#2 not Bad 2. Kincora Copper (ASX: KCC)
Kincora Copper shares have underperformed over the past year, losing nearly half of their value after an AU$2.4 million raise in December 2022. However, the ASX copper company aims to become the leading pure-play copper-gold porphyry explorer in Australia’s leading porphyry belt.
And this type of copper deposit is responsible for 75% of the world's copper production, 50% of molybdenum production and 20% of gold production.
The company recently uncovered ‘significant’ zones of shallow mineralisation from a diamond drilling program currently underway across the Dunns North, Dunns South, and Botfield prospects within its brownfield Trundle Project in New South Wales.
Results included gold grades up to 14.2g/t Au from Dunns North and additional grades of 6.88g/t Au from Dunns South, described as ‘very encouraging’ and indicating ore grade mineralisation at relatively shallow depths.
CEO Sam Spring enthuses that ‘we have drilled about 25,000m to date at Trundle...the key project in our immediate region that we think is a reference point is Northparkes. It is Australia’s second biggest porphyry mine owned by China Moly and Sumotomo that has about 24 million ounces of gold equivalent metal endowment and has been in production for over 30 years.’