Kincora Copper Limited Announces Exploration Results and Its 2012 Strategy

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2012) - Kincora Copper Limited (TSX VENTURE:KCC) ("Kincora" or "the Company") announces updated exploration results and details of the 2012 drilling campaign for the Bronze Fox project in Mongolia, which occupies 223km2 of land 140km northeast of the Oyu Tolgoi project, on the same copper belt.

Having completed the 2011 exploration campaign, the results continue to demonstrate the significant potential of the Bronze Fox project. Encouraged by the extent of mineralization within the license area, the 2012 exploration campaign will continue to define the resource potential.

Commenting on today's announcement, Igor Kovarsky, President and CEO of Kincora, said: "These are the final results from the 2011 exploration campaign which continue to demonstrate that Bronze Fox (Buyant License) hosts a large area of copper and gold mineralization, open at depth and in every direction with high grade intersections. These results combined with those announced on 20 February are a great development for the project. We are also pleased to announce our 2012 strategy which aims to define a maiden resource."

Drilling highlights

In 2011 Kincora completed a total of 12,435m of diamond (core) drilling. Of the 23 holes drilled, 22 holes hit copper-gold or gold mineralization. The significant results include:

In West Kasulu:

Hole F27 intersected some small intervals of over 1g/t of Au (up to 2.48g/t Au) and also 30-40m of copper mineralization:
Including 37m from 139m at an average 0.4% CuEq, with up to 3.03% Cu and 1.66g/t Au
F28 had over 750m of consistent copper mineralization, with Mo mineralization zones up to 0.9% Mo, and ending in a mineralization zone
Including 116m from 260m with average 0.4% CuEq and up to 0.89% Cu and 0.32g/t Au. Including some small intervals with >1g/t Au (up to 1.76g/t)
Mineralization in hole F29 started from the surface; the hole ended in a very strong argillic alteration zone with disseminated pyrite and minor chalcopyrite which is potentially related to a porphyry mineralization system. Above 326m, a total of 209m of copper mineralization was intersected and locally up to 2.26g/t Au was encountered.
Including 12m from 62m with mineralization up to 0.61% Cu at average 0.4% CuEq
In hole F31 at a depth of around 550m, a porphyry dyke was intersected with some porphyry xenoliths containing over 5% of chalcopyrite. Assay results received indicate this porphyry dyke contains 0.4-0.7% Cu with up to 0.63g/t of associated Au. With the highest Cu assay return over 5% Cu and highest Au of 1.45g/t at 7-10m depth
Including 110m from 6m at an average of 0.4% CuEq
F46: 10m from 61m at 0.5% CuEq
F48: 42m from 142m at 0.5% CuEq, with up to 1.06 g/t Au and 0.72% Cu. Also, 50m from 292m at 0.4% CuEq, with up to 0.93% Cu
F49: 8m from 110m at 0.7% CuEq, with up to 1.17g/t Au and 0.95% Cu
6 holes were drilled in the Buchanan Heights and Sophie North target areas for initial scout drill testing of a potential gold target zone. 4 holes intersected hydrothermal related pyrite and arsenopyrite veins. Assay results showed 1g/t - 4.2g/t Au with associated Cu of 1.88%. Those holes include: F32, F33, F34 and F36
At drill hole F47 in Dunlop Fox, in addition to the gold intersections announced on 20 February 2012, the assay results show there is associated copper mineralization, in particular:
18m from 29m at 0.6% CuEq, including 1m at 2.07g/t Au and 1.86% Cu
15m from 84m at 0.8% CuEq, including 1m at 8.39g/t Au
Detailed drilling information can be found in Kincora's website (www.kincoracopper.com)

2012 Strategy

Kincora's key objectives from its 2012 drilling campaign are to:
Define a shallow open pit copper resource potential
Continue to search for high grade copper resource potential at depth
Define gold targets and resource potential
Continue with its bolt-on acquisition strategy

The 2012 strategy is expected to cost $5.2 million, and is compiled of:
Diamond drilling $4.5 million
DDIP survey $150,000
Infill soil geochemistry study $130,000
Detailed geological mapping $50,000
Other $370,000

2012 Drilling campaign

Kincora's 2012 diamond drilling campaign will begin in March with a total of 16,000m planned. The focus of the drilling campaign will be as follows:

West Kasulu (WK):
Drill 10 holes with a total length of 4,000m to define open pit potential
Target new gold and copper areas identified by soil geochemistry and IP anomalies

Leca Pass (LP):
Drill 5 holes with a total length of 3,000m to define the main mineralization zone

Dunlop Fox (DF):
Drill 6 holes with a total length of 3,000m to define the known extension of the mineralization zones
Test the new gold soil and IP anomaly area to define new gold targets

Buchanan Heights (BH):
Drill 5 holes with a total length of 3,000m to test new targets and also to define the extension of known mineralization zones

New target area:
Drill outside of the current work concentration zone with 3,000m in total length.
The work will concentrate in the southern high gold anomaly and chargeability areas

Geological surveys
Detailed geological mapping for new target areas
DDIP survey over 50km
Complete 2011 programme which was postponed due to weather conditions. This includes a geophysical study and DDIP survey on target areas
2012 work will concentrate in the southern area which contains:
VIP anomalies, including a high VIP anomaly area with a potentially concealed porphyry system
Soil and rock chip high grade gold anomalies and alteration zones
Magnetic depletion (in the southeast corner)

Infill soil geochemistry study
Target approximately 3,000 samples
50-100m grid for high soil geochemistry anomaly areas to locate mineralization zones, particularly for gold, given the high grade rock chip samples and intersections identified

About Kincora:

Kincora Copper Limited is a mining exploration and development company focused on copper-gold deposits in Mongolia. Its key asset is the Bronze Fox (Buyant License) copper-gold deposit located in southeast Mongolia along the Oyu Tolgoi copper belt. Bronze Fox (Buyant License) is located approximately 140km to the northeast of the world-class Oyu Tolgoi copper-gold project, and is 250 km from the Chinese border.

To view the Figures associated with this release, please click: http://media3.marketwire.com/docs/kcc305_F1-5.pdf.

Quality assurance

All of the core samples were assayed by Actlabs, an internationally recognized laboratory (http://www.actlabs.com/page.aspx?menu=60&app=206&cat1=495&tp=2&lk=no). All the samples were assayed with 50 gram fire assay for Au, and ICP assay for Cu, Mo, Ag, Zn, etc. covering a total of 36 elements. Au fire assays were done by ActLabs in Ulaanbaatar and ICP assays were done at ActLabs in Canada. 5% of standards, 3% of blanks, and 1% of duplicates were used for assay quality control. The Company has a formal sample analysis service contract with ActLabs.

Qualified person

The new drilling results in this news release and on Kincora's website and the other scientific and technical information in this news release were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and were reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, a director of Kincora, who is the Qualified Person for the purpose of NI 43-101.

Contact Information
Kincora Copper Limited
Igor Kovarsky
President and CEO
+1 604-689-2599
www.kincoracopper.com

Comments

Popular posts from this blog