Kincora Copper is still confident it will have its revoked Golden Grouse licences in Mongolia returned or some form of monetary compensation received. Mongolia’s government has started the process of re-tendering for some of the 106 licences revoked, but Kincora has yet to have any indication of its threshold price or be given a timeline for the re-tender of its Golden Grouse licence.
The threshold price should reflect exploration expenditure it has carried out, which it will have netted off or repaid by a new owner. 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 retender on October 22.
At its Bronze Fox project in Mongolia, Kincora has concluded drilling and other key field season activities at various copper porphyry and gold targets. The company is awaiting 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 10,087 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.