- Funding, permits and drill targets are in place following an
oversubscribed $5.33 million raising
to accelerate ongoing drilling at the Trundle project aimed to
discover an economic copper-gold porphyry and/or skarn deposit(s)
in a highly prospective brownfields setting
- Kincora drill holes TRDD002, TRDD005 and TRDD006 provide
further encouragement for the discovery of an economic copper-gold
porphyry deposit within the known northern porphyry system at the
Mordialloc prospect
- Access is in place to commence high priority follow up drill
holes to expand high-grade near surface skarn gold-copper intervals
and to confirm an underlying gold-copper porphyry system at the
southern Trundle Park prospect
VANCOUVER, BC, Sept. 3, 2020 /CNW/ - Kincora Copper Ltd. (the
"Company", "Kincora") (TSXV: KCC) is pleased to provide an
exploration update following the recent successful equity placement
and site visit review by senior team members. The Company has
obtained permits for a further 17 drill holes and has renewed
landowner access agreements. Kincora also reports further drilling
encouragement at the Mordialloc prospect in our search for the
high-grade core of a porphyry copper-gold system at the Trundle
brownfields project located in the Macquarie Arc of the Lachlan
Fold Belt in NSW, Australia.
John Holliday, Technical
Committee chair, and Peter Leaman,
Senior VP of Exploration, commented: "Drilling at the Mordialloc
prospect is continuing to provide significant indications of being
in close proximity to a high-grade part of the porphyry
system.
Kincora's third hole at Mordialloc is currently drilling,
intersecting intense propylitic alteration with some veined zones
hosting chalcopyrite mineralization. This further confirms
our view that the Mordialloc prospect of the Trundle project has
the potential for the discovery of an economic gold rich copper
porphyry deposit.
With access re-established after the local lambing season,
the team is very excited to shortly resume drilling at the Trundle
Park prospect located in the southern part of Trundle. An extensive
drilling program is planned to follow up the near surface skarn
system potential and to continue testing for a causative underlying
mineralized porphyry copper-gold deposit, suggested by favourable
results in our first drill hole.
The recent capital raising provides funding to continue the
systematic drill focused exploration programs at both Mordialloc
and Trundle Park. With new permits in place for a further 17 holes
across the Trundle project and a good working relationship with the
landowners and local stakeholders, the Company is well placed to
significantly advance our exploration targets in the upcoming
months."
Figure
1: Trundle is the
only brownfield porphyry project held by a listed junior in
the Macquarie Arc,
Australia's foremost and gold rich
porphyry belt
Trundle is the western section of the
Northparkes intrusive complex, that hosts the second largest
porphyry mine in Australia, with
initial Kincora drilling taking place at targets 8.5km apart
Figure 2: Initial and significantly expanded drilling program
at Trundle
Figure 3: Favourable and untested end-of-hole geochemistry
and geophysics support large target zones that offer the potential
for new clusters of mineralized porphyry related
deposits
Surface and end-of-hole geochemical anomalies over
MVA magnetics at the northern Mordialloc and southern Trundle Park
prospect areas
The Mordialloc prospect
As previously announced, assay results from Kincora's first hole
(TRDD002) at the Mordialloc target confirmed historical drilling
results and returned metal grades comparable to the distal zones of
the Northparkes and Cadia-Ridgeway porphyry deposits within inner-
to outer propylitic style hydrothermal alteration - see
July 23rd, 2020 press
release for further details.
These results together with previously untested industry-leading
"Typhoon" induced polarization (IP) and magnetic surveys completed
by previous explorer High Powered Exploration (HPX), and anomalous
and increasing copper, gold and molybdenum grades towards the end
of CTD006 (hole ending at 524 metres) encouraged Kincora to step
out approximately 150 metres south of TRDD002 with drill hole
TRDD005 (the second Kincora hole at the Mordialloc target).
TRDD005 was drilled to 958 metres and returned multiple broad
zones of anomalous copper, gold and molybdenum, including localized
moderate to higher grade intervals. A summary of anomalous assay
results and notable intervals is shown in Table 4.
Significantly, a relatively shallow previously unidentified
skarn was also intersected in TRDD005 (including 12m at 0.33g/t Au and 0.29% Cu from 138m, including 2m
at 1.4g/t Au and 1% Cu from 142m).
While returning anomalous and encouraging mineralization and
alteration, the drill hole is interpreted to have been drilled to
the east away from the targeted mineralized quartz monzonite
porphyry complex – see Figure 4.
The favorable higher-grade results from TRDD005, coupled with
significant grades from prior drill hole CTD006 (44 metres @ 0.15%
Cu, 0.12g/t Au, 41ppm Mo) encouraged Kincora to drill TRDD006 to
the west. Propylitic alteration and surface mineralization have
also been identified at surface in this area, and rock chip samples
were collected and are currently being assayed. Together with the
results from TRDD005 and TRDD006, this supports the concept of
multiple mineralizing positions, phases of intrusions, with the
potential for the discovery of a near surface finger porphyry
deposit.
Drill hole TRDD006 is ongoing at 727 meters depth with
encouraging alteration and visual sulphides (including
chalcopyrite) having been intersected, supporting the concept of
close proximity to a potassic and higher grade core of the targeted
system.
The first drill hole at the Mordialloc target (TRDD002) is
proposed to be reopened and extended as interpretation of the
alteration and assay results suggest these may represent the halo
of a mineralized porphyry intrusion system.
Further drilling in addition to the ongoing TRDD006 and the
extension of TRDD002 is proposed to aggressively test the targeted
finger porphyry setting and potential clustering of associated
mineralized systems across a significant strike where anomalous
surface and end of hole geochemistry, and geophysics are
complementary – see Figure 3. Similar vectoring from drill
hole alteration indicators was the exploration approach that was
the key to the discovery of Cadia-Ridgeway, the majority of the
Northparkes deposits and also Alkane Resource's recent discovery at
Boda.
Figure 4: Cross section of current drilling at the Mordialloc
target
Alteration and mineralisation returned in TRDD006, TRDD005 and
CTD006 provide strong encouragement for close proximately for the
targeted high-grade potassic core of a Macquarie Arc "finger" or
"pencil" porphyry target
The Trundle Park prospect
Kincora is excited to shortly resume drilling at the southern
Trundle Park target following the completion of TRDD006, and the
end of seasonal lambing and the provision of updated permits and
landholder access agreements.
The Company's first drill hole (TRDD001) intersected multiple
significantly mineralized skarn zones including 51 metres @ 1.17
g/t gold and 0.54% copper from 39 metres and 18 metres @ 0.53 g/t
gold and 0.05% copper from 284 metres. TRDD001 also intersected
broad anomalous mineralization (including 21.1m @ 0.25 g/t Au and 0.03% Cu from
664m to end of hole) in the
outer zone of the targeted adjacent porphyry intrusion system - see
July 6th, 2020 press
release for further details.
Kincora's second follow up drill hole (TRDD004) was drilled 269
metres to the west of TRDD001, a considerable step out, and was
completed to 694 metres targeting a blind finger porphyry and not
targeting the previously intersected high-grade skarn
mineralization in TRDD001. TRDD004 did not intersect any
skarn alteration and is interpreted to have intersected volcanics
intruded by monzodiorite and monzonite across a fault block with
minor potassic alteration at the bottom of the hole - anomalous
results presented in Table 3. Such a fault setting is not uncommon
in other Ordovician age porphyry systems in the Macquarie Arc and
TRDD004 has assisted understanding of the fault blocks and
potential preservation levels within the Trundle Park target.
With unencumbered access high priority drilling at Trundle Park
will initially test the northern and southern strike of alteration
and mineralization intersected in TRDD001 within the same
interpreted fault block - see Figure 1. These holes will seek to
test both the standalone near surface gold rich skarn and
underlying finger porphyry potential at the Trundle Park
target.
