Kincora Copper Ltd (CVE:KCC) told investors it has closed its earlier announced deal with RareX Ltd concerning copper-gold assets in New South Wales, firing the starting gun on the company carrying out high impact drilling at a number of targets in Australia's foremost porphyry belt.
Kincora now has a controlling interest across 1,732 square kilometres (km) in the key belts of the Macquarie Arc, with a pipeline of targets being systematically advanced.
This includes the flagship Trundle project, the only brownfield porphyry project held by a listed junior in the Lachlan Fold Belt, which lies less than 30km from the China Molybdenum Company (CMOC) operated Northparkes copper-gold mine.
The Lachlan Fold Belt has recently attracted "considerable investment" and positive re-rating of active exploration peers, noted Sam Spring, the president and CEO of Kincora in a statement.
Drilling will shortly commence at the brownfield Trundle project, which sits within the same system as Australia's second-largest porphyry mine at Northparkes, with demonstrated similar and extensive mineralization, he added.
"Details of the upcoming program are expected to be shortly announced and will focus on three known mineralized Northparkes porphyry targets, seeking to confirm the discovery of a new cluster of deposits".
The Northparkes copper-gold mine has a total mineral endowment (past production and current resources) of over 20 million ounces of gold-equivalent.
Six mineral leases
As reported on January 30, Kincora’s transaction with RareX gives it 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.
Legal and technical due diligence and definitive agreements have now been completed and the consideration paid, as per the binding Memorandum of Understanding (MoU), Kincora said in a statement on that date.
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