CUNDUMBUL PROJECT

The Cundumbul Project is located in the central Molong volcanic belt of the Macquarie Arc, approximately 30km south of Alkane’s Boda-Kaiser porphyry deposits (Boda resource ~10.9Moz AuEq and Kaiser resource ~4.7Moz AuEq), 25km north of Copper Hill (>3Moz AuEq resource) and 70km north of Cadia (>90Moz AuEq endowment).

The last exploration efforts at the Cundumbul license were led by Mitsubishi Materials Corporation during an earn-in period, which included limited surface geological, geophysics and drilling (concluded 2015). Mineralised monzonitic intrusions have been identified at both the Andrews and Bells prospects, in the north and south respectively of the Cundumbul Project, located over 10km apart.

More recent exploration by Sultan Resources at multiple common prospect mineral systems adjacent to the projects license boundary have returned extensive hydrothermal alteration, anomalous copper and gold, and further confirmed porphyry potential.

On October 6th, 2022, Kincora announced a success-based Exploration Alliance agreement with Earth AI Pty Ltd (“Earth AI”) to generate and drill test targets at the Cundumbul Project.

Earth AI is a private Artificial Intelligence (AI) and Machine Learning explorer that has a vertically integrated approach to targeting, testing and verifying new critical mineral discoveries.

In January 2025, Earth AI completed an oversubscribed US$20m Series B funding. The fundraising was led by Tamarack Global and Cantos Ventures with participating investors including Overmatch, Alpaca, Sparkwave Capital, and significant support from existing investors including Y Combinator and Scrum Ventures. The new funding will drive further AI and drilling technology development, accelerate project value discovery and increase drilling capacity to 100,000 meters.

Earth AI is the operator of the Exploration Alliance with Kincora and has the right to contribute up to $4.5m of total exploration expenditure over a three-year period (having during 2H’2024 exercised an option for an additional year). Subject to a minimum of 1,500 metres of diamond drilling (already satisfied, which is more than all prior explorer drilling at the project) and a Qualifying Drilling Intersection resulting in a new discovery (as defined within the Exploration Alliance Agreement), Earth AI is entitled to a Net Smelter Royalty (NSR) of up to 3% in connection with a to be agreed upon area surrounding the discovery (Area of Interest, size dependent on the extent of the newly discovered mineral system).  The agreement does not affect the capital structure of the Company or ownership in the project, with Kincora consolidating 100% project ownership in December 2023.

After multiple field-based campaigns refining Earth AI’s artificial intelligence model and geological theses multiple phases of drilling to date have taken place in 2024 with a further hole already completed in January 2025 and a further follow up hole proposed (results yet to be announced).

These programs seek to test the porphyry potential associated with anomalous copper geochemistry from outcropping hydrothermal breccias and skarns (the latter a key geological marker for the Boda-Kaiser deposits to the north in the same belt).

Initial field work by Earth AI has identified a new 2.2km x 800m zone of anomalous surface copper associated with this zoned hydrothermal quartz breccia system (and open).  Earth AI’s five drill holes to date comprises the most extensive phase of exploration and drilling at the Cundumbul Project.

The drilling programs at Cundumbul follow recent encouragement for Earth AI at two other NSW projects it has drilled at in the last 12-18 months (including magmatic-related platinum group elements (PGEs) and Ni-Cu-Fe sulphides at Legacy Mineral’s Fontenoy project).

For further details and technical disclosures refer to the following releases:

  • Earth AI Closes Oversubscribed Round; Raising $20M for AI Driven Mineral Exploration – Earth AI release January 27, 2025
  • Three Kincora Partner Funded Drilling Programs Ramping Up – Kincora press release October 7, 2024
  • Exploration Alliance partner Earth AI drilling commenced at the Cundumbul project– Kincora press release May 20, 2024
  • Alliance with Artificial Intelligence Explorer for Cundumbul project – Kincora press release October 6, 2024
Menu