Kincora Copper (ASX:KCC) has been granted a new exploration licence located on the northern, undercover extension of the Molong Belt, in the Macquarie Arc of central New South Wales.
The licence covers the 173km2 Wongarbon Project, located within the Wongarbon Magnetic Complex believed to be a similar system to that hosting the former Newcrest-owned Cadia mine, Evolution Mining’s (ASX:EVN) Cowal and Northparkes mines and Alkane Resources’ (ASX:ALK) Boda-Kaiser deposits.
The Wongarbon Magnetic Complex was previously identified as a new large-scale target by Newcrest but not drill tested at the time given the company’s focus on the Cadia Far East and Ridgeway discoveries.
Newcrest undertook ground magnetics which identified a number of targets at a 300-400m depth.
In the past year, AngloGold Ashanti, Fortescue Metals Group (ASX:FMG) and S2 Resources (ASX:S2R) have secured over 10,000km2 of exploration ground in the area via earn-in and joint venture agreements amounting to around over $200m in potential exploration expenditure.
Kincora revealed last week (28 May) it had struck a $50 million earn-in and JV deal with AngloGold over its Northern Junee-Narromine Belt (NJNB) Project.
Technical Committee Chair John Holliday and Vice President of Exploration Peter Leaman believe the next “Cadia-scale” deposit in the Macquarie Arc will likely be found in the covered and underexplored parts of the region.
Cadia is touted as one of the largest gold and copper deposits globally with reserves of 17 million ounces of gold and 3.6 million tonnes of copper.
Kincora says the Wongarbon Project is interpreted to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc.
“This is virgin territory and a major opportunity with huge upside, which is being increasingly recognised as evidenced by recent significant deals and increasing investment by industry heavyweights,” Holliday and Leaman say.
“Regional magnetics has proven very effective in mapping the volcanic belts and the major deposits have identifiable intrusive complex signatures.
“This is evidenced in the southern and more mature sections of the Arc that already hosts over 160Moz gold equivalent endowment.”
Holliday and Leaman say Kincora’s Wongarbon, Nyngan and Nevertire projects are in the right location and have the right features, hosting three of the few remaining untested large volcano-intrusive complexes of the Macquarie Arc.
Wongarbon sits around 10km and 15km along strike from Alkane and Magmatic Resources’ (ASX:MAG) respective ongoing exploration and drilling.
In the first quarter of 2024, Alkane began drill testing four regional targets at its Northern Molong Porphyry Project, which lies along the same structure – the Dubbo transverse corridor – that hosts the Boda and Kaiser deposits that so far collectively contain 14.7 million gold equivalent ounces.
Meanwhile, Magmatic in May raised further funds to support advancing three targets at the Wellington North Project within the southern portion of this same corridor.
Collectively the pair are drilling seven targets along the Dubbo corridor.
Kincora says this structure is interpreted to extend into its Wongarbon Project.
Write to Angela East at Mining.com.au
Images: Kincora Copper
