Kincora Copper Limited (ASX & TSXV: KCC) has obtained strong market support for its plans to exploit its high-quality assets in New South Wales’ Lachlan Fold Belt – one of Australia’s hottest exploration locations.
The company has revealed today that it has received binding commitments from unrelated professional and sophisticated investors for a A$2.4 million capital raising,
“Following the oversubscribed offering Kincora is well funded and positioned to commence a high impact and high conviction drilling programme. This will initially commence at our brownfield Trundle porphyry project in January,” President and CEO, Sam Spring, said.
“The programme is focused on testing more and shallower targets. In total, drilling 13 standalone targets across five projects, including five targets at Trundle, that all offer significant scale copper-gold discovery potential.
“We are delighted with the very strong backing received and thank those existing and new shareholders who participated.
“The quantum and nature of support from shareholders, including all directors, in the offering adds substance to Kincora’s high conviction for very significant results across the NSW portfolio and potential for major new porphyry discoveries at the Trundle project.”
Chairman, Cameron McRae, said the funds raised will primarily be used for drilling activities focused on shallow porphyry targets across the company’s portfolio of priority projects in the Lachlan Fold Belt, NSW.
These include testing 13 prospects across five projects, comprising:
• Diamond drilling at the Trundle project, scheduled to commence in January 2023;
• Diamond and RC drilling at the Condobolin project;
• Diamond drilling at the Nevertire project (with existing NSW government cooperative funding grant support);
• Diamond drilling at the Nyngan project (with existing NSW government cooperative funding grant support); and,
• Aircore drilling at the Fairholme project.
Separately, maiden exploration programmes are expected to commence at the Cundumbul project under, and funded by, an exploration alliance agreement with Earth AI.
In early October, Kincora entered into the alliance agreement with Artificial Intelligence (AI) specialist, Earth AI.
“The Exploration Alliance with Earth AI seeks to accelerate target generation and drill testing at the Cundumbul project. The project is strategically located in Australia’s foremost porphyry region,” Mr Spring said.
“Previous surface exploration and limited drilling has confirmed fertile intrusive porphyry systems in both the north and south of the project, located over 10km apart.
“Earth AI has applied its proprietary cloud based AI and machine learning technology resulting in priority targets identified for field checking. Boots on the ground reconnaissance is expected over the summer to assist advance and refine the drill targeting process.
“The agreement with Earth AI is consistent with Kincora’s exploration strategy to systematically advance, apply industry leading geoscience and drill test our strategically located and district scale project portfolio in the Lachlan Fold Belt.”
The Lachlan Fold Belt is the home of one of Australia’s greatest gold rushes and has been the site of a number of significant copper and gold discoveries in recent years.
Mr McRae also pointed out that the company is also looking to create value with its Mongolian asset portfolio, which includes a large JORC resource on an existing mining license at the Bronze Fox project.
The Joint Lead Managers and Bookrunners for the Placement were Bridge Street Capital Partners and Morgans Corporate.
For further information please visit: https://kincoracopper.com/
