Kincora closes agreement with RareX
Mar 19, 2020, 06:00 ET
- Definitive agreement completed with RareX Limited for New South Wales located copper-gold assets
- Kincora's portfolio in the Lachlan Fold Belt includes a district scale land package and industry leading proposition of copper-gold targets
- Near term drilling planned at the brownfield Trundle project
- Favorable year-end cash position of $3.5 million
VANCOUVER, March 19, 2020 /CNW/ - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV:KCC) is pleased to provide an update on its activities in the Macquarie Arc of the Lachlan Fold Belt ("LFB"), Australia's foremost porphyry region.
Legal and technical due diligence and definitive agreements have been completed with RareX Limited ("RareX"), and consideration paid, as per the binding Memorandum of Understanding ("MoU") announced January 30th, 2020.
Kincora has a controlling interest across a 1,732km2 land position in the key belts of the Macquarie Arc, with confirmed strategic appeal and 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, located less than 30km from the China Molybdenum Company (CMOC) operated Northparkes copper-gold mine, which has total endowment (past production and current resources) of over 20Moz gold-equivalent1.
Sam Spring, President & CEO, commented: "Kincora is well positioned and funded for high impact, value add drilling at a number of the most compelling drill targets in Australia's foremost porphyry belt, a belt that has recently attractive considerable investment and positive re-rating of active exploration peers.
This will shortly commence at the brownfield Trundle project, which sits within the same system as Australia's second largest porphyry mine (Northparkes) with demonstrated similar and extensive mineralisation.
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".
Reference:
1 Anglogold Ashanti Australia Limited, Jul'14 open file report EL7751 (publically available from the DiGS Geological Survey of NSW).
Qualified Person
The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Peter Leaman, B.Sc (Hons) Geology, FAusIMM, Senior Vice-President of Exploration of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.
The review and verification process for the information disclosed herein on the RareX projects has included the receipt of all material exploration data, results and sampling procedures of previous operators under a confidentiality agreement and review of such information by Kincora's geological staff using standard verification procedures.
About Kincora Copper Limited (KCC – TSXV)
Kincora is an active junior and systematic explorer seeking to make a major discovery in Mongolia, the Lachlan Fold Belt in Australia and other prospective complementary jurisdictions.
Our technical team is credited with multiple discoveries of Tier 1 copper assets and in June 2019 the Company completed an oversubscribed $6.25m offering supporting an aggressive drilling and program generation strategy.
In the third quarter of 2019, the Company made the strategic decision to opportunistically pursue entry into the Macquarie Arc, in Central West of New South Wales (NSW), Australia. This is Australia's foremost porphyry belt, home to the giant Cadia mine, the Northparkes mine and recent Boda discovery by Alkane Resources.
The Macquarie Arc is synergistic in line with Kincora's core focus. It offers: the same scale of target (world-class); the same commodity mix (copper-gold or gold-copper); the same mineralized setting (porphyry &/or epithermal gold); supports a similar systematic exploration approach/exploration methods; and, is a region where the team has had significant exploration success.
Forward-Looking Statements
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Kincora Copper Limited
For further information: Sam Spring, President and Chief Executive Officer, [email protected] or +61431 329 345
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