After being one of the leading explorers and project generator juniors in the Mongolian copper sector in 2019/20 Kincora’s focus pivoted to NSW.
Since then Kincora has capital efficiently advanced the Mongolian portfolio, including securing an initial 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 approximately 450km south of the capital Ulaanbataar and within trucking distance to the worlds largest consumer of copper, China.
Bronze Fox hosts three near surface, large and relatively underexplored intrusive complexes (one of which has never been drilled), and has the potential to be the fourth emerging porphyry district within the world-class Southern Gobi porphyry belt.
This belt is one of the most rapidly emerging new infrastructure and copper districts anywhere in the world where:
(i) the Oyu Tolgoi Project is set to be the worlds fourth largest copper mine by 2030 (operated by Rio Tinto, in partnership with the Mongolian government, located <200km from Bronze Fox),
(ii) Tsagaan Suvarga Project is a >US$1b capex greenfield construction stage project (privately owned, located <50km from Bronze Fox), and,
(iii) Kharmagtai Project is at a final investment decision (operated by Zijin Mining, in partnership with Xanadu Mines, located <150km from Bronze Fox).
The Bronze Fox Project hosts a Mineral Resource Estimate of 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 (cut off grades and pit shell depth profiles mirroring the Kharmagtai project). 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) for the wholly owned subsidiaries that own the Mongolian asset portfolio.
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).
From the deal with Orbminco, Kincora has retained attractive upside to the Mongolian portfolio by:
(i) becoming Orbminco’s largest shareholder,
(ii) via an earn-in; and,
(iii) a carried interest or cash payment and Net Smelter Royalty (NSR) deal structure.
Shortly after closing the agreement with Kincora in 4Q’2024, Orbminco undertook a maiden operated and funded drilling program seeking to:
- Infill and test the depth extent potential of the existing >400kt copper + >400koz gold JORC resource
- Satisfy the conditions for a second mining license conversion
All but one of the 16 first phase holes have returned significant copper intervals with highlights including:
- Hole F111: 26m @ 0.91% CuEq from 14m (with up to 8.29% Cu)
- Hole F109: 486m @ 0.21% CuEq from 352m
Field work and geophysics are expected from March 2025 to advance and refine higher grade and new targets with high impact shallow drilling expected to follow up at two underexplored and large porphyry complexes, the western strike at Bronze Fox and Shuteen North.
The Shuteen North target has never been previously drilled and is interpreted to be associated with the Shuteen lithocap, the largest lithocap in the Southern Gobi. The importance of this conceptual geological setting is significant given the lithocap at the Oyu Tolgoi project was an important early stage exploration marker and the relative size of the Shuteen lithocap relatively to Oyu Tolgoi.
For further details, technical disclaimers and updates please refer to Kincora’s and Orbminco’s releases, and Orbminco’s updated website: