THE TRUNDLE PROJECT

The predominate high-grade copper gold deposits in the Macquarie Arc and at the Northparkes mine are pipe like, “finger” or “pencil” porphyries that are vertically extensive but horizontally discrete. Northparkes is Australia’s second largest porphyry mine, hosting 5 gold rich porphyry deposits within an approximate 2.5 x 4.5km zone, with the core of these systems located predominately at moderate depths.

The Trundle Project is located less than 30km from the mill at Northparkes within the westerly rift separated part of the Northparkes Igneous Complex. Northparkes is operated by China Molybdenum Company Limited (CMOC) who acquired an 80% interest in the project from Rio Tinto in July 2013 for US$820 million (Sumitomo retaining a 20% minority interest) and has since undertaken a material expansion of production and extension of mine life. In July 2020, Triple Flag Precious Metals Corporation paid US$550 million to secure streaming rights over certain gold and silver production from Northparkes.

The porphyry intrusion and associated skarn system setting intersected at  Trundle is a common geological setting of many large porphyry systems (eg Cadia, Grasberg, Ok Tedi etc). Within the Macquarie Arc, the Big and Little Cadia skarns at Cadia have produced an estimated 140,000t of high-grade copper (5-7%) and greater than 1.5Mt iron ore, and were important to the discovery of multiple adjacent causative intrusions and deposits that make up the largest porphyry system and gold mine in Australia.

Despite 61,146 metres of prior explorer drilling completed at Trundle, only 11 holes (0.5% of holes drilled) have previously been to depths (greater than 250 metres) and in a manner that might test the potential for such a target at the Trundle Project. This is not withstanding confirmed extensive near surface copper and gold mineralization across greater than a 10km2 north-south strike length and coincident magnetic responses, encouragement at moderate depths from this limited prior deeper drilling and Trundle being located within a brownfield environment to Northparkes.

At the Trundle Project there has only been one prior explorer hole completed following a favourable Typhoon geophysical survey by High Powered Exploration (HPX, led by chairman and CEO Robert Friedland). The Typhoon geophysical system is proprietary and was developed to penetrate deeper than traditional equivalent systems, and in Kincora’s view is industry leading for this system of mineralization. HPX generated 17 new Induced Polarisation (“IP”) anomalies, many of which in Kincora’s view are further supported geologically by vertically extensive porphyry targets extending to moderate depths.

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