Further details following receipt of the 2012 assay results:
West Kasulu deeper porphyry prospect - Located towards the eastern boundary of the Bronze Fox license step out drilling to Hole F62 aimed at testing the extent of mineralisation and returned further zones of board but predominately lower grade mineralisation. Hole F62 included 661m at 0.35% Cu, 0.01% Mo and 0.08g/t Au (0.44% CuEq) from 399-1,060m, with 37m at 0.8% Cu (1.07% CuEq) between 573- 610m. Of the 1,360 metres drilled (the deepest hole at the project) over 1,000 metres graded at least 0.40% CuEq with the significant width of higher-grade mineralisation supporting the potential for a deep high grade porphyry deposit.
-- Hole F64: 600m to the east of F62, was drilled to 1,228m and intersected disseminated chalcopyrite of a lower grade to F62 and returned a strong argillic alteration zone. The main mineralised zones included: 440-467m @ 0.31% Cu; 481-523m @ 0.33% Cu; 595-733m @ 0.29% Cu Eq and at 827-828m 4.39g/t Au.-- Hole F68: drilled 300m the south east of F62, intersected low grade copper mineralisation and the hole has been stopped at 1,359m. Low grade Cu-Au mineralisation, generally 0.1-0.2% Cu, was encountered in most of the hole with occasional small intervals of greater than 1% Cu. The main mineralisation zones include: 312-484m @ 0.25%; 603-625m @ 0.30%; 754-784m @ 0.25%; and, 984-1007m @ 0.28% of CuEq.-- Hole F85: 250m west of F62, ended at 1,067m and although intersecting chalcopyrite did not return any notable higher grade zones. Lower grade mineralisation started at around 400m to the end of the hole with grades of 0.1 to 0.2% Cu.
These three holes drilled in late 2012 have encountered broad lower grade mineralisation with limited higher grade zones which does not supported the potential for a substantial deep economic copper resource in the immediate area that could warrant a potential block cave mining operation.
As part of the late 2012 oxide drilling programme a number of mineralised porphyry dykes were intersected at shallow depths as hole extensions. In Holes F82 and F92 broad areas of oxide and sulphide mineralisation were encountered with the mineralised dykes intersected ranging from several metres to over 10 metres, with porphyrytic texture and generally associated with further porphyry breccia with over 5-10% of sulfides (most are chalcopyrite).
-- Hole F82: returned a total of 297.2 metres at 0.20% CuEq from surface including sulphide mineralisation of 38 metres at 0.42% CuEq (from 153 metres) associated with a 8 metre dyke which graded almost 1% CuEq.-- Hole F92: returned a total of 151.5 metres at 0.26% CuEq from surface including higher oxide mineralisation of 6 metres at 0.55% CuEq from 15 metres mineralisation.
The assay results returned indicate these porphyries are generally with about 0.5% Cu and 0.2 to greater than 1g/t Au. These intersections further confirm the copper-gold porphyry potential near surface in the West Kasulu area.
To view Photo 1, please visit the following link: http://media3.marketwire.com/docs/kcc219-Pic1.pdf.
Other holes of note, not previously announced since Kincora's last exploration update (September 5th, 2012), include:
-- Hole F52: includes, 60m from 20m of 0.3% CuEq; 101m @ 0.35% CuEq (233- 334m), and 59m @ 0.38% CuEq (358-417m). The hole collapsed at a depth of 496.5m in an argillic zone.-- Hole F55: the most western hole at West Kasulu returned intervals of higher grade mineralisation at shallow depths: 1m of 3.55g/t Au at 92- 93m; 1m of 1.41g/t of Au at 103-104m; and, 26m of 0.46% CuEq with bornite between 116-140m.-- Hole F56: the hole was lost at a depth of 66m as it could not a penetrate argillic zone with low grade Cu mineralisation of 0.22% CuEq intersected from surface to the end of the hole.-- Hole F57: includes 63m from 218m of 0.35% CuEq and 87m of 0.26% CuEq (307-394m).-- Hole F58: the east extension of West Kasulu. The hole was lost at a depth of 290.9m in a chorite zone. The hole returned 100-300ppm Cu with intervals of 0.15% to 0.27% Cu. The hole did not reach the designed depth of targeting mineralisation zone. The Cu anomaly possibly indicates a Cu mineralisation system geochemistry anomaly halo.-- Hole F60: depth 301.4m hole lost in argillic zone. The hole encountered low grade mineralisation of 0.17% CuEq from surface to a depth of 301.4m where it was lost in a argillic zone. Within this there were various high grade one metre intervals including 0.54% Cu and 0.15g/t Au (from 10m); and 1.1g/t Au and 0.29% Cu (from 61m).