News

Kincora Copper announces intersections with improved copper and gold grades

November 15, 2011

Vancouver, Canada – November 15, 2011 – Kincora Copper Limited (TSX.V: KCC) (“Kincora”) is pleased to announce an Exploration Update for the Bronze Fox Project (Buyant License), which occupies 223km2 of land 140km northeast of the world class Oyu Tolgoi project, on the same metallogenic belt.

Exploration update

  • Kincora completed a further 1,240m of diamond (core) drilling in October (in addition to the 10,035m completed by end-September)
  • 5 holes have been drilled in October and assay results have been returned for 3 holes (two in West Kasulu and one in Sophie North). The significant results include:
    • F31 West Kasulu: Intersected high copper grade of 8.11% and high gold grade of 1.5g/t over 1m within a 106m intersection of 0.40%CuEq
    • F35 West Kasulu: Located 1.3km to the east of F31. About 50% of the intervals intersected copper with the highest Cu content of 0.41% and highest gold content of 0.46g/t.
    • F36 Sophie North: Gold anomalies intersected. From 36 to 342m, 10 1m intervals intersected >0.1g/t Au, with the highest return of 0.44g/t Au.
  • A surface rock chip sample program (60 samples) to test for potential gold in an area 3km south of Leca Pass resulted in 11 assays with gold grade of >0.5g/t, including 8 samples with >1g/t Au, and 3 samples with >19g/t Au,  the highest being 91.6g/t Au. Those samples are scattered in quartz veins along a shear zone which is relatively underexplored. 8 samples with >1g/t Au were distributed in a zone of 500m in length.

Summary of diamond drilling results¹

 

Hole

Location

From(m)

To(m)

Cu(%) average

Au(g/t) average

CuEq(%) average

F31

W. Kasulu

0

106

0.30

0.12

0.40

Including

 

7

8

8.70

1.07

8.95

Including

 

0

54

0.39

0.14

0.50

 

 

554

569

0.49

0.15

0.61

 

 

600

604

0.53

0.13

0.63

F36

S.North

301

302

0.02

0.44

0.34

Note:

  • Quality assurance: All of the core samples were assayed by Actlabs, an internationally recognized laboratory. (http://www.actlabs.com/page.aspx?menu=60&app=206&cat1=495&tp=2&lk=no) All the samples were assayed with 50 gram fire assay for Au, and ICP assay for Cu, Mo, Ag, Zn, etc. covering a total of 36 elements. Au fire assays were done by ActLabs in Ulaanbaatar and ICP assays were done at ActLabs in Canada.  5% of standards, 3% of blanks, and 1% of duplicates were used for assay quality control. The Company has a formal sample analysis service contract with ActLabs.

Next steps

  • A systematic rock chip sampling program over all of the historical Soviet trenches has been conducted at intervals of 2m.
  • A soil sampling program commenced on 5th November with a 200m grid to cover the whole license area. The objective of this program is to screen gold mineralization potential, especially for the area outside of the current work concentration areas (West Kasulu, Leca Pass, Dunlop Fox, Buchanan Heights and Sophie North).
  • Kincora plans to carry out a high resolution ground magnetic survey program. The objective of this survey is to map structure and alterations associated with magnetite destruction, and also to highlight any magnetic intrusions, especially for the covered terrain which composes significant parts of the license area.
  • Kincora is planning further IP survey lines which aim to follow up rock chip samples anomalous in gold, to extend and complement previous IP work.

“We are excited with the recent results, - says Igor Kovarsky, President & CEO. “ Kincora will complete the 2011 drilling program in November and will concentrate on geophysics and geochemistry studies, as well as adding core cutting facilities to expedite sample delivery to the labs for assaying. During the winter we will design the 2012 exploration program to agressively attack specific areas based on the results and knowledge obtained from the above mentioned surveys.” – added Mr. Kovarsky.

F31 8.10m
F31 8.10m

F31 567.4m
F31 567.4m

Qualified Person
The new drilling results in this news release and on Kincora’s website and the other scientific and technical information in this news release were prepared in accordance with the standards of the Canadian Institute of Mining , Metallurgy and Petroleum and National Instrument  43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and were reviewed, verified and compiled by Kincora’s geological staff under the supervision of John Rickus, a director of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.

Contact details:
 
Igor Kovarsky, President and CEO
+1 604 689-2599

 

First Canadian Capital Corp
Eric Balog
Tel: +1 416 742 5600

 

About Kincora Copper:
Kincora Copper Limited is a mining exploration and development company focused on copper/gold deposits in Mongolia. Its key asset is the Bronze Fox (Buyant License) copper-gold deposit located in southeast Mongolia along the Oyu Tolgoi copper belt. The Bronze Fox (Buyant License) is located approximately 140km to the northeast of the world-class Oyu Tolgoi copper/gold project, and is 250 km from the Chinese border.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.