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The Cundumbul project is located in the central Molong volcanic belt of the Macquarie Arc, approximately 30km south of Alkane’s Boda-Kaiser porphyry project (maiden Boda resource >10Moz AuEq and maiden Kaiser resource 4.8Moz AuEq, resource upgrades expected shortly at both project), 25km north of Copper Hill (>3Moz AuEq resource) and 70km north of Cadia (>90Moz AuEq endowment).
Last exploration efforts were lead by Mitsubishi Materials Corporation during an earn-in period (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 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 artificial intelligence and machine-based learning targets at the Cundumbul project. The agreement supports a co-funding and royalty model with Earth AI to spend up to A$4.5m generating and drill testing targets and to earn a royalty only upon a new drilling discovery (qualify intersection). The agreement does not affect the capital structure of the Company or ownership in the project.
This year, after a thorough geological research and Artificial Intelligence (“AI”) targeting phase, multiple phases of ground truthing field work have been completed by Earth AI to confirm and refine drill hole targeting hypotheses. This reconnaissance work program has outlined a large anomalous copper zone, and assisted, confirmed and refined target assessments.
A three hole drill program, funded and operated by Earth AI, to test both copper porphyry and skarn targets are anticipated to commence in the first quarter of 2024 utilizing Earth AI’s in-house diamond drill rig that is undertaking drilling at Legacy Minerals Holdings Limited’s nickel-copper-PGE Fontenoy project in NSW.
In December 2023, Kincora achieved 100% ownership of the project having acquired RareX’s previous minority and carried interest.
For further details and technical disclosures please refer to the October 6th, 2022 “Alliance with Artificial Intelligence Explorer for Cundumbul project” and May 2nd, 2023 “Earth AI Commences Field Work at Cundumbul project” press releases for further details.