- Ground magnetic and gravity surveys commenced at Red Well
license
- License adjacent to target drilled this field season by Rio
Tinto
- Reported copper anomalies on the margin of the Red Well
license with a historic Induced Polarization target within central
outcrop zone and confirmed fertile geochemical signature
- Recent private placement with the European Bank for
Reconstruction and Development strengthens balance sheet to
accelerate ongoing exploration activities
VANCOUVER, Oct. 17, 2017 /CNW/ - Kincora Copper Ltd. (the
"Company", "Kincora") (TSXV:KCC) is pleased to announced that
ground magnetic and gravity surveys have commenced at the
wholly owned Red Well license. The Red Well license is located
approximately 40km north of the Oyu Tolgoi concentrate plant and
immediately to the north of Rio Tinto drilling activities on a
Turquoise Hill Resources license (XV- 19315), the latter being the
first regional drilling by any major group since 2012.
Limited previous exploration across the immediate Red Well
region has identified outcropping volcanic rocks with localized
malachite staining. The volcanics continue into both the eastern
and western sections of the license. At the eastern margin of the
license a historic rock chip sample returned 2% copper, 0.25g/t
gold, 1.5g/t silver, 0.25% arsenic and zinc, 0.08% lead, 0.002%
molybdenum and bismuth, with further copper and other anomalies
identified to the immediate west. Historic airborne magnetic data
suggests that the cover sequence to the north of the outcrop in the
central third of the license is shallow, with a historic regional
Induced Polarization ("IP") target across the central portion of
the license.
Sam Spring, President & CEO,
commented: "The immediate and general regional setting of
Red Well is considered to be highly prospective. Capital
constrained field activities since securing the license last year
have provided encouraging geological indications with positive
fertility results, sodic-calcic alteration, with smears of
malachite within volcanics located in the central portion of the
license. Recent drilling activities by Rio Tinto based on
geophysical targets on the license immediately adjacent to the
south along the general NNE arc transverse trend from Oyu Tolgoi
also provides encouragement.
Ongoing ground magnetic and
gravity surveys are expected to advance our interpretation of Red
Well and refine target generation for follow up
exploration.
The recent direct private placement with
EBRD has further strengthened our balance sheet supporting an
acceleration of exploration activities. First phase drilling and
initial follow up geophysics has already be completed at Devonian
target #1, East Tsagaan Suvarga, and drilling is ongoing at our
second target, Bayan
Tal.
These activities support the first
modern systematic Tier 1 copper porphyry drill testing and district
scale reconnaissance exploration program in the Devonian copper
belt with current geophysics are advancing Red Well as target 3,
with plans currently refining targets 4 and 5 within the dominant
ground position we hold across the Oyu Tolgoi-Tsagaan Suvarga
Devonian belt."
Red Well background
On February 29th 2016,
Kincora announced that it had been granted a new exploration
license named Ulaan Khudag (Red Well) by the Mineral Resources and
Petroleum Authority of Mongolia
(MRPAM), following the eastern section of the country only being
opened up for only 6 months in 2H'15 following a 5 year moratorium
for issuing new exploration licenses.
The southern edge of the Red Well license is located as close as
15km along the trend of the Oyu Tolgoi and Shivee Tolgoi
mineralized systems. It is located approximately 40km north of the
OT project mill and is adjacent to a Turquoise Hill Resources
license (XV- 19315) which Rio Tinto has drilled in mid-2107 This is
the first regional drilling by either major group since 2012.
Infrastructure to and around the license is very favorable, with
a phone tower on the license and located 35km northwest from the
Khanbogd soum (the local province center).
About Kincora
Kincora is a junior
resource company engaged in the acquisition, exploration and
development of mineral properties, with a focus on Tier 1
copper-gold projects in Mongolia.
For further information: www.kincoracopper.com.
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.
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