Toronto-listed Kincora Copper (CVE:KCC) announced progress at its Bronze Fox project in Mongolia - as it struck an exclusivity agreement on a possible alliance for the asset.
The agreement grants a third party exclusive rights to carry out due diligence on the copper project ahead of a potential joint venture, strategic alliance or other transaction.
Sam Spring, Kincora's president and chief executive, told investors: "Kincora is the last remaining listed copper junior in Mongolia without a strategic partner.
"This is despite Bronze Fox being one of the more advanced copper projects, situated in the Oyu Tolgoi mineralisation structural trend.."
He also highlighted the property's strategic loacation in one of the most rapidly developing mining centers and one of the last underexplored frontiers.
"The company has attracted interest from various existing large-scale copper producers and welcomes advancing discussions with this particular group as we continue our ongoing drilling and other exploration activities at Bronze Fox."
Bronze Fox has a mineral footprint of around 40 sq km and lies 140km from Rio Tinto 's (LON:RIO) Oyu Tolgoi mine, where daily production is targetted of up to 160,000 tonnes a day.
At Bronze Fox, Kincora aims to fimd shallow and/or deep copper-gold porphyry deposits and assess the potential for shallow gold deposits with a view to the future development of open pit or underground mines.
The firm noted that this exclusivity agrrement did not restrict Kincora’s ability to undertake ongoing exploration activities or other corporate moves, such as private placings.