 and earn-in partner AngloGold Ashanti will soon begin the first ever copper-gold drilling program in NSW.){kind=link}
AngloGold Ashanti teams up with Kincora for NSW copper-gold exploration
Kincora Copper Limited (ASX: KCC) and earn-in partner AngloGold Ashanti will soon begin the first ever copper-gold drilling program at the northern portion of the Nyngan project, with about 6-8 drill holes for an estimated 4000-5000m before the summer break.
AngloGold Ashanti, the world’s fourth largest gold miner by production, has a successful track record with greenfields discovery.
Kincora is managing the exploration program and will receive a 10% management fee as the program is funded by AngloGold Ashanti via the up to $50m earn-in and joint venture agreement for the Nyngan and Nevertire projects.
These drill targets include an existing high priority large intrusive complex target, which is currently the focus of Fleet Space’s ongoing Ambient Noise Tomography (ANT) and gravity geophysical surveys within the northern portion of the Nyngan project.
Kincora president and chief executive Sam Spring comments on this.
“We are very excited by the potential of the Northern Junee-Narromine belt where we are seeking not to just confirm a new significant porphyry Cu-Au deposit but a new district and series of discoveries,” he said.
“The strategic appeal and value of a new porphyry district has been clearly illustrated in the Vicuna district with corporate activities by BHP and Lundin Mining this month supporting over C$8b of value being recognised for a cluster of four new major discoveries.
“Recent planning and targeting activities with our partner AngloGold Ashanti has significantly expanded the number of targets, the drilling activities needed and planned to test a series of major and previously undrilled interpreted magmatic complex targets at the Nyngan Project.
“Initially we are aiming to test up to eight new major intrusive system complex targets before year end in this first phase program which focuses on the very compelling northern Nyngan “Ace of Spades” region.
“Recent neighbouring explorer drilling is also supporting the potential of a series of Macquarie Arc intrusive complexes to the immediate east of the “Ace of Spades” target area along a potentially important common transverse structure providing further encouragement to the potential of a new porphyry district scale opportunity.”
The Nyngan license (Exploration Licence 8929) was the first ground Kincora secured in NSW.
It is a large 762km2 direct application tenement granted by the NSW Government covering a significant portion of the interpreted under cover section of the northern Junee-Narromine Belt.
The Junee-Narromine Belt is one of the two largest belts of the Macquarie Arc, Australia’s foremost porphyry belt in Central NSW, which hosts a mineral endowment of over 160 million gold equivalent ounces.
The undercover extensions of the renowned Macquarie Arc porphyry copper-gold geology are globally significant exploration opportunities offering new district(s) scale discovery potential.
The region has attracted four earn-in and joint venture agreements in the last 12 months supporting potentially over $200 million in exploration and development expenditure.