At the West Kasulu prospect mineralisation remains open to the south west with promising mineralisation encountered Hole F55 (in license 15075) and also possibly to northeast based on geophysics which stretching about 4kms in length and the recent results of Hole F72. Refer to Figure 1.
Testing of identified anomalies and targets - Via early stage exploration and regional M&A, Kincora has increased its priority exploration targets from four in 2011, to ten. During 2012, exploration activities aimed at systematically prioritizing, testing and realizing the potential of these targets. In late 2012 two previously untested geophysics anomalies at Bronze Fox, which where identified from first phase 3D IP earlier in the year, were drilled. Whilst not encountering economic mineralisation both holes were a technical success, returning significant alteration warranting further exploration activities.
-- Hole F72: the last of 2012, was drilled to 840m and targeted a combination of low magnetic, high IP chargeability and low resistivity anomaly near Hole F58 which is with over 200m of Cu anomaly and locally with greater than 0.2% Cu and up to 0.88g/t Au mineralisation and extensive of propylitic and argillic alteration. F72 is located approximately 2kms north west of F62. Only part assay returns have been received to date with low grade copper mineralisation encountered from near surface. Assay results to date include: 141-296m @ 0.14% CuEq (including 185-239m @ 0.23% CuEq), with localized areas of higher grade zones (of up to 4.06% Cu). The mineralisation encountered appears more pervasive alteration which is slightly different from West Kasulu where higher grade zones which are generally associated from vein systems. Assay results for a second deeper zone of visual low grade copper and moly mineralisation from F72 are not yet available.
To view Photo 2, please visit the following link: http://media3.marketwire.com/docs/kcc219-Pic2.pdf.
-- Hole F70: A deep hole, was drilled to explore the South East corner of the Bronze Fox license where there is a substantial geophysical anomaly. F70 commenced in younger Cretaceous rocks until 185m and then in andesites, tuffs with breccias until the end of the hole at 767m. The target was 11km east south east from West Kasulu and while only intersecting Cu and Au anomalies and extensive propylitic alteration and breccia zones in the sulphides intersected in the south east anomaly indicate there is a potentially large scale target for deeper copper sulphide mineralisation.-- Sophie North target: One hole was drilled into this target in 2012 targeting a gold anomaly identified from trenching and soil sampling. Hole F66 intersected low grade Au and Cu.-- Dunlop Fox target: One hole was drilled into this target in 2012 testing the extension of small high grade gold and copper mineralisation at depth. Unfortunately Hole 54 was lost before reaching the target depth.
Potential oxide development project - An infill programme of 10 shallow holes for 1,473 metres was completed in the West Kasulu oxide target zone in the last quarter of 2012 to provide the required density to update preliminary resource models. As previously mentioned, a number of these holes were continued into the underlying sulphides. The assay results have not increased the potential oxide resource's scale and removed the potential for an economic sulphide resource beneath the oxides despite intersecting a number of mineralised porphyry dykes.