Having uncovered new targets within the Northern Junee-Narromine Belt (NJNB) in New South Wales, Kincora Copper (ASX:KCC) and partner AngloGold Ashanti (NYSE:AU) have again expanded the initial drilling program.
The pair are planning to drill a further four holes at the Nyngan Project after having already completed 15 holes and 6,197.3m of drilling.
After receiving positive results for the first six holes drilled in the final quarter of 2024, the program was expanded to provide greater coverage across the two wider target areas.
A ground gravity survey covering 400km2 was also commissioned and completed in the first quarter of this year, identifying a number of new targets – four of which are currently being drilled.
Various coincident magnetic and new gravity anomalies have been identified at both the wider Gerar and Ace of Spades targets.
Kincora says several of the already drilled holes show encouraging alteration, anomalous copper and pathfinder minerals supporting porphyry copper and epithermal gold potential.
CEO Sam Spring tells Mining.com.au this is the second expansion to the ongoing scout-drilling program and is due to positive initial results at the Nyngan project.
“Following the recent expansion of our partnership with AngloGold Ashanti we have also announced that the scope of the proposed drilling program at the Nevertire projects has been expanded, with the rig expected to be moved from Nyngan to the Nevertire projects and then back to Nyngan, which should support drilling until the end of year summer break,” he says.
“Probably more important than the positive results we announced today is the very materially increased scale of this year’s drilling program and the management fee income that Kincora receives from currently operating this program.”
In mid-April, AngloGold expanded its partnership with Kincora to include a second major joint venture on the NJNB Project in New South Wales.
The US$23 billion ($35 billion) miner has now committed to spending up to $100 million on Kincora’s NJNB Project in the Macquarie Arc of the Lachlan Fold Belt – up from the initial $50 million buy-in announced for the first deal in May last year.
The separate joint venture is a multi-phase, multi-year deal that covers the Nyngan South, Nevertire South and Mulla projects. These projects sit adjacent to the Nyngan and Nevertire projects that were the focus of the May 2024 agreement.
As part of the partnership with AngloGold, Kincora receives a 10% management fee, which provides the junior explorer with an income stream.
Kincora and AngloGold now also plan to undertake a first-phase drilling program at the Nevertire and Nevertire South projects to test anomalous copper-gold mineralisation previously identified by Newcrest Mining in the central and southern section of the Nevertire Magmatic Complex.
Kincora Technical Committee Chair John Holliday says the interactive relationship with AngloGold is proving very effective for the generation of new targets.
“The initial phase of exploration is generating more new Macquarie Arc volcano-intrusive complex targets potentially hosting both porphyry copper and epithermal gold settings,” Holliday says.
“Following another four planned holes at Nyngan the rig is scheduled to move to Nevertire South testing high-priority step-out targets, which we rate as the most advanced and geologically prospective porphyry project in the covered extensions of the Macquarie Arc.
“Following an estimated seven further holes at Nevertire and Nevertire South we expect the rig to then return for a second and step-out phase of drilling at Nyngan which will see drilling until the summer break.”
Drilling at the Nyngan, Nevertire and Nevertire South projects is expected to continue into the fourth quarter of this year.
Write to Angela East at Mining.com.au
Images: Kincora Copper
