Kincora Copper: Expanded Scope For Ongoing Drilling In The Northern Junee-Narromine Belt

2025-06-06 06:06:02

(MENAFN- Newsfile Corp)

The first drilling program by Kincora with earn-in partner AngloGold Ashanti Australia Limited ( AngloGold Ashanti ) at the Nyngan porphyry project has been expanded for a second time to test new targets identified by a recent ground gravity survey:
- A total of fifteen wide-spaced scout holes for 6,197.3m have been completed in the current program with a further four holes now planned and drilling is ongoing.
- Encouraging geology, alteration, anomalous copper and pathfinder minerals are noted in multiple holes supporting porphyry copper and epithermal gold potential.
- A Stage 2 follow up phase of step out drilling is proposed post results and analysis of the ongoing scout-drilling program.
Drilling is scheduled to transition from Nyngan to the Nevertire and Nevertire South projects and has been expanded following the second earn-in agreement with AngloGold Ashanti ¹:
- The program will follow-up very promising prior intervals by Newcrest Mining and is designed to discover or create a vectoring pattern to a targeted porphyry deposit.
Kincora is managing the programs and receives a 10% management fee.
AngloGold Ashanti has the right to spend up to A$100 million via two separate earn-in and joint ventures covering a continuous strike greater than a 100kms including five projects within Kincora's Northern Junee-Narromine Belt portfolio.

Melbourne, Australia--(Newsfile Corp. - June 6, 2025) - Copper-gold explorer and project generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (" Kincora" or " the Company" ) is pleased to provide an update on its ongoing and further expanded exploration programs in the Northern Junee-Narromine Belt ( NJNB ). These programs are located in the undercover extension of the Macquarie Arc in NSW and being conducted under an earn-in and joint venture agreement with AngloGold Ashanti.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, said:

"Results from the recent gravity survey and initial scout holes at Nyngan, coupled with the expanded agreement with AngloGold Ashanti, have significantly increased both the scale of this year's drilling program and the management fee income that Kincora receives.

"The interactive relationship with AngloGold Ashanti is proving very effective for new target generation, as illustrated by the gravity survey resulting in targets now being drilled.

"The initial phase of exploration is generating more new Macquarie Arc volcano-intrusive complex targets potentially hosting both porphyry copper and epithermal gold settings.

"Following another four planned holes at Nyngan the rig is scheduled to move to Nevertire South testing high priority step-out targets, which we rate as the most advanced and geologically prospective porphyry project in the covered extensions of the Macquarie Arc.

"Following an estimated seven further holes at Nevertire and Nevertire South we expect the rig to then return for a second and step out phase of drilling at Nyngan which will see drilling until the summer break."

Nyngan Update
Initial scout drilling activities at the Nyngan project commenced calendar 4Q'2024 and are ongoing. To date, fifteen holes for 6,197.3m have been completed in partnership with AngloGold Ashanti under the May 2024 earn-in agreement ².

This program utilises cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence followed by diamond core drilling (NQ3) of porphyry-prospective basement. All holes to date have provided samples of basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc intrusive complexes, the Ace of Spades and Gerar (formerly South-West) targets, which cover ~16 x 18km and ~7 x 17km, respectively - see Figures 1 & 2 below.

Following encouraging results for the first six holes completed in 4Q'2024, the drilling program was expanded to provide greater coverage across the two wider target areas and a ground gravity survey was commissioned and completed in 1Q'2025 ³.

The gravity survey covered over 400km² and has identified a number of new targets, four of which are currently being drilled in the ongoing expanded current scout program. Various coincident magnetic and new gravity anomalies have been identified at both the wider Gerar and Ace of Spades targets - see Figure 2 below.

Encouraging alteration, anomalous copper and pathfinder minerals are noted in multiple holes supporting porphyry copper and epithermal gold potential - see Tables 1 & 2 below.

A Stage 2 follow up phase of step out drilling is proposed at the Nyngan project post completion of the scout drilling program and analysis of results.

Nevertire and Nevertire South Update
Following the recent April 2025 amended and second earn-in agreement, plans for exploration activities have been expanded to support a first phase drilling program at both the Nevertire and Nevertire South projects with unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex ("NMC"). This program includes both step out and scout targets with drilling anticipated to commence in August upon completion of the current program at Nyngan.

Prior Newcrest Mining drilling at the central and southern section of the NMC has returned anomalous copper-gold mineralisation, favourable fertility defined by green rock analysis, geochemical zonation and alteration suggestive of an outer porphyry system setting with age dates confirming a highly prospective Macquarie Arc intrusive complex (at approximately 220m depth down hole).

