Kincora Copper has begun drilling at three prospective projects, one of which is funded by earn-in partner AngloGold Ashanti Australia.
AngloGold and Kincora are ramping up drilling at the Nyngan scandium project in New South Wales, which has the potential to become a district-scale asset with up to eight large intrusive targets.
The Nyngan project was the first ground Kincora secured in NSW. AngloGold Ashanti joined as an earn-in partner in May and has the option to spend up to $50 million to earn an 80 per cent interest in the project.
Since then, Kincora has secured three prior Newcrest drill holes from the Cadia mine site for the Nevertire South project, which neighbours Nyngan and forms a mining corridor through the region.
A new phase of drilling is also kicking off at the nearby Cundumbul copper project and the Bronze Fox copper project in Mongolia, both of which are also partner-funded.
Kincora president and chief executive officer Sam Spring said the recent deals with four industry partners unlock up to $60 million of multi-year funding, which has allowed field activities to begin.
“These deals provide clear technical endorsement of, and value parameters for, these and our other wholly owned Kincora projects,” Spring said.
“Kincora continues to seek to work with existing and new technical and funding partners to apply industry leading exploration techniques to systematically advance and de-risk our highly prospective large-scale project pipeline of porphyry targets.”
Spring said the recent ramp up is just the beginning, with the ultimate aim to crate globally significant discoveries.
“More deals, partnerships and projects with a clear value path are proposed,” he said.
“Our recent review of the new Nevertire South project has been extremely positive supporting what we believe is the most attractive geologically supported target in the covered extensions of the Macquarie Arc.
“Other comparable earlier stage and higher risk projects have recently attracted five partner deals and potentially over $300 million in exploration expenditure.”
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