Kincora Copper Limited press release
Kincora Copper: Expanded Scope for Ongoing Drilling in the Northern Junee-Narromine Belt
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The first drilling program by Kincora with earn-in partner AngloGold Ashanti Australia Limited (AngloGold Ashanti) at the Nyngan porphyry project has been expanded for a second time to test new targets identified by a recent ground gravity survey: A total of fifteen wide-spaced scout holes for 6,197.3m have been completed in the current program with a further four holes now planned and drilling is ongoing. Encouraging geology, alteration, anomalous copper and pathfinder minerals are noted in multiple holes supporting porphyry copper and epithermal gold potential. A Stage 2 follow up phase of step out drilling is proposed post results and analysis of the ongoing scout-drilling program.
Drilling is scheduled to transition from Nyngan to the Nevertire and Nevertire South projects and has been expanded following the second earn-in agreement with AngloGold Ashanti 1: The program will follow-up very promising prior intervals by Newcrest Mining and is designed to discover or create a vectoring pattern to a targeted porphyry deposit.
Kincora is managing the programs and receives a 10% management fee. AngloGold Ashanti has the right to spend up to A$100 million via two separate earn-in and joint ventures covering a continuous strike greater than a 100kms including five projects within Kincora's Northern Junee-Narromine Belt portfolio.
Melbourne, Australia--(Newsfile Corp. - June 6, 2025) - Copper-gold explorer and project generator Kincora Copper Limited(ASX: KCC) (TSXV: KCC) ("Kincora"or "the Company") is pleased to provide an update on its ongoing and further expanded exploration programs in the Northern Junee-Narromine Belt (NJNB). These programs are located in the undercover extension of the Macquarie Arc in NSW and being conducted under an earn-in and joint venture agreement with AngloGold Ashanti.
John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, said:
"Results from the recent gravity survey and initial scout holes at Nyngan, coupled with the expanded agreement with AngloGold Ashanti, have significantly increased both the scale of this year's drilling program and the management fee income that Kincora receives.
"The interactive relationship with AngloGold Ashanti is proving very effective for new target generation, as illustrated by the gravity survey resulting in targets now being drilled.
"The initial phase of exploration is generating more new Macquarie Arc volcano-intrusive complex targets potentially hosting both porphyry copper and epithermal gold settings.
"Following another four planned holes at Nyngan the rig is scheduled to move to Nevertire South testing high priority step-out targets, which we rate as the most advanced and geologically prospective porphyry project in the covered extensions of the Macquarie Arc.
"Following an estimated seven further holes at Nevertire and Nevertire South we expect the rig to then return for a second and step out phase of drilling at Nyngan which will see drilling until the summer break."
Nyngan Update Initial scout drilling activities at the Nyngan project commenced calendar 4Q'2024 and are ongoing. To date, fifteen holes for 6,197.3m have been completed in partnership with AngloGold Ashanti under the May 2024 earn-in agreement 2.
This program utilises cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence followed by diamond core drilling (NQ3) of porphyry-prospective basement. All holes to date have provided samples of basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc intrusive complexes, the _Ace of Spades_and _Gerar_(formerly _South-West)_targets, which cover ~16 x 18km and ~7 x 17km, respectively - see Figures 1 & 2 below.
Following encouraging results for the first six holes completed in 4Q'2024, the drilling program was expanded to provide greater coverage across the two wider target areas and a ground gravity survey was commissioned and completed in 1Q'2025 3.
The gravity survey covered over 400km2and has identified a number of new targets, four of which are currently being drilled in the ongoing expanded current scout program. Various coincident magnetic and new gravity anomalies have been identified at both the wider _Gerar _and _Ace of Spades_targets - see Figure 2 below.
Encouraging alteration, anomalous copper and pathfinder minerals are noted in multiple holes supporting porphyry copper and epithermal gold potential - see Tables 1 & 2 below.
A Stage 2 follow up phase of step out drilling is proposed at the Nyngan project post completion of the scout drilling program and analysis of results.
Nevertire and Nevertire South Update Following the recent April 2025 amended and second earn-in agreement, plans for exploration activities have been expanded to support a first phase drilling program at both the Nevertire and Nevertire South projects with unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex ("NMC"). This program includes both step out and scout targets with drilling anticipated to commence in August upon completion of the current program at Nyngan.
Prior Newcrest Mining drilling at the central and southern section of the NMC has returned anomalous copper-gold mineralisation, favourable fertility defined by green rock analysis, geochemical zonation and alteration suggestive of an outer porphyry system setting with age dates confirming a highly prospective Macquarie Arc intrusive complex (at approximately 220m depth down hole).
The northern section of the NMC, which has not been effectively drill tested, is a high priority porphyry target and, in Kincora's view, the most advanced and geologically prospective porphyry target within covered extensions of the Macquarie Arc.
