The Vancouver-based company completed two transactions to boost its holdings to 1,732 square kilometres in the highly prospective Lachlan Fold Belt.
Sam Spring, Kincora’s CEO, said that the firm’s expansion activities in the region provide an “extremely attractive” entry point to an extensive license portfolio with proven investor appeal.
The Lachlan Fold Belt hosts both Newcrest's Cadia-Ridgeway camp and China Molybdenum Group's Northparkes mine.
Kincora’s expanded ground comes courtesy of two transactions. Following the granting of the Nyngan project in November 2019, the firm has a second direct application in progress to the southeast in an area called Nevertire.
An additional agreement with RareX Resources Limited gives Kincora controlling interest in six exploration-stage copper-gold projects, including the advanced Trundle project.
The addition of the Nevertire project and RareX portfolio supports a district-scale land package and industry-leading proposition of copper-gold targets, Kincora told shareholders in a Thursday statement.
CEO Spring said that the firm is funded to pursue exploration on the new targets.
“Our team has demonstrated Tier 1 exploration success in the region and believe the expanded portfolio supports excellent potential for new higher-grade porphyry and skarn copper-gold discoveries in a number of proven mineralized systems,” Spring said.
“The Trundle project, secured as part of the RareX transaction, is a high priority for immediate exploration. Trundle has extensive mineralization adjacent to new untested targets in a brownfield environment next to Australia's second largest porphyry system and operation.”
Trundle of immediate interest
Kincora’s transaction with RareX Limited gives the explorer the ability to acquire a 65% interest in six mineral leases in the Lachlan Ford Belt in exchange for A$25,000. The six claims include advanced to early-stage exploration projects and porphyry targets located in the key volcanic belts of the Macquarie Arc that have attracted considerable interest from industry groups, according to Kincora.
The Trundle project is of immediate interest and will be a priority for the exploration program, the firm told shareholders. Trundle is located 30 kilometres from the Northparkes operation, which is on track to produce over 20 million gold equivalent ounces over its mine life. The project shows evidence of similar copper-gold mineralization to the two major operations on the Lachlan Fold Belt.
Significant intercepts from targets on the project include 56 metres (m) at 0.9 grams per ton (g/t) gold and 0.4% copper from 34 m, including 2 m at 20 g/t gold, 7% copper and 81 g/t silver from 64 m.
Another intercept returned 39 m at 0.6 g/t gold and 0.1% copper from surface. In previous exploration campaigns, only 11 holes have been drilled beyond 300 m.
Encouraging results at Nevertire
Nevertire is also home to encouraging exploration results. The prospect, along with Nyngan, consolidate land in an area thought to have significant potential for mineralization. Australian miner St Barbara Ltd had previously been active in the area.
Kincora chairman Cameron McRae touted the firm’s competitive advantage in the region.
"The Kincora team are focused on opportunities where we have a competitive advantage, funding will be focused on high impact, value add programs, underpinned by targets with strong indications for world-class scale potential,” McRae said in a statement.
“Access to the New South Wales government facilities, and geological and historical exploration records, has expedited the process of building our position in the belt.”
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