The northern section of the NMC, which has not been effectively drill tested, is a high priority porphyry target and, in Kincora's view, the most advanced and geologically prospective porphyry target within covered extensions of the Macquarie Arc.

A step out drilling program from the best two prior Newcrest drill holes (open to the north, east and west) is designed to discover or create a vectoring pattern to a targeted porphyry deposit - see Figure 2 below - with initial scout holes testing the northern extension onto the Nevertire license. Following an estimated seven holes at Nevertire and Nevertire South, drilling is expected to recommence at Nyngan for a step out phase of drilling.

The drilling programs at the Nyngan, Nevertire and Nevertire South projects are expected to continue into the fourth quarter of calendar 2025, providing a regular news flow and management fees to Kincora.

Figure 1: A newly recognised, district-scale series of major, untested magmatic complex targets is situated within Kincora's Northern Junee-Narromine Belt portfolio, potentially representing the largest volcano-intrusive complex of the Macquarie Arc

To view an enhanced version of this graphic, please visit:

Kincora is managing the earn-in programs with AngloGold Ashanti, receiving a 10% management fee of expenditures, covering a continuous 100km strike and 5 projects

Figure 2: First phase exploration at Nyngan has been expanded for a second time following positive initial results

To view an enhanced version of this graphic, please visit:

Drilling is scheduled to transition from the Nyngan to Nevertire and Nevertire South projects, before a Phase 2 step out program at Nyngan supporting drilling until the end of the year

Figure 3: 15 wide spaced scout holes have been completed with a further planned four holes in the current first phase of ongoing drilling

To view an enhanced version of this graphic, please visit:

The current phase of drilling includes scout holes to basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc volcano-intrusive complexes (the Ace of Spaces and the Gerar targets (the latter formerly known as the South-West target)). A recent extensive ground gravity survey has generated a number of new targets, four of which are currently being drilled as part of the ongoing program. Due to the very broad nature and extensive regional coverage of the current program Kincora has not provided sectional views of the current scout-drilling phase (as required under Clause 19 of the JORC Code). Such sections are anticipated upon commencement of a Phase 2 follow up step out phase of drilling.

Table 1: Nyngan project: Summary of 2024 mud rotary-diamond tail drill holes (metres)

Hole	Mud Rotary	Diamond Core	End of Hole	Interpreted Basement	Basement Interval	Highlights
NYDD002	212.9	240.7	453.6	440.8	12.8	Confirmed Macquarie Arc age date. Rare chalcopyrite, bornite.
NYDD003	257.8	168.6	426.4	255	171.4	Distal propylitic alteration + weak gold-copper anomaly. Minor chalcopyrite.
NYDD004	235.3	265.6	500.9	318	182.9	Propylitic alteration + moderate copper anomaly. Minor disseminated chalcopyrite, pyrite (locally up to 5%), and fracture-fill native copper. Trace vein hosted chalcopyrite.
NYDD005	335.5	35.7	371.2	333	38.2	Distal propylitic alteration.
NYDD006	302.7	135.5	438.2	302.7	135.5	Trace vein hosted chalcopyrite.
NYDD007	305.7	210.6	516.3	305.7	210.6	Epithermal overprinting propylitic alteration. Minor disseminated and vein hosted pyrite, molybdenite & chalcopyrite with minor fracture filled native copper
NYDD008	209.7	174.6	384.3	201	183.3	New potassic + sodic-potassic intrusive system Minor chalcopyrite, rare bornite + fracture-fill native copper
NYDD009	287.7	161.8	449.5	282	167.5	Propylitic andesitic with five distinct events Rare pyrite and very fine bornite
NYDD010	210.8	79.5	290.3	224.3	66	Distal propylitic alteration + weak gold-copper anomaly. Broad zone of disseminated pyrite with rare chalcopyrite & native copper
NYDD011	296.6	165.6	462.2	286	11176176.2	Broad disseminated pyrite with minor chalcopyrite & bornite
NYDD012	371.8	104.3	476.2	360	Vv111116.2	Multiple intrusions & breccias with minor chalcopyrite & bornite
NYDD013	332.8	36.4	369.2	327	42.2442.2
NYDD014	245.7	62.2	307.9	246	61.9661.9	Multiphase hydrothermal-igneous breccias Minor pyrite & bornite
NYDD015	260.6	104.8	365.4	246	119.4	New intrusive system, pervasive propylitic alteration. Minor pyrite & chalcopyrite
NYDD016	302.5	69.7	372.2	286	86.2	New intrusive system. Volcanic + intrusive + breccia rare chalcopyrite, pyrite, sericite
Total	4,281.9	1,915.4	6,197.3