A step out drilling program from the best two prior Newcrest drill holes (open to the north, east and west) is designed to discover or create a vectoring pattern to a targeted porphyry deposit - see Figure 2 below - with initial scout holes testing the northern extension onto the Nevertire license. Following an estimated seven holes at Nevertire and Nevertire South, drilling is expected to recommence at Nyngan for a step out phase of drilling.
The drilling programs at the Nyngan, Nevertire and Nevertire South projects are expected to continue into the fourth quarter of calendar 2025, providing a regular news flow and management fees to Kincora.
[](https://images.newsfilecorp.com/files/2305/254694_660a530be4eb0b98_001full.jpg)
Figure 1: A newly recognised, district-scale series of major, untested magmatic complex targets is situated within Kincora's Northern Junee-Narromine Belt portfolio, potentially representing the largest volcano-intrusive complex of the Macquarie Arc
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2305/254694_660a530be4eb0b98_001full.jpg
Kincora is managing the earn-in programs with AngloGold Ashanti, receiving a 10% management fee of expenditures, covering a continuous 100km strike and 5 projects
[](https://images.newsfilecorp.com/files/2305/254694_660a530be4eb0b98_002full.jpg)
Figure 2: First phase exploration at Nyngan has been expanded for a second time following positive initial results
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2305/254694_660a530be4eb0b98_002full.jpg
Drilling is scheduled to transition from the Nyngan to Nevertire and Nevertire South projects, before a Phase 2 step out program at Nyngan supporting drilling until the end of the year
[](https://images.newsfilecorp.com/files/2305/254694_660a530be4eb0b98_003full.jpg)
Figure 3: 15 wide spaced scout holes have been completed with a further planned four holes in the current first phase of ongoing drilling
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2305/254694_660a530be4eb0b98_003full.jpg
The current phase of drilling includes scout holes to basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc volcano-intrusive complexes (the _Ace of Spaces_and the _Gerar targets_(the latter formerly known as the South-West target)). A recent extensive ground gravity survey has generated a number of new targets, four of which are currently being drilled as part of the ongoing program. Due to the very broad nature and extensive regional coverage of the current program Kincora has not provided sectional views of the current scout-drilling phase (as required under Clause 19 of the JORC Code). Such sections are anticipated upon commencement of a Phase 2 follow up step out phase of drilling.
Table 1: Nyngan project: Summary of 2024 mud rotary-diamond tail drill holes (metres)
| Hole | Mud Rotary | Diamond Core | End of Hole | Interpreted Basement | Basement Interval | Highlights | | NYDD002 | 212.9 | 240.7 | 453.6 | 440.8 | 12.8 | Confirmed Macquarie Arc age date. Rare chalcopyrite, bornite. | | NYDD003 | 257.8 | 168.6 | 426.4 | 255 | 171.4 | Distal propylitic alteration + weak gold-copper anomaly. Minor chalcopyrite. | | NYDD004 | 235.3 | 265.6 | 500.9 | 318 | 182.9 | Propylitic alteration + moderate copper anomaly. Minor disseminated chalcopyrite, pyrite (locally up to 5%), and fracture-fill native copper. Trace vein hosted chalcopyrite. | | NYDD005 | 335.5 | 35.7 | 371.2 | 333 | 38.2 | Distal propylitic alteration. | | NYDD006 | 302.7 | 135.5 | 438.2 | 302.7 | 135.5 | Trace vein hosted chalcopyrite. | | NYDD007 | 305.7 | 210.6 | 516.3 | 305.7 | 210.6 | Epithermal overprinting propylitic alteration. Minor disseminated and vein hosted pyrite, molybdenite & chalcopyrite with minor fracture filled native copper | | NYDD008 | 209.7 | 174.6 | 384.3 | 201 | 183.3 | New potassic + sodic-potassic intrusive system Minor chalcopyrite, rare bornite + fracture-fill native copper | | NYDD009 | 287.7 | 161.8 | 449.5 | 282 | 167.5 | Propylitic andesitic with five distinct events Rare pyrite and very fine bornite | | NYDD010 | 210.8 | 79.5 | 290.3 | 224.3 | 66 | Distal propylitic alteration + weak gold-copper anomaly. Broad zone of disseminated pyrite with rare chalcopyrite & native copper | | NYDD011 | 296.6 | 165.6 | 462.2 | 286 | 11176176.2 | Broad disseminated pyrite with minor chalcopyrite & bornite | | NYDD012 | 371.8 | 104.3 | 476.2 | 360 | Vv111116.2 | Multiple intrusions & breccias with minor chalcopyrite & bornite | | NYDD013 | 332.8 | 36.4 | 369.2 | 327 | 42.2442.2 | | | NYDD014 | 245.7 | 62.2 | 307.9 | 246 | 61.9661.9 | Multiphase hydrothermal-igneous breccias Minor pyrite & bornite | | NYDD015 | 260.6 | 104.8 | 365.4 | 246 | 119.4 | New intrusive system, pervasive propylitic alteration. Minor pyrite & chalcopyrite | | NYDD016 | 302.5 | 69.7 | 372.2 | 286 | 86.2 | New intrusive system. Volcanic + intrusive + breccia rare chalcopyrite, pyrite, sericite | | Total | 4,281.9 | 1,915.4 | 6,197.3 | | | |
Table 2: Nyngan project: Selected maximum and any notable broader assay values for 2024/2025 drill holes Assay results for holes NYDD013 to NYDD016 are pending
| Hole | Copper (ppm) | Gold (ppm) | As (ppm) | Mo (ppm) | S (%) | Ag (ppm) | | NYDD002 | 424 | 0.011 | 6.0 | 1.56 | 0.03 | 0.29 | | NYDD003 | 378 | 0.016 | 29.4 | 1.23 | 0.19 | 0.24 | | NYDD004 | 680 | 0.038 | 15.8 | 1.60 | 0.85 | 0.28 | | NYDD005 | 159 | 0.014 | 16.8 | 1.48 | 1.08 | 0.66 | | NYDD006 | 245 | 0.016 | 27.1 | 1.27 | 0.02 | 0.32 | | NYDD007 | 472 | 0.215 | 11.1 | 211.0 | 3.49 | 0.59 | | NYDD008 | 265 | 0.018 | 6.7 | 2.18 | 0.08 | 1.12 | | NYDD009 | 207 | 0.003 | 5.0 | 0.60 | 0.03 | 0.19 | | NYDD010 | 262 | 0.014 | 5.9 | 1.20 | 0.25 | 0.19 | | NYDD011 | 395 | 0.028 | 63.4 | 14.90 | 1.61 | 0.35 | | NYDD012 | 453 | 0.021 | 26.6 | 3.27 | 0.65 | 0.48 |
Table 3: Nyngan project: Summary of mud rotary-diamond drilling Holes completed to date 2024/2025 at the _Ace of Spaces_and the _Gerar_targets (the latter formerly known as the _South-West_target)
| Target | Hole | End of Hole (m) | Dip (°) | Azimuth (true) | Easting (MGA) | Northing (MGA) | Elevation (m) | Diamond Core recovery (%) | | Gerar | NYDD002 | 453.6 | -90 | 0 | 517309 | 6532972 | 165 | 99.9% | | Ace of Spades | NYDD003 | 426.4 | -90 | 0 | 533326 | 6554167 | 162 | 99.7% | | Ace of Spades | NYDD004 | 500.9 | -90 | 0 | 533918 | 6547408 | 158 | 97.5% | | Ace of Spades | NYDD005 | 371.2 | -75 | 247 | 529381 | 6557836 | 159 | 98.0% | | Ace of Spades | NYDD006 | 438.2 | -90 | 0 | 525242 | 6554783 | 158 | 99.7% | | Ace of Spades | NYDD007 | 516.3 | -90 | 0 | 525542 | 6545010 | 160 | 99.6% | | Gerar | NYDD008 | 384.30 | -90 | 0 | 518160 | 6535379 | 159 | 99.8% | | Ace of Spades | NYDD009 | 449.5 | -90 | 0 | 528818 | 6548318 | 163 | 100% | | Ace of Spades | NYDD010 | 290.3 | -90 | 0 | 533680 | 6555200 | 162 | 99.9% | | Ace of Spades | NYDD011 | 462.2 | -90 | 0 | 532000 | 6559000 | 159 | 99.3% | | Ace of Spades | NYDD012 | 476.2 | -90 | 0 | 535498 | 6550116 | 155 | 100% | | Ace of Spades | NYDD013 | 369.2 | -90 | 0 | 530630 | 6544500 | 160 | 100% | | Ace of Spades | NYDD014 | 307.9 | -90 | 0 | 524440 | 6551352 | 160 | 99.6% | | Ace of Spades | NYDD015 | 365.4 | -90 | 0 | 531656 | 6556402 | 159 | 95.2% | | Ace of Spades | NYDD016 | 372.2 | -90 | 0 | 533623 | 6551638 | 160 | 100% |
About the Nyngan Project The Nyngan license (Exploration Licence 8929) was the first ground Kincora secured in NSW. It is a large 762km2direct application tenement granted by the NSW State Government covering a significant portion of the interpreted under cover section of the northern Junee-Narromine Belt. The Junee-Narromine Belt is one of the two largest belts of the Macquarie Arc, Australia's foremost porphyry belt, which hosts a mineral endowment of over 160 million gold equivalent ounces 4.
