Ambient Noise Tomography (ANT) and gravity geophysical surveys (the "Surveys") have confirmed and refined a regionally significant priority porphyry target located within the "Ace of Spades" region at the Nyngan Project ahead of imminent drill testing
The first ever copper-gold focused drilling program has recently commenced 1 at the northern portion of the Nyngan Project testing new porphyry district-scale potential with 6-8 drill holes for an estimated 4000-5000 metres scheduled before the end of year
The Surveys also cover the location of a second designed hole and identified a number of new potential areas of interest also within the "Ace of Spades" region that will be reviewed in light of the results of the commenced drilling program in conjunction earn-in partner AngloGold Ashanti Australia (AngloGold Ashanti)
The Surveys apply cutting-edge technology utilising the first ever integrated real-time ANT and ground gravity undertaken by Fleet Space Technologies Pty Ltd (Fleet Space) and complement Kincora and AngloGold Ashanti's planned drilling via an up to $50 million earn-in and joint venture agreement for the Nyngan and Nevertire Projects
Kincora has recently expanded its partnership with Fleet Space to include: (i) a listed equity investment, (ii) multiphysics surveys at the Wongarbon Project to identify and refine targets, and, (iii) Fleet Space having the right to drill test targets to earn an asset level interest in the Wongarbon Project 2.
Melbourne, Australia--(Newsfile Corp. - October 22, 2024) - Kincora Copper Limited (TSXV: KCC) (ASX: KCC) (Kincora or the Company) is pleased to announce the initial interpretations from new geophysical surveying at a portion of the northern "Ace of Spades" region of the Nyngan Project, located in the Northern Junee-Narromine Belt (NJNB) of the Macquarie Arc, Central West New South Wales.
Sam Spring, President and CEO of Kincora commented:
"The geophysical surveys are being conducted in partnership with Fleet Space and include the first ever integration of gravity with a real-time ANT survey completed by Fleet Space.
The Cadia intrusive system complex has a ~5.7km footprint, seven deposits within it, with regional geophysics able to identify key structures and geological units. What we are seeking to confirm in our first phase of drilling at Nyngan is the potential for multiple new Macquarie Arc intrusive system complexes that have similar multi-kilometre alteration zones and multiple deposit potential.
The initial results from the Fleet Space surveys, coupled with existing regional geophysics, are positive providing a more detailed and refined geophysical model for an existing a high priority and large-scale target that is about to be drilled within the Ace of Spades region.
The Ace of Spades is a very compelling new district scale opportunity, potentially the largest volcano-intrusive complex of the Macquarie Arc and has never been drilled.
We are now in a very exciting period with the 6 to 8-hole program commenced. This program will drill a range of large-scale and separate intrusive system targets, focused on the Ace of Spades, within an existing pipeline of 16 targets that are permitted for drilling within the northern portion of the Nyngan Project."
Background
Fleet Space's real-time Ambient Noise Tomography (ANT) and ground gravity surveys, enabled by their end-to-end mineral exploration solution, Exosphere, are the first integrated surveys completed by Fleet Space and seek to apply cutting-edge technology to generate and interpret new homogeneous, primary datasets with existing regional geophysical surveys and geological data.
The surveys have confirmed and refined a regionally significant priority drill target previously and separately identified by Kincora, AngloGold Ashanti and Fleet Space within the northern "Ace of Spades" region of the Nyngan Project. Existing regional geophysics strongly indicates that the Nyngan Project potentially hosts the largest volcano-intrusive complex of the Macquarie Arc offering new district scale potential situated in the northern under cover extension of the Arc - see Figure 1.
It is well documented that the composite volcanic and intrusive complexes elsewhere in the Macquarie Arc, which hosts an estimated total mineral endowment of over 160Moz gold equivalent 3, have large alteration and geochemical halos that are often identifiable from regional geophysical surveys. For example the magmatic and alteration footprints at Cadia have a ~5.7km wide footprint, hosting two skarn and five porphyry deposits with a metal endowment of more than 50Moz gold and more than 9.5Mt copper 3, and regional geophysics is able to identify key structures and geological units (see Figure 2 for an illustration). Similar large geophysical features are present at the Nyngan Project and the survey area. Furthermore, the mineralised deposits in the Arc (including Cadia) and other globally significant porphyry districts generally occur in clusters situated on cross-arc structures. Similar structures have been identified by the Fleet Space surveys inline with existing regional geophysics - see Figures 1-3.
