TSXV:KCC - Post Discussion
Post by
martin95833 on Jan 20, 2021 7:46am
News out
Kincora intersects further shallow mineralization at Trundle |
• Part assay results for holes TRDD011 and TRDD012 at the Trundle Park prospect return significant mineralized intervals with high grade copper and gold zones o TRDD011 assay results for the first 102m of 332m: 74 metres @ 0.40% copper and 0.37 g/t gold from surface including: - 42 meters @ 0.64% copper and 0.58 g/t gold from 32 metres including:
- 14 meters @ 1.69% copper and 1.39 g/t gold from 58 metres including:
- 4 metres @ 4.98% copper and 3.36 g/t gold from 68 metres
o TRDD012 assay results for the first 220m of 581m: 29 metres @ 0.10% copper and 0.18 g/t gold from 191 metres including: - 2 metres @ 0.87% copper and 0.05 g/t gold from 195 metres; and,
- 1 meter @ 0.09% copper and 1.17 g/t gold from 204 metres
o Broad and multiple skarn horizons intersected within TRDD012 provide encouragement for expanding the footprint size potential of the at/near surface skarn system along strike and to depth o Primary bornite, chalcopyrite, molybdenum and observations of discrete monzodiorite intrusions in TRDD012 provide encouragement for vectoring towards the interpreted causative porphyry system intrusive target and the current working geological model for the central Trundle Park prospect • Two rigs operational at the Trundle Park prospect Tax Act from Mongolian Tax Authority | • A Mongolian subsidiary of Kincora has received a Tax Act (“2021 tax assessment”) for 2.7 billion MNT, approximately US$950,000, from the Mongolian Tax Authority (“MTA”) relating primarily to the 2016 merger with IBEX • The 2016 IBEX merger required a tax assessment (“2016 tax assessment”) as a condition precedent to closure and for reregistration of the merged entities • The 2021 tax assessment is a retrospectively calculated liability and is not in-line with the 2016 tax assessment - Three independent external legal opinions support Kincora’s view that the 2016 tax assessment and merger transaction were properly formulated and supported by the Mongolian authorities at that time
- Accordingly Kincora disagrees with the basis the 2021 tax assessment relating to the IBEX merger
- There is limited liability recourse to Kincora’s Australian and Canadian assets and operations from the 2021 tax assessment
• Kincora is actively engaging with the MTA and is seeking a conclusion in line with Mongolian law and the 2016 assessment which was relied upon by both Kincora and the Mongolian authorities that allowed for closure of the 2016 IBEX merger • Kincora has provided a standstill to, and in discussions with, Resilience Mining Mongolia Pty Ltd (“RMM”) for the executed Option and Acquisition Agreement in relating to Kincora’s Mongolian portfolio and subsidiaries | |
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