- Geophysical survey's completed at Bronze Fox and East
Tsagaan Suvarga projects
- Mapping and soil sampling completed at Bronze Fox
- Permitting and drilling tender completed with upcoming
Technical workshop to refine drill targets at both
projects
- Project generation field activities advanced, various
reviews ongoing
VANCOUVER, Nov. 21, 2018 /CNW/ - Kincora Copper Ltd. (the
"Company", "Kincora") (TSXV:KCC) is pleased to provide an update on
field activities recently completed at various targets.
The SJ Geophysics Ltd. ("SJ") geophysical survey's at the
Company's 100% owned East Tsagaan Suvarga ("East TS") and Bronze
Fox projects were completed on time and under budget.
Results are promising, supporting multiple drill targets at
Bronze Fox and East TS. In preparation for drilling at both
projects over the winter, Kincora has completed a tender for the
proposed drilling programs with a preferred drill contractor
selected and favourable rates returned. Final modelling and
interpretations are expected in the upcoming weeks, supporting the
Company's next Technical Committee workshop scheduled for the
second week of December.
Kincora has strengthened and accelerated its project generation
function, becoming the foremost international group pursuing
further countercyclical expansion opportunities in Mongolia. In the last 12 months the team has
reviewed over 300 projects, with 178 targets "ground-truthed" and
better-rated opportunities undergoing more detailed assessment.
Peter Leaman, Senior
Vice-President of Exploration, stated: "Since the first
significant capital raising post the IBEX transaction and
establishment of the new technical team, over the last 14 months
Kincora has very cost effectively implemented our two pronged
strategy. We have commenced the first modern systematic and
district scale exploration across our wholly owned and dominant
position in the world-class Southern Gobi copper belt, and become
the foremost international group pursuing further countercyclical
expansion opportunities in Mongolia focused on porphyry copper, gold and
VMS targets. These disciplined and systematic approaches are proven
to yield results.
Tendering for drilling contractors has been completed in
preparation for drilling commencing, subject to board approvals,
over the Mongolian winter at multiple targets at both Bronze Fox
and East TS.
Significant progress has been made at Bronze Fox, including a
new interpretation of the lithology and mineralized system, which
coupled with new international geophysical surveys and the full
24,000 metres of drill core being relogged supports multiple
high-grade targets for drilling. Bronze Fox is a large mineralized
system and three of four holes drilled by Kincora into the
monzodiorite section of the intrusive complex intersected over 1%
copper and have only tested 260 metres of over a kilometre strike
length.
Preliminary results of the SJ geophysical survey at East TS
have provided significant encouragement, supporting our exploration
approach and the concept of a series of Devonian porphyry
intrusives at moderate depths in a proven brownfield
environment."
East Tsagaan Suvarga ("East TS")
Across a 7.8km by 6km area of interest a total of 67.8
kilometres of IP, resistivity and magnetotelluric (MT) data were
collected along lines spaced at 150m
supporting detailed 3D inversions and integration with the existing
ground magnetic, gravity and drilling data.
First phase exploration previously undertaken by Kincora has
confirmed East TS as a brownfield Devonian target beneath
explorable cover with four large-scale conceptual intrusive bodies
interpreted from magnetic, gravity and resistivity data with
spatial correlation with Phase 1 drilling (Cu/Mo assay &
magnetic susceptibility).
Preliminary IP results from the SJ survey are positive, with
broad chargeability highs coincident at three of the four
conceptual intrusive bodies. The initial results, which are subject
to final modelling and interpretation, are supportive of sulfides
associated with demagnetised zones that may represent
magnetite-destructive mineralized phyllic or argillic alteration at
moderate depths.
Final IP, resistivity and MT models, integration and
interpretation are expected in the upcoming weeks which will
support a detailed review with previous geological results at in
the Company's next Technical Committee workshop which is scheduled
for the second week of December. The Workshop will refine proposed
drilling activities at East TS at the three large interpreted
intrusions with coincident chargeability highs located in an
unexplored brownfield Devonian complex. Drilling permits are
already in place for the three proposed targets.
Bronze Fox
The SJ survey completed a series of 6 North-South DC resistivity
and IP lines for 33.8 line kilometres to further refine identified
high-grade targets before drilling.
The survey has provided more detailed IP coverage, higher
resolution with greater depth penetration, to the west of the
previous "Search" survey (which at the time was restricted due to
access issues to the western license) and across a second intrusive
complex, where previous gradient IP had been completed.
Following positive first phase pan concentration survey results
earlier this year, coupled with previous geophysics, a coincident
area for follow up mapping and soil sampling was identified.
An initial 1:10,000 scale geological mapping program was
completed across this 6.4km by 3.4km area with an infill soil
sampling of 200m by 100m (previous 500m
by 500m).
The results of this latest phase of field season activities, the
SJ geophysical survey and improved surface geology from maiden
mapping and infill soil sampling, coupled with the earlier pan
concentration survey, geophysical and drilling results will be
integrated and interpreted in the Company's next Technical
Committee workshop which is proposed for the second week of
December. The Workshop will refine proposed drilling activities at
Bronze Fox with drill permits already in place.
Project generative activities
In 1Q'18, Kincora strengthened and accelerated its project
generation function, becoming the foremost international group
pursuing further countercyclical expansion opportunities in
Mongolia focused on porphyry
copper, gold and VMS targets.
In the last 12 months the team has reviewed over 300 projects,
with 178 targets "ground-truthed" involving over 12,000 kilometers
of road distance.
Commercial success for the project generative function is
achieving a path to control for new projects that sits within
"Target Testing" and "Advanced Drilling" stages of Kincora's
project pipeline, where the Company can maximize value to our
shareholders and the project venders.
Kincora has adopted a detailed systematic regional targeting
approach utilising our proprietary database and experience that is
backed up by "boots on the ground" field activities, utilising
appropriate modern exploration techniques in a cost effective
manner. In total, ground-truthing this field season has
resulted in a shortlist of six copper-gold targets, often with
multiple field and/or geophysical activities, with better-rated
opportunities undergoing more detailed assessment.
New exploration license tender
Mongolia's Ministry of Mining
and Heavy Industry re-opened the land tender system in 3Q'18,
including total proposed land area covering 86,690km2
(or ~5.5% of Mongolia's landmass).
To date, 40 tender areas have been announced.
In October, Kincora lodged a maiden tender application under the
new system for a grassroots conceptual porphyry target. There
were a total of three groups that lodged tenders. The Company's
application was not successful in the final award of the
license.
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 (M.Sc.
Mineral Exploration, FAusIMM), 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