Kincora Copper commences drilling in Gobi Desert
Kincora Copper, a junior resource company focused Tier 1 coppergold projects in Mongolia, has started drilling at its East Tsagaan Suvarga (East TS) copper porphyry target in the Southern Gobi Desert.
The first phase consists of around 2,870 meters to less than 265meter depth in around 12 holes. East TS sits within the Tsagaan Suvarga geological complex which hosts the Severn Sukhait open pit, various oxide resources and exploration targets.
The Seven Sukhait sulphide open pit has a resource of 307 million tons at 0.54 percent copper and is a billiondollarplus development project, reports Kincora.
“In the upcoming months we will undertake drilling at two targets, initially at East TS, and then Bayan Tal,” said Sam Spring, president and CEO of Kincora.
“These first phase programs will provide improved geological knowledge, with funds in place for followup geophysics and second phase drilling for a total of approximately 16,000 meters.”
Spring underlined how Kincora will employ advanced exploration techniques and advancements, “Since the last wave of exploration in this belt by the likes of Ivanhoe, the BHP JV and IBEX, and will test our conceptual models of the first new Devonian porphyry systems in the Southern Gobi belt since Oyu Tolgoi, the latter being the largest expansion project globally in the industry”.
“This is the first modern district scale reconnaissance exploration program in what is a worldclass but underexplored porphyry belt,” added Spring.
On August 22, the company announced that it has received acceptance from the TSX Venture Exchange for a private placement consisting of 13,711,174 units at 0.33 cents per unit totaling 4.5 million USD. The proceeds from the placing are to be used for drilling at its East Tsagaan Suvarga and Bayan Tal targets.
Kincora shares surged over 23 percent higher to reach 37 cents each on September 1.