The Bayley's prospect
Drill hole TRDD003 was completed to 721.5 metres at the Bayley's
target confirming an interpreted fertile porphyry setting with
zones of anomalous mineralization within the targeted quartz
monzonite porphyry – see Table 2.
Further potential remains within the Bayley's target zone, with
drilling proposed in the second stage of the ongoing drilling
program seeking to test the standalone potential for a finger
porphyry within the larger northern Mordialloc intrusive complex.
However, due to encouraging results with TRDD002 and TRDD005,
combined with access (lambing) and permit constraints a second hole
up hole was not completed during phase 1 of Kincora's maiden
drilling program.
Table 1: Trundle project - Collar
Information
Target
|
Hole#
|
Length
(m)
|
Dip
(°)
|
Azimuth
(°)
|
RL
|
Easting
(MGA)
|
Northing
(MGA)
|
Core
recovery
|
Trundle
Park
|
TRDD001
|
685
|
60
|
251
|
270
|
570049
|
6352082
|
95.9%
|
Mordialloc
|
TRDD002
|
790
|
60
|
101
|
271
|
568443
|
6360363
|
98.2%
|
Bayleys
|
TRDD003
|
721
|
60
|
329
|
274
|
569230
|
6360641
|
99.5%
|
Trundle
Park
|
TRDD004
|
694
|
55
|
264
|
271
|
569780
|
6352079
|
99.6%
|
Mordialloc
|
TRDD005
|
958
|
60
|
110
|
266
|
568439
|
6360204
|
97.3%
|
*Mordiall0c
|
TRDD006
|
727
|
70
|
275
|
270
|
568598
|
6360208
|
|
* hole in
progress
|
Table 2: Bayleys target hole TRDD003 - Anomalous
results1
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
|
Au
(g/t)
|
Cu
(%)
|
Mo
(ppm)
|
Dilution
(%)
|
TRDD003
|
164.0
|
166.0
|
2.0
|
|
0.01
|
0.08
|
1.00
|
0%
|
and
|
207.2
|
209.0
|
1.8
|
|
0.01
|
0.17
|
4.00
|
0%
|
and
|
338.0
|
340.0
|
2.0
|
|
0.12
|
0.01
|
0.00
|
0%
|
and
|
373.4
|
375.0
|
1.6
|
|
0.14
|
0.37
|
1.00
|
0%
|
and
|
505.0
|
509.0
|
4.0
|
|
0.00
|
0.17
|
1.00
|
0%
|
Table 3: Trundle Park target hole TRDD004 -
Anomalous results1
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
|
Au
(g/t)
|
Cu
(%)
|
Mo
(ppm)
|
Dilution
(%)
|
TRDD004
|
332.0
|
336.0
|
4.0
|
|
0.35
|
0.01
|
0.00
|
0%
|
and
|
340.0
|
342.0
|
2.0
|
|
0.13
|
0.01
|
0.00
|
0%
|
and
|
394.0
|
396.0
|
2.0
|
|
0.27
|
0.02
|
1.00
|
0%
|
and
|
434.0
|
436.0
|
2.0
|
|
0.11
|
0.01
|
2.00
|
0%
|
and
|
508.0
|
512.0
|
4.0
|
|
0.16
|
0.01
|
2.00
|
0%
|
and
|
518.0
|
520.0
|
2.0
|
|
0.42
|
0.00
|
3.00
|
0%
|
and
|
578.0
|
582.0
|
4.0
|
|
0.14
|
0.01
|
3.50
|
0%
|
and
|
642.0
|
646.0
|
4.0
|
|
0.23
|
0.02
|
4.00
|
0%
|
Table 4: Mordialloc target hole TRDD005 -
Anomalous results1
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
|
Au
(g/t)
|
Cu
(%)
|
Mo
(ppm)
|
Dilution
(%)
|
TRDD005
|
24.0
|
54.0
|
30.0
|
|
0.10
|
0.08
|
10.47
|
27%
|
including
|
36.0