Two existing 2024 field season Kincora and AngloGold Ashanti drill targets were covered by the Fleet Space surveys and are to be very shortly drill tested as part of the first ever copper-gold focused drilling program within the Ace of Spades. A 6 to 8-hole for an estimated 4000-5000m program has commenced and is scheduled before the end of year with earn-in partner AngloGold Ashanti within an existing pipeline of 16 targets that are permitted for drilling within the northern portion of the Nyngan Project.
Confirmed and Refined High Priority Target at the Ace of Spades
The Fleet Space multiphysics surveys have combined proprietary ground exploration techniques that minimise environmental impact by utilising seismic noise derived from natural and anthropogenic sources (two ANT surveys complete), with new gravity (two ground gravity surveys complete) and existing public access regional airborne magnetics and gravity.
Intergration of these datasets have sought to:
(i) identify and refine targeting of new composite volcanic and intrusive complexes,
(ii) map the depth to basement,
(iii) refine key structural features, and,
(iv) identify changes in velocity and density that may reflect different lithological units.
The regional ANT survey covered an area of approximately 35km2 with a tighter spaced infill and ground gravity survey area of approximately 9km2. Similar to other Fleet Space surveys in the district, the ANT velocity model provides a depth profile to approximately 2500m and 1000m in the infill survey.
This marks the first time a Fleet Space real-time ANT survey has been accompanied by an integrated and coincident ground gravity survey to deliver complimentary nearer surface density models.
The initial interpretation of the Nyngan multiphysics results have confirmed and refined an existing high priority drill target with several features of interest at both a regional and infill survey level having potential implications for future exploration.
(i) Regional ANT survey results highlights:
- Multiple deep-seated structures consistent with existing magnetics and gravity features, refining interpreted potential cross-arc structures and separate target domains that may have influenced the emplacement of intrusions.
- Supported the potential for multiple volcanic and intrusive complexes.
- Average depth to basement of ~360m across the survey area.
- Identified a number of potential new areas of interest with low seismic velocity zones in the basement sequence (interpreted to potentially be related to hydrothermal alteration), near edges and/or above high seismic velocity bodies (interpreted to potentially be related to large intrusions at depth).
(ii) Infill ANT and gravity survey highlights:
- Higher resolution of interpreted structures, with velocity and density models refining potential lithological domains, structures and cross-arc structures.
- Supported the potential for multiple intrusive stocks and additional drill hole targets.
- Confirms and refines an existing high priority drill target with the originally proposed drill hole collar moved ~400m.
Imminent drilling will test a large scale target off the shoulder of a pronounced density and magnetic anomaly associated with a potential cross-arc structure and into a low-intermediate seismic velocity zone (interpreted to potentially be related to hydrothermal alteration and/or mineralisation) that lies above a high seismic velocity anomaly at depth (interpreted to potentially relate to a Macquarie Arc intrusion) - see Figure 3.
The commenced drilling program is expected to provide enhanced geological understanding of the geophysical models resulting from the Fleet Space multiphysics surveys. Such learnings are expected to assist Kincora with future exploration and drill hole targeting at both the Nyngan Project, the recently expanded partnership with Fleet Space for the Wongarbon Project and the Company's existing pipeline of eleven other porphyry projects in the Macquarie Arc.
New Potential Drill Targets At the Ace of Spades
Currently Kincora and AngloGold Ashanti have an existing pipeline of 16 targets that are permitted for drilling within the northern portion of the Nyngan Project - see Figure 2. Two of these proposed for drilling before year-end are included in the Fleet Space survey area with a further two permitted covered by the regional ANT.
Similar to other project level ANT surveys recently undertaken by Fleet Space in the Macquarie Arc at Waratah Minerals Limited's Spur Project ("Waratah", WTM.ASX) 4 and Inflection Resource's Duck Creek Project ("Inflection", AUCU.CSE) 5,6, a number of additional areas of potential interest for new large intrusive porphyry systems and potential drill targets have been identified in the Ace of Spades region.
