- Final results to hand for Phase 1 drilling at the Bronze Fox
project
- Mining license conversion process ongoing for Bronze
Fox
- Three holes completed for three targets at the East Tsagaan
Suvarga project
- Drilling commenced at Badrakh project
VANCOUVER, Nov. 18, 2019 /CNW/ - Kincora Copper Ltd.
(the "Company", "Kincora") (TSXV:KCC) is pleased to provide an
update on results from activities to date from the 2019 field
season following first phase target testing drilling at the Bronze
Fox and East Tsagaan Suvarga ("East TS") projects.
A total of 9 holes for 6,112 metres were drilled testing 5
targets across both projects. The first of a proposed 2-hole
program has just commenced at the recently optioned Badrakh
project.
Project generation and earlier stage project pipeline
exploration activities continue as Kincora is the most active
foreign listed junior seeking to make the next Tier 1 discovery in
Mongolia.
- Bronze Fox: 6 holes completed at two targets for 4,264
metres
-
- Confirmed and better defined a large lower grade porphyry
system with localised higher-grade zones at the West West Kasulu
target.
- Preparations ongoing for mining license application for the
eastern exploration license.
- Drilling has added geological information to support an updated
block model, enhance the dataset sufficiently for NI 43-101
purposes and a maiden resource.
- East Tsagaan Suvarga: 3 holes completed at three targets
for 1848.2 metres
-
- Drilling has failed to confirm the targeted geological concepts
meaning the project has become too high a risk proposition for a
junior to solely fund.
- Badrakh: 2 holes proposed at two targets for a budgeted
1,000 metres
-
- Drilling has commenced at the recently optioned earn-in Badrakh
project (see the November
11th, 2019, press release).
- The agreement provides a path to control alongside a
well-credentialed vendor and partner, for a priority drill ready
project underpinned by large-scale porphyry targets, which are
favourably located to existing infrastructure and on the doorstep
to China.
Peter Leaman, Senior
Vice-President of Exploration, commented, "Field activities have
been under budget, safely and successfully executed, systematically
advancing the Company's wholly owned 828.3km2 district
scale portfolio, focused on first phase target testing drilling at
Bronze Fox and East Tsagaan Suvarga.
The Company remains well funded to continue to pursue our
dual exploration and project generation strategy, with two
prospective targets being drilled at the Badrakh project, and with
budget for a significant phase 2 drilling in 2020 across the
license portfolio."
Bronze Fox
Final assay results from drilling have been received (see Figure
2), with the Kincora team relogging a total of 6,286.5 metres of
core in the West West Kasulu target area to support detailed vein
density and orientation, mineral paragensis analysis and
integration to geophysics. Results from field season activities are
interpreted as having better defined the large lower grade porphyry
system with localised higher-grade zones proximal to a key regional
fault and localised parallel fault.
Activities have also supported the required datasets for
conversion of the existing eastern exploration license to a mining
license, which the Company will now pursue over the winter period
as potential follow up phase 2 drilling targets for the 2020
drilling program are further considered (which is funded for).
The 2019 drilling and recent field activities (including
gathering specific gravity samples for all prior drilling) have
added geological information to support an updated block model,
enhanced the dataset sufficiently for NI 43-101 purposes and a
maiden resource. As announced in the January 25th, 2018 press release,
prior activities supported an exploration target 416 Mt to 428 Mt
grading 0.26% to 0.30% copper for up to 2,437Mlb of copper and
0.84Moz gold. The potential quantity and grade ranges are
conceptual in nature and based on nearest neighbour and ordinary
krige estimates, and there has been insufficient exploration to
define a mineral resource. It is uncertain if further exploration
will result in the target being delineated as a mineral
resource.
