Kincora Copper says results from 2012 exploration have consolidated earlier promising results at its Bronze Fox project in southeast Mongolia.
Exploration activities in late 2012 were funded by a Can$4.6 million private placement and focused on determining the potential for higher grade copper-gold porphyry mineralization at depth and near surface oxides at the West Kasulu prospect. Drilling of two previously untested geophysics anomalies at Bronze Fox was also completed.
Between October and December 2012, a further 4885 metres of diamond drilling was completed with 1473 metres being shallow holes testing oxide mineralization around West Kasulu target. Most mineralization at this prospect shows a broad lower grade copper, the highest grade being 4.06% copper and 0.19 grams/tonne gold.
One hole assayed 661 metres @ 0.35% copper, 0.01% molybdenum and 0.08 grams/tonne gold from 399 metres, with 37 metres at 0.8% copper from 573 metres. Of the 17,051 total samples, 16,547 results have been received to date. 35 holes of the 40 drilled in 2012 hit copper and/or gold mineralization, with 13 holes containing intersections of greater than 1 gram/tonne gold and the highest intersection hitting a gold grade of 7.77 grams/tonne gold.
High-grade intersections and new targets continue to be generated from the results, with the company planning follow up geophysics and deeper IP analysis at advanced exploration target zones to identify additional targets.
Kincora president John Rickus says, “Our review of the 2012 exploration season reiterates our belief that Kincora’s wholly-owned and flagship Bronze Fox project is prospective for both bulk lower grade and deeper higher grade copper mineralization. Large zones of lower grade mineralization, both oxide material at surface and sulphides at depth, were returned. While not intersecting economic mineralization this drilling, and that of two previously untested anomalies, warrant follow up activities.”
An infill program of 10 shallow holes for 1473 metres was also completed in the West Kasulu oxide target zone in the last quarter of 2012 to provide the required density to update preliminary resource models. Metallurgical analysis has also been ongoing.
Kincora has a number of options and flexibility to resume optimal exploration activities in 2013, due to the funds raised by the private placement.
In other news, Kincora is still working to determine if two licences held by its subsidiary, Golden Grouse are in jeopardy of being cancelled after a media report in February that 107 licenses issued by the Mineral Resources Authority of Mongolia were in violation of national laws.
The company has also recently joined the Mongolian National Mining Association (MNMA) in a bid to be involved in the decision making process which will draft a new Minerals Law.