Inflection has been using Fleet Space ANT survey results, coupled with existing regional geophysics, as a key exploration tool in its drill hole targeting at Duck Creek.
Results from down-hole geophysical surveying have reported zones of relatively high seismic/shear-wave velocity associated with competent intervals of monzodiorite, which supports the hypothesis that intrusions are likely to manifest in the ANT data as zones of elevated seismic velocity. Additionally, the surveying demonstrates localised areas of low seismic velocity associated with more intense hydrothermal alteration, which also supports the interpretation that low seismic velocities evident in the ANT survey can represent zone of hydrothermal alteration 7.
The results of the multiphysics surveys at Nyngan will be reviewed in light of the commenced drilling program results in conjunction with AngloGold Ashanti and are expected to also assist with Fleet Space and Kincora's partnership for the Wongarbon Project.
Further New District-Scale Opportunities
Prospective early stage porphyry positions in the interpreted undercover extensions of the Macquarie Arc that offer new district scale potential have recently been the focus of five large earn-in and joint venture agreements supporting potentially over $300 million of exploration expenditure covering over 10,000km2. Most recently, only in August, Gold Field's re-entered the Macquarie Arc via a multiple phase, multiple project option agreement with a private explorer, Gold and Copper 8.
Spatial and temporal settings, coupled with magnetics, gravity and ANT surveys, supports new district scale potential and that the largest sections of the Macquarie Arc may be located under post mineral cover.
Kincora was an early entrant pursuing this strategy, securing a significant portion of the most prospective and shallow to moderate depth sections of this underexplored (often never drilled) sections of the Macquarie Arc.
The Company is discussing further partnership opportunities with Fleet Space, amongst other groups, and notes the recent results of the Fleet Space and Inflection district scale ANT survey (>1800km2) which, when integrated with other existing datasets (including airborne magnetics and gravity), has resulted in four new priority targets, three of which commence within 2km's of Kincora's wider project portfolio (four if Duck Creek is included) in the Northern Junee-Narromine Belt (NJNB) 6 - see Figure 1.
Kincora has recently secured three new wholly owned licenses covering 1,377km2 (the Nyngan West, Nyngan South and Nevertire South Projects) providing a continuous landholding along >100km strike of the NJNB (see Figure 1) 9 with a recent extremely positive review of the new Nevertire South Project supporting what Kincora believes is the most attractive geologically supported target in the covered extensions of the Macquarie Arc 10.
Coupled with the highly prospective Wongarbon Project11, located on the northern Molong Belt, Kincora is seeking to confirm multiple new district-scale and porphyry discovery potential.
Figure 1: Multiple Fleet Space surveys, existing regional magnetics and gravity surveys, and limited drilling to date supports Kincora and AngloGold Ashanti's interpretation that the Northern Junee-Narromine Belt hosts the potential for multiple new composite volcanic and intrusive complexes with analogous aeromagnetic signatures and intrusive level cross arc structures to other Macquarie Arc porphyry complexes (eg Cadia, Cowal, Boda-Kaiser, Marsden etc)
The Macquarie Arc is a proven Tier 1 terrane and Australia's foremost copper porphyry belt hosting a number of world-class mines in the southern, more exploration mature, of the Arc hosting over 160Moz gold equivalent endowment.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/227375_dafda03364be6bf7_001full.jpg
Figure 2: Fleet Space's ANT and gravity surveys have refined a regionally significant priority drill target previously and separately identified by Kincora, AngloGold Ashanti and Fleet Space within the northern "Ace of Spades" region of the Nyngan Project. This target is to be very shortly drill tested as part of the first ever copper-gold focused drilling program within this region. As part of a permitted drill program for up to 16 holes, a 6 to 8-hole for an estimated 4000-5000m program is budgeted before year-end with earn-in partner AngloGold Ashanti.
