Kincora Copper and AngloGold Ashanti are set to commence the first-ever drilling program at the northern portion of the Nyngan project in NSW.
The opening phase of the program will include approximately six to eight drill holes, with an estimated 4–5km of drill holes planned before the summer break.
As the manager of exploration activities, Kincora will receive a 10 per cent management fee as part of the agreement with AngloGold Ashanti.
The program is a critical step in AngloGold Ashanti’s right to spend up to $50 million to earn an 80 per cent interest in the Nyngan and Nevertire projects.
“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 copper-gold deposit but a new district and series of discoveries,” Kincora president and chief executive officer Sam Spring said.
“The strategic appeal and value of a new porphyry district has been clearly illustrated in the Vicuña district with corporate activities by BHP and Lundin Mining this month supporting over C$8 billion of value being recognised for a cluster of four new major discoveries.
“Recent planning and targeting activities with our partner AngloGold Ashanti have 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.”
The drilling will test up to eight large intrusive complex targets, identified through recent planning and targeting activities. These targets are in the “Ace of Spades” region, a compelling area within the Nyngan project.
Ongoing ambient noise tomography and geophysical surveys by Fleet Space Technologies are expected to complement the upcoming drilling, enhancing the understanding of the region’s geology.
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