- New wholly owned exploration license secured covering the Wongarbon Project, which is interpreted to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc:
- Regionally significant magmatic complex situated on the interpreted under cover extension of the northern Molong Belt coincident with an intrusive level cross arc structure supporting a series of large and untested porphyry targets.
- Clear analogues of the nearby complexes and existing Tier 1 deposits in the Arc and aeromagnetic signatures of other globally significant porphyry deposits.
- Previously identified as a large-scale new intrusive complex target by Newcrest but not drill tested at the time due the Cadia Far East and Ridgeway discoveries.
- Recent interpretations support immediate high priority targets for drilling.
- The Wongarbon project has never been drilled.
- Alkane and Magmatic Resources’ are currently undertaking drilling at a total of seven porphyry targets along a common transverse structure that is interpreted to extend into the Wongarbon Project and be a key control to the 14.7Moz gold equivalent inventory at the Boda and Kaiser porphyry deposits.
- In May 2024, Kincora secured AngloGold Ashanti as a partner for the Northern Junee-Narromine Belt (NJNB) Project, including the Nyngan and Nevertire licenses, via an up to A$50m for 80% Earn-in and Joint Venture agreement. The NJNB Project host’s new district scale and largely untested intrusive complex potential similar to the Wongarbon Project.
MELBOURNE, Australia, June 3, 2024 /CNW/ – Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincora or the Company) is pleased have been granted the Wongarbon Project located on the interpreted northern, under cover extension of the Macquarie Arc, in central New South Wales (“NSW”), Australia.
The remaining untested intrusive complexes of the Macquarie Arc porphyry geology are a globally significant exploration opportunity. This is increasingly evidenced by AngloGold Ashanti, FMG and S2 Resources’ having secured over 10,000km2 of exploration ground in the last 12 months via four Earn-in and Joint Venture agreements supporting potentially over A$200m in exploration expenditure. Also in the Arc over this period Cadia and Northparkes, Australia’s largest and second largest porphyry mines, have been the focus of change of control acquisitions.
John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, commented:
“The next Cadia-scale deposit in the Macquarie Arc will likely be found in the covered and under explored parts of this proven Tier 1 terrane and jurisdiction.
This is virgin territory and a major opportunity with huge upside, which is being increasingly recognised as evidenced by recent significant deals and increasing investment by industry heavyweights.
Regional magnetics has proven very effective in mapping the volcanic belts and the major deposits have identifiable intrusive complex signatures. This is evidenced in the southern and more mature sections of the Arc that already hosts over 160Moz gold equivalent endowment.
Kincora’s Wongarbon, Nyngan and Nevertire projects are real stand out examples of these in the right locations and with the right features, hosting three of the very few remaining untested large volcano-intrusive complexes of the Arc.
It is absolutely mystifying why to date so little exploration has been carried out over the covered northern parts of the Arc and why Wongarbon has never been drilled. It is a prime candidate for major discovery.”
Pegged as open ground, Kincora has been granted a new wholly owned exploration license (EL9652) covering 173km2 and named the Wongarbon Project.
The Wongarbon Magnetic Complex is hosted within EL9652 and interpreted to be a composite volcanic and intrusive complex such as Cadia, Cowal, Northparkes and Boda-Kaiser that host a cluster of deposits. Wongarbon is located on the northern, under cover extension of the Molong (Ordovician) Volcanic Belt (see Figure 1).
The project hosts analogous aeromagnetic signatures to other Macquarie Arc porphyry complexes and of other globally significant porphyry deposits. Importantly, Wongarbon is situated on a linear parallel structure of the Molong belt (less than 10 km from outcropping volcanics) with coincident oblique cross arc structural corridor (the “Dubbo” transverse corridor) – see Figures 2 and 3. The “Dubbo” transverse corridor hosts Alkane Resource’s (ALK.ASX) Northern Molong Porphyry Project (“NMPP”) and Magmatic Resource’s (MAG.ASX) Wellington North Project.
The Wongarbon Magnetic Complex was previously identified as a large-scale new intrusive complex target by Newcrest but not drill tested at the time due the Cadia Far East and Ridgeway discoveries. Newcrest undertook ground magnetics with a number of targets identified at a 300-400m depth.
