Kincora Copper confirms that its East Tsagaan Suvarga (East TS) target in southern Mongolia is a mineralised porphyry system with comparable geochemistry, magma fertility and age to the development projects in the belt, Oyu Tolgoi (OT) and Tsagaan Suvarga.
Confirmation followed results of age dating and fertility discrimination analysis of outcropping quartz monzodiorite copper mineralisation.
East TS is an open pit target only 13km from the Serven Sukhait 255 million tonne open pit sulphide deposit within the larger Tsagaan Suvarga Intrusive Complex. It sits within the interpreted on strike eastern lode extension of Serven Sukhait pit.
Serven Sukhait is a privately-owned, billion dollar-plus development project and is within the second large-scale porphyry system in the South Gobi Devonian belt to date with an economic discovery.
New analysis of age dating, whole rock geochemistry and magma fertility highlights a common suite between quartz monzodiorite within Serven Sukhait open pit, the high-grade underground deposits at OT and East TS.
Kincora says this is an important new advancement in understanding of Devonian belts formation with implications to future regional exploration. Field season results from 2016 coupled with regional airborne magnetic surveys support the interpretation of a ‘brownfield’ open pit target at East TS within the TS Intrusive Complex.
Activities in 2016 included ground magnetics, detailed mapping, petrography, whole rock geochemistry with fertility analysis and age dating to complement historic Induced Polarization (IP) geophysics.
Interpretation of the IP data suggests extensive sulphide mineralisation in the area of interest and integration of improved understanding of geology, structure, geochemistry and geophysics is ongoing to refine expected potential priority drill targets.
Kincora’s president and CEO Sam Spring said, “To the best of our knowledge since the discovery of OT there has not been one new mineralised Devonian target publicly identified in the South Gobi.
“Since closing the IBEX transaction we have announced two new Devonian targets, Bayan Tal and East Tsagaan Suvarga, both being excellent analogies to the two existing development projects in the belt, OT and Tsagaan Suvarga.
“New analysis undertaken last field season has shown Tsagaan Suvarga can be classified as a Devonian quartz monzodiorite system, essentially identical to the high-grade ore bodies at OT, and our East TS target is part of this suite. This further supports East TS as a priority target area and has important implications to future regional exploration.”
Kincora recently announced the appointment of Luke Leslie as non-executive chairman and John Holliday as an independent non-executive technical director.
Luke Leslie is a seasoned natural resource specialist private equity investor, with previous M&A and capital market transaction experience, including having been based in Mongolia working on acquisitions in the mining and metals sector.
John Holliday has a track record of success in global gold-copper deposit exploration, discovery and evaluation, particularly with concealed porphyries such as those that the Oyu Tolgoi-Tsagaan Suvarga copper belt is prospective for where Kincora holds the dominant regional landholding.