Table 2: Nyngan project: Selected maximum and any notable broader assay values for 2024/2025 drill holes
Assay results for holes NYDD013 to NYDD016 are pending

Hole	Copper (ppm)	Gold (ppm)	As (ppm)	Mo (ppm)	S (%)	Ag (ppm)
NYDD002	424	0.011	6.0	1.56	0.03	0.29
NYDD003	378	0.016	29.4	1.23	0.19	0.24
NYDD004	680	0.038	15.8	1.60	0.85	0.28
NYDD005	159	0.014	16.8	1.48	1.08	0.66
NYDD006	245	0.016	27.1	1.27	0.02	0.32
NYDD007	472	0.215	11.1	211.0	3.49	0.59
NYDD008	265	0.018	6.7	2.18	0.08	1.12
NYDD009	207	0.003	5.0	0.60	0.03	0.19
NYDD010	262	0.014	5.9	1.20	0.25	0.19
NYDD011	395	0.028	63.4	14.90	1.61	0.35
NYDD012	453	0.021	26.6	3.27	0.65	0.48

Table 3: Nyngan project: Summary of mud rotary-diamond drilling
Holes completed to date 2024/2025 at the Ace of Spaces and the Gerar targets (the latter formerly known as the South-West target)

Target	Hole	End of Hole (m)	Dip (°)	Azimuth (true)	Easting (MGA)	Northing (MGA)	Elevation (m)	Diamond Core recovery (%)
Gerar	NYDD002	453.6	-90	0	517309	6532972	165	99.9%
Ace of Spades	NYDD003	426.4	-90	0	533326	6554167	162	99.7%
Ace of Spades	NYDD004	500.9	-90	0	533918	6547408	158	97.5%
Ace of Spades	NYDD005	371.2	-75	247	529381	6557836	159	98.0%
Ace of Spades	NYDD006	438.2	-90	0	525242	6554783	158	99.7%
Ace of Spades	NYDD007	516.3	-90	0	525542	6545010	160	99.6%
Gerar	NYDD008	384.30	-90	0	518160	6535379	159	99.8%
Ace of Spades	NYDD009	449.5	-90	0	528818	6548318	163	100%
Ace of Spades	NYDD010	290.3	-90	0	533680	6555200	162	99.9%
Ace of Spades	NYDD011	462.2	-90	0	532000	6559000	159	99.3%
Ace of Spades	NYDD012	476.2	-90	0	535498	6550116	155	100%
Ace of Spades	NYDD013	369.2	-90	0	530630	6544500	160	100%
Ace of Spades	NYDD014	307.9	-90	0	524440	6551352	160	99.6%
Ace of Spades	NYDD015	365.4	-90	0	531656	6556402	159	95.2%
Ace of Spades	NYDD016	372.2	-90	0	533623	6551638	160	100%

About the Nyngan Project
The Nyngan license (Exploration Licence 8929) was the first ground Kincora secured in NSW. It is a large 762km² direct application tenement granted by the NSW State Government covering a significant portion of the interpreted under cover section of the northern Junee-Narromine Belt. The Junee-Narromine Belt is one of the two largest belts of the Macquarie Arc, Australia's foremost porphyry belt, which hosts a mineral endowment of over 160 million gold equivalent ounces ⁴.

The license hosts almost no prior explorer drilling even though regional geophysics strongly indicates a new potential district-scale setting for a significant number of interpreted, large-scale, porphyry copper-gold volcano-intrusive complex targets.

In May 2024, Kincora signed a definitive multiple-phase Earn-in and Joint Venture Agreement over the Nyngan and Nevertire licences with AngloGold Ashanti Australia Limited, a wholly owned subsidiary of AngloGold Ashanti plc, the world's fourth largest gold miner by production which has a successful track record for greenfields discovery success and is already actively exploring in the district via a similar multiple-phase Earn-in and Joint Venture Agreement with Inflection Resources ("AUCU" on the CSE).

AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest in the Nyngan and Nevertire licenses through:

A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I), with Kincora the initial operator for a 10% management fee.
Completion of a Pre-Feasibility Study (PFS) or funding of a further A$25 million of expenditure to earn an 80% joint venture interest (Phase II).

In July 2024, separate to the Agreement with AngloGold Ashanti, Kincora formed a partnership with Fleet Space Technologies Pty Ltd ("Fleet Space") to undertake Ambient Noise Tomography (ANT) and gravity geophysical surveys under a research and development grant at the Nyngan project ⁵.

The Fleet Space surveys were completed in 2024 and focused on a small portion of the Ace of Spades target. The 1Q'2025, gravity survey covering ~400km² provides further coverage across the extensions of the Gerar (formerly the South-West) and Ace of Spade targets and infill spacing over areas of the 2024 ground gravity survey.

First phase scout drilling commenced in calendar 4Q'2024, with an initial six holes completed before the year end summer break, seeking to drill-test six large intrusive complex targets for the first time. Encouraging results supporting proof of concept, coupled with several new targets resulting from the ground gravity survey, has resulted in two expansions to the initial phase scout drilling program at both targets. A second phase step out drilling program will be planned pending results and analysis of the ongoing exploration program.

About the NJNB Project Portfolio

The Macquarie Arc is a hotspot for recent corporate activity with over A$16 billion of M&A for producing porphyry assets and over A$385 million of exploration earn-in/joint ventures ⁶. The district has seen considerable exploration success, including two greater than 10Moz gold equivalent discoveries/resource expansions ⁷.

Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the post mineral cover there has been very limited prior drilling of the extensions of both the Junee-Narromine and Molong volcanic belts relative to the southern more outcropping sections which hosts a number of world-class mines (e.g. Cadia, Cowal and Northparkes).

Kincora's portfolio and the wider NJNB offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new Ambient Noise Tomography (ANT) surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the Arc.

AngloGold Ashanti has secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (AUCU) ("Inflection", market capitalisation C$33.2 million, >3x Kincora's ⁸) within the NJNB with over A$14 million investment to date ⁹. In 2Q'2025, AngloGold Ashanti moved to Phase II of its earn-in agreement with Inflection designating a total of four projects to continue earning into (including two projects adjacent to Kincora's Nyngan project) ¹⁰ and signed a major amendment with Kincora to include a second joint venture supporting a continuous strike greater than a 100kms and five projects.

The most recent notable example of a new globally significant emerging porphyry district is the Vicuña district, which is also an extension of a renowned world-class porphyry belt. Vicuña is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4000m altitude.

Within this district NGEx Resources Inc in 2009 held three early-stage exploration projects and at the time had a market capitalisation of approximately C$40 million¹¹. These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries currently valued at over A$10 billion ¹².

Kincora was an early mover into the Northern Junee-Narromine Belt, securing a district scale portfolio of the interpreted most prospective and shallow to moderate covered part of the northwards extension of the Macquarie Arc under post mineral cover. This portfolio now covers a strike twice the length of the Vicuña district and included in earn-in and agreements with AngloGold Ashanti.

About Kincora
Kincora Copper Limited (TSXV: KCC) (ASX: KCC) is an emerging Australia-focused copper-gold explorer. The Company is now successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill ready targets. These assets are located in Australia's Macquarie Arc and Mongolia's Southern Gobi, two of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar superbasin in NSW.

Kincora is using an asset level partner model to develop and implement exploration strategies for its wholly-owned large-scale exploration stage porphyry projects. It has already unlocked over $110 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects ¹³. These initial deals have supported over 11,000 metres of drilling and over A$5.5m of partner funded exploration since late 2024, with management fees and exploration ramping up ¹³.

Partner discussions are ongoing for its remaining 100% owned flagship projects that are all situated within existing porphyry camps containing over 20 million ounce gold equivalent resource inventory.

These partner agreements, when combined with others in the pipeline, are expected to provide sufficient project management fees for the Company to be self-funding (covering corporate costs and maintenance of remaining wholly owned projects).

Kincora is retaining 100% ownership for its Condobolin project, which hosts a historical high-grade open cut gold and base metals mining field located within the southern section of the emerging Cobar Superbasin. The length of time and capital required to both advance and add significant value to this project is materially less than that needed to similarly progress the Company's porphyry projects.

To learn more, please visit:

References:
¹ Kincora press release Apr 14, 2025, "Second Major Earn-in Secured with AngloGold Ashanti"
² Kincora press release May 28, 2024, "AngloGold Ashanti to earn-in to the NJNB Project"
³ Kincora press release Feb 13, 2025, "Encouraging results expands Kincora Copper and AngloGold Ashanti's First Drilling Program"
⁴ MinEx Consulting report for Kincora.
⁵ Kincora press release Jul 24, 2024, "ANT and Gravity Geophysical Surveys at the Nyngan Project"
⁶ Ocean Blue Equities Oct 8, 2024 initiation research report on Waratah Minerals with the addition of Newmont's earn-in and joint venture agreements with Koonenberry Gold (KNB) for the:
(a) Junee porphyry project (A$23.9m of expenditure to date, ex the Jan 2025 drilling with Koonenberry Gold carried until commercial production); and,
(b) Fairholme porphyry project (Koonenberry carried until A$15m of exploration expenditure, with A$1.14m spent to date, ex the Jan 2025 drilling program).
⁷ Public data, including the resource growth at the Cowal project since Evolution Mining's acquisition driven by the Dalwhinnie underground discovery and the discovery/resource growth of the Boda and Kaiser deposits by Alkane Resources.
⁸ Market capitalisation of Inflection Resources as at June 3^rd and Kincora on the ASX as at June 4^th, 2025 (FX 0.90).
⁹ Includes AngloGold Ashanti funded exploration with Kincora and Inflection as at Dec 31, 2024, including Phase 1 and Phase 2 expenditures with Inflection (refer to the Mar 3, 2025 "MD&A" for the quarter ended Dec 2024).
¹⁰ Inflection Resources' Mar 25, 2025 release "AngloGold Ashanti Designates Four Inflection Resources Projects for Phase II of Exploration Earn-in Agreement".
¹¹ Refer to NGEx Mineral's presentation July 2024 for further details.
¹²">A$10 billion market value": includes values for Filo Corp & Josemaria based on the Jul 29, 2024 transaction values from Lundin Mining & BHP (see public market releases, "Lundin Mining and BHP to Acquire Filo and Form a 50/50 Joint Venture to Progress the Filo del Sol and Josemaria Projects") and May 30^th, 2025 market capitalisation of NGEx Minerals.
¹³ Over A$110 million of potential partner funding for eight earlier stage and/or non-core projects, with over 11,000 metres of drilling and over A$5.5m of partner funded exploration since late 2024 includes:

(a) The original up to A$50m earn-in & JV agreement with AngloGold Ashanti for the Nyngan & Nevertire projects and amended agreement to include the Nyngan South, Nevertire South and Mulla projects: refer May 28, 2024 release "AngloGold Ashanti to earn-in to the NJNB Project" and Apr 14, 2025, "Second Major Earn-in Secured with AngloGold Ashanti" (estimated budget >A$3.5m, incl. 6,197.3m drilling, Kincora currently the project manager receiving a 10% fee of expenditure). For more information on AngloGold Ashanti please visit their website at
(b) Fleet Space Technologies (which in December 2024 raised A$150m in a Series D financing) partnership under R&D Grant for geophysical surveys at Nyngan: refer Jul 25, 2024 release "ANT and Gravity Geophysical Surveys at the Nyngan Project" (est. budget A$500k). For more information on Fleet Space please visit their website at
(c) Fleet Space partnership for the Wongarbon project: refer Oct 16, 2024 release "Kincora announces Strategic Investment & Expanded Partnership with Fleet Space" (Fleet Space is to conduct ANT & gravity surveys with the right to fund >2000m of drilling for an earn-in/JV. Est. budget for ANT & gravity surveys $600k, follow up drilling >A$0.5m)
(d) Exploration Alliance partner Earth AI (which in January 2025 raised US$20m in a Series B financing) drilling commenced at the Cundumbul project: refer May 20, 2024 release "Artificial Intelligence Partner Drilling New Copper Targets at the Cundumbul Project" (Earth AI has the right to right to spend up to A$4.5m at Cundumbul and earn an NSR upon a "qualifying interval". Estimated budget to date >A$800k, incl. 5 completed holes for >2000m with a VTEM geophysical survey recently completed and analysis ongoing).
(e) Woomera Mining (now Orbminco Ltd - ASX:OB1) agreement for Kincora's Mongolian assets: refer Aug 12, 2024 release "Kincora secures funded, successful and motivated partner for Mongolian assets" & Orbminco release Jan 14, 2025 "Drilling Results for Bronze Fox Copper-Gold Project", incl. drilling results & technical details/disclaimers (Orbminco has the right to spend US$4m for a 80% interest in the Mongolian subsidiaries with Kincora free carry also to Final Investment Decision (FID) or a cash payment + NSR acquisition right for 100% interest. Orbminco consideration shares to Kincora $450k (issue price). Estimated budget >C$1.2m to Mar 31, 2025 incl. 2516m of drilling (& ex-planned conversion of the western exploration to a mining license and 2025 proposed geophysics and drilling).

This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)

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