Kincora secures new unexplored Macquarie Arc porphyry project
Dual-listed Kincora Copper has secured a new exploration licence covering 173 km2 in the Macquarie Arc, in central New South Wales.
The Wongarbon project is considered to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc, said Kincora in a statement on Monday.
The project was previously identified as a large-scale new intrusive complex target by gold miner Newcrest (now Newmont), but was not drill tested at the time owing to the Cadia Far East and Ridgeway discoveries.
“The next Cadia-style deposit in the Macquarie Arc will likely be found in the covered and under explored parts of this proven Tier-1 terrane and jurisdiction,” said Kincora technical committee chair John Holliday and VP of exploration Peter Leaman.
“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 added.
Kincora last month secured AngloGold Ashanti as a partner for its Northern Junee-Narromine Belt project, including the Nyngan and Nevertire licences, through an earn-in and joint venture agreement.
Holliday and Leaman said that regional magnetics had proven effective in mapping the volcanic belts and the major deposits had identifiable intrusive complex signatures. This is evidenced in the southern and more mature sections of the Arc that already host a more than 160-million-ounce gold equivalent endowment.
“Kincora’s Wongarbon, Nyngan and Nevertire projects are real standout 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.”
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