VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/10/13 -- Kincora Copper Limited (the "Company", "Kincora") (TSX VENTURE: KCC) is pleased to announce that 2013 field season activities have commenced at its wholly owned Bronze Fox project. A staged exploration programme is planned initially focusing on geological mapping and Infra-Red ("IR") spectrum analysis across various selected target areas of the project.
Activities in 2012 confirmed and significantly advanced a number of copper porphyry targets at the West Kasulu and Leca Pass prospects in particular. The core focus of the planned activities in 2013 is to refine exploration data, conduct further analysis and specify target generation of the copper porphyry target at the West Kasulu, Leca Pass, and other new areas on our flagship Bronze Fox license (15000X) in light of positive results at depth (eg hole F62, including 37 metres at 0.8% Cu or 1.07% CuEq) and other shallower zones of bulk and higher grade porphyry mineralisation (eg hole F82, 8m at almost 1% CuEq and hole F72, highest grade of 4.06% Cu and 0.19g/t Au) encountered late 2012.
Initial activities will include a detailed mapping of veins, hydrothermal alteration and mineralised zones, advancing the project from a technical perspective via a systematic exploration programme noting that our licenses are only in their fourth year. Recent petrography and mineralogy results have illustrated bornite, chalcocite and gold mineralogy is often closely linked to the moderate and high-grade copper zones encountered at and around the West Kasulu prospect. Planned follow up work is expected to improve the understanding of these relationships and confirm a number of trends already identified, which will greatly assist future exploration for higher-grade mineralization zones and a potentially economic copper porphyry system.
Subject to Board approval these first phase activities will potentially support a deep Induced Polarisation ("IP") programme and further drilling at identified high priority targets in the second half of the year, which if successful could to lead a significant exploration target range. Given Kincora's extensive drilling below 400 metres (the limit of current geophysics), further IP analysis across the licenses and to greater depth is expected to improve target generation particularly given the recent success of such techniques at other large scale copper porphyry targets (including Oyu Tolgoi) and ability to reconcile existing drilling data to such geophysics.
The Board has recently adopted a new remuneration policy for director's fees such that there is a commitment for the on-market acquisition of shares. The Company's cash balance as at April 23, 2013 is $2,604,782 supporting board approved activities until 2014 with the management also focusing on further reducing overhead and administrative costs as evidenced by our recent internal management changes.
Commenting on today's announcement, Sam Spring, President and CEO of Kincora, said:
"Despite the uncertainties that have emerged since mid last year we see recent external events as potential catalysts for an improvement in market sentiment towards Mongolia and especially Kincora. Uncertainty relating to our lower priority two Golden Grouse licenses has undoubtedly impacted our share price and while this situation is not yet resolved we believe our planned multi-phase exploration programme for 2013 which commenced this week places us in good stead to add value at a project level whilst remaining funded into 2014.
The Company continues to review all aspects of our strategy but the new remuneration policy for non-executive directors is a clear illustration in the Boards continued belief in our flagship Bronze Fox project, strategy and current favourable valuation."
The contents of this this news release and on Kincora's website and the other scientific and technical information in this news release were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and were reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, Chairman and Director of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.
About Kincora Copper Limited
Kincora Copper Limited is a junior resource company engaged in the acquisition, exploration and development of mineral properties with a focus on copper/gold projects in Mongolia.
Kincora's ambition is to be the leading listed independent copper exploration and development company in the highly prospective and proven Oyu Tolgoi South Gobi porphyry copper belt in southeast Mongolia. The Company is currently exploring its wholly owned Bronze Fox, Tourmaline Hills and North Fox projects which host an extremely large and strategically located mineralised footprint covering over 40km2.
The projects are situated only 250km from the Chinese border and within 140km of two large scale greenfield copper construction projects: Oyu Tolgoi, invested capital to date approximately US$6.6 billion and target production of up to 160,000t/ day; and, Tsagaan Suvarga, estimated capex US$1b and target production of 40,000t/ day. Other significant mines and associated infrastructure are being developed in this immediate region.
The Company is listed on the TSX Venture Exchange, was formed in mid 2011, with its head office located in Vancouver, Canada, and a regional office in Ulaanbaatar, Mongolia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Kincora Copper Limited
President and Chief Executive Officer
+61431 329 345
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