|
40.0
|
4.0
|
|
0.29
|
0.14
|
10.50
|
0%
|
and
|
138.0
|
150.0
|
12.0
|
|
0.33
|
0.29
|
35.00
|
0%
|
including
|
142.0
|
146.0
|
4.0
|
|
0.81
|
0.67
|
91.50
|
0%
|
including
|
142.0
|
144.0
|
2.0
|
|
1.41
|
1.02
|
176.00
|
0%
|
and
|
184.0
|
188.0
|
4.0
|
|
0.11
|
0.18
|
18.50
|
0%
|
and
|
228.0
|
254.0
|
26.0
|
|
0.07
|
0.16
|
24.92
|
0%
|
including
|
242.0
|
246.0
|
4.0
|
|
0.12
|
0.26
|
39.00
|
0%
|
and
|
270.0
|
288.0
|
18.0
|
|
0.08
|
0.18
|
43.00
|
0%
|
and
|
596.0
|
600.0
|
4.0
|
|
0.12
|
0.22
|
0.50
|
0%
|
and
|
632.0
|
644.0
|
12.0
|
|
0.66
|
0.14
|
4.00
|
17%
|
including
|
634.0
|
636.0
|
2.0
|
|
3.36
|
0.14
|
4.00
|
0%
|
including
|
638.0
|
640.0
|
2.0
|
|
0.11
|
0.15
|
1.00
|
0%
|
and
|
682.0
|
684.0
|
2.0
|
|
0.11
|
0.66
|
1.00
|
0%
|
and
|
690.0
|
692.0
|
2.0
|
|
1.17
|
0.01
|
1.00
|
0%
|
and
|
736.0
|
748.0
|
12.0
|
|
0.15
|
0.07
|
6.67
|
33%
|
and
|
770.0
|
772.0
|
2.0
|
|
0.08
|
0.12
|
4.00
|
0%
|
and
|
782.0
|
806.0
|
24.0
|
|
0.25
|
0.08
|
2.42
|
33%
|
including
|
782.0
|
790.0
|
8.0
|
|
0.64
|
0.06
|
2.50
|
0%
|
and
|
876.0
|
886.0
|
10.0
|
|
0.14
|
0.94
|
13.60
|
0%
|
including
|
880.0
|
884.0
|
4.0
|
|
0.27
|
2.14
|
27.00
|
0%
|
1- Porphyry gold and
copper intercepts are calculated using a lower cut of 0.10g/t and
0.05% respectively. Internal dilution is below cut off.
|
The Trundle project
Kincora's Trundle project is the only brownfield porphyry
copper-gold project held by a listed junior in Australia's foremost porphyry belt, within the
same mineralized complex as Australia's second largest porphyry mine.
Trundle is located west of the China Molybdenum Company Limited
(CMOC) operated Northparkes copper-gold mine/mill operation, within
the same Northparkes Igneous Complex.
Previous explorer drilling has been extensive at Trundle with
the completion of 2208 holes for 61,146 metres, but deeper drilling
utilising modern exploration knowledge has been very limited. Over
92% of prior drilling has been completed to less than 50 metres
depth and is considered to be too shallow, with just 11 holes
beyond 300 metres (0.5% of holes drilled).
Following positive initial drilling results from Kincora's
maiden drilling program in August
2020, the Company completed an oversubscribed $5.33 million equity raising, with proceeds
primarily to be used to expand the initial six hole program to over
twenty drill holes with an additional 11,000 metres of drilling.
Kincora's primary targets, Mordialloc and Trundle Park, lie 8.5km
apart and have not been drill tested since the industry leading HPX
proprietary Typhoon IP system and detailed magnetic surveys
were completed.