The license hosts almost no prior explorer drilling even though regional geophysics strongly indicates a new potential district-scale setting for a significant number of interpreted, large-scale, porphyry copper-gold volcano-intrusive complex targets.
In May 2024, Kincora signed a definitive multiple-phase Earn-in and Joint Venture Agreement over the Nyngan and Nevertire licences with AngloGold Ashanti Australia Limited, a wholly owned subsidiary of AngloGold Ashanti plc, the world's fourth largest gold miner by production which has a successful track record for greenfields discovery success and is already actively exploring in the district via a similar multiple-phase Earn-in and Joint Venture Agreement with Inflection Resources ("AUCU" on the CSE).
AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest in the Nyngan and Nevertire licenses through:
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A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I), with Kincora the initial operator for a 10% management fee.
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Completion of a Pre-Feasibility Study (PFS) or funding of a further A$25 million of expenditure to earn an 80% joint venture interest (Phase II).
In July 2024, separate to the Agreement with AngloGold Ashanti, Kincora formed a partnership with Fleet Space Technologies Pty Ltd ("Fleet Space") to undertake Ambient Noise Tomography (ANT) and gravity geophysical surveys under a research and development grant at the Nyngan project 5.
The Fleet Space surveys were completed in 2024 and focused on a small portion of the _Ace of Spades_target. The 1Q'2025, gravity survey covering ~400km2provides further coverage across the extensions of the _Gerar_(formerly the _South-West)_and _Ace of Spade_targets and infill spacing over areas of the 2024 ground gravity survey.
First phase scout drilling commenced in calendar 4Q'2024, with an initial six holes completed before the year end summer break, seeking to drill-test six large intrusive complex targets for the first time. Encouraging results supporting proof of concept, coupled with several new targets resulting from the ground gravity survey, has resulted in two expansions to the initial phase scout drilling program at both targets. A second phase step out drilling program will be planned pending results and analysis of the ongoing exploration program.
About the NJNB Project Portfolio
The Macquarie Arc is a hotspot for recent corporate activity with over A$16 billion of M&A for producing porphyry assets and over A$385 million of exploration earn-in/joint ventures 6. The district has seen considerable exploration success, including two greater than 10Moz gold equivalent discoveries/resource expansions 7.
Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the post mineral cover there has been very limited prior drilling of the extensions of both the Junee-Narromine and Molong volcanic belts relative to the southern more outcropping sections which hosts a number of world-class mines (e.g. Cadia, Cowal and Northparkes).
Kincora's portfolio and the wider NJNB offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new Ambient Noise Tomography (ANT) surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the Arc.
AngloGold Ashanti has secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (AUCU.CSE) ("Inflection", market capitalisation C$33.2 million, >3x Kincora's 8) within the NJNB with over A$14 million investment to date 9. In 2Q'2025, AngloGold Ashanti moved to Phase II of its earn-in agreement with Inflection designating a total of four projects to continue earning into (including two projects adjacent to Kincora's Nyngan project) 10and signed a major amendment with Kincora to include a second joint venture supporting a continuous strike greater than a 100kms and five projects.
The most recent notable example of a new globally significant emerging porphyry district is the Vicuña district, which is also an extension of a renowned world-class porphyry belt. Vicuña is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4000m altitude.
Within this district NGEx Resources Inc in 2009 held three early-stage exploration projects and at the time had a market capitalisation of approximately C$40 million11. These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries currently valued at over A$10 billion 12.
Kincora was an early mover into the Northern Junee-Narromine Belt, securing a district scale portfolio of the interpreted most prospective and shallow to moderate covered part of the northwards extension of the Macquarie Arc under post mineral cover. This portfolio now covers a strike twice the length of the Vicuña district and included in earn-in and agreements with AngloGold Ashanti.
About Kincora Kincora Copper Limited (TSXV: KCC) (ASX: KCC) is an emerging Australia-focused copper-gold explorer. The Company is now successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill ready targets. These assets are located in Australia's Macquarie Arc and Mongolia's Southern Gobi, two of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar superbasin in NSW.
Kincora is using an asset level partner model to develop and implement exploration strategies for its wholly-owned large-scale exploration stage porphyry projects. It has already unlocked over $110 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects 13. These initial deals have supported over 11,000 metres of drilling and over A$5.5m of partner funded exploration since late 2024, with management fees and exploration ramping up 13.
Partner discussions are ongoing for its remaining 100% owned flagship projects that are all situated within existing porphyry camps containing over 20 million ounce gold equivalent resource inventory.
These partner agreements, when combined with others in the pipeline, are expected to provide sufficient project management fees for the Company to be self-funding (covering corporate costs and maintenance of remaining wholly owned projects).