Tuesday, 6 March 2012

Kincora Copper to spend $5.2 mln for 2012 exploration program

Kincora Copper (CVE:KCC) Monday announced updated exploration results for last year's exploration and details of its 2012 drilling campaign for the Bronze Fox project in Mongolia.

The flagship Bronze Fox project occupies 223 square km of land 140 km northeast of the massive Oyu Tolgoi project, on the same copper belt.

It is divided into five areas of specific interest: West Kasulu, Dunlop Fox, Buchanan Heights, Sophie North, and Leca Pass.

In 2011, Kincora completed a total of 12,435 metres of diamond core drilling. Of the 23 holes drilled, 22 holes hit copper-gold or gold mineralization.

This year's exploration strategy is expected to cost $5.2 million, Kincora Copper said.

The company said that results from its 2011 exploration campaign continued to demonstrate the significant potential of the Bronze Fox project. Encouraged by the extent of mineralization within the license area, the 2012 exploration campaign will continue to define the resource potential, Kincora said.

Kincora Copper's president and CEO Igor Kovarsky said: "These are the final results from the 2011 exploration campaign which continue to demonstrate that Bronze Fox (Buyant License) hosts a large area of copper and gold mineralization, open at depth and in every direction with high grade intersections.

"These results combined with those announced on 20 February are a great development for the project. We are also pleased to announce

our 2012 strategy which aims to define a maiden resource."

Amongst the highlghts, in West Kasulu, hole F27 intersected some small intervals of over 1 gram per tonne (g/t) of gold (up to 2.48 g/t gold) and also 30-40 metres of copper mineralization including 37 metres from 139 metres at an average 0.4% copper equivalent, with up to 3.03% copper and 1.66 g/t gold.

Hole F28 had over 750 metres of consistent copper mineralization, with molybdenum mineralization zones up to 0.9% molybdenum, and ending in a mineralization zone.

Kincora said that six holes were drilled in the Buchanan Heights and Sophie North target areas for initial scout drill testing of a potential gold target zone. Four holes intersected hydrothermal related pyrite and arsenopyrite veins.

Assay results showed 1 g/t to 4.2 g/t gold with associated copper of 1.88%. Those holes include: F32, F33, F34 and F36.

At drill hole F47 in Dunlop Fox, assay results show there is associated copper mineralization, in particular: 18 metres from 29 metres at 0.6% copper equivalent, including 1 metre at 2.07 g/t gold and 1.86% copper and 15 metres from 84 metres at 0.8% copper equivalent, including 1 metre at 8.39 g/t gold.

The key objectives for its 2012 drilling campaign are to define a shallow open pit copper resource potential; continue to search for high grade copper resource potential at depth; define gold targets and resource potential and continue with its bolt-on acquisition strategy.

Kincora's 2012 diamond drilling campaign will begin in March with a total of 16,000 metres planned.

At West Kasulu, the focus will be to drill 10 holes with a total length of 4,000 metres to define open pit potential and target new gold and copper areas identified by soil geochemistry and IP anomalies. At Leca Pass, Kincora plans to drill 5 holes with a total length of 3,000 metres to define the main mineralization zone.
The company said that at Dunlop Fox it plans to drill 6 holes with a total length of 3,000 metres to define the known extension of the mineralization zones and test the new gold soil and IP anomaly area to define new gold targets. At Buchanan Heights, the company plans to drill 5 holes with a total length of 3,000 metres to test new targets and also to define the extension of known mineralization zones.
In terms of new target areas, the company plans to drill outside of the current work concentration zone with 3,000 metres in total length. The work will concentrate in the southern high gold anomaly and chargeability areas.

Kincora also said it plans further geological surveys and an infill soil geochemistry study.

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