Kincora announces gold-base metals target in Mongolia

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Overig advies 30/12/2020 15:58
•New high grade gold with copper rock chip samples on margin of Tourmaline Hills Intrusive Complex at the West Fox prospect: ?Average grade of 8.8g/t gold from 39 samples with 16 greater than 1g/
?Results include: 118g/t gold with 0.33% copper; and, 34g/t gold with 0.86% copper

•West Fox is an intermediate sulfidation epithermal prospect with an out/sub-crop area of 3km by 1.2km identified for follow up exploration activities, including three new target areas
•Other epithermal target areas on the margin of the two neighboring large intrusive complexes within the Bronze Fox project are identified for similar field reconnaissance
•Field season results highlight upside inherent in binding term sheet executed with Resilience Mining Mongolia Pty Ltd (“RMM”) for Kincora’s Mongolian asset portfolio, retaining significant upside to exploration, project generation and development successes, and streamlining Kincora’s core focus advancing priority drilling activities in NSW, Australia

Vancouver, BC - December 30th, 2020 - Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to provide an update following field season activities in Mongolia post the issuance of a mining license for the eastern portion of the Bronze Fox Intrusive Complex (“BFIC”). The primary focus of exploration was on the margin of an adjacent second large porphyry system, the Tourmaline Hills Intrusive Complex (“THIC”), at a newly identified gold-base metals target within the West Fox prospect.

Field activities have identified three new target zones and returned generally higher-grade gold and copper assay results than previous Ivanhoe Mining (“IMMI”) activities – refer to Figure 2. Other underexplored regions prospective for intermediate sulfidation epithermal targets on the margin of the THIC and BFIC have been identified for field reconnaissance.

Sam Spring, President & CEO, commented, “The previous focus of limited drilling, geophysics and surface reconnaissance by Kincora within and around the margins of the Tourmaline Hills Intrusive Complex was testing the potential for large concealed porphyry targets.

This year’s field activities at Tourmaline Hills benefitted from Kincora’s activities in the Macquarie Arc, Australia. We applied a new conceptual target model similar to the Cowal gold-base metal project (flagship project of Evolution Mining, with a 9Moz gold resource inventory) and the target of the Company’s neighbouring Fairholme project, which we are planning on drilling in 2021, located less than 15km from Cowal.

We are encouraged by the results and new targets at West Fox, and scope for further similar targets on the margins of the two large intrusions at the Bronze Fox project. We feel these results also highlight the larger picture upside to Kincora from the recently announced agreement with Resilience Mining to realise the inherent value of our Mongolian portfolio and their complementary Mongolia strategy, as we focus on our core Australian operations.”

Figure 1: The West Fox prospect is situated on the margin of the Tourmaline Hills Intrusive Complex, one of two large neighboring porphyry systems in the Southern Gobi

Mongolia portfolio

Over the last year, Kincora has assembled a strategic and district scale position in the key belts of the Macquarie Arc, within the Lachlan Fold Belt, in Central West New South Wales (“NSW”). High priority drilling commenced in April 2020 and continues at our flagship Trundle project with very promising copper and gold results. The Company is in advanced stages of planning drilling at a further two projects in NSW within the next 6 months.

Prior to current core activities in NSW, Kincora’s focus was on exploration and project generation in Mongolia targeting large-scale porphyry discoveries. A peak landholding of 13 license covering 1689km2 has been systematically explored and refined to 3 licenses covering 321km2.

The Company has retained one of the largest land packages in the Southern Gobi porphyry belt and undertaken the largest project generation and exploration initiatives by any foreign group in recent times in Mongolia.

In September 2020, a mining licence was issued over the eastern license and portion of the Bronze Fox project, centred over the Bronze Fox Intrusive Complex (“BFIC”) within this license.

The mining license provides tenure for a 30-year period. An independent block model supports a 416-428Mt @ 0.26-0.30% copper exploration target (0.20% copper cut off), with desktop studies having been undertaken for a potential small-scale oxide development project1. Relatively limited drilling supports upside at one of the largest copper systems in Mongolia with only a small portion of the Bronze Fox intrusion (and Tourmaline Hill’s intrusion) drill tested.

