Woomera Mining (ASX:WML) is aiming to extend the “high-grade” zone and test an existing induced polarisation anomaly at Kincora Copper’s (ASX:KCC) Bronze Fox Project in Mongolia.
The company is currently earning an 80% interest in the Bronze Fox Project from Kincora Copper, by spending US$4 million ($5.94 million) on exploration and has the right to acquire 100%.
At Bronze Fox, drilling encompasses a two-pronged diamond core campaign for 2,000 to 3,000m of drilling, focusing on shallow infill and extension drilling to increase the existing resource base and convert the exploration licence to a mining licence.
The program is expected to be completed in six to eight weeks, with results to be returned in January 2025.
Kincora, which has a market capitalisation of $10.87 million, has conducted 46,625m of reverse circulation and diamond core drilling to date, which has resulted in defining three shallow, large porphyry complexes.
The company says these discoveries have provided genuine new discovery potential, resource delineation, and early stage exploration plays.
Bronze Fox is partly covered by a 30-year mining licence and hosts a maiden inferred resource of 426,000 tonnes of copper and 437,000 ounces of gold down to a depth of 325m.
The project covers 175km2 and lies in the Southern Gobi porphyry belt of southern Mongolia.
Kincora Copper is an Australian copper and gold explorer that holds projects in Australia’s foremost porphyry belt. The company is spinning the drill bit at three projects, with its partners funding up to 11,000m to test 13 copper-gold porphyry targets before the year is out, as reported by Mining.com.au.
The company brought in a partner for its Mongolian ground to free it up to focus on its flagship projects in the mineral-rich Macquarie Arc region of New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Kincora Copper
