In 2019/20, Kincora’s focus pivoted to NSW with activities since having capital efficiently advanced the Mongolian portfolio, including securing a mining license, announcing a maiden JORC resource and updated exploration target, and, making a new (third) intrusive complex discovery at the Bronze Fox Project.
A strategic review process was undertaken for the wholly owned Mongolian portfolio seeking to maximize value for Kincora shareholders and streamline focus to the NSW portfolio.
The flagship Bronze Fox Project of this portfolio covers 175km2, is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbataar and within trucking distance to the worlds largest consumer of copper, China.
The Project contains a 194Mt at 0.26% copper equivalent (CuEq) at a 0.2% CuEq cutoff within a notional pit shell to a depth of approximately 325m below surface at the West Kasulu prospect. There is an additional Exploration Target for the West Kasulu prospect of between 100Mt and 300Mt at 0.25% to 0.35% CuEq.
The West Kasulu prospect is interpreted to be an eroded and less prospective section of one of three very large intrusive complexes at the Bronze Fox Project with all three intrusive complexes offering significant exploration upside.
In 3Q’2024, Kincora announced a deal with Woomera Mining Limited (Woomera, ticker WML) and Woomera commenced a 16-hole, 2516-meter diamond core program in 4Q’2024.
In line with Woomera’s change in strategic direction focusing its activities on the Mongolian projects, in December 2024 (post shareholder approvals), it changed its name to Orbminco Limited (Orbminco, ticker OB1).
Kincora has retained attractive upside to the Mongolian portfolio by:
(i) becoming Orbminco’s largest shareholder,
(ii) via an earn-in; and,
(iii) carry/bullet payment and Net Smelter Royalty (NSR) deal structure.
A high impact 2024 field program has been completed, including targeting a new discovery and resource expansion drilling, coupled with drilling completed to support a second mining license conversion.
For further details, technical disclaimers and updates please refer to Kincora’s and Orbminco’s releases, and Orbminco’s updated website: https://www.orbminco.com.au