Kincora and Inflection's recent real-time Fleet Space ANT surveys have generated a number of new, previously unrecognised potential target areas that are currently being reviewed.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/227375_dafda03364be6bf7_002full.jpg
Figure 3: Imminent drilling will test a large-scale target off the shoulder of a pronounced density and magnetic anomaly associated with a potential cross-arc structure and into a low-intermediate seismic velocity zone (interpreted to potentially be related to hydrothermal alteration and/or mineralisation) that lies above a high seismic velocity anomaly at depth (interpreted to potentially be an intrusion) - illustration sourced from Fleet Space's Exosphere.
The Fleet Space surveys across the Macquarie Arc have identified and refined existing targets of new composite volcanic and intrusive complexes, mapped estimated depth to basement, refined key structural features (including cross-arc structures), and, identified changes in velocity and density that may reflect different lithological units.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/227375_dafda03364be6bf7_003full.jpg
About the Nyngan Project
The Nyngan Project was the first ground Kincora secured in NSW 12 with regional geophysics strongly indicating the potential to hosts the largest volcano-intrusive complex of the Macquarie Arc (existing metal endowment of over 160Moz gold equivalent) and offering a new district-scale setting. Limited prior drilling activities have taken place, and are limited to the southern portion of the Project.
In May 2024, Kincora signed a definitive multiple-phase Earn-in and Joint Venture Agreement over the Nyngan and Nevertire licences with a wholly owned subsidiary of AngloGold Ashanti plc (NYSE: AU; JSE: ANG), the world's fourth largest gold miner by production, which has a successful track record for Greenfields discovery success.
AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest through:
A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10% management fee.
Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to earn a 80% joint venture interest (Phase II) 13.
The commenced drilling program is focused within the northern portion of the Nyngan Project and the "Ace of Spades" region testing a wide range of untested, large intrusive-related copper-gold targets. The program will comprise cost-effective mud-rotary drilling through the post mineral cover sequence with diamond core drilling upon refusal and testing of the targeted basement. The program seeks to confirm the potential for a series of new Macquarie Arc intrusive complexes and provide vectors for follow up drilling.
About Fleet Space Technologies
Fleet Space is widely regarded as Australia's leading space company and is seeking to revolutionise mineral exploration with its vertically integrated technology sack, ExoSphere, which combines the latest advances in satellite connectivity, 3D multiphysics data acquisition, and AI to map mineral systems in real-time.
Fleet Space's ExoSphere technology enables an end-to-end approach to high-quality data acquisition, processing, interpretation and targeting to streamline exploration and improve success rates for new economic discoveries.
Leveraging Fleet Space's proprietary satellite network in low Earth orbit, smart seismic sensors enabled with edge computing and rapid data processing ExoSphere delivers real-time 3D mapping of mineral systems and AI-powered drill targeting with near-zero environmental impact.
In the last quarter, Barrick Gold announced it would partner with Fleet Space to survey copper porphyry complexes across 1,150km² of the world-class Reko Diq project 14 and in the last month Gold Fields announced a similar relationship to advance exploration at the Salares Norte project in Chile 15.
Recently, Inflection Resources' announced new targets generated by ExoSphere, leading AngloGold to accelerate their Exploration Agreement and drilling with Inflection 5. Inflection and Fleet Space have also recently announced the results of the world's largest real-time ANT survey across 1818km², built an AI-powered district scale copper prospectivity map which, when integrated with other existing datasets (including airborne magnetics and gravity), has resulted in four new priority targets, three of which are within 2km's of Kincora wider project portfolio in the northern Junee-Narromine Belt.
In July 2024, Kincora formed an initial partnership to conduct the first ever integrated real-time ANT and ground gravity undertaken by Fleet Space within the "Ace of Spades" region at the Nyngan Project.
In mid October 2024, Kincora expanded its partnership with Fleet Space to include: (i) a listed equity investment, (ii) multiphysics surveys at the Wongarbon Project to identify and refine targets, and, (iii) Fleet Space having the right to drill test targets to earn an asset level interest in the Wongarbon Project.
ExoSphere's rapid global adoption has propelled Fleet Space's exponential growth, including a A$50 million Series C funding round, a doubling of its valuation to A$350 million, plans to send a variant of ExoSphere to the Moon in 2026, and recognition as Australia's fastest growing company by the Australian Financial Review (2023).
For more information please visit Fleet Space's website at https://www.fleetspace.com.
