- Kincora has confirmed its East Tsagaan Suvarga (“East TS”) target is a mineralized porphyry system with comparable geochemistry, magma fertility and age to that of the development projects in the belt, Oyu Tolgoi (“OT”) and Tsagaan Suvarga (“TS”)
- East TS is a open pit target being only 13km from the existing Serven Sukhait 255Mt open pit sulfide deposit within the larger Tsagaan Suvarga Intrusive Complex
- Since closing the IBEX transaction, Kincora has announced the only two new, known Devonian porphyry targets in the belt since the discovery of OT
- Kincora controls the dominant exploration portfolio, with a unique multi-target, multi-stage pipeline, between and on strike from Rio Tinto’s largest global expansion project, the Oyu Tolgoi mine, and the Tsagaan Suvarga Serven Sukhait development project
VANCOUVER, Jan. 10, 2017 – Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC), is pleased to announce the results of age dating and fertility discrimination analysis of outcropping quartz monzodiorite copper mineralization at its wholly owned East TS target. East TS sits within the interpreted on-strike eastern lode extension of the 255Mt @ 0.55% Cu Serven Sukhait sulphide open pit. Serven Sukhait is a privately owned billion dollar plus development project and is situated within the second large-scale porphyry system in the Southern 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 the Serven Sukhait open pit, the high-grade underground deposits at OT and East TS. 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 State regional airborne magnetic surveys’ support the interpretation of a “brownfield” open pit target at East TS within the TS Intrusive Complex.
Surface geology provides an analogue to the Serven Sukhait open pit alteration and associated higher-grade copper mineralization with favourable geochemistry. Field season activities in 2016 have 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 mineralization 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.
Sam Spring, President & CEO, commented: “To the best of our knowledge since the discovery of Oyu Tolgoi there has not been one new mineralized Devonian target publicly identified in the Southern 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, Oyu Tolgoi 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 orebodies at Oyu Tolgoi, 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 is shortly undertaking its next Technical Workshop to advance plans for the 2017 field season. We look forward to providing ongoing exploration updates, with both East TS and Bayan Tal providing strong candidates for the next Devonian discovery in this underexplored belt.
Cameron McRae, Advisory Board member to Kincora and former CEO of Oyu Tolgoi, commented: “This is another exciting milestone for Kincora as they continue outlining their strategy post the IBEX transaction and in achieving a better understanding the potential for further Tier 1 copper porphyry discoveries in the region.
The recent opportunistic capital raising following an approach from one of the leading natural resource institutions is another example of investors revisiting Mongolia, the attractive outlook for copper and Kincora being the leading regional play in the belt with a portfolio of exciting targets.
The technical team has a exceptional exploration track record with copper porphyries, is already significantly advancing the regional knowledge of the belt and is well placed to move these targets up the value curve replicating modern and systematic exploration techniques that have previously yielded Tier 1 discoveries.”
Qualified PersonThe scientific and technical information in this news release 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 geological staff under the supervision of Peter Leaman, Senior Vice-President of Exploration of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.