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Kincora advances Red Well prospect, adjacent to Rio Tinto drilling
Oct. 17, 2017 08:45AM PST
Base Metals Investing Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announced that ground magnetic and gravity surveys have commenced at the wholly owned Red Well license. The Red Well license is located approximately 40km north of the Oyu Tolgoi concentrate plant and immediately to the north of Rio Tinto drilling activities on a Turquoise Hill …
Kincora Copper Ltd. (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announced that ground magnetic and gravity surveys have commenced at the wholly owned Red Well license. The Red Well license is located approximately 40km north of the Oyu Tolgoi concentrate plant and immediately to the north of Rio Tinto drilling activities on a Turquoise Hill Resources license (XV- 19315), the latter being the first regional drilling by any major group since 2012.
As quoted in the press release:
Sam Spring, President & CEO, commented: “The immediate and general regional setting of Red Well is considered to be highly prospective. Capital constrained field activities since securing the license last year have provided encouraging geological indications with positive fertility results, sodic-calcic alteration, with smears of malachite within volcanics located in the central portion of the license. Recent drilling activities by Rio Tinto based on geophysical targets on the license immediately adjacent to the south along the general NNE arc transverse trend from Oyu Tolgoi also provides encouragement.
Ongoing ground magnetic and gravity surveys are expected to advance our interpretation of Red Well and refine target generation for follow up exploration.
The recent direct private placement with EBRD has further strengthened our balance sheet supporting an acceleration of exploration activities. First phase drilling and initial follow up geophysics has already be completed at Devonian target #1, East Tsagaan Suvarga, and drilling is ongoing at our second target, Bayan Tal.
These activities support the first modern systematic Tier 1 copper porphyry drill testing and district scale reconnaissance exploration program in the Devonian copper belt with current geophysics are advancing Red Well as target 3, with plans currently refining targets 4 and 5 within the dominant ground position we hold across the Oyu Tolgoi-Tsagaan Suvarga Devonian belt.”