About Kincora
Kincora Copper is dual listed on the ASX and TSX-V (ticker "KCC") and is an active explorer and project generator focused on world-class copper-gold discoveries that has recently executed five agreements that unlock over A$60 million in potential multiple year partner funding. Further new projects that offer a clear value path and targeted partnerships are proposed.
Kincora's portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and, the Company is targeting exposure to 10,000-30,000m pa of drilling.
For more information please visit Kincora's website at www.kincoracopper.com.
References:
1 Three Kincora Partner Funded Drilling Programs Ramping Up - Kincora press release October 7, 2024
2 Kincora announces Strategic Investment and Expanded Partnership with Fleet Space - press release October 15, 2024
3 Sourced from MinEx Consulting for Kincora
4 ANT geophysics defines additional epithermal-porphyry targets at Spur Project - Waratah press release May 23, 2024
5 Reimaging porphyry copper exploration using Exosphere: Ambient Noise Tomography from the Duck Creek project, Macquarie - Fleet and Inflection Case Study 2023
6 Inflection Resources Defines New Priority Targets Based on Results of Regional ANT Survey in New South Wales - Inflection press release September 12, 2024
7 Inflection Resources Provides Drilling Update from Phase II Duck Creek Exploration Program in New South Wales - Inflection press release October 3, 2024
8 Gold Fields H1 2024 Results - August 23, 2024
9 Kincora Secures New Strategic Ground On Australia's Premier Porphyry Copper-Gold Province - Kincora press release September 9, 2024
10 Three Kincora Partner Funded Drilling Programs Ramping Up - Kincora press release October 7, 2024
11 New Major, Virgin Porphyry Complex And Drill Targets Secured - Kincora press release June 3, 2024
12 Kincora secures strategic license in Australia's leading porphyry belt - Kincora press release November 21, 2019
13 AngloGold Ashanti to earn-in to the NJNB Project - Kincora press release May 28, 2024
14 Fleet Space's Exosphere Enhances Barrick Gold's Data-Driven Copper Exploration at Reko Diq - Fleet Space press release July 9, 2024
15 Gold Fields Taps ExoSphere To Advance Exploration at Salares Norte in Chile - Fleet Space press release October 3, 2024
This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)
For further information please contact:
Sam Spring, President and Chief Executive Officer
sam.spring@kincoracopper.com or +61431 329 345
Executive office
400 - 837 West Hastings Street
Vancouver, BC V6C 3N6, Canada
Tel: 1.604.283.1
Fax: 1.888.241.5996
Subsidiary office Australia
Vista Australia
Level 4, 100 Albert Road
South Melbourne, Victoria 3205
Qualified Person
The scientific and technical information in this announcement was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Chairman of Kincora's Technical Committee, who are Qualified Persons for the purpose of NI 43-101.
JORC Competent Person Statement
Information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information reviewed and approved by John Holliday and Peter Leaman, who are Competent Person(s) under the definition established by JORC and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. John Holliday and Peter Leaman consent to the inclusion in this report of the matters based on the information in the form and context in which it appears. The review and verification process for the information disclosed herein for Kincora's projects have included the receipt of all material exploration data, results and sampling procedures of previous operators, contractors, new results and review of such information by Kincora's geological staff using standard verification procedures.
Forward-Looking Statements
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques |
|
|
| Drilling techniques |
|
|
| Drill sample recovery |
|
|
| Logging |
|
|
| Sub-sampling techniques and sample preparation |
|
|
| Quality of assay data and laboratory tests |
|
|
| Verification of sampling and assaying |
|
|
| Location of data points |
|
|
| Data spacing and distribution |
|
|
| Orientation of data in relation to geological structure |
|
|
| Sample security |
|
|
| Audits or reviews |
|
|
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
| Mineral tenement and land tenure status |
|
|
| Exploration done by other parties |
|
|
| Geology |
|
|
| Drill hole Information |
|
|
| Data aggregation methods |
|
|
| Relationship between mineralisation widths and intercept lengths |
|
|
| Diagrams |
|
|
| Balanced reporting |
|
|
| Other substantive exploration data |
|
|
| Further work |
|
|
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227375
SOURCE: Kincora Copper Limited
