This effectively drill tests another project of Kincora’s without the company having to do any of the heavy lifting. This means Kincora will have four projects being drilled in the next quarter.
“We are watching with keen interest the progress being rapidly made by Sultan at its Big Hill porphyry gold-copper prospect,” Kincora CEO Sam Spring said exclusively to Stockhead.
“The target Sultan has presented is very large and with up to 4500m of drilling on their portion of the magnetic complex, this will be effectively testing our adjoining Cundumbul project. It is not often you get something for nothing in this industry but success by Sultan would certainly generate a lot of value for Kincora, we will be wishing them all the best for their drilling program.
“The last exploration undertaken Cundumbul was funded by Mitsubishi with only 844m of prior shallow drilling.
“With drilling ongoing at our Trundle project, and to shortly commence at our Nyngan and then Fairholme projects, Kincora is set to enjoy significant news flow across four strategically placed porphyry projects in the next quarter.”
Neighbours kicking goals
Also raising the profile of the Macquarie Arc and proving it is the right place for an explorer to be, Alkane’s headline making Boda just keeps getting bigger.
Two diamond core holes drilled into the prospect extended the high-grade gold and copper mineralisation below previous drilling by a further 100m.
Kincora, which made its debut on the ASX at the end of March making it a dual-listed company in Canada and Australia, is currently drilling the only brownfield project, Trundle, held by a listed junior in what is now known as Australia’s foremost porphyry district.
Besides Newcrest and Alkane, Evolution Mining (ASX:EVN) is also an LFB tenant with its flagship Cowal gold-base metals mine.
In a recent Cowal site visit presentation, the company talked up the regional opportunities available, saying the Macquarie Arc is a “world class geologic setting for gold and copper-gold deposits”.
Kincora controls a district scale 1,649sqkm, eight-licence project pipeline. Trundle shares the same mineralised system as the Northparkes mine, which is Australia’s second-largest porphyry mine and hosts 4.5 million tonnes of copper and 5.5 million oz of gold.