Kincora Copper has announced that it has been granted the exploration licence for the Wongarbon Project in the central region of New South Wales (NSW), Australia.
This project is located on the northern extension of the Macquarie Arc, which is known for its porphyry geology and is considered a globally significant exploration opportunity.
The licence encompasses an area of 173km² within the Wongarbon Magnetic Complex, which is believed to be analogous to the systems hosting several significant mines in the region.
These include the former Newcrest-owned Cadia mine, Evolution Mining‘s Cowal and Northparkes mines, and Alkane Resources’ Boda-Kaiser deposits.
The potential of the Wongarbon Magnetic Complex was initially identified by Newcrest as a large-scale target.
However, the area remained untested due to Newcrest’s prioritisation of the Cadia Far East and Ridgeway discoveries at the time. Newcrest’s ground magnetic surveys had pinpointed several targets at depths of 300–400m, indicating the presence of unexplored mineralisation.
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By GlobalData
The Wongarbon Project’s location within a region known for its rich mining history and current operations suggests a promising future for Kincora Copper’s exploration endeavours.
With the licence now secured, the company is poised to investigate the untapped potential of the area, which could lead to significant discoveries akin to its neighbouring mines.
Kincora Copper Technical Committee chair John Holliday and Kincora Copper Exploration vice-president Peter Leaman said: “The next Cadia-scale deposit in the Macquarie Arc will likely be found in the covered and underexplored parts of this proven Tier 1 terrane and jurisdiction.
“This is virgin territory and a major opportunity with huge upside, which is being increasingly recognised as evidenced by recent significant deals and increasing investment by industry heavyweights.
“Regional magnetics has proven very effective in mapping the volcanic belts and the major deposits have identifiable intrusive complex signatures. This is evidenced in the southern and more mature sections of the Arc that already hosts over 160Moz [160 million ounces of] gold equivalent endowment.”