Similar to Kincora being the first mover pegging Nyngan and Nevertire in the Northern Junee-Narromine Belt (NJNB), which in May 2024 attracted AngloGold Ashanti as a Earn-In and Joint Venture partner for up to A$50 million in expenditure (see the May 28th release “AngloGold Ashanti to earn-in to the NJNB Project”), subsequent groups have since pegged the wider northern Molong Belt around the Wongarbon Project.
Wongarbon is located as close as 10km and 15km along strike from Alkane and Magmatics’
Figure 1 (see PDF): The Wongarbon Magnetic Complex is interpreted to be a composite volcanic and intrusive complex with analogous aeromagnetic signatures to other Macquarie Arc porphyry complexes (eg Cadia, Cowal, Northparkes, 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 on-gong exploration and drilling. In 1Q’2024, Alkane commenced a drilling program testing four regional targets at the NMPP along the interpreted structure trend and transverse structure that hosts the Boda and Kaiser deposits (current resource inventory 14.7Moz gold equivalent).
In May 2024, Magmatic raised further funds and commenced drilling to advance three targets at the Wellington North Project within the southern portion of the Dubbo transverse corridor.
Figure 2 (see PDF): Clear analogues of the nearby complexes and existing Tier 1 deposits in the Arc and aeromagnetic signatures of other globally significant porphyry deposits
Situated on a linear parallel structure of the Molong belt with coincident oblique cross arc structural corridor which is the current focus of Alkane and Magmatic Resources’ drilling and interpreted to be a key control to the 14.7Moz AuEq resource inventory at the Boda-Kaiser discoveries
It is well documented that the composite volcanic and intrusive complexes elsewhere in the Macquarie Arc have large alteration and geochemical halos that are identifiable from regional geophysical surveys (features interpreted to be present at the Wongarbon project). Furthermore, the mineralised deposits generally occur in clusters situated on intrusive level cross-arc structures, such as those currently being tested by Alkane and Magmatic, hosting the Boda-Kaiser deposits, and, interpreted to extend into the Wongarbon Project.
For example, Cadia hosts a 5.7km mineralised footprint including 5 porphyry and 2 skarn deposits (with wider alteration and geochemical halos), with the mineralisation occurring within and around the intrusions in a NW-SE structural zone which is evident in regional magnetics.
The immediate region around the Wongarbon Project has been recognized as a new geoscience frontier by the Geological Survey NSW, a Group 1 Mineral Allocation Area, for copper-gold.
The Wongarbon Project has never been drilled and hosts compelling drill ready targets. Recent inversion modeling of magnetic data supports the prior target depth estimates of Newcrest’s, highlighted interpreted important cross arc and intrusive level transverse structures, and, confirmed high priority targets for drilling in both the northern and southern sections of the Project.
Figure 3 (see PDF): The remaining untested intrusive complexes of the Macquarie Arc porphyry geology are a globally significant exploration opportunity
Alkane’s exploration to date has identified six discrete magnetic/intrusive complexes in its NMPP – Kaiser, Boda, Boda South, Comobella, Driell Creek and Finns Crossing – all within a 15km NW-SE strike and the “Dubbo” transverse corridor (as close as <10km from the Wongarbon Magnetic Complex)
Further details on the Wongarbon Project, including a detailed project level presentation, are available at: https://kincoracopper.com/wongarbon-project/ (Projects/Wongarbon)
Further details on Kincora’s wholly owned, district scale project portfolio and drill ready copper-gold porphyry projects are available on the Company’s website: https://kincoracopper.com
This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)
The scientific and technical information this announcement is extracted from reports lodged as market announcements referred to above, quarterly reports, project summaries and are available on the Company’s website www.kincoracopper.com .The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
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.
Information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves are those that have been previously reported (with the original release referred to in this announcement), in the case of Mineral Resources or Ore Reserves the material assumptions and technical parameters underpinning the estimates have not materially changed, and have been reviewed and approved by Paul Cromie, who is a Competent Person under the definition established by JORC and has sufficient experience which is relevant to the style of mineralization 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 consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The review and verification process for the information disclosed herein for the Trundle, Fairholme, Nyngan, Nevertire and Condobolin projects have included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures.
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.
SOURCE Kincora Copper Limited
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