does not assume
the obligation to revise or update these forward-looking
statements, except as may be required under applicable securities
laws.
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.
SOURCE Kincora Copper Limited