Kincora Copper says drill results from its Bronze Fox copper-gold deposit in southeast Mongolia indicate the licence has potential to host a high-grade resource. All drill holes from a 10,035 metre program at the West Kasulu and Leca Pass prospects have intersected extensive copper and gold mineralization.
A number of holes were open at depth with one hole containing more than 750 metres of consistent copper mineralization. The company says the mineralization covers an area of more than 35sqkm.
Rock chip samples from three high anomaly areas identified in April and May have returned assay results of up to 93 grams/tonne gold, which the company says indicates the further gold potential outside of the current focused work area. Exploration of the extended property is planned to commence in early 2012.
The best results at the West Kasulu prospect include one with consistent copper mineralization over 750 metres with higher molybdenum mineralization zones of up to 0.9%.
Initial scout drill testing at the Buchanan Heights and Spohie North targets resulted in four of the six holes intersecting hydrothermal related pyrite and arsenopyrite veins. Assay results from these holes show this belt has potential to host gold mineralization with between 1 and 4.2 grams/tonne gold recorded in some intervals.
The Bronze Fox project covers 223sqkm about 250km from the Chinese border and 140km northeast of the world-class Oyu Tolgoi copper/gold project. Kincora says its flagship asset shares the same metallogenic belt as the OT deposit.
Meantime, the company has appointed a new president and chief executive officer to succeed Stephen Fabian, who will remain as chairman of the board of directors. Igor Kovarsky has more than 30 years experience in the construction and mineral sectors, managing exploration, engineering, development and mining operations in a number of large projects, including bringing one of the world’s largest gold mines - Kyrgyzstan’s Kumtor mine - into production.
Chairman Stephen Fabian says, “I am particularly pleased that someone with the calibre and experience of Igor has agreed to join us at Kincora. His vast experience in all stages of mining from exploration through to the development of large mining projects in Mongolia will be invaluable for the company.”