Mongolia-focused Kincora Copper (CVE:KCC) says it will potentially follow up advanced target zones on its flagship Bronze Fox project with further analysis.
The firm is mulling follow up geophysics and deeper IP analysis in the areas to locate further targets, it said.
It came within a detailed statement, in which Kincora updated on exploration activities late last year and reviewed 2012's field season.
Between October and December last year, a further 4,885m of diamond drilling was completed with 1,473m being shallow holes testing oxide mineralisation around the West Kasulu target.
The work was to consolidate earlier findings and focused on determining potential for higher grade copper-gold porphyry mineralisation at depth and near surface oxides at the West Kasulu prospect and drilling two previously untested geophysics anomalies at Bronze Fox.
Kincora said today this work continued to demonstrate that the Bronze Fox project hosts a "large area of lower grade copper and gold mineralisation, open at depth and in every direction with high-grade intersections and new targets continuing to be generated".
President and chief executive John Rikus said: "Our review of the 2012 exploration season reiterates our belief that Kincora's wholly-owned and flagship Bronze Fox project is prospective for both bulk lower grade and deeper higher grade copper mineralisation.
"Following the successful C$4.6 million private placement late last year drilling activities increased from two to three rigs and ran until the week before Christmas.
"All core work programmes were completed including: step out drilling around Hole F62 at West Kasulu; advancing key infill drilling and initial metallurgical analysis for a potential oxide development project, also intersecting further shallow porphyry mineralisation (eg: 8 metres at almost 1% CuEq); and, drilling a number of untested anomaly targets.
"Large zones of lower grade mineralisation, both oxide material at surface and sulphides at depth, were returned. While not intersecting economic mineralisation this drilling, and that of two previously untested anomalies, warrant follow up activities and illustrates the company's systematically exploration of its large regional landholding, the majority of which has experienced limited previous exploration.
"The recent private placement provides Kincora a number of options and flexibility to resume optimal exploration activities in 2013."
The company added today that the firm continued to monitor the as yet unsubstantiated local Mongolian media speculation regarding two licenses held by Kincora; the proposed draft Minerals Law, the up coming Mongolian Presidential election, and the global markets for exploration juniors.
"While impacted by these aforementioned factors, we continue to access various other commercial opportunities and discussions with potential strategic investors regarding technical and financial synergies," said Rikus.
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