Figure 2: Bronze Fox phase 1 2019/20
drilling program - Significant intercepts1
Previously not reported intercepts outlined in bold outline –
intervals reported as down hole length, not true widths
Hole
ID
|
Prospect
|
From
(m)
|
To
(m)
|
Interval
(m)
|
|
Au
(g/t)
|
Cu
(%)
|
CuEq
(%)
|
F103
|
West West
Kasulu
|
1.2
|
76
|
74.8
|
|
0.02
|
0.08
|
0.10
|
and
|
|
76
|
198
|
122
|
|
0.09
|
0.18
|
0.25
|
including
|
|
140
|
160
|
20
|
|
0.20
|
0.41
|
0.64
|
including
|
|
146
|
154
|
8
|
|
0.41
|
0.70
|
1.07
|
and
|
|
328
|
476
|
148
|
|
0.03
|
0.13
|
0.16
|
and
|
|
542
|
554
|
12
|
|
0.04
|
0.17
|
0.21
|
and
|
|
596
|
972
|
376
|
|
0.05
|
0.20
|
0.26
|
including
|
|
700
|
820
|
120
|
|
0.06
|
0.31
|
0.41
|
including
|
|
740
|
746
|
6
|
|
0.10
|
0.58
|
0.74
|
and
|
|
972
|
1075
|
103
|
|
0.02
|
0.06
|
0.09
|
F104
|
Western
Trend
|
2
|
16
|
14
|
|
0.05
|
0.09
|
0.14
|
and
|
|
108
|
114
|
6
|
|
0.02
|
0.16
|
0.29
|
and
|
|
146
|
188
|
42
|
|
0.13
|
0.18
|
0.32
|
including
|
|
146
|
150
|
4
|
|
0.38
|
0.66
|
1.00
|
F105
|
Western
Trend
|
176
|
182
|
6
|
|
0.06
|
0.17
|
0.22
|
including
|
|
178
|
180
|
2
|
|
0.17
|
0.49
|
0.64
|
|
|
|
|
|
|
|
|
|
F106
|
Western
Trend
|
210
|
212
|
2
|
|
0.12
|
0.02
|
0.13
|
and
|
|
246
|
248
|
2
|
|
0.22
|
0.01
|
0.20
|
and
|
|
374
|
376
|
2
|
|
0.33
|
0.01
|
0.30
|
|
|
|
|
|
|
|
|
|
F107
|
West West
Kasulu
|
10
|
16
|
6
|
|
0.02
|
0.08
|
0.09
|
and
|
|
24
|
58
|
34
|
|
0.02
|
0.07
|
0.09
|
and
|
|
78
|
142
|
64
|
|
0.03
|
0.08
|
0.11
|
including
|
|
98
|
110
|
12
|
|
0.06
|
0.15
|
0.21
|
and
|
|
156
|
204
|
48
|
|
0.03
|
0.08
|
0.11
|
and
|
|
242
|
342
|
100
|
|
0.03
|
0.08
|
0.11
|
including
|
|
306
|
308
|
2
|
|
0.41
|
0.11
|
0.48
|
including
|
|
320
|
322
|
2
|
|
0.05
|
0.33
|
0.38
|
|
|
|
|
|
|
|
|
|
and
|
|
404
|
562
|
158
|
|
0.10
|
0.15
|
0.26
|
including
|
|
506
|
536
|
30
|
|
0.35
|
0.17
|
0.50
|
including
|
|
528
|
536
|
8
|
|
1.07
|
0.25
|
1.26
|
and
|
|
574
|
732
|
158
|
|
0.06
|
0.30
|
0.38
|
including
|
|
630
|
640
|
10
|
|
0.07
|
0.45
|
0.54
|
including
|
|
654
|
676
|
22
|
|
0.09
|
0.45
|
0.55
|
including
|
|
688
|
694
|
6
|
|
0.10
|
0.42
|
0.53
|
including
|
|
702
|
732
|
30
|
|
0.07
|
0.37
|
0.50
|
and
|
|
812
|
848
|
36
|
|
0.27
|
0.22
|
0.47
|
including
|
|
828
|
838
|
10
|
|
0.56
|
0.28
|
0.79
|
including
|
|
836
|
838
|
2
|
|
1.44
|
0.36
|
1.65
|
and
|
|
880
|
890
|
10
|
|
0.23
|
0.15
|
0.37
|
including
|
|
880
|
882
|
2
|
|
0.95
|
0.22
|
1.14
|
|
|
|
|
|
|
|
|
|
F108
|
West West
Kasulu
|
72
|
84
|
