Kincora makes ‘strong’ start to drilling across NSW project portfolio in Q1 2023

Australian exploration company Kincora Copper (ASX:KCC) started Q1 2023 ‘strongly’, with drilling restarting at its Trundle Project in the Central West region of New South Wales.

As outlined in a company quarterly report, Kincora started a new high-impact phase of drilling at Trundle on 10 January to test 5 adjacent systems and separate large-scale porphyry targets across an existing 3.2km mineralised strike. 

This drilling confirmed an ‘extensive’ gold-copper complex, with 4 adjacent mineralised targets returning shallow ‘high-grade’ and broad gold-copper results. A technical workshop is planned for the end of May to review the final results and plan follow-up activities.

Meanwhile, during Q1 2023, Kincora’s exploration partner, Earth AI, began reconnaissance fieldwork at the Cundumbul Project in New South Wales to assist, confirm, and refine target assessment ahead of a planned drilling program utilising Earth AI’s in-house diamond drill based in Young.

Under the exploration partnership, Earth AI will spend up to $4.5 million to generate and drill test targets to earn a royalty only upon a new drilling discovery. The company says this agreement does not affect the capital structure of Kincora or the current ownership of the project.

Following shareholder approvals for tranche 2 of a December 2022 capital raising, Kincora reports that Australian mining and engineering company The Bloomfield Group is now the company’s largest shareholder.

Additionally, The Bloomfield Group Chief Operating Officer (COO) Luke Murray joined Kincora’s board as a non-executive director, bringing with him senior executive experience in open-cut mining, processing, logistics, and permitting in New South Wales.

During Q1, Kincora also successfully appealed its ongoing defence of a 2016 tax ruling in the Mongolian Supreme Court. The company says the appeal followed an ‘adverse’ Appeal Court ruling, outside the litigants’ appeal and counter-arguments, which overturned a priority First Instance Administrative Court and preceded a timeframe ‘far too short’ to consider the merits of the case.

Commenting on the company’s Q1 activities, Kincora Copper President and Chief Executive Officer (CEO) Sam Spring says: “Kincora has made a strong start to the ongoing drilling program that will drill test a total of 13 gold-copper discovery opportunities across 5 projects, and in addition to this, it is pleasing to see our artificial intelligence (AI) exploration alliance partner, Earth AI, commence fieldwork at the Cundumbul Project.

Initial drilling results further illustrate the very extensive scale of the mineralised system at the brownfield Trundle Project, with demonstrated higher-grade potential, including most recent assay results of up to 2.24% copper and 1.75g/t gold.

Initial visual results are encouraging from our maiden drilling program at the Condobolin, where high-grade gold-base metal results are expected at 3 targets.

There is a strong pipeline of news flow and value catalysts in the upcoming quarter, which we expect to be a very exciting period for the company”

There is a strong pipeline of news flow and value catalysts in the upcoming quarter, which we expect to be a very exciting period for the company. We continue to see many significant positive developments in our district, including new mine permits, exploration successes and increasingly corporate transactions from earn-in exploration agreements to billion-dollar-plus M&A (mergers and acquisitions).”

Kincora Copper is an Australian exploration company with an ambition of becoming the leading pure-play porphyry explorer in the Macquarie Arc of New South Wales. 

The company’s portfolio of assets includes the Trundle, Fairholme, and Condobolin projects in the Junee-Narromine Volcanic Belt and the Cundumbul Project in the Molong Volcanic Belt. Additionally, Kincora also holds the Tourmaline Hills, Bronze Fox, and Red Well projects in the Southern Gobi belt of Mongolia.

Images: Kincora Copper Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.