Kincora Copper Ltd (ASX:KCC) has acquired three new licenses which will double the company’s position along the prospective Northern Junee-Narromine Belt (NJNB) of the Macquarie Arc in New South Wales.
The Arc is known as Australia’s best locations for copper-gold projects, and this acquisition – which comprises 1,377 square kilometres – allows Kincora to hold continuous land along more than 100 kilometres strike of the Arc itself.
The new projects are named Nyngan West, Nyngan South and Nevertire
South, and adding them to its portfolio will enable Kincora to consolidate the immediate extensions of its Nyngan and Nevertire projects – which are held in earn-in partnership with AngloGold Ashanti Australia.
According to the latter partnership, AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest in the latter two plays.
President and CEO of Kincora Sam Spring said the company’s focus was on securing the most prospective ground in key territory in order to facilitate large scale copper-gold discoveries, adding that the recent unlocking of up to A$60 million in funding for this – plus the interest of industry partners – was also part of the strategy.
“We are very pleased to have opportunistically secured three bolt-on new projects covering
1,377km2 with clear scale potential and strategic value, now providing Kincora a
continuous north-south strike extent of over 100km in the NJNB,” he said.
“This new ground is adjacent to and on the interpreted extensions of the Nyngan and
Nevertire projects where maiden partner funded ground geophysical surveys are already
ongoing with Fleet Space, and maiden drilling activities are shortly ramping up in
partnership with and funded by AngloGold Ashanti at Nyngan.
“The Company and our existing partners are very excited to commence the first ever
copper-gold exploration across potentially the largest volcano-intrusive complex of the
Macquarie Arc at northern Nyngan, which offers new district scale potential.”
Kincora shares rose on the news, and at 12:20 AEST, they were trading at 4.5 cents – a rise of 2.27% since the market opened.