Kincora Copper (ASX: KCC) has been awarded three highly sought-after project drilling grants totalling $389,500 under the NSW Government’s New Frontiers Cooperative Drilling Grants program.
The grants were received for the Fairholme (A$200,000), Jemalong (A$105,000), and Nevertire (A$84,500) projects, located in the Macquarie Arc of the Lachlan Fold Belt in NSW. The company noted that the grants follow a competitive expert panel review process. Monies are non-dilutionary, and fund direct per meter drilling costs on a matched dollar-for-dollar basis.
The grants will support maiden drilling programs at the Nevertire and Jemalong projects, and the already-completed five-hole diamond drilling program at the Gateway prospect within the Fairholme project. Currently, assay results and review are pending, with a follow up air-core program scheduled at multiple prospects during the next quarter.
Commenting on the grants, Kincora Copper President and CEO Sam Spring said: “We thank the State Government and Geological Survey of NSW for the financial support to Kincora and the wider industry via the New Frontiers Cooperative Drilling programs. The program is another example of the favourable operating environment Kincora benefits from in NSW, particularly at a time of increasing hurdles and ESG considerations across the industry, and notably in the copper sector.
“The program is another example of the favourable operating environment Kincora benefits from in NSW”
We look forward to further investing these funds into the ground, drill testing our new geological concepts for these projects and systematically advancing our project pipeline.”
The New Frontiers Cooperative Drilling Grants program is managed by the Geological Survey of New South Wales and provides grants to successful applicants for exploration drilling programs that demonstrate strong prospectivity, sound financial planning and a proven technical base. An experienced panel made up of government and independent assessors are responsible for reviewing applications.
Under the fourth round of the program, a total of 14 groups were granted awards for drilling at 20 projects, including Kincora’s 100% owned Nevertire project and JV projects Fairholme and Jemalong. Other awards were issued to neighbouring explorers on adjacent licenses and potentially common mineral systems to KCC’s Trundle and Cundumbul projects. Rimfire and Sultan Resources were granted awards for drilling at the Valley and Razorback projects respectively.
Consulting indicates that each additional dollar spent on gold exploration generates an extra $11.40 in revenue in the long term, with similar multiplier effects evident for other commodities.
