Kincora Copper has commenced its 2013 season of field activities at the flagship Bronze Fox Project with a staged exploration program initially focusing on geological mapping and infra-red spectrum analysis at targeted areas of the site.
The 2012 activities confirmed a significant number of copper porphyry targets at the West Kasula and Leca Pass prospects, and the focus of the current program will be to refine exploration data, conduct further analysis and specify target generation.
Recent positive results at the southeast Mongolian project site include 37 metres @ 0.8% copper and other shallower zones of bulk and higher grade porphyry mineralization including 8 metres @ almost 1% copper equivalent with the highest grade of 4.06% copper and 0.19 grams/tonne gold encountered at another hole in late 2012.
Kincora’s president Sam Spring says, “Initial activities will include a detailed mapping of veins, hydrothermal alteration and mineralized zones, advancing the project from a technical perspective via a systematic exploration program noting that our licences are only in their fourth year.
“Recent petrography and mineralogy results have illustrated bornite, chalcocite and gold mineralogy is often closely linked to the moderate and high-grade copper zones encountered at and around the West Kasulu prospect. Planned follow up work is expected to improve the understanding of these relationships and confirm a number of trends already identified, which will greatly assist future exploration for higher-grade mineralization zones and a potentially economic copper porphyry system,” he says.
It’s expected these first phase activities will potentially support a deep Induced Polarization program and further drilling at identified high priority targets in the second half of the year, which could to lead a significant exploration target range.
The company’s cash balance of around Can$2.6 million will support board approved activities until 2014. Management is also focusing on further reducing overhead and administrative costs.
“Despite the uncertainties that have emerged since mid-last year we see recent external events as potential catalysts for an improvement in market sentiment towards Mongolia and especially Kincora.
“Uncertainty relating to our lower priority two Golden Grouse licences has undoubtedly impacted our share price and while this situation is not yet resolved we believe our planned multi-phase exploration program for 2013 places us in good stead to add value at a project level whilst remaining funded into 2014,” says Sam Spring.