Kincora Copper (CVE:KCC) released what it called “very encouraging” initial exploration results from Mongolia, in new area which is now being know as Shargal Tolgoi – which means ‘Yellowish Hill’.
This new mineralized copper zone is adjacent to a prominent regional fault to the south-east of previous drilling and mineralization at West Kasulu, Kincora said.
Assay results from drilling are currently pending, but the company has said that all holes yielded “at least broad visual lower grade copper mineralization”.
Three drill holes have thus far been completed, whilst drilling continues in two others.
“Initial exploration activities this field season are very encouraging, supporting our strategy of testing large scale targets inline with known copper porphyry orebodies, including Oyu Tolgoi,” said chief executive Sam Spring.
“The successful identification of at least broad visual lower grade copper mineralization in all drill holes, noting assay results are pending, and the favorable near surface expressions to date, has confirmed our geological model.”
It also expands the copper porphyry potential at Bronze Fox in a significant and new mineralized copper zone, Spring said.
Kincora also noted that the Mongolian Parliament has approved amendments to the existing Minerals Law, though the full details are not yet known.
It told investors that it will continue to inform them of significant developments regarding ongoing exploration activities and the proposed resolution of the 106 license issue – which impacts two lower priority licenses adjacent to the flagship Copper Fox project.