During 2020, surface exploration activities commenced at and around the neighbouring Tourmaline Hills Intrusive Complex (“THIC”), which is also a large, outcropping gold-copper system with limited drilling and often the focus of informal gold mining activities.

Given our exploration activities in NSW and having secured the Bronze Fox mining license, Kincora commenced a strategic review for our Mongolian portfolio - seeking to continue to systematically advance the project portfolio, grow the portfolio’s value and streamline activities given the Company’s focus on our NSW assets. The strategic review resulted in a binding agreement with Resilience Mining Mongolia Pty Ltd (“RMM”, see page 5 of this press release for further details of the December 14th, 2020, agreement with RMM).

Tourmaline Hills project

Kincora’s 2020 activities at Tourmaline Hills focused on re-logging all prior drill holes held by the Company (4,771.25 metres for 15 holes) and undertaking further surface geological activities, exploring the concept of a higher-level epithermal gold-base metal system within and on the margin of the intrusive complex.

This year’s field activities benefit from the Company’s activities in the Macquarie Arc, and similar type conceptual target to the Cowal project (flagship project of Evolution Mining, with a 9Moz gold resource inventory) and the target of the Company’s Fairholme project, located less than 15km from Cowal with preparations ongoing to drill there in 1H’2021.

Prior exploration activities by Kincora within and on the margins of the THIC followed up previous shallow drilling, geophysics and surface exploration efforts by Ivanhoe Mines (IMMI) and were solely focused on the deeper porphyry potential. Kincora drilling occurred during the 2012 field season immediately post acquisition of the license (and before the license was revoked and then returned as part of the 106-license dispute with the Mongolian government).

A cost effective geological mapping and rock chip program commenced in the Mongolian 2020 autumn to better understand the extent and phases of veining and mineralisation at the West Fox prospect. This involved, taking surface rock chip samples of the recognised key vein sets, mapping key structures, assessing zonation across the system and the potential for neighbouring undercover extensions. Given the nature of the new conceptual target, prior Kincora and other explorer drilling, geophysics, soil and rock chip sampling is viewed as too sparely spaced, and infill and more systematic follow up programs are warranted across this area.

Kincora’s 2020 activities have also identified three new target zones within the West Fox prospect area (see Figure 2), and generated generally higher grade gold and copper assay results than previous IMMI activities.

The geochemistry of mineralized zones mapped by Kincora at West Fox supports an Intermediate Sulfidation (IS) epithermal target:
•anomalous Pb-Zn-Cu associated with Au-As mineralization
•elevated Bi and Mo evidencing involvement of magmatic fluids; and,
•anomalous Mn, possibly after rhodochrosite
•outcropping intermediate sulfidation epithermal style alteration, possibly supporting a higher level setting in the mineralised intrusive system and a preserved shallow to moderate depth unexplored target zone

Trace element geochemistry indicates gold association with:
•Proximal: As, Pb-Zn, Mo & Bi
•Peripheral: Mn & Mg

The prospects coincident magnetic high feature has little to no expression in outcrop. Coupled with thick hornfels alteration with peripheral chlorite-epidote, this suggests that an intermediate sulfidation gold-base metal mineralization system may be sourced from a deeper intrusive. The mapped mineralized veins are mostly eroded or covered by the thin veneer of transported cover.

Three types of mineralized veins appear to be at different genetic stages and interpreted to be from the same magmatic sourced mineralization event and sharing same structural permeabilitites. Zonation from an interpreted proximal to distal environment from a magmatic source is evident across the prospect area.

A total of 39 rock chip samples were taken from representative areas of parallel mineralized veins, with five different type of vein systems identified – assay results in Table 1.

Following this field program, other epithermal target areas on the margin of the BFIC and THIC within the Bronze Fox project, including within the West Fox prospect, have now been identified for similar field reconnaissance.

Follow up activities are proposed at priority targets for early in the 2021 field season and Kincora is advancing these plans with RMM.

Figure 3: An extensive outcropping vein system has been identified


see & read more on
https://www.kincoracopper.com/news/press-releases/18-2020/121-kincora-announces-gold-base-metals-target-in-mongolia



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