- Copper-gold porphyry mineralization at Bayan Tal is confirmed within a large scale Devonian “Oyu Tolgoi style” complex supporting priority drilling
- Geological and geophysical activities ongoing to progress other large scale, shallow to moderate depth targets and advance a unique portfolio along the value curve
- Exploration strategy refined to replicate the systematic approach successfully applied in discovering similar profile Tier 1 gold rich copper porphyry discoveries
- Updated corporate presentation highlights Kincora’s industry leading proposition of “Location, Team, and Targets”
VANCOUVER, Nov. 17, 2016 – Kincora Copper Limited (the “Company”, “Kincora”) (TSXV:KCC), following the recent closing of the IBEX transaction and announcement of Kincora’s newly formed Technical Committee (refer to our respective November 7th and 14th press releases), the Company is pleased to provide an update on ongoing activities and its exploration strategy going forward.
A comprehensive workshop and field visit was concluded in September, including the Technical Committee, industry leading specialists and geologists with extensive recent experience in the gold rich Southern Mongolian copper belt. The workshop identified priority targets and built out a pipeline of regional prospects focused on the following key attributes:
- Scale: Kincora’s portfolio supports the advancement of potential Oyu Tolgoi and Tsagaan Suvarga (Devonian) analogues, and/or traditional gold rich finger type porphyries. Exploration activities currently are focused on replicating systematic and proven techniques that have been successful at other similar profile targets, including the Tier 1 copper-gold discoveries that the Technical Team has prior experience with.
- Shallow targets: The focus is targets on the margins of half grabens and/or uplifted fault blocks where outcrop or subcrop provides a geological window to support integration of geophysical datasets to de-risk exploration.
- Multi-target, multi-stage pipeline with exploration ongoing:
- Priority #1 target: Confirmed Devonian (“Oyu Tolgoi style”) stratigraphy at the Bayan Tal Igneous Complex (“BTIC”), including 18m @ 0.66% CuEq down hole on the margin of the interpreted system. This is one of the most significant untested Complexes in the Southern Mongolian belt with multiple drill ready targets supporting a candidate for a new Tier 1 porphyry discovery.
- Priority #2 target: “Brownfield” exploration along strike to the Tsagaan Suvarga (“TS style”) open pit development project within the TS Massif porphyry system. Field work is refining near surface drill targets.
- Pipeline: Extensive ground magnetics, detailed mapping, regional and local geochemistry, petrography, whole rock geochemistry with fertility analysis, and age dating are ongoing to advance a portfolio of high quality, ranked exploration targets across the district level portfolio developing additional drill targets and areas for systematic exploration in spring and summer of 2017.
Sam Spring, President & CEO, commented: “Location, team and targets are the key ingredients for a successful exploration play. Since closing the IBEX transaction we have started outlining key positive developments on these fronts that differentiate and positions Kincora well moving forward, with systematic exploration advancing our targets up the value curve.
We are excited by the targets identified at Bayan Tal, which is an extensively mineralized system, with distal copper-gold porphyry returned along its southern margin. Recent activities have confirmed similar Devonian stratigraphy to Oyu Tolgoi, the first target since with such attributes that we are aware of. Advancements in geology and geophysics support multiple drill ready targets at Bayan Tal, which is one of the best candidates for a new Tier 1 porphyry discovery in the Southern Gobi.
Considerable exploration efforts have been ongoing since the IBEX deal was first announced and conclusion of multiple ongoing activities are expected to support a unique pipeline of other targets across the dominant landholding between and on strike from the two mines in the belt. We look forward to providing these results, outlining refined drill targets and areas for systematic exploration for the 2017 field season”.
Background on the Bayan Tal Igneous Complex (“BTIC”)
The BTIC sits almost half way between the Oyu Tolgoi and Tsagaan Suvarga Devonian porphyry systems in a similarly interpreted favourable intersection of arc parallel and transverse structures. Such a structural setting is common for most large-scale porphyry deposits globally, also noting periodicity to the location of most deposits in the more mature porphyry belts.
Outcropping mineralization and systematic exploration has refined multiple potential drill targets. Integration of existing Induced Polarization (“IP”), magnetics and geology supports the correct composition and zonation pattern for porphyry formation. BTIC is a known copper-gold or gold-copper mineralized Carboniferous system from prior trenching and drill testing of IP targets respectively returning to up 18m @ 0.66% Cu Eq and 18m @ 0.75% Cu Eq. Subsequent ground magnetics indicates no coincident anomaly or source at these tested targets areas, which sit on the southern margin of the interpreted system.
More recent age dating of the conglomerate has confirmed Devonian stratigraphy, supporting the potential for “Oyu Tolgoi style” concealed targets. The conglomerate is a key indicative marker used in exploration efforts at Oyu Tolgoi, stratigraphically located above the mineralised quartz monzodiorite orebodies and its Devonian age at BTIC is the only other confirmed similar stratigraphy to OT in the belt (publically known to date). Ground magnetics completed in 2015 has advanced new drill ready targets with depth to basement analysis illustrating only shallow to moderate target depths and supporting the potential for a large scale porphyry copper target.
The Devonian age, gold rich Oyu Tolgoi copper porphyry system is a Tier 1 asset, being the largest high-grade group of Paleozoic porphyry deposits known in the world, which coupled with the underexplored Tsagaan Suvarga Devonian porphyry system encourages exploration in this underexplored district. Kincora holds the dominant landholding between and along strike from these two large scale copper systems.