Kincora Announces 2012 Exploration Review and Corporate Update
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE: KCC) announces updated exploration results, a review of the 2012 field season activities for the Bronze Fox project and provides a corporate update.
Exploration activities in late 2012 focused on determining the potential for higher grade copper-gold porphyry mineralisation at depth and near surface oxides at the West Kasulu prospect and drilling two previously untested geophysics anomalies at Bronze Fox. These activities looked to consolidate promising drilling results earlier in year and recent 3D Induced Polarisation ('IP') analysis.
The results of the 2012 exploration programme continue to demonstrate that the Bronze Fox project hosts a large area of lower grade copper and gold mineralisation, open at depth and in every direction with high-grade intersections and new targets continuing to be generated. Following further zones of broad mineralisation being encountered and drilling at one of the aforementioned geophysics targets extending the West Kasulu prospect's potential strike significantly, the Company is investigating the potential use of follow up geophysics and deeper IP analysis at its advanced exploration target zones to assist in identifying additional targets.
Commenting on today's announcement, John Rickus, President and CEO of Kincora, said:
"Our review of the 2012 exploration season reiterates our belief that Kincora's wholly owned and flagship Bronze Fox project is prospective for both bulk lower grade and deeper higher grade copper mineralisation. Following the successful C$4.6 million private placement late last year drilling activities increased from two to three rigs and ran until the week before Christmas. All core work programmes were completed including: step out drilling around Hole F62 at West Kasulu; advancing key infill drilling and initial metallurgical analysis for a potential oxide development project, also intersecting further shallow porphyry mineralisation (eg 8 metres at almost 1% CuEq); and, drilling a number of untested anomaly targets.
Large zones of lower grade mineralisation, both oxide material at surface and sulphides at depth, were returned. While not intersecting economic mineralisation this drilling, and that of two previously untested anomalies, warrant follow up activities and illustrates the Company's systematically exploration of its large regional landholding, the majority of which has experienced limited previous exploration.
The recent private placement provides Kincora a number of options and flexibility to resume optimal exploration activities in 2013. The Company continues to monitor yet unsubstantiated local Mongolian media speculation regarding two licenses held by Kincora, the proposed draft Minerals Law, up coming Mongolian Presidential election, and the global markets for exploration juniors. While impacted by these aforementioned factors, we continue to access various other commercial opportunities and discussions with potential strategic investors regarding technical and financial synergies."
Summary of key work programmes
Between October and December 2012, a further 4,885m of diamond drilling was completed with 1,473m being shallow holes testing oxide mineralisation around the West Kasulu target. This resulted in a total of 15,809m being drilled for the year across 40 holes (previous year 12,435m across 23 holes). Of the 17,051 total samples, 16,547 results have been received to date.
Summary of key findings of the 2012 exploration review:
Further details following receipt of the 2012 assay results:
West Kasulu deeper porphyry prospect - Located towards the eastern boundary of the Bronze Fox license step out drilling to Hole F62 aimed at testing the extent of mineralisation and returned further zones of board but predominately lower grade mineralisation. Hole F62 included 661m at 0.35% Cu, 0.01% Mo and 0.08g/t Au (0.44% CuEq) from 399-1,060m, with 37m at 0.8% Cu (1.07% CuEq) between 573- 610m. Of the 1,360 metres drilled (the deepest hole at the project) over 1,000 metres graded at least 0.40% CuEq with the significant width of higher-grade mineralisation supporting the potential for a deep high grade porphyry deposit.
These three holes drilled in late 2012 have encountered broad lower grade mineralisation with limited higher grade zones which does not supported the potential for a substantial deep economic copper resource in the immediate area that could warrant a potential block cave mining operation.
As part of the late 2012 oxide drilling programme a number of mineralised porphyry dykes were intersected at shallow depths as hole extensions. In Holes F82 and F92 broad areas of oxide and sulphide mineralisation were encountered with the mineralised dykes intersected ranging from several metres to over 10 metres, with porphyrytic texture and generally associated with further porphyry breccia with over 5-10% of sulfides (most are chalcopyrite).
The assay results returned indicate these porphyries are generally with about 0.5% Cu and 0.2 to greater than 1g/t Au. These intersections further confirm the copper-gold porphyry potential near surface in the West Kasulu area.
To view Photo 1, please visit the following link: .
Other holes of note, not previously announced since Kincora's last exploration update (September 5th, 2012), include:
At the West Kasulu prospect mineralisation remains open to the south west with promising mineralisation encountered Hole F55 (in license 15075) and also possibly to northeast based on geophysics which stretching about 4kms in length and the recent results of Hole F72. Refer to Figure 1.
Testing of identified anomalies and targets - Via early stage exploration and regional M&A, Kincora has increased its priority exploration targets from four in 2011, to ten. During 2012, exploration activities aimed at systematically prioritizing, testing and realizing the potential of these targets. In late 2012 two previously untested geophysics anomalies at Bronze Fox, which where identified from first phase 3D IP earlier in the year, were drilled. Whilst not encountering economic mineralisation both holes were a technical success, returning significant alteration warranting further exploration activities.
To view Photo 2, please visit the following link: .
