Kincora Copper has resumed exploration activities in Mongolia and early indications from an induced polarization (IP) survey at the Bronze Fox Copper Project are encouraging. Further work will take place during the current quarter aimed at generating targets on Bronze Fox.
TSX Venture Exchange listed Kincora is the sole owner of the Bronze Fox, Northern Fox and Tourmaline Hill copper-gold licences in southern Mongolia. The licences cover a total area of 60,000 hectares, of which the flagship Bronze Fox’s licence area covers more than 22,000 hectares.
During the June quarter Kincora resumed exploration activities with geological/alteration mapping, infra-red (IR) spectrum analysis and further IP survey ongoing. The company says the IP program is expected to cover areas previously untested and penetrated to a deeper target depth.
Kincora ended its latest half year with US$2.324 million in cash compared to US$1.607 million in 2012. These funds will support activities into 2014. The company says it has undertaken a detailed review of overhead/administrative costs, with further savings realized, realigned the existing management team and all directors have recently acquired the company’s stock on-market.
In a statement it said: “We continue to look to responsibly add value at the asset level despite the current difficult markets for exploration and investor sentiment towards Mongolia, the latter we are optimistic will still improve in the next 3-6 months.”