Kincora’s Fairholme project has various hallmarks to the neighboring world-class Cowal mine

Looking for another Cowal deposit, following in the footsteps of significant growth achieved by Evolution

The Fairholme project is located in the southern sector of the Junee-Narromine Belt of the Macquarie Arc in the Cowal block with license contiguous to Evolution Mining’s flagship Cowal project.

The Cowal mine hosts a cluster of epithermal, quartz-carbonate-base metal-gold mineralization deposits across a 7.5 x 2km north-south oriented “gold corridor”, located on the western edge of Lake Cowal.

Modern exploration in the Cowal region commenced following the discovery of porphyry mineralization in Goonumbla district (Northparkes), seeking to test a similar geophysical profile under generally shallow post mineral cover, with the large low grade E39 porphyry discovery and then Newcrest’s discovery of the Marsden porphyry deposit (>0.5Mt copper and >1Moz gold). Newcrest undertook the majority of drilling at Fairholme, total prior explorer drilling 62,768m for 641 holes, between 1990-2005.

The last exploration prior to Kincora’s involvement at Fairholme was by Kaizen Discovery earning into the project (a High-Powered Exploration group company, chairman and CEO Robert Friedland). Despite Kaizen recognizing the potential for Cowal style gold deposits its focus was the copper porphyry potential and undertook exploration to moderate-deep depths (including Typhoon Induced Polarization survey, magnetics and drilling). Kaizen left the project at the start of the last commodity cycle downturn (March 2016).

In 2015, Evolution Mining acquired the Cowal mine from Barrick and has since grown gold inventory from 3.4Moz to 9.7Moz (net of 1.7Moz mine depletion), with a target total endowment of 15Moz Au (noting total historical production of 4Moz gold).

Previous explorers have largely underestimated the scale potential of the gold corridor at Cowal, and no drilling has taken place at Fairholme since Evolutions rapid resource growth with the regions higher level gold endowment now far outshining the deeper copper porphyry potential (the latter generally the focus of previous explorers).

Evolution has recently approved the A$380m development of an underground mine within the gold corridor at Cowal from the GRE46 deposit to provided increased grade to supplement existing open pit operations (from E42). This approval underpins the planned expansion to 350,000/oz pa production at Cowal (and extends mine life out beyond 17 years). Drilling activities have also commenced at the E39 porphyry target, south of operations, and also within the gold corridor.