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AngloGold Ashanti to earn-in to the NJNB Project

In This Article:

  • Kincora Copper has signed a definitive multiple-phase Earn-in and Joint Venture Agreement with a wholly owned subsidiary of AngloGold Ashanti plc (AngloGold) (NYSE: AU; JSE: ANG) for the Northern Junee-Narromine Belt (NJNB) Project, comprising the Nyngan and Nevertire licenses.

  • AngloGold has the right to spend up to A$50 million to earn a 80% interest through:

    • A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10% management fee.

    • Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to earn a 80% joint venture interest (Phase II).

  • Under the agreement a wide range of virgin, large intrusive-related copper-gold targets will be drill tested.

  • The undercover extension along the NJNB of the renowned Macquarie Arc porphyry copper-gold geology is a globally significant exploration opportunity. Regional geophysics strongly indicates that Kincora's Nyngan and Nevertire licenses host two of the very few remaining, almost untested, volcano-intrusive complexes of the Macquarie Arc. Kincora was the early entrant securing a district scale position in the interpreted shallow to moderate covered core sections of the NJNB by pegging Nyngan and Nevertire.

  • AngloGold has now secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (AUCU.CSE) (Inflection) covering ~8,000km2 across the NJNB. AngloGold has spent over A$6 million in exploration of the Inflection agreement area in the last 12 months, with further drilling planned shortly at Inflection's Duck Creek and Moonagee prospects which separately abut Kincora's Nyngan license (1).

MELBOURNE, Australia, May 28, 2024 /CNW/ - Kincora Copper Limited (TSXV: KCC) (ASX: KCC) (Kincora or the Company) is pleased to announce the execution of the definitive multiple-phase Earn-in and Joint Venture Agreement (Agreement) that outlines the terms under which AngloGold may earn into the wholly owned Nyngan and Nevertire licenses located in the NJNB of the Macquarie Arc.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, commented:

"We are excited to partner with bold explorer AngloGold whose support provides the capital, technical and belt scale capacity required to aggressively drill test and begin realising the potential of Kincora's district scale land position in the almost unexplored, under cover NJNB extension of the Macquarie Arc.

This is virgin exploration territory and a major opportunity with huge upside offering Cadia-scale discovery potential.