Potential oxide development project - An infill programme of 10 shallow holes for 1,473 metres was completed in the West Kasulu oxide target zone in the last quarter of 2012 to provide the required density to update preliminary resource models. As previously mentioned, a number of these holes were continued into the underlying sulphides. The assay results have not increased the potential oxide resource's scale and removed the potential for an economic sulphide resource beneath the oxides despite intersecting a number of mineralised porphyry dykes.
In parallel with the exploration work metallurgical analysis has been ongoing. The findings from column leach tests on two bulk samples from material approaching the mixed sulphide oxide boundary support suitable copper recoveries with acid consumption identified as a key risk for a potential development project. Further bottle roll tests, to better understand the potential to lower and optimize acid consumption relative to copper recoveries, are planned as is the potential testing of a third bulk sample from material thought to be more representative of the broader West Kasulu oxides resource which is expected to have higher copper recoveries than the previously tested transitional material.
Desktop reviews and initial discussions for the availability and sources of water and acid have been progressed. A further small scale infill drilling programme and additional metallurgical analysis is contemplate which if favourable would help a decision to move to pre-feasibility studies.
Golden Grouse licenses activities and update - As announced on February 8th, 2013, a yet unsubstantiated local Mongolian media report alleges 107 licenses previously issued by Mineral Resources Authority of Mongolia ("MRAM") to unrelated parties are in violation of Mongolia's laws and that these licenses could be repatriated by the State, with compensation expected to be paid prior to any license(s) being cancelled. Included in the 107 licenses listed are two licenses held by Kincora's wholly owned subsidiary, Golden Grouse LLC ("GG"), a company purchased in April'12 from Temujin Mining Corp ("Temujin"). To the best of our knowledge the GG licenses are currently in good standing. Only in 3Q'12 was this confirmed by MRAM when Kincora was granted the first three year extension of the nine year exploration term.
The two GG licenses adjoin Kincora's flagship Bronze Fox project and host the Tourmaline Hills and North Fox earlier stage exploration targets which are lower priority targets for Kincora. The Company's core Bronze Fox project containing the majority of the primary exploration targets (and whose exploration results have been discussed at length in this exploration review), is held by a separate wholly owned subsidiary to GG and has not in any way been associated with the above-noted case.
Despite our efforts neither the Company nor GG have been able to determine if the allegations included in the local media report are in any way accurate with no official statement from the court nor correspondence from a Mongolian government authority, including MRAM, yet available. Neither Kincora, Temujin nor any of their employees have been associated with any wrongdoing.
A summary of exploration activities undertaken by Kincora since the acquisition of GG includes:
Corporate and Financing update
As announced on November 29th, 2012, Kincora closed the second and final tranche of a private placement raising a gross proceeds of C$4,631,775 million. Subsequently approval from the TSX Venture Exchange ("TSXV") has been granted for an institutional group becoming an insider with the $538,906.50 of the gross proceeds of the Offering, forming part of a $1,994,700 subscription for Quantum Partners LP was released from escrow in early 2013.
Kincora's cash balance at January 31st, 2013 was approximately C$3m. The recent private placement provides Kincora a number of options and flexibility to resume optimal exploration activities in 2013 with approval of the upcoming field season's budget expected at the next board meeting. The Company continues to monitor yet unsubstantiated local Mongolian media speculation regarding two licenses held by Kincora, the proposed draft Minerals Law, up coming Mongolian Presidential election and the global markets for exploration juniors. Whilst impacted by these aforementioned factors, we continue to access various other commercial opportunities with advanced exploration and/or development projects in the immediate region and have discussions with potential strategic investors regarding technical and financial synergies.
Kincora is attending the PDAC International Convention Trade Show & Investors Exchange, Mining Investment Show from March 3rd -6th, 2013, at booth 2903, including Mongolia(at)PDAC Investment conference on March 5th.
A summary of detailed 2012 assay results is available on the Kincora website ( assay result summary).
To view Figures 1-4, please visit the following link: .
Qualified Person
The new drilling results in this news release and on Kincora's website and the other scientific and technical information in this news release were 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 were reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, President & CEO of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.
About Kincora Copper Limited
Kincora Copper Limited is a mining exploration and development company based in Vancouver and listed on the TSX Venture Exchange that was formed in mid 2011.
Kincora's ambition is to be the leading listed independent copper exploration and development company in the highly prospective and proven Oyu Tolgoi South Gobi porphyry copper belt in southeast Mongolia. The Company is currently exploring its wholly owned Bronze Fox, Tourmaline Hills and North Fox projects which host an extremely large and strategically located mineralised footprint covering over 40km2.
The projects are situated only 250km from the Chinese border and within 140km of two large scale greenfield copper construction projects: Oyu Tolgoi, invested capital to date approximately US$6 billion and target production of 160,000t/ day; and, Tsagaan Suvarga, estimated capex US$1b and target production of 40,000t/ day. Other significant mines and associated infrastructure are being developed in this immediate region.
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.
Contacts:
Kincora Copper Limited
Sam Spring
VP Corporate Development
+61431 329 345
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 19.02.2013 - 11:30 Uhr
Sprache: Deutsch
News-ID 230575
Anzahl Zeichen: 6254
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 155 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Kincora Announces 2012 Exploration Review and Corporate Update"
steht unter der journalistisch-redaktionellen Verantwortung von
Kincora Copper Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