Highlighted background information
August 26th, 2020:
Kincora Oversubscribed Offering to Accelerate Drilling at
Trundle
https://www.kincoracopper.com/media/downloads/presentations/corporate-presentation-8-5-2020.pdf
August 4th, 2020:
Corporate presentation:
https://www.kincoracopper.com/media/downloads/presentations/corporate-presentation-8-5-2020.pdf
July 17th, 2020: replay
of the Noosa Mining Virtual conference investor presentation (free
registration):
https://zoom.us/rec/share/w-0vJpXM325IH6vR-FrCVqMdMJ-1X6a8hnRLqKUKmkodOJ2ktI9A8UxkEHiakiNU
June 19th, 2020:
John Holliday - Cadia Discovery
History Talk via GeoHug
https://www.youtube.com/watch?feature=youtu.be&v=ccncxhH549M&app=desktop
June 9th, 2020: RRS
Special Event: Investor Webinar featuring Kincora Copper (TSX.V:
KCC) and RareX Limited (ASX: REE)
https://www.youtube.com/watch?v=KSW2weEg6lc&feature=youtu.be
April 7th, 2020:
Richard Schodde and John Holliday video interview of the Lachlan
Fold Belt
www.theassay.com/the-assay-tv/the-assay-tv-richard-schodde-john-holliday-kincora-copper/?dm_t=0,0,0,0,0
March 18th, 2020: Press
release: Kincora closes agreement with RareX
https://www.kincoracopper.com/news/press-releases/18-2020/98-kincora-closes-agreement-with-rarex
January 30th, 2020:
Press release: Kincora grows a district scale landholding in the
Lachlan Fold Belt
https://www.kincoracopper.com/news/press-releases/18-2020/90-kincora-grows-a-district-scale-landholding-in-the-lachlan-fold-belt
QA/QC Procedures
Sampling and QA/QC procedures are
carried out by Kincora Copper Limited, and its contractors, using
the Company's protocols as per industry best practise.
All samples have been assayed at ALS Minerals Laboratories,
delivered to Orange, NSW, Australia. In addition to internal checks by
AS, the Company incorporates a QA/QC sample protocol utilizing
prepared standards and blanks for 5% of all assayed samples.
Diamond drilling was undertaken by DrillIt Consulting Pty Ltd,
from Parkes, under the supervision of our field geologists. 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 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. Sample
intervals reflect geological boundaries, are cut by the Company and
samples prepared in line with these geological boundaries, and
delivered to ALS.
All reported assay results are performed by ALS and widths
reported are drill core lengths. There is insufficient drilling
data to date to demonstrate continuity of mineralised domains and
determine the relationship between mineralization widths and
intercept lengths, true widths are not known. The following assay
techniques have been adopted:
- Gold: Au-AA24 (Fire assay), reported.
- Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES
analysis for 33 elements) and ME-MS61 (4 acid digestion with
ICP-AES & ICP-MS analysis for 48 elements), the latter report
for TRDD001 and former reported for holes TRDD002- TRDD005.
- Copper oxides and selected intervals with native copper:
ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been
assayed, but not reported.
- Assay results >10g/t gold and/or 1% copper are
re-assayed.
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, and John Holliday (BSc
Hons, BEc, member of the Australian Institute of Geoscientists),
Non-Executive Director and Technical Committee Chairman, who are
the Qualified Persons for the purpose of NI 43-101.
The review and verification process for the information
disclosed herein for the Trundle project has included the receipt
of all material exploration data, results and sampling procedures
of previous operators and review of such information by Kincora's
geological staff using standard verification procedures.
About Kincora Copper Limited
(KCC –
TSXV)
Kincora is an active junior and systematic explorer
seeking to make a major discovery in Mongolia, the Lachlan Fold Belt in
Australia and other prospective
complementary jurisdictions.
Our technical team is credited with multiple discoveries of Tier
1 copper assets. In 3Q'19, Kincora made the strategic decision to
opportunistically pursue entry into the Macquarie Arc, in Central
West of NSW. This is Australia's
foremost porphyry belt, home to the giant Cadia, Northparkes mines
and recent Boda discovery by Alkane Resources.
The Macquarie Arc is synergistic in line with Kincora's core
focus. It offers: the same scale of target (world-class); the same
commodity mix (copper-gold or gold-copper); the same mineralized
setting (porphyry and/or epithermal gold); supports a similar
systematic exploration approach/exploration methods; and, is a
region where the team has had significant exploration success.
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