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Kincora and AngloGold Ashanti's First Drilling Program

In This Article:

  • The first ever copper-gold focused drilling program at the northern portion of the Nyngan Project will shortly commence with earn-in partner AngloGold Ashanti Australia (AngloGold Ashanti).

    • New district-scale potential with up to eight large intrusive complex targets to be drill-tested for the first time in this initial first phase program.

    • Approximately 6 to 8 drill holes for an estimated 4000-5000 metres budgeted before the summer break.

    • Kincora is managing the program and will receive a 10% management fee.

    • The program is the first by Kincora in partnership with AngloGold Ashanti, which has the right to spend up to A$50 million to earn an 80% interest in the Nyngan and Nevertire Projects.

  • Fleet Space Technologies Pty Ltd's (Fleet Space) ongoing Ambient Noise Tomography (ANT) and gravity geophysical surveys at the Nyngan Project are progressing well and are expected to complement upcoming drilling.

Melbourne, Australia--(Newsfile Corp. - August 14, 2024) - Kincora Copper Limited (TSXV: KCC) (ASX: KCC), (Kincora or the Company) is pleased to outline plans for the next chapter of copper-gold focused drilling in the Macquarie Arc, Central West New South Wales (NSW) with a first program in partnership with and funded by AngloGold Ashanti to shortly commence at the Nyngan Project.

Sam Spring, President and CEO of Kincora, commented:

"We are very excited by the potential of the Northern Junee-Narromine belt where we are seeking not to just confirm a new significant porphyry Cu-Au deposit but a new district and series of discoveries. The strategic appeal and value of a new porphyry district has been clearly illustrated in the Vicuña district with corporate activities by BHP and Lundin Mining this month supporting over C$8 billion of value being recognised for a cluster of four new major discoveries.

Recent planning and targeting activities with our partner AngloGold Ashanti has significantly expanded the number of targets, the drilling activities needed and planned to test a series of major and previously undrilled interpreted magmatic complex targets at the Nyngan Project.

Initially we are aiming to test up to eight new major intrusive system complex targets before year end in this first phase program which focuses on the very compelling northern Nyngan "Ace of Spades" region.

Recent neighbouring explorer drilling is also supporting the potential of a series of Macquarie Arc intrusive complexes to the immediate east of the "Ace of Spades" target area along a potentially important common transverse structure providing further encouragement to the potential of a new porphyry district scale opportunity."