VANCOUVER, June 8, 2017 /CNW/ - Kincora Copper Limited (the "Company", "Kincora") (TSXV:KCC) is pleased to announce the recent issuance by the Mineral Resources, Petroleum Authority of Mongolia ("MRPAM") of a new copper-gold exploration license adjoining one of our existing and large scale priority exploration licenses that hosts the Bayan Tal Igneous Complex ("BTIC").
Limited previous exploration at the Bayan Tal target on the Khuren Tsav license returned favourable copper-gold widths and grades on or near to the distal southern outcropping margin of an interpreted large-scale target at shallow to moderate cover with the first comparable Devonian age stratigraphy and conglomerate to Oyu Tolgoi ("OT"), since OT. Previous results include 18m @ 0.75% Cu Eq (trench) and 18m 0.66% Cu Eq in drill hole IBEX006.
The new Shavagtai license is the second Kincora has secured via the direct application system since the new ground in the eastern section of the country was opened up in the second half of 2015 following a 5-year moratorium for issuing new exploration licenses. Other larger-scale and longer-term explorers in the belt have also been successful securing new ground in this belt and are now resuming exploration activities (refer to Figure-2 in the Appendix to this press release). As stated by Minister of Mining and Heavy Industry, Dashdorj Tsedev, at PDAC earlier this year, it is proposed that total land available for exploration in Mongolia will be increased from the current 9.6% to 20.9%.
Sam Spring, President and CEO commented, "It is pleasing to see our portfolio increase around the mineralized Bayan Tal target which is one of the most advanced and prospective untested intrusive complex's in the Oyu Tolgoi-Tsagaan Suvarga Devonian copper belt.
The new license, in addition to the issuance of our Red Well license last year (noting drilling activities currently ongoing on an adjacent license by large scale incumbent), further demonstrates Kincora's ability to pick up prospective exploration land in Mongolia. Our regional exploration across the belt, expansive proprietary database, existing network, unique Technical Committee credited multiple Tier 1 copper discoveries, and year round Southern Gobi camp provides a competitive advantage for new project generation.
Discussions remain ongoing for more advanced and/or strategically important new opportunities to provide further scale and continue our counter-cyclical expansion and exploration strategy. There has been a noticeable increase in activities in the belt, with increasing exploration and drilling activities, incumbents expanding land holdings and new entrants undertaking due diligence.
Post the IBEX transaction being completed late last year further additions of strategic land and divestments of less prospective licenses will be part of Kincora's ongoing strategy and has become possible since favourable changes to the Mongolian mining sector's legislative environment. Following recent exploration activities, 103 km2 of unprospective ground has been voluntarily relinquished as we undertake the first modern systematic Tier 1 drill testing and district scale reconnaissance exploration program the world-class, under-explored Southern Gobi Devonian copper gold belt."
Background
Kincora is pleased to announce that its wholly owned subsidiary Golden Grouse Ibex LLC has been granted a new exploration license by the Mineral Resources, Petroleum Authority of Mongolia ("MRPAM", previously known as the Mineral Resources Authority of Mongolia, "MRAM") that covers 20km2, named "Shavagtai" (Sagebrush), and is located adjacent to its existing Khuren Tsav, 14396 license (403km2).
The issuance of the Shavagtai license with full 12 year term follows Kincora in February 2016 securing the "Ulaan khudag" (Red Well) license, located as close as 15km along trend from the Oyu Tolgoi and Shivee Tolgoi mineralized systems (the former which extends a known 26km's) at the Oyu Tolgoi project, and the eastern section of the country only being opened up in the second half of 2015 following a 5 year moratorium for issuing new exploration licenses.
As part of a standard procedure going forward for all licenses, our Technical Committee has reviewed the Amtgain Toirom, 14876 license to ensure it fits within our exploration parameters and following recent activities, on this licenses and across the belt, including last years extensive ground magnetics survey and historical Induced Polarisation ("IP"), 103km2 of the original 162km2 license has been voluntarily relinquished as Kincora advances its wholly owned and dominant land position in the belt up the value curve.
Further details on this license are included on the Kincora website as an Appendix to this press release: http://kincoracopper.com/research-reports
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, Senior Vice-President of Exploration of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.
About Kincora
Kincora is a junior resource company engaged in the acquisition, exploration and development of mineral properties, with a focus on copper-gold projects in Mongolia. For further information: www.kincoracopper.com.
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
Sam Spring, President and Chief Executive Officer, [email protected] or +61431 329 345
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