Kincora drilling

Bullish copper sentiment fuels Kincora exploration 

Kincora Copper (ASX:KCC) is continuing discussions with prospective partners for its wholly owned New South Wales and Mongolian projects fuelled by its ‘extremely bullish’ sentiments on copper’s outlook. 

President and CEO Sam Spring and Chairman Cameron McRae say in the company’s latest quarterly report Kincora is “continuing to look for new value accretive project generation opportunities”, like that of its recently pegged Wongarbon Porphyry Project in NSW. 

Both Messrs say Wongarbon is a “compelling opportunity with clear strategic appeal”.

Wongarbon was pegged in February 2024 as open ground and is considered an untested Macquarie Arc porphyry target with immediate ‘high-priority’ targets for drilling. 

The Macquarie Arc district recently had multiple billion dollar M&A deals inked during 2023.

Kincora highlights AngloGold Ashanti’s (NYSE:AU) earn-in with Inflection Resources (CSE:AUCU) — adjacent to Kincora’s Northern Junee-Narromine Belt Project — S2 Resources’ (ASX:S2R) earn-in with Legacy Minerals (ASX:LGM) for the Glenlogan Project, and Newmont’s (ASX:NEM) $28.8 billion acquisition of Newcrest and earn-in agreement with Legacy.

Wongarbon is a core asset which Kincora hopes will attract potential asset partners. The project covers a landholding of 172.8km-square and has never been drilled. 

Initially identified by Newcrest in 1996, the project has a target depth of 300m to 400m but has not been drill tested due to higher priority NSW targets Cadia Far East and Ridgeway. 

Spring and McRae say Kincora is seeking to benefit from the market conditions and looks to come out of the current downturn in a similar manner as 2015/16, where it completed regional consolidation, while strengthening its  technical team and funding partners.

Kincora, which has a $11.12 million market capitalisation, says its exploration alliance partner EarthAI will shortly begin a maiden drilling program at Cundumbul.

The program will test the porphyry potential associated with anomalous copper geochemistry from outcropping hydrothermal breccias and skarns. 

Kincora seeks to leverage EarthAI’s proprietary artificial intelligence (AI) and machine-learning technology for generating, funding, and drill testing targets. 

Follow-up aircore and diamond drilling programs will test for open porphyry-type mineralisation at up to 7 prospects at Kincora’s Trundle Project to expand the geochemical footprint for copper-gold. 

Drilling will also search for intrusions through bedrock mapping at the Mordialloc South and Dunns North-Waynes’s target areas.  

The skarn system at the Trundle Park prospect is currently believed to be one of the largest mineralised skarn systems in NSW. 

At the Fairholme Project — near Evolution Mining’s (ASX:EVN) Cowal Project — follow-up diamond and aircore drilling programs seek to expand open near-surface footprints and evaluate the untested potential for underlying porphyry gold-copper related systems. 

“Corporately, the board feels the steps taken during 2023 provide the foundations to support the metres needed to test and generate significant value from the existing portfolios of highly prospective copper-gold targets, with the execution of various milestones for this strategy in 2024 to support a step change in shareholder value,” the company says.

During 2023 Kincora made 3 major shifts in its corporate strategy to lay the foundations to create and realise value from both its NSW and Mongolia portfolios. 

The first was a strategic review process for its wholly owned Mongolia portfolio following the company’s focus having pivoted in 2019/2020 and with recent activities having capital efficiently advanced the Mongolia portfolio. 

Divestment of the Mongolia portfolio is currently ongoing. 

The second shift in strategy was Kincora securing 100% ownership across all of its Australian projects concurrent with a $2 million capital raising. 

According to Kincora, consolidating the project ownership increases the strategic value of the projects, which it says already attracted interest from mid-tier and industry majors. 

This development paves the way for the third leg of Kincora’s action plan, providing for a potential pivot in funding strategy and investors at the asset level. 

It is also a catalyst for the ongoing, aforementioned discussions and negotiations.    

​​Kincora Copper is an active explorer and project generator focused on ‘world-class’ copper-gold discoveries. 

Write to Adam Drought at Mining.com.au

Images: Kincora Copper
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.