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Kincora Announces Strategic Investment & Expanded Partnership with Fleet Space

In This Article:

  • Kincora to raise A$1.27 million (C$1.19 million) via strategic investment by Fleet Space, existing major shareholder, directors and new investors participation

    • Raise conducted at A$0.038 (C$0.036) with 1:2 attaching option at A$0.075 (C$0.07)

    • Fleet Space to invest A$400,000 (C$373,832) to take initial ~4% strategic stake in Kincora

  • Expanded partnership with Fleet Space including Kincora's recently secured and wholly owned Wongarbon Project

    • Multiphysics survey agreement comprising Ambient Noise Tomography (ANT) and gravity surveys with Fleet Space's end-to-end mineral exploration solution, Exosphere

    • Fleet Space has the right to fund a minimum 2,000m drill program to earn a 20% stake in the Project

    • The Wongarbon Project is interpreted to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc situated on an interpreted common transverse structure that is a key control to the 14.7Moz gold equivalent inventory within Alkane Resources Limited's Northern Molong Porphyry Project (NMPP) 1

    • Final interpretations are pending for a recent Fleet Space ANT survey at the NMPP and multiphysic surveys at the Nyngan Project ahead of imminent drill testing

Melbourne, Australia--(Newsfile Corp. - October 16, 2024) - Kincora Copper Limited (TSXV: KCC) (ASX: KCC) (Kincora or the Company) is pleased to have expanded its partnership with Fleet Space Technologies Pty Ltd (Fleet Space) to include: (i) a listed equity investment, (ii) multiphysics surveys at the Wongarbon Project to identify and refine targets, and, (iii) the right to drill test targets to earn an asset level interest in the Wongarbon Project.

Fleet Space is Australia's fastest growing company 2 and widely recognised as Australia's leading space exploration company. Fleet Space seeks to revolutionise mineral exploration with its vertically integrated technology stack, ExoSphere, which combines the latest advances in satellite connectivity, 3D multiphysics data acquisition and AI to map mineral systems in real-time to streamline exploration and improve success rates for new economic discoveries.

The Wongarbon Project has never been drilled, is located in the interpreted extension of the Northern Molong Belt of the Macquarie Arc, NSW, and is considered to be highly prospective for a new large-scale porphyry copper-gold complex and series of discoveries.

Sam Spring, President and CEO of Kincora, commented:

"Kincora and Fleet Space strongly believe the Wongarbon Project has the potential to be a new porphyry district and it is a prime candidate for major discovery.