Kincora Copper (ASX:KCC) has begun drilling at its Wongarbon Project to confirm the project’s prospectivity for hosting one of the large and untested intrusive complexes of the Macquarie Arc in New South Wales.
Drilling will also test a magnetic anomaly interpreted as a gold-copper porphyry target.
Kincora has planned a 650m deep hole at the project, expected to be complete in four weeks, which is funded by the New South Wales Government’s Critical Minerals and High-Tech Metals Exploration Program (CMEP) grant.
As reported by Mining.com.au, the company has received $143,483 from the government for this exploration program. Kincora expects drilling to cost under US$100,000 ($154,010).
Technical Committee Chairman John Holliday describes Wongarbon to sit in virgin territory as a “major opportunity with huge upside”.
“There is a good chance that the next Cadia-scale deposit in the Macquarie Arc will be found in the covered and underexplored parts of the Lachlan Fold Belt,” Holliday says.
“Regional magnetics has proven very effective in mapping the prospective Macquarie Arc belts and the major porphyry deposits have identifiable magnetic intrusive complex signatures.
“The Wongarbon project is a real stand out untested example of this signature in the right location and with the right features.”
In a joint statement, CEO Sam Spring and Vice President of Exploration Peter Leaman say the project has potential to be associated with the nearby Boda-Kaiser discoveries, describing the deposits as the “most significant new porphyry system discovery in New South Wales of recent decades”.
“While you can’t ever expect to make a discovery with your first hole, regardless this hole will greatly assist follow up exploration and optimise the innovative multi-phase partnership in place with Fleet Space,” the company’s representatives say.
Fleet Space Technologies has the right to earn a minority stake in the project following drilling that usesthe ExoSphere program. ExoSphere is an AI-powered platform that integrates geophysical sensors, proprietary multiphysics surveys, geochemistry, and drill targeting into a single workflow.
“Coupled with last month’s funding grant from the New South Wales Government, the risk reward scenario is highly compelling and unique on a global perspective,” Spring and Leaman adds.
“This hole is in-line with Kincora’s capital efficient value add strategy for its sole funded projects and offering shareholders multiple shots on goal with seven different licences being drilled within a 12-month horizon.”
Board shifts
Kincora is also adjusting its board of directors with the appointment of James Durrant following Jeremy Robinson’s decision to resign.
Currently acting as Managing Director and CEO of RareX (ASX:REE), Durrant has more than 15-years of experience in operational leadership on mine sites and later-stage projects through to execution.
Chairman Cameron McRae says the company is grateful for Robinson’s contribution since stepping onto the board in December 2023.
“Having such a capable replacement in James (and RareX’s Managing Director) will ensure continuity of strategic purpose, alignment of key shareholders on the Board and bring James’ considerable business development skills to the directors’ collective skill set,” McRae says.
Kincora Copper is an emerging gold and copper explorer, focused on a portfolio of projects located in Australia’s Lachlan Ford Belt and Mongolia’s Southern Gobi using its hybrid project generator strategy.
Write to Maddison Elliott at Mining.com.au
Images: Kincora Copper
