Wednesday, May 28, 2014

Kincora Copper kicks off drilling at Bronze Fox

Kincora Copper (CVE:KCC) has kicked off drilling activities at high priority copper porphyry targets at its Bronze Fox asset in Mongolia.

Drilling activities will focus on areas of known mineralisation that remain largely untested, with sUBSequent induced polarization (IP), alternation and/or fertility analysis guiding the company to areas of potential high grade mineralisation.

Trenching activities have also commenced at the Happy Geo prospect following promising recent surface sample results and corresponding integrated geophysical analysis.

The Happy Geo prospect is a 2x7 kilometres structurally controlled east-west corridor in the southern half of Bronze Fox.

Previous exploration work has identified outcropping gold veins (from rock chip grab and soil grid sampling), cutting a folded and faulted Upper Carboniferous clastic sequence, and this region is to the south of a large fault that separates the more advanced copper porphyry targets to the north, the company said.

“The primary focus remains large-scale copper porphyry targets that have been actively advanced in the last 18 months since we last drilled at Bronze Fox, where we previously returned very promising results,” declared Sam Spring, president and chief executive officer of Kincora.

“Furthermore, the gold potential across the project is being pursued, noting that approximately a third of all holes previously drilled at Bronze Fox have returned intervals of at least 1g/t [grams per tonne] gold, with activities focused on the Happy Geo prospect where no previous drilling has taken place, consistent high grade surfaces have been returned with favourable corresponding geophysics,” Spring added.

The company also revealed that it has appointed Henry Tebar as principal geologist and a number of other highly qualified local geologists to its existing team.

Tebar is familiar with Bronze Fox via his previous role as president and chief geologist of the Trafigura Origo joint venture in Mongolia, has extensive knowledge of various regional opportunities and has an existing working relationship with Kincora’s director of exploration, Yawen Cao.

Meanwhile, Eric Zurrin, a former director of UBS Investment Bank’s EMRA metals and mining team, has joined the board of Kincora. He is currently a director of Mongolia-based merchant bank Resource Investment Capital, and has extensive experience of capital sourcing through partner distribution networks in the international markets as well as being well-versed in the Mongolian investment scene.

At the same time, Stephen Fabian and David Cown have stepped down from the board.

Lastly, the company confirmed it has completed the previously announced placing of 7.74mln units of Kincora with Khayam Minerals at a price of C$0.05 a unit, to raise C$387,000 (gross).

Shares in Kincora were up 9.1% at 6 cents early doors in Canada.

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