Kincora Copper Ltd (ASX:KCC) has added to its portfolio of projects in New South Wales, securing an exploration license for the Wongarbon Project, whose mineralisation comprises one of the last untested large intrusive (porphyry) complexes along the significant Macquarie Arc.
Previously exploration by Newcrest Mining Ltd has shown Wongarbon to be a large-scale target, built around an intrusive complex hosting multiple porphyries, but the site has remained undrilled.
Nevertheless, recent interpretations at the project have pulled up high priority targets to be tested in this way.
Geophysics indicate that Wongarbon is a magmatic complex located on the undercover extension of the northern Molong Belt.
Excitingly, its features are similar to those of nearby complexes and existing top deposits in the area, with aeromagnetic signatures of porphyry-style deposits in particular. Crucially, Alkane Resources Ltd and Magmatic Resources Ltd are drilling seven porphyry targets between them along a transverse structure which is believed to be an extension of Wongarbon.
Kincora’s technical committee chair John Holliday and vice president of exploration Peter Leaman said the territory comprising Wongarbon was likely to yield a Cadia-style deposit to be discovered in the near future.
“This is virgin territory and a major opportunity with huge upside, which is being increasingly recognised as evidenced by recent significant deals and increasing investment by industry heavyweights,” they said.
“Regional magnetics has proven very effective in mapping the volcanic belts and the major deposits have identifiable intrusive complex signatures. This is evidenced in the southern and more mature sections of the Arc that already hosts over 160Moz gold equivalent endowment.
“Kincora’s Wongarbon, Nyngan and Nevertire projects are real stand out examples of these in the right locations and with the right features, hosting three of the very few remaining untested large volcano-intrusive complexes of the Arc.
“It is absolutely mystifying why to date so little exploration has been carried out over the covered northern parts of the Arc and why Wongarbon has never been drilled. It is a prime candidate for major discovery.”
Kincora Copper has been trading at 5.6 cents.