Kincora Copper has concluded drilling and other field season activities at various copper porphyry and gold targets at its wholly-owned Bronze Fox project. The company is currently waiting assay results, integrating results and analysis from previous geological and geophysical programs.
During the 2014 field season, 13 holes were completed for a total of 10087 metres, including 3027 metres of RC drilling. Various mapping, surface sampling and trenching activities took place, particularly at the Sophie North and Happy Geo prospects.
Drilling activities were focused on Sophie North, Leca Pass and the south-eastern section of the previously known West Kasulu prospect, recently named Shargal Tolgoi (Yellowish Hill) and areas of known mineralization that remained largely untested with favourable Induced Polarization and magnetics.
In regards to the 106-licence dispute, Kincora and the association of active former licence holders, continue to have active discussions with Government officials from the Ministry of Mining, Ministry of Finance and MRAM.
The Government has announced that former licence holders must corroborate the expenses incurred for the said area and that verified expenses will form a 'threshold price' that will form the starting point for a competitive tender process to reissue the licences. It is specified in the competitive selection that if such a former licence holder participates in the tender process but does not win, its expenses incurred (agreed 'threshold price') will be paid, or reimbursed as compensation by the successful bidder, with the licence being granted with a full term of tenure (ie up to 12 years) either to the former licence holder or successful third party bidder.
The first 14 licences with agreed threshold prices impacted by the 106-licence dispute were re-tendered on September 22 with 10 of these to have a second re-tender on October 22.
Kincora is yet to have its threshold price confirmed, continues to advocate for the costs previously written down directly relating to its two former licences as per its audited 2013 financial statements ($6,952,000), and is yet to be provided with an indicative timeline for when our impacted Golden Grouse licences might be re-tendered.