12
|
|
0.02
|
0.07
|
0.10
|
and
|
|
120
|
140
|
20
|
|
0.04
|
0.09
|
0.14
|
and
|
|
148
|
156
|
8
|
|
0.06
|
0.22
|
0.28
|
including
|
|
154
|
156
|
2
|
|
0.14
|
0.55
|
0.67
|
and
|
|
160
|
192
|
32
|
|
0.05
|
0.13
|
0.18
|
including
|
|
168
|
176
|
8
|
|
0.08
|
0.17
|
0.26
|
and
|
|
200
|
314
|
114
|
|
0.04
|
0.13
|
0.17
|
including
|
|
240
|
242
|
2
|
|
0.06
|
0.42
|
0.53
|
including
|
|
270
|
280
|
10
|
|
0.09
|
0.18
|
0.31
|
including
|
|
300
|
312
|
12
|
|
0.06
|
0.24
|
0.32
|
including
|
|
306
|
308
|
2
|
|
0.07
|
0.70
|
0.77
|
and
|
|
322
|
414
|
92
|
|
0.07
|
0.15
|
0.23
|
including
|
|
340
|
348
|
8
|
|
0.40
|
0.11
|
0.53
|
including
|
|
374
|
398
|
24
|
|
0.06
|
0.25
|
0.33
|
including
|
|
384
|
390
|
6
|
|
0.14
|
0.59
|
0.72
|
and
|
|
420
|
538
|
118
|
|
0.03
|
0.08
|
0.11
|
including
|
|
484
|
486
|
2
|
|
0.44
|
0.03
|
0.42
|
and
|
|
538
|
548
|
10
|
|
0.04
|
0.17
|
0.21
|
including
|
|
544
|
546
|
2
|
|
0.06
|
0.32
|
0.41
|
and
|
|
552
|
562
|
10
|
|
0.03
|
0.19
|
0.23
|
including
|
|
554
|
556
|
2
|
|
0.05
|
0.39
|
0.44
|
and
|
|
572
|
612
|
40
|
|
0.04
|
0.22
|
0.26
|
including
|
|
586
|
600
|
14
|
|
0.05
|
0.33
|
0.38
|
and
|
|
618
|
632
|
14
|
|
0.04
|
0.17
|
0.22
|
including
|
|
620
|
624
|
4
|
|
0.08
|
0.31
|
0.39
|
and
|
|
632
|
680
|
48
|
|
0.04
|
0.16
|
0.20
|
including
|
|
658
|
674
|
16
|
|
0.05
|
0.24
|
0.29
|
and
|
|
680
|
692
|
12
|
|
0.07
|
0.22
|
0.29
|
including
|
|
680
|
684
|
4
|
|
0.13
|
0.41
|
0.54
|
and
|
|
696
|
704
|
8
|
|
0.03
|
0.11
|
0.14
|
and
|
|
712
|
738
|
26
|
|
0.06
|
0.14
|
0.20
|
including
|
|
714
|
716
|
2
|
|
0.40
|
0.50
|
0.86
|
and
|
|
746
|
768
|
22
|
|
0.22
|
0.12
|
0.32
|
including
|
|
750
|
754
|
4
|
|
0.39
|
0.27
|
0.62
|
including
|
|
760
|
762
|
2
|
|
1.33
|
0.07
|
1.26
|
East Tsagaan Suvarga
Kincora's wholly owned East Tsagaan Suvarga ("East TS") project
is located approximately 10-15 kms to the east of the Tsagaan
Suvarga porphyry mine ("TS"). With previous drilling having
confirmed East TS sits within a brownfield setting of the targeted
Devonian age Tsagaan Suvarga Intrusive Complex ("TSIC"), and
subsequent ground magnetics and Induced Polarisation ("IP")
refining a number of large scale coincident anomalies, the 2019
drilling program sought to confirm the potential for a preserved
porphyry system may be present beneath the younger cover in a
favourable preserved porphyry setting, a similar style and setting
to the Hugo and/or Heruga orebodies within the Oyu Tolgoi
mineralised system.
The maiden target testing drill program focused on three
independent targets with a total of 1848.2 metres drilled (ETS
holes #15, 16 and 17). Drilling this field season (ETS017) and
previously at the most northern target failed to intercept the TSIC
at explorable depths. The targeted TSIC was intercepted in
ETS015 and ETS016, with quartz monzonite; weak to moderate chlorite
altered and disseminated pyrite observed.
Activities this field season have failed to provide the targeted
vectors to refine targets for Phase 2 step out or infill drilling,
which coupled with the depth of cover means that further drilling
is too high a risk for a junior to solely fund.
Figure 6: East TS 2019 drilling program -
Drill hole collar locations
Hole
ID
|
Prospect
|
East
|
North
|
Elevation
|
Azimuth
(°)
|
Inc
(°)
|
Depth
(m)
|
ETS015
|
Target 1
|
300108
|
4865235
|
858.9
|
0
|
-90
|
645.2
|
ETS016
|
Target 2
|
298503
|
4863833
|
854.7
|
0
|
-90
|
703.0
|
ETS017
|
Target 3
|
299381
|
4867131
|
852.7
|
0
|
-90
|
500.0
|
Badrakh
Drilling has commenced at the recently optioned earn-in Badrakh
project (see the November
11th, 2019, press release), that will for the
first time test the potential for a preserved and large scale
copper-gold porphyry system, as well as for a nearer surface
supergene cap.
New activities and reinterpretation of previous field geological
mapping, soil and rock chip sampling, ground magnetics and induced
polarization ("IP") has been undertaken by Kincora with two holes
proposed this field season.
The first hole, BDD001, will test a large scale coincident
chargeability high oversetting a donut magnetic anomaly on the
margin of a silica cap, brecciated quartz–baryte zone and a phyllic
alteration zone. Anomalous copper, gold and molybdenum geochemistry
lies on the margin of an interpreted fault zone, potentially
related to an underlying system that hole BDD001 is looking to
test. The exploration concept to be tested by this first hole is
outlined in Figure 8.
The second hole proposed this field is within the western
section of the outcropping phyllic and propylitic alteration
system, in proximity to hole KHUD002, that intersected chalcocite
and chalcopyrite, in a weak supergene cap but failed to test the
underlying primary potential.
Qualified Person and Sample
Protocol
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.
All samples have been assayed at ALS Laboratory
in Ulaanbaatar, Mongolia. In
addition to internal checks by ALS Laboratory, the Company
incorporates a QA/QC sample protocol utilizing prepared standards,
blanks and duplicates for 5% of all assayed samples. All samples
undergo 4 Acid ICP-MS (48 element) geochemistry. All drill core was
logged to best industry standard by well-trained geologists and
Kincora's drill core sampling protocol consisted a collection of
samples over 2 m intervals over
mineralized sections of the logged core. Sample interval selection
was based on geological controls or mineralization, and/or guidance
from the Technical Committee provided subsequent to daily drill and
logging reports.
Drill core selected for assaying was cut in half
with a diamond saw, with half of the core placed in sample bags and
the remaining half securely retained in core boxes at Kincora's
exploration camp. All samples were organized into batches of 30
including a commercially prepared standard, blank and either a
field duplicate, consisting of two quarter-core intervals, or a
laboratory duplicate. QC monitoring is an active and ongoing
process on batch by batch basis.
1 Significant intercepts - intercepts
reported as an interval with "from" and "to" and not as true
widths
About Kincora Copper Limited (KCC –
TSXV)
Kincora is an active junior seeking to make a major
discovery in Mongolia.
Our technical team is credited with multiple discoveries of Tier 1
copper assets and in June 2019 the
Company completed an oversubscribed $6.25m offering supporting our drilling and
